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Why Is Drone Company Unusual Machines Stock Skyrocketing Today?
Unusual Machines, Inc. (AMEX: UMAC ) shares are trading higher on Wednesday.
The US-based drone and drone components manufacturer has made a notable move to strengthen its position in the growing drone industry by announcing the appointment of Donald Trump Jr. to its advisory board.
Trump Jr., a renowned business leader, best-selling author, and investor in the company, brings significant expertise to the board.
His appointment comes at a “pivotal time” as the company is working to bring drone component manufacturing back to the U.S.
Allan Evans, CEO of Unusual Machines, emphasized Trump Jr.’s wealth of experience, which will be invaluable as the company expands its business.
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“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” said Donald Trump Jr. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement.”
Unusual Machines has been making strides in this direction, having recently launched the Brave F7 FPV Flight Controller, a product that underscores the company’s commitment to reducing dependence on foreign-made drone parts.
Financially, the company showed strong performance, with third-quarter sales reaching approximately $1.53 million, marking a 9% increase from the previous quarter. With a gross margin of 26%, the company remains on track to meet its target of $5 million in sales for 2024.
The company also plans to expand its Rotor Riot operations, introduce new U.S.-made components, and increase enterprise sales in the coming months.
Price Action: UMAC shares are trading higher by 84% to $9.86 at last check Wednesday.
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Image: Shutterstock/ Dmitry Kalinovsky
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