Key Points
It has agreed to buy battery and power systems specialist DroneNX, also known as Upgrade Energy.
The price is around $52 million.
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Drone maker Unusual Machines' (NYSEMKT: UMAC) stock soared above the rest of the market as the trading week kicked off. Mere days before the company was set to publish its latest quarterly earnings report, it announced a rather complementary acquisition. Investors greeted this by pushing the company's stock up by more than 14% that trading session.
An Unusual deal
Before market open, Unusual Machines announced that it signed a definitive agreement to acquire privately held DroneNX (doing business as Upgrade Energy). This is a business that specializes in battery and power solutions specifically developed for drones.
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Unusual Machines said the deal is valued at roughly $52 million, which is expected to be paid in cash and stock. It will also likely include performance-based earnouts for DroneNX. The company did not provide greater detail.
In the press release, it wrote that purchasing DroneNX/Upgrade Energy "adds battery expertise to Unusual Machines' domestic manufacturing and engineering operations, broadens the Company's capabilities by adding new drone components, and strengthens its domestic manufacturing capabilities."
Getting it done with drones
To me, this is a clear case of "making hay while the sun shines." Unusual Machines has been effectively capitalizing on the steeply rising popularity of drones, a trend reflected in its recent results. Its cash pile has grown steeply of late, reaching more than $103 million at the end of last year. Given that, this purchase seems both well within its means and a potentially major boost to its manufacturing effort.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
