Next Vision Q2 Revenue More Than Doubles to $106 Million Amid Strong Drone Camera Demand
Next Vision reported a 125% surge in second-quarter revenue to $106 million and a doubled net profit of $60 million. The drone camera maker is expanding global production capacity in Europe and the US.
Next Vision, the Ra'anana-based manufacturer of stabilized cameras for drones led by Chairman Chen Golan, reported that its second-quarter revenue more than doubled, surging by 125% to reach $106 million. The robust growth was driven by a sharp increase in order volumes and the number of units sold to customers, including deliveries made under significant orders received during the period.
The bottom line showed net profit also doubling, climbing 113% to $60 million. The slightly lower relative growth in net profit compared to revenue stemmed from an increase in administrative expenses during the second quarter, which rose from $2 million to $3.1 million due to management compensation agreements and share-based payment increases. Additionally, the company recorded a sharp surge in financing income, which more than doubled in the second quarter to $6.6 million, bolstered by the growth in its bank deposits.
However, Next Vision's order backlog declined from the previous quarter, dropping from $265 million to $209 million as of the financial report release. Despite this quarterly dip, the backlog remains 69% higher compared to approximately $124 million at the same time last year. The company explained that the decrease from the previous quarter was influenced by accelerated delivery volumes alongside the timing of new orders expected in the coming weeks. Streamlined workflow and training processes have enhanced employee productivity and output, allowing the company to convert orders into revenue more rapidly.
Expanding Global Production
During the first nine months of the year, total revenue reached approximately $261.9 million, marking a 117% increase. Net profit for the nine-month period totaled about $152 million, more than doubling from roughly $72 million in the corresponding period last year. The surge in financial performance over the first three quarters was attributed to factors similar to those driving the quarterly results.
Chen Golan, Chairman of the company, stated: "We are already preparing for the scale of operations in the coming years by expanding production capacity, improving efficiency, and continuing to invest in infrastructure, supported by our strong cash flow. As part of this strategy, we are building a global production network, with our European production line already establishing its operations and plans underway to expand manufacturing to the United States. This presence in key markets will allow us to stay closer to customers, meet local production demands, and strengthen our ability to pursue additional business opportunities."
