Business — International
ZenaTech takes its drone services network to 29 acquisitions
A subscription to drone surveys, backed by acquired firms
ZenaTech sells topographic surveys, inspections of structures and solar plants, panel cleaning and mapping carried out by drone, billed by subscription or on demand, without the client buying equipment or hiring a remote pilot. The company, listed on Nasdaq under the ticker ZENA, is building this network by acquiring already profitable surveying firms and then introducing its drones and data processing there.
The pace accelerated in 2026. On 2 June, ZenaTech closed its 23rd acquisition with High Prairie Survey Company, a firm in Kiowa, Colorado, established 40 years ago and active in Castle Rock, Parker and Elizabeth, in Douglas and Elbert counties. On 6 August, its 27th transaction concerned Galena-Benchmark Engineering, in Ketchum, Idaho, a 30-year-old firm, the company's first location in that state and the 13th US state covered. On 15 September, the 29th acquisition, Merritt Paul Land Surveying, based in Franklin, Georgia, added clients in utility-scale solar and rail, with surveying licences in 17 states.
The stated target of 25 companies acquired before mid-2026 has been exceeded. Four acquisitions were completed in the second quarter of 2026 alone.
What the service changes for an already established fleet
For an operator that already operates its own drones, the offering does not connect to its fleet. ZenaTech says it uses its own ZenaDrone platforms and its ZenaWorx software for surveys and 3D site monitoring. The press releases describe a transfer of workload to the service provider. The client replaces a field team with a service, and the acquired firm abandons its manual methods.
The targets chosen are established surveying companies with recurring client portfolios in construction, residential development, utilities and local authorities. Merritt Paul brings licences in 17 states, which matters for a client working across several jurisdictions. Nothing in the announcements describes an interface with devices from other brands, or the import of data from an existing fleet.
External growth that weighs on earnings
Revenue for the second quarter of 2026 reached C$9.3 million, up 316% year on year, and C$17.7 million for the half-year, up 425%. The DaaS segment provided C$8.1 million of that in the quarter and C$16.4 million over six months. The net loss for the quarter was C$22.5 million.
Cash and marketable securities totalled C$34.6 million at 30 June 2026, against C$15.1 million at 31 December 2025. Total assets rose from C$99.8 million to C$149.2 million over the same period, an increase of 50%, and shareholders' equity from C$68 million to C$91.3 million.
Previous periods show the trajectory: C$3.38 million in revenue in the first half of 2025, up 251% year on year, and C$2.24 million in the second quarter of 2025 alone, up 503%. Cash stood at C$10.29 million at 30 June 2025, against C$3.75 million at the end of 2024. In the third quarter of 2025, DaaS accounted for 82% of revenue of C$4.35 million, or C$3.57 million.
ZenaTech estimates third-quarter 2026 revenue at between C$13.4 million and C$14.8 million, with organic growth of more than 27% in existing DaaS operations. Market studies cited by the company put the surveying and mapping services market at USD 41.5 billion in 2024, rising to USD 53.1 billion in 2030, or 4.2% a year. That for drone solar inspection would go from USD 1.2 billion in 2024 to USD 6.8 billion in 2032, around 25% a year according to Verified Market Research.
Pricing, schedule and customer feedback remain absent from press releases
No subscription rate or service price is published. An operator therefore cannot compare the cost of an outsourced mission with that of an internal flight hour, or identify the threshold at which the acquisition of a local firm changes its own market.
Geographic coverage can only be read through the acquisitions: Colorado, Idaho and Georgia, to which were added two wholly owned international locations at the time of publication of the third-quarter 2025 results. No European location appears in the announcements.
Field feedback is missing. The 27% organic growth is a company figure, with no breakdown by site or contract renewal rate. The net loss of C$22.5 million in the second quarter of 2026 is not broken down between integration costs, share-based compensation and other expenses. The price paid for each of the 29 acquired companies is also not disclosed, which prevents external growth from being related to the capital employed.
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