VANCOUVER, British Columbia - ZenaTech, Inc. (NASDAQ:ZENA) announced today it has signed an offer to acquire a land surveying company operating across Western Canada, according to a press release statement. The company, with a market capitalization of $118.7 million, has seen its stock decline 52% year-to-date to $1.53, though it remains near InvestingPro’s Fair Value estimate.
The technology company, which provides AI drone and Drone as a Service solutions, stated the acquisition is part of its North American expansion strategy focused on the Western Canadian geospatial sector. The target company serves industries including infrastructure, utilities, forestry, mining, and agriculture.
"The proposed Western Canadian land survey firm acquisition would provide an established regional footprint, a broad commercial and government client base and immediate opportunities to expand higher-margin drone services," said Shaun Passley, CEO of ZenaTech. The expansion comes as the company posted revenue of $14.5 million in the last twelve months with growth of 704%, though InvestingPro notes the company is quickly burning through cash and remains unprofitable.
ZenaTech cited research from Grand View Horizon Research estimating the Canadian drone market at approximately $4.5 billion in 2025, with projections to reach over $11 billion by 2033, representing a compound annual growth rate of over 11%.
The company’s Drone as a Service platform offers subscription and usage-based drone services for surveying, infrastructure inspection, maintenance, and precision agriculture applications. ZenaTech operates manufacturing facilities in Arizona, Dubai, and Taiwan.
The press release noted that Canada has established regulatory frameworks for Beyond Visual Line of Sight drone operations. The company stated it aims to combine traditional surveying expertise with drone technology to expand service offerings in the region.
Financial terms of the proposed acquisition were not disclosed. The company did not specify a timeline for completing the transaction or identify the target company by name.
In other recent news, ZenaTech, Inc. announced its inclusion in the Russell 3000 Index, effective June 29, as part of the 2026 Russell indexes reconstitution. This inclusion follows ZenaTech’s existing membership in the Russell Microcap Index. The company also acquired a 10% stake in Plurilock Security Inc. by purchasing over 11 million common shares through the TSX Venture Exchange. Additionally, ZenaTech increased its holdings in Route1 Inc. to 12% by acquiring 937,477 shares at $0.10 per share.
Furthermore, ZenaTech has initiated the development of ZenaWorx, a new AI data center software using LiDAR technology to create 3D digital maps for construction monitoring. This product will be available through ZenaTech’s Drone as a Service and Enterprise SaaS divisions. The company has also signed an offer to acquire an Alberta-based land surveying and geomatics firm, marking its first acquisition in the Canadian land surveying sector. This acquisition will enhance ZenaTech’s services in the oil and gas industry across Western Canada.
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