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With 425% revenue growth in the first half of 2026, 29 acquisitions completed, U.S. defense contracts advancing, and quantum computing R&D underway, ZenaTech is executing on all fronts.
The commercial drone market is projected to reach US$52 billion by 2033, U.S. defense spending has crossed US$1 trillion, and ZenaTech is positioning at the intersection of both. The company designs and manufactures autonomous AI drones, sells enterprise SaaS software, and is building a "Drone as a Service" (DaaS) network — like Amazon Web Services, but for drone operations.

The Roll-Up Strategy
ZenaTech acquires established service companies — land surveyors, inspectors, infrastructure maintenance, power washers — keeps their customers and contracts, and integrates drone technology to make the work faster and more data-rich. The company has completed 29 acquisitions, each coming with existing revenue and customers. The model is showing organic traction: the company reports 27% average organic growth across the DaaS locations it acquired in 2025.
The strategy was validated in February 2026 when ZenaTech won the Morrissey Goodale 2026 Most Prolific and Proficient Acquirer Award. The company has since surpassed its 26-acquisition goal, expanded into Australia and Canada, and on July 14, 2026 signed multiple offers to acquire additional land survey and geospatial services companies across the U.S., Canada and Australia — acquisitions that were new as of that date, expected to contribute C$40 million in revenue over the first 12 months following closing. Most recently, the company closed its 29th acquisition: Franklin, Georgia-based Merritt Paul Land Surveying, LLC, a surveying firm licensed in 17 states serving solar, railroad and transportation customers, expanding ZenaTech's U.S. footprint to 14 states.
DaaS Services Include:
ZenaTech's revenue went from CAD $2 million in 2024 to CAD $12.9 million in full-year 2025 — a 558% increase — and then CAD $9.3 million in Q2 2026 alone, a 316% year-over-year increase — bringing first-half 2026 revenue to CAD $17.7 million (425% YoY growth). Drone as a Service continues to drive the majority of growth — in the first half of 2026, the drone segment contributed 93% of revenue and the SaaS segment 7%. Management's preliminary, unaudited estimate puts Q3 2026 revenue at CAD $13.4–$14.8 million, with 27% average organic growth across the DaaS locations acquired in 2025.
H1 2026 Revenue (425% YoY)
CAD $12.9M
FY 2025 Revenue (558% YoY)
Cash & Securities (Q2 2026, +130% vs. EOY 2025)
Total Assets (Q2 2026, +50% vs. EOY 2025)
Defense & National Security

ZenaDrone 1000 — heavy-lift autonomous drone for ISR, agriculture, and defense applications.
In March 2026, ZenaDrone met with Members of Congress for the second time to discuss Blue UAS-aligned drone development. The company also announced the ZenaDrone 2000 Maritime Interceptor, a sea-launch drone built to intercept hostile drone swarms at a fraction of missile costs, and the IQ Glider autonomous marine launch station to support it.
ZenaTech has been accelerating engagement with U.S. military program managers, and in July 2026 began scheduling its first confirmed U.S. government defense agency demonstration. Three platforms — the ZenaDrone 1000, IQ Square, and IQ Nano — have advanced to the cybersecurity phase of Blue UAS certification, backed by a Taiwan-based NDAA-compliant supply chain and Arizona assembly facility.
ZenaDrone Product Line
ZenaDrone 1000
Heavy-lift VTOL drone (~40 kg) for ISR, cargo delivery, and agriculture. Now in Blue UAS cybersecurity certification phase. Paid trials with U.S. Air Force and Navy Reserve.
ZenaDrone 2000 Maritime Interceptor
Gas-powered sea-launch interceptor designed to counter hostile drone swarms at a fraction of missile costs. The platform is now advancing toward flight testing, and a provisional patent has been filed with the USPTO covering the combined ZenaDrone 2000 + IQ Glider maritime defense system.
Interceptor P-1
Single-use, expendable VTOL interceptor drone targeted to sell for under US$5,000 per unit. Designed to physically intercept enemy drones in-flight across ground, vehicle, and maritime launch environments.
IQ Nano
Compact indoor drone for warehouse inventory management and security in GPS-denied environments. Now in Blue UAS cybersecurity certification phase.
IQ Square & IQ Quad
Outdoor drones for land surveys, infrastructure inspections, power washing, and defense reconnaissance. IQ Quad is being prepared for Blue UAS certification submission.
IQ Aqua
Underwater drone for mine detection and sub-surface reconnaissance. Now in U.S. field testing in Florida.
IQ Sphere
Soccer-ball-shaped autonomous drone for GPS-denied inspections, surveillance, and reconnaissance. Initial prototype completed.
As CEO Shaun Passley put it: "It is economically unsustainable and strategically unwise to keep spending millions of dollars to intercept a US$50,000 Iranian drone." ZenaTech's counter-UAS platform — the ZenaDrone 2000 and the sub-US$5,000 Interceptor P-1 — is designed to "fight drone with drone" at a cost that makes sense, with a provisional patent covering the full maritime defense architecture. The global counter-UAS market is projected to exceed US$10 billion by 2030.
Quantum Computing & AI
In January 2026, ZenaTech disclosed a five-qubit quantum computer prototype, expected operational later in 2026, designed to process real-time drone swarm data for military applications. The initiative runs through Zena AI, its Baton Rouge R&D center, aligned with U.S. Defense priorities.
Current projects include Eagle Eye (predictive battlefield AI), Clear Skies (weather and wildfire forecasting), and Sky Traffic (AI traffic management). The company also announced a quantum navigation system for GPS-denied drone operations, which has now advanced to the drone testing phase — critical for contested environments where GPS can be jammed.
Analyst Overview
Analysts covering ZENA carry a consensus price target of US$4.50, which sits roughly 340% above the current share price of about US$1.02. Individual targets range from US$4.00 to US$5.00.
Consensus Price Target
US$4.50
Implied Upside
~340%
Analyst Target Range
US$4.00 – US$5.00
All stock prices in USD. Source: MarketBeat analyst forecasts.
Recent Developments
Key developments investors should be tracking from the past two months.
Unveils an AI software suite pairing ZenaDrone LiDAR capture with automated point-cloud classification and feature extraction, designed to cut survey post-processing time by as much as 80% across DaaS locations.
Outlines ZenaWorx, a drone-based construction monitoring platform using LiDAR and 3D progress modeling, targeting AI data centers, infrastructure and public works with subscription-based recurring service.
Reports 27.1% average organic growth across DaaS locations acquired in 2025 and estimates Q3 2026 total revenue of C$13.4–14.8 million (US$9.5–10.5 million), versus C$9.3 million in Q2 2026.
Unveils Stacklens, AI-powered smart safety glasses for field technicians and industrial crews with hands-free AI assistance, live video support and thermal imaging; prototypes in testing with customer pilots expected in 2027.
Begins building a mobile agricultural drone operations trailer designed to support drone swarms of up to five aircraft with automated battery recharging, launch and landing, with future adaptations for surveys and inspections.
Gasoline-powered counter-UAS and maritime defense platform moves toward flight testing, designed to intercept hostile drone swarms at a fraction of missile costs.
CEO Shaun Passley outlines the seventh consecutive quarter of sequential revenue growth and the company's expanding global footprint.
Q2 2026 revenue of CAD $9.3 million (316% YoY) brings first-half revenue to CAD $17.7 million (425% YoY), with DaaS contributing ~93% of revenue.
Defense-focused quantum navigation system advances from development to the drone testing phase, critical for contested environments where GPS can be jammed.
ZenaTech selected for Canada's Defence Drone Initiative Marketplace, expanding opportunities for ZenaDrone's AI-powered autonomous drone solutions.
Acquires a Franklin, Georgia-based land surveying firm licensed in 17 states, adding solar, railroad and transportation customers.
Secures SORA-based operational authorization from the Irish Aviation Authority for drone-based crop and soil nutrient application services.
Initial prototype and start of testing of the IQ Octo, designed for autonomous drone-based spraying and seeding.
ZenaDrone precision agriculture solutions win the 2026 AgTech Breakthrough Awards 'Drone Technology of the Year'.
Acquires Boston-based ESM Software, adding strategy execution and compliance software with government, healthcare and financial services customers to the SaaS division.
ZenaTech has 29 acquisitions completed, defense platforms advancing through Blue UAS certification, quantum computing R&D, and a stable SaaS business — with first-half 2026 revenue up 425% year over year to CAD $17.7 million.
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