Cyberhawk, a global leader in drone inspection services and data visualisation software, has grown its revenue by 63% - from $13.5m to $22m - as part of a strategic expansion plan targeting the power grid sector. Annual accounts for Cyberhawk for the year to March 2022 also show a $1m increase in operating profit, while EBIDTA increased from $1.8m to $2.8m.
The Edinburgh-headquartered firm has rapidly expanded its international footprint over the past 12 months. As well as a strong focus on the USA, the company has gained significant traction in the Middle East, where its drone and data visualisation solutions are being used in construction mega projects. The UK now accounts for just 21% of Cyberhawk’s total revenue.
The company, which has roots in the energy sector, provides end-to-end solutions for industry, combining drone technology with its data visualisation software, iHawk. The software provides operators with an up-to-date full visual record of the condition of their assets in one central location, allowing better communication and collaborative decision making across teams.
Chris Fleming, Chief executive
Cyberhawk chief executive Chris Fleming said demand for efficient and environmentally responsible inspection solutions had been a driver for growth in the USA. The company anticipates further expansion in this sector due to increased emphasis being placed on critical infrastructure condition checks to ensure the safety and reliability of the power grid network.
Drone inspection enables hazard identification on infrastructure such as electricity towers, poles and substations – often in remote and inaccessible areas – to reduce the risk of power outages or, worse still, wildfires. Solutions that replace helicopters or rope access teams are also more environmentally friendly and remove people from hazardous environments.
Mr Fleming said: “These results represent another step change in the scale and reach of Cyberhawk. We are particularly pleased to have not only grown both revenue and EBITDA, but to have done so while we continue to invest in our software solution, iHawk.
“The market for drone-based inspection services will continue to expand exponentially, and with that will come an explosion in the quantity of data captured, as well as the need for more efficient and flexible data visualisation and management solutions.”
Cyberhawk’s cloud-based data visualisation software solution, iHawk
Cyberhawk intends to power further growth through ongoing investment in its software solutions and artificial intelligence capabilities, enabling more accurate and efficient processing of data to identify anomalies and concerns. It also anticipates that demand for its services will grow significantly in the Middle East, where drone inspection and data visualisation is being used in the management and control of large-scale capital projects.
Mr Fleming added: “Cyberhawk aims to remain at the forefront of end-to-end solution delivery for our clients so they can capture the right data, process it efficiently, and turn it into insights and action plans. We believe our drone inspection heritage, our understanding of our customer needs, and our record of developing innovative solutions makes us uniquely positioned to add value across every aspect of the data collection, processing, management, and reporting spectrum.”