Armistice Capital-Backed Drone Volt Taps Maxim Group for Nasdaq Listing as LineDrone Expands in US Utility Market
Meta: Drone Volt appointed Maxim Group for potential Nasdaq listing as reference shareholder Armistice Capital backs expansion following €32.7M 2024 revenue.
Drone Volt initiated a strategic review targeting a potential Nasdaq listing alongside its existing Euronext Growth Paris quotation, engaging New York-based investment bank Maxim Group LLC to evaluate optimal valuation paths for its drone technologies and assets. The French drone manufacturer announced the process December 9, 2025, following two capital raises earlier in the year primarily subscribed by U.S. investors, including Armistice Capital.
The Villepinte-based company achieved €32.7 million in revenue for 2024, representing 36% annual growth, while executing a strategic pivot toward high-margin products and services concentrated in defense, surveillance, and electrical infrastructure inspection sectors.
Maxim Group will receive compensation in shares up to 4% of diluted capital, with 3% payable only upon successful Nasdaq listing completion.
LineDrone Technology Enters US Market for Wildfire Prevention
Drone Volt’s U.S. subsidiary launched its LineDrone solution through a licensing agreement with Aquiline Drones, targeting utility companies confronting wildfire mitigation requirements. The specialized unmanned aerial system, developed with Hydro-Québec, operates on energized high-voltage lines reaching 315,000 volts and 2,000 amperes without requiring power shutdowns.
Vegetation-related incidents caused over 1,500 outages in the United States during 2023, according to North American Electric Reliability Corporation data, costing utilities millions while contributing to wildfire ignition risks. California wildfire damages linked to power line failures generate approximately $1.5 billion in annual losses, according to Cal Fire estimates.
The LineDrone traverses power lines using a motorized rolling system equipped with LineOhm and LineCore probes to conduct resistance measurements, corrosion assessments, and splice evaluations while the lines remain live. The technology addresses operational challenges faced by regional transmission organizations and investor-owned utilities, which traditionally deploy helicopters or linemen for high-voltage transmission infrastructure inspections.
Barry Alexander, founder and CEO of Aquiline Drones, stated the partnership aims to “set a new industry standard for high-voltage power line inspections” through integration of artificial intelligence and cloud technology into the LineDrone system. The collaboration includes training programs for drone service providers to operate the specialized equipment across U.S. utility networks.
Financial Performance Reflects Strategic Restructuring
Drone Volt’s first-half 2025 revenue totaled €4.1 million compared to €23.6 million in the first half of 2024, reflecting the company’s deliberate exit from low-margin distribution activities. Revenue from Drone Volt Factory, Services & Academy operations reached €2.9 million for the six-month period, nearly doubling year-over-year with 87% growth versus €1.5 million in the first half of 2024.
Gross margin reached a record 44% for the first half of 2025, quadrupling from 10% in the prior-year period. The margin expansion stems from sales of higher-priced drone models including the Hercules 20 Spray version and growing service contracts. Factory business segment grew 70%, driven by international demand, while services revenue doubled due to expansion in France and Canada.
Distribution revenue declined to €1.3 million from €21.8 million as management divested lower-margin resale operations.
Marc Courcelle, CEO of Drone Volt, stated the first half “reflects our company’s strategic shift towards high-margin, high-value-added activities.”
Drone Volt sold 39 internally developed drones during the first half, including one Heliplane and one LineDrone unit.
The company maintains operations across France, Benelux, Canada, Denmark, the Netherlands, Switzerland, and the United States, supplying government agencies and industrial companies including the French Army, Ministry of the Armed Forces, Engie, Total, Bouygues ES, and ADP.
Capital Structure and Shareholder Base
Armistice Capital established itself as Drone Volt’s reference shareholder following participation in March 2025 and July 2025 capital increases. The New York-based institutional investor served as the primary subscriber in both fundraising rounds conducted with U.S. investors.
Maxim Group previously assisted Drone Volt with both 2025 capital raises, which were conducted primarily with U.S. investors. The investment bank will also support the company in evaluating potential strategic alliances beyond the Nasdaq listing process.
Drone Volt’s equity base reached €12 million following the capital increases, compared to €10.4 million at year-end 2024. Stefano Valentini, chairman of Drone Volt’s board of directors, stated collaboration with Maxim Group aims to “increase the value of Drone Volt for shareholders and unlock the full potential of our technological expertise.”
The drone manufacturer expects to announce full-year 2025 revenue in January 2026, providing additional data on commercial momentum as the company pursues profitability targets and explores U.S. market listing options.