05:16 PM EDT, 05/27/2024 (MT Newswires) -- Drone Delivery Canada ( TAKOF ) on Monday said its first-quarter revenue plunged following the end of a contract.

The company reported revenue of $103,522 in the quarter, a drop of over 80% from the prior-year period. It said the drop "was driven by the Condor contract with Transport Canada announced in first quarter of the prior year that did not reoccur, partially offset by revenue contribution from the second milestone of the DND contract".

With weaker revenue the company decreased its cash used in operating activities by over $1.2 million or 54% and reduced its operating loss by almost $800,000 or 30% compared to the same period of the prior year.

"Although our revenue levels are not where we want them to be we have done a solid job reducing our costs to the business," chief executive Steve Magirias said in a statement.

The company also said Mike McKeon will serve as its chief financial officer effective May 30. McKeon brings more than 35 years of experience in finance, strategic and operational best practices working for several large multinational corporations such as Coca Cola and McCain Food.

Drone Delivery shares closed down $0.005 to $0.26 on the TSX Venture Exchange.