Core Viewpoint - Tonner Drones is experiencing positive developments in H1 2025 and is exploring opportunities in the crypto sector to enhance shareholder value [1][2]. Financial Performance - The company reported a strong cash inflow in H1 2025 due to favorable market conditions, with cash equivalents increasing by €1.15 million from €341,000 to €1.49 million [3][7]. - Financial debt was reduced by €1.4 million, decreasing from €5.5 million to €4.1 million [7]. - Over 80% of the debt is held by the CEO and major shareholder, with an interest rate just over 3% and maturity until the end of 2027 [3]. Treasury Strategy and Crypto Expansion - In October 2024, shareholders mandated management to actively manage the treasury and make investments, contributing positively to H1 2025 results [5]. - The company plans to expand its treasury strategies into the crypto sector, capitalizing on current trends [5][7]. Countbot Project Development - The Countbot project is advancing through product upgrades and commercial engagement, with a technical roadmap established for incremental improvements based on client feedback [6][7]. - The project is expected to generate real revenue for the company [2]. Stake in Other Companies - Tonner Drones holds stakes ranging from 5% to 12% in companies like Diodon, Donecle, and Elistair, and is satisfied with their performance amid a strong trend in the European drone sector [8]. - The company anticipates generating between €1 million and €2 million by selling part of its shares in these companies, with an adjusted timeline to December 31, 2025 [9]. Board Changes - Two new board members, Arnoud Jullens and Fabrice Augereau, were appointed in June 2025, bringing experience in scale-ups and technical knowledge [10]. - Board compensation remains conservative, limited to €60,000 annually, with new directors receiving BSA warrants for long-term commitment [11][12]. Inhibitor Project - Tonner Drones owns valuable patents for the Inhibitor technology but has been disappointed with the interest in licensing or selling these patents [13].

Core Viewpoint - Tonner Drones is enhancing its board with the appointment of two new directors, Fabrice Augereau and Arnoud Jullens, to support the company's next phase of turnaround and growth [2][7]. Group 1: New Board Members - Fabrice Augereau, an experienced engineer with a background in drone, robotics, and AI sectors, has previously collaborated with Tonner Drones on the Countbot project and is expected to bring valuable technical expertise to the board [3][7]. - Arnoud Jullens, who has extensive experience in guiding start-ups and scale-ups, is the CEO of Docklab and has a strong network in the business community, which Tonner Drones believes will contribute to its future growth [4][7]. Group 2: Company Developments - The restructuring and turnaround of Tonner Drones have been successfully completed, leading to the end of David Cloetingh's term as a director, with Olaf Graeff remaining on the board [5][7]. - The Annual General Meeting (AGM) is scheduled for June 19, 2025, where shareholders are encouraged to participate and vote to meet the quorum [6]. Group 3: Company Strategy - Tonner Drones focuses on developing technologies for the logistics sector and holds stakes in promising French drone manufacturers, aiming to increase the value of these investments through active asset management [8]. - The company plans to retain R&D for its products in France while not owning a factory, and it seeks to generate additional revenues through royalties from its patents [8].

Core Viewpoint - Tonner Drones experienced a challenging yet transformative year in 2024, with significant operational cost reductions and a focus on future growth through product commercialization and strategic partnerships [3][7][11]. Financial Performance - Turnover decreased to €119k in 2024 from €1,081k in 2023, while operational costs improved significantly to €3,281k from €8,481k [3]. - The total loss for 2024 was €5,639k, down from €10,749k in 2023 [3]. - Cash position improved to €341k at the end of 2024 and further increased to €1,655k by March 31, 2025 [4]. - Negative equity of €5,587k was attributed to high depreciation and low asset values, with a recovery plan in place to address this issue [4][7]. Strategic Focus - The company aims to commercialize its 'Countbot' solution and is actively seeking partnerships for its 'Inhibitor' product [5][7]. - Tonner Drones holds stakes of 5% to 12% in Elistair, Donecle, and Diodon, with expectations that these holdings will increase in value as the market for drones and defense grows [6][12]. - The company is exploring asset sales to improve equity and is focused on managing its treasury effectively [4][8]. Management and Governance - The CEO has expressed optimism about the future and has waived his management fee for 2025, demonstrating commitment to the company's recovery and growth [7][11]. - Legal advice has been sought to enhance cash management and analyze the company's tax situation, particularly regarding carry forward losses [8][9]. Market Position and Future Outlook - Tonner Drones is positioned to benefit from the growing trend in warehouse automation and has noted strong interest in its Countbot product despite limited advertising [5]. - The company believes that strategic partnerships and collaborations will create significant value for shareholders, especially given the improved cash position and market capitalization [9][11].