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ZenaTech says revenue reached C$9.3 million in the second quarter of 2026, up 316% from the same quarter a year earlier. Separately, it reports that revenue increased quarter over quarter for seven consecutive quarters, from Q4 2024 through Q2 2026. Those are different comparisons: 316% is year-over-year growth, while the seven-quarter streak measures sequential growth.
The figures and plans below come from ZenaTech’s October 1, 2026 shareholder letter. The company states that financial figures are in Canadian dollars unless otherwise indicated; they are issuer-reported figures, not independently verified here.
What ZenaTech reported for Q2 and the first half of 2026
ZenaTech reported C$9.3 million in Q2 2026 revenue, a 316% increase from Q2 2025. For the six months ended in the first half of 2026, it reported C$17.7 million in revenue, up 425% year over year. That first-half total was approximately 37% higher than the C$12.9 million it reported for all of 2025.
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What “seventh consecutive quarter” means
The sequential-growth claim means ZenaTech says revenue rose from one quarter to the next in each of seven consecutive quarters, starting with Q4 2024 and ending with Q2 2026. It is not another way of stating the 316% year-over-year figure.
ZenaTech describes revenue as increasing from approximately C$0.7 million in Q4 2024 to C$9.3 million in Q2 2026—more than 13 times the earlier amount. CEO Shaun Passley wrote, “We have now delivered seven consecutive quarters of sequential revenue growth since Q4 2024.”
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Drone as a Service accounted for most reported revenue
ZenaTech reported C$8.6 million of Q2 revenue from Drone as a Service (DaaS), nearly 93% of its quarterly revenue. DaaS contributed C$16.4 million in the first half of 2026.
The company says it completed four land-survey and legacy-service acquisitions during Q2, bringing its cumulative DaaS acquisition count to 24 as of June 30, 2026. Later transactions raised that count to 29 by the date of the shareholder letter. ZenaTech reported physical DaaS operations in 14 U.S. states, with broader operations or acquisition activity in the United States, Canada, the United Kingdom, and Australia.
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How management says the acquisition model is intended to work
ZenaTech says it acquires established service businesses with licensed professionals, existing customers, and specialist expertise, then aims to combine them with drones, LiDAR, centralized processing, analytics, and shared services. Management’s stated objectives include expanding field capacity, shortening project timelines, lowering cost per job, and improving margins. The letter describes these as intended benefits; it does not establish that the outcomes have been achieved.
At the time of the company’s Q2 results announcement, ZenaTech said signed acquisition offers, if completed, were expected to contribute approximately C$40 million in revenue during the first 12 months after closing. That is a conditional management expectation, not reported revenue or a guarantee that the acquisitions will close.
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Enterprise software revenue was mixed
ZenaTech reported C$702,315 in Enterprise SaaS revenue for Q2 2026, about 6% higher than a year earlier. For the first half, it reported C$1.29 million, compared with C$1.39 million in the first half of 2025.
The letter says ZenaTech added NOW Solutions, an HR and payroll software business serving government and institutional customers. It describes Zoo Office as a planned AI-powered platform intended to bring together 13 existing software brands. ZenaWorx added digital terrain modeling and, according to the company, signed its first paying customer in AI data-center construction. The letter does not provide financial results for these individual initiatives.
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Drone, defense, and product plans
ZenaTech’s letter describes a mix of products at different development and evaluation stages. It does not establish that these products are certified or available for retail purchase.
| Product | Intended use described by ZenaTech | Status reported in the letter |
|---|---|---|
| ZenaDrone 1000 | Intelligence, surveillance, and reconnaissance (ISR) and specialized cargo | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Nano | Indoor inventory and security | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Square | Outdoor inspections and maintenance | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Quad | Land surveying | Progressing toward certification |
| Interceptor P-1 | One-way autonomous counter-drone interception | In flight testing; target selling price under US$5,000, not a reported transaction price |
| IQ Aqua | Underwater applications | In U.S. field testing in Florida |
| ZenaDrone 2000 and IQ Glider | Maritime applications | In development |
The company also reported a confirmed request for a demonstration from a U.S. government defense agency and said it planned demonstrations. A demonstration request is not a contract, and the letter does not report that the demonstrations resulted in an award. ZenaTech described its Ukraine-based manufacturing and testing operation as being established.
Cash and working capital at quarter-end
At the end of Q2 2026, ZenaTech reported C$12.2 million in cash, C$34.6 million in cash plus marketable securities, and C$24.3 million in working capital. These are the company’s reported quarter-end figures; the letter also cautions that forward-looking expectations may differ materially from actual results.
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The letter combines historical financial results with management’s plans and expectations. Revenue, acquisition counts, and quarter-end balances are reported results. Certification progress, planned demonstrations, acquisition contributions expected if deals close, and intended benefits from integrating acquired businesses are prospective or ongoing matters. ZenaTech’s safe-harbor language says financial, production, operating, acquisition, cash, and growth expectations are forward-looking information and actual results may vary materially.
For filed or audited financial detail, readers should consult the Form 6-K referenced by the company’s release. The shareholder letter alone does not independently verify its figures.
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