Parrot SA reported QQ3 2024 revenue of EUR 23.73 million, up 41.98% year-over-year but down 22.43% quarter-over-quarter. The gross margin reached 68.6%, reflecting favorable product mix and ongoing cost controls. Operating income was EUR 1.29 million with EBITDA of EUR 0.895 million, and net income printed at EUR 0.412 million, marking a material improvement from the prior quarter. Cash flow generation remained robust, with USD 6.322 million of cash from operations and free cash flow of EUR 5.719 million. The balance sheet shows continued liquidity strength, including cash and cash equivalents of EUR 33.604 million and a net debt position of EUR -24.871 million, indicating net cash on hand. R&D expense remained elevated at EUR 9.129 million, underscoring Parrot’s commitment to software, enterprise solutions and AI-enabled drone capabilities (e.g., Pix4Dmapper and related services) to support longer-term growth. The quarter’s dynamics point to a growth-versus-cycle narrative: near-term revenue volatility against durable profitability and cash generation, supported by a strong balance sheet. Management commentary (where available) underscores continued investment in software and commercial solutions as a key driver of multi-year portfolio expansion, though explicit quarterly guidance for QQ4 2024 was not provided in the materials. Investors should monitor revenue mix evolution, R&D intensity, and ability to sustain profitability amid seasonal and product-cycle fluctuations.