Drone Maker Aeronautics Reports 23.7% Drop in Revenues

In the midst of a criminal investigation into its conduct, Israel-based drone maker Aeronautics Ltd. reported Tuesday a stark decline in revenues and an operating loss of millions of dollars for the third quarter of 2018.

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Founded in 1997 and based in Yavne, a town in central Israel, Aeronautics develops military unmanned aerial vehicles (UAV).

The Tel Aviv-listed company has been under probe by Israeli police and the country’s ministry of defense since September 2017, the details of which have been placed under a sweeping gag order by an Israeli court. In August, Aeronautics announced its executives were summoned by the Israeli State Attorney to a hearing pertaining to the investigation.

Aeronautics reported $30.5 million in revenues for the third quarter of 2018, a 23.7% drop compared with the same period last year. The company reported a net operating loss of $2.97 million for the quarter.

Since listing on the Tel Aviv Stock Exchange in June 2017, Aeronautics' stock has dropped around 58%, by market close Monday.