The firm, headquartered in Ratho, Edinburgh, said the year to March 2022 saw revenue grow by 63 per cent to $22m while earnings before interest, taxes, depreciation, and amortisation (ebitda) increased to $2.8m from $1.8m.
The company, which has roots in the energy sector and has worked with companies including Shell, says it combines drone technology with its data visualisation software iHawk that provides operators with an up-to-date full visual record of the condition of their assets in one location.
It points out that the UK now accounts for just over a fifth of its total revenue, and it has rapidly expanded its international footprint over the past 12 months, with a strong focus on the USA, buoyed by mushrooming demand for efficient and environmentally responsible inspection offerings, and it anticipates further expansion in this sector due to increased emphasis on critical infrastructure condition checks to ensure the safety and reliability of the power grid network.
The firm explains that drone inspection enables hazard-identification on infrastructure such as electricity towers, poles and substations, to reduce the risk of power outages or, worse still, wildfires, and can replace the need to deploy helicopters or rope access teams.
Cyberhawk also says it has gained “significant traction” in the Middle East, where drone inspection and data visualisation is being used in the management and control of large-scale capital projects, and where it anticipates that demand for its services will grow at pace.
More broadly, the business intends to power further growth through ongoing investment in its software and artificial intelligence capabilities, enabling more accurate and efficient processing of data.
Chief executive Chris 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.”