Parrot posted record Q4 2025 revenue of €29.2M (+15% at constant exchange rates), bringing full-year revenue to €79.8M (+6%). EPS remains negative at approximately €0.44 TTM. The stock surged ~19% on the OTC market to $8.72 following the announcement, reflecting strong investor optimism around the ANAFI UKR micro-UAV ramp and Pix4D photogrammetry growth.
About Parrot SA
Parrot SA (EPA: PARRO | ISIN: FR0004038263) is a European leader in professional micro-UAVs (unmanned aerial vehicles), headquartered in Paris, France. . Founded on February 28, 1994 by Henri Seydoux, Christine de Tourvel, and Jean-Pierre Talvard, the company has focused exclusively on drone manufacturing since 2017.
Parrot designs, develops, and markets micro-UAV equipment and image analysis software for governments, enterprises, and operators across 50+ countries. Its flagship ANAFI range is renowned for compact design, robustness, and ease of deployment in Intelligence, Surveillance & Reconnaissance (ISR), defense, public safety, and technical inspection missions. The Group also operates Pix4D, a photogrammetry and 3D mapping subsidiary based in Switzerland.
| Metric | Value |
| Ticker | EPA: PARRO |
| Market Cap | ~€220.3 million |
| Stock Price | €7.12 (as of Feb 20, 2026) |
| P/E Ratio | Negative (TTM EPS: -€0.44) |
| Employees | 400+ |
| CEO | Henri Seydoux (Founder) |
| 2025 Revenue | €79.8 million |
Top Financial Highlights
- Q4 2025 consolidated revenue reached €29.2 million, increasing 10% at current exchange rates and 15% at constant exchange rates, marking a record quarterly performance.
- Full year 2025 revenue totaled €79.8 million, reflecting growth of 2% at current exchange rates and 6% at constant exchange rates.
- Q4 revenue from the micro-UAV segment amounted to €19.9 million, or €20.7 million at constant exchange rates, compared to €19.4 million in Q4 2024, supported by strong performance of ANAFI UKR.
- Q4 photogrammetry revenue generated by Pix4D reached €9.2 million, or €9.6 million at constant exchange rates, increasing 30% year over year and 37% at constant exchange rates.
- Full year micro-UAV revenue reached approximately €47.9 million, driven by defense related demand and the launch of next generation ANAFI UKR platforms.
- Full year Pix4D revenue totaled €31.8 million, or €33.3 million at constant exchange rates, rising 6% at current rates and 11% at constant exchange rates.
- Gross margin for the first half of 2025 stood at 74.8%, supported by an improved product mix and increased production of new micro-drone platforms.
- First half 2025 income from ordinary operations recorded a loss of €12.9 million, reflecting product launch and industrialization costs linked to ANAFI UKR and CHUCK 3.0.
- Net income for full year 2024 was negative €9.23 million, indicating the company remains in an active investment and development phase.
- Basic earnings per share on a trailing 12 month basis stood at negative €0.44, reflecting continued research, development, and commercialization expenditure.
- Subscription based transition at Pix4D continued, with new software solutions accounting for more than two thirds of photogrammetry revenue by the end of 2025.
- Direct sales to institutional and enterprise customers across Europe, the United States, and Japan expanded significantly and represented approximately one third of Pix4D sales by the end of 2025.
- The Outflier subsidiary contributed approximately €0.1 million in revenue during 2025.
- The company maintained liquidity support through a previously secured €20 million revolving credit facility, including a twelve month extension under existing financial terms.
Beat or Miss?
| Metric | Reported | Estimated | Difference/Analysis |
| Q4 2025 Revenue | €29.2M | N/A | Record quarter; +15% at constant rates |
| FY 2025 Revenue | €79.8M | N/A | +6% at constant exchange rates vs. FY 2024 |
| H2 2025 Profitability | Slightly profitable (both segments) | N/A | First period of segment-level profitability |
| H2 2025 Cash Consumption | Zero | N/A | No cash burn in H2 2025, consistent with H2 2024 |
| EPS (TTM) | -€ 0.44 | N/A | Still loss-making on trailing basis |
| Q1 2026 Guidance | “Significant growth” vs. Q1 2025 | N/A | Bullish forward outlook |
What Leadership Is Saying?
Henri Seydoux, Chairman & CEO: Parrot has positioned itself as a European leader in secure, autonomous, and sovereign micro-UAVs, especially amid ongoing geopolitical tensions. The launches of the ANAFI UKR range and the CHUCK 3.0 AI autopilot at the Paris Air Show demonstrate the company’s strategy of delivering next-generation defense and commercial solutions. With sustained demand and multiple tender wins converting rapidly to orders, the acceleration is continuing.
CFO Commentary (from H1 2025 report): The gross margin of 74.8% reflects the evolving product mix and gradual ramp-up of new-generation microdrones. Operating expenditures rose temporarily by €3.0M during the first half, linked mainly to efforts to finalize, industrialize, and launch the new products an investment that is expected to pay off as the ANAFI UKR scales in the second half and beyond.
Historical Performance
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | €79.8M | €78.1M | +2.2% (current FX); +6% (constant FX) |
| Q4 Revenue | €29.2M | €26.4M | +10.6% (current FX); +15% (constant FX) |
| Micro-UAV Revenue (Q4) | €19.9M | €19.4M | +2.6% (current FX) |
| Pix4D Revenue (Q4) | €9.2M | €7.0M | +31.4% (current FX); +37% (constant FX) |
| Pix4D Revenue (FY) | €31.8M | €30.0M (est.) | +6% (current FX); +11% (constant FX) |
| H1 Income from Operations | €(12.9)M | €(9.7)M | Widened due to launch costs |
| Employees | ~395–451 | ~404 | Slight change |
Competitor Performance
| Company | Annual Revenue (Latest FY) | YoY Change | Key Segment |
| Parrot SA (FY 2025) | €79.8M (~$85M) | +6% (constant FX) | Professional micro-UAVs, Photogrammetry |
| AeroVironment (FY 2025, ends Apr 2025) | $821M | +14% YoY | Loitering munitions, tactical UAS |
| EHang Holdings (FY 2024) | RMB 456M (~$63M) | +288% YoY | eVTOL aircraft, drone shows |
| EHang Holdings (TTM to Q3 2025) | RMB 430M (~$59M) | +23% YoY | eVTOL; revenue declining Q/Q |
| Metric | Parrot (Q4 2025) | AeroVironment (Q4 FY2025) | EHang (Q3 2025) |
| Quarterly Revenue | €29.2M (~$31M) | $275.1M | RMB 92.5M (~$13M) |
| YoY Revenue Growth | +10% to +15% | +40% | −27.8% |
| Gross Margin | ~74.8% (H1 2025) | ~36% (Q4) | 60.8% |
| Net Income | Negative | $16.7M (Q4) | RMB −82.1M loss |
How the Market Reacted?
Shares of Parrot surged following the Q4 earnings announcement on February 20, 2026. The OTC-listed stock (PAOTF) jumped +19.29% to $8.72 on the day of the release, reflecting strong investor enthusiasm over the record quarter. On the Euronext Paris exchange, PARRO traded at €7.12, up from a previous close of €6.46, with volume spiking to 146,901 shares more than 4x the average daily volume of ~35,613.
The bullish sentiment appears driven by the accelerating ANAFI UKR defense orders, the +30% growth in Pix4D, and broader geopolitical tailwinds favoring European sovereign drone manufacturers. The stock remains well within its 52-week range of €4.55-€14.50, suggesting room for further appreciation if profitability milestones are achieved.
