Rolly Bustos

All right. I think to respect everybody’s time, I think we will get started here. So again, greetings, and welcome to all the shareholders and stakeholders who are joining us on today’s Draganfly 2026 Q1 Earnings Call.

My name is Rolly Bustos, and I am the Internal Investor Relations rep here at Draganfly. We appreciate you, as always, joining us. We will start with our CEO and President, Cameron Chell, recapping the first quarter. Next will be a more detailed financial review with our CFO, Paul Sun. We will then conclude, as always, by addressing the pre-submitted questions that we have received.

Though I know many of you, as always, anybody is welcome to reach out to me directly at investor.relations@draganfly.com, and I’d be happy to have a conversation. I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results and undue reliance should not be placed on them.

Any future events or financial results may differ from what might be discussed here. The company’s results and statements are accurate as of today, May 11, 2026. We are under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on Page 2 of this presentation and on the screen right now. So Cam, if you’re ready, please go ahead.

Cameron Chell
President, CEO & Executive Chairman of the Board

Great. Thanks, Rolly, and I really appreciate everybody’s time and consideration and joining us on today’s Q1 earnings call. So I’ll start off with

Q1: 2026-05-11 Earnings Summary

EPS of -$0.19 misses by $0.32

 | Revenue of $608.10M (3.77% Y/Y) misses by $8.75M

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MINNEAPOLIS — Victor Wembanyama’s availability for Game 5 of the Western Conference semifinals remains in doubt Monday as the NBA reviews his flagrant-2 ejection from Sunday’s loss, while Golden State Warriors forward Draymond Green openly encouraged the Minnesota Timberwolves to retaliate physically against the Spurs superstar.

Green, appearing on his podcast, did not hold back when discussing the controversial play in which Wembanyama was ejected for swinging an elbow into Naz Reid’s jaw and neck area. “Who’s gonna elbow him in the face?” Green asked pointedly. “Somebody’s got to send a message. You can’t let that slide in the playoffs.”

The comments quickly went viral, adding another layer of intensity to an already physical series now tied 2-2 heading into Tuesday night’s pivotal Game 5 at the Frost Bank Center in San Antonio.

League review underway

NBA officials are examining the incident for possible supplemental discipline. While flagrant-2 ejections do not carry automatic suspensions, contact above the shoulders in the playoffs often results in at least a one-game ban. Wembanyama, who had been dominant through the first three games, appeared stunned by the ejection and later expressed regret for the outcome while defending his physical play in a hard-fought series.

Spurs coach Mitch Johnson pushed back strongly against any suspension, calling it “ridiculous” and insisting there was no malicious intent. “He’s protecting himself out there,” Johnson said. “The physicality has been ramped up on both sides.”

Reid, who absorbed the elbow, downplayed the hit after the game, saying he was fine and that “basketball happens.” However, the Timberwolves have privately expressed frustration with what they see as repeated physical tactics targeting their big men.

Wembanyama’s playoff emergence

At just 22 years old, Wembanyama has transformed the Spurs into legitimate contenders ahead of schedule. Drafted No. 1 overall in 2023, he earned Defensive Player of the Year honors in his second season and has taken his game to another level in these playoffs. His rim protection, scoring versatility and basketball IQ have drawn comparisons to generational talents.

The ejection in Game 4 came at a critical moment. The Spurs led by as many as nine points before the incident, but struggled without their franchise cornerstone in the second half. Anthony Edwards exploded for 36 points, helping Minnesota even the series.

If Wembanyama is suspended for Game 5, the Spurs would face a massive challenge on their home floor. San Antonio’s supporting cast, including Stephon Castle and De’Aaron Fox, has shown promise, but losing the 7-foot-4 Defensive Player of the Year would shift the series dynamics dramatically.

Green’s comments ignite debate

Draymond Green’s call for retaliation struck a nerve across the league. Known for his own physical style and history of controversial plays, Green argued that young stars like Wembanyama need to be “welcomed” to the physicality of the playoffs.

“You can’t let these young bigs just throw elbows and not expect a response,” Green said. “Naz took one for the team. Now it’s time to respond the right way — within the rules, of course.”

The comments drew mixed reactions. Some praised Green for defending player safety and playoff toughness, while others accused him of encouraging dirty play. NBA players’ union representatives have stayed silent publicly, but multiple veterans privately expressed concern about escalating physicality in an already intense series.

Lakers parallel and league-wide implications

The situation echoes the scrutiny around Luka Doncic’s hamstring injury and the physical toll playoffs take on star players. With several high-profile stars dealing with injuries or ejections this postseason, league officials face growing pressure to balance player safety with the physical nature of playoff basketball.

Wembanyama’s clean reputation until Sunday’s incident makes the review particularly interesting. He has rarely lost composure, making the elbow swing appear out of character and possibly a reaction to repeated physical jostling throughout the series.

Timberwolves’ approach for Game 5

Minnesota coach Chris Finch has preached discipline and focus. While he did not directly address Green’s comments, Finch emphasized playing “within the rules” while protecting their players. The Timberwolves have shown championship-level composure, capitalizing on Wembanyama’s absence in Game 4 to even the series.

If Wembanyama sits, Edwards and the Wolves’ depth will be heavily favored at home. A victory would give Minnesota a 3-2 lead with a chance to close out the series in San Antonio.

Spurs’ resilience tested

For San Antonio, the focus remains on preparation and adaptability. Even without their defensive anchor, the young Spurs have shown fight. Coach Johnson has emphasized maintaining identity regardless of personnel. However, losing Wembanyama for Game 5 would force significant adjustments on both ends of the floor.

Broader playoff narrative

The Western Conference semifinals have lived up to their billing as a clash of styles and generations. Wembanyama represents the future of the league, while veterans like Edwards and Green bring championship experience and edge. Green’s comments have added psychological warfare to an already intense matchup.

As Game 5 approaches, the basketball world waits for the NBA’s decision. A suspension would mark a significant blow to the league’s marketing of its young stars, while no suspension could be viewed as leniency for a high-profile player.

Fan and social media reaction

Social media has been divided. Many defend Wembanyama as a young star still learning playoff physicality, while others side with Green’s call for accountability. Clips of the elbow and Green’s podcast comments have amassed millions of views, dominating basketball conversation heading into Game 5.

The incident has also sparked renewed debate about player safety, officiating consistency and the unwritten rules of playoff basketball.

What’s at stake in Game 5

Tuesday night’s game carries enormous weight. For the Spurs, a win would regain home-court advantage and shift momentum. For the Timberwolves, victory would put them one win away from the Western Conference finals and a chance to eliminate a rising powerhouse.

Regardless of Wembanyama’s status, the series has already delivered memorable moments and physical, emotional basketball. Green’s provocative comments have only heightened the drama as both teams prepare for what could be a decisive night in San Antonio.

The basketball world will be watching closely — not just for the outcome, but for how the league handles one of the most talked-about plays of the 2026 playoffs.

Shares of PVR INOX fell 2.5% to the day’s low of Rs 1,000 on the BSE on Tuesday, even as the company returned to profitability in the March quarter, reporting a consolidated net profit of Rs 187 crore versus a loss of Rs 125 crore in the same period last year.

The multiplex operator said strong performance from blockbuster titles, including Dhurandhar – The Revenge, Border 2 and Project Hail Mary, supported the earnings recovery.

With Tuesday’s decline, the stock is down 6% in two sessions.

Revenue from operations for Q4FY26 rose 26% year-on-year to Rs 1,547 crore, up from Rs 1,230 crore reported in the corresponding quarter of the previous financial year. On a sequential basis, profit after tax rose 95% to Rs 187 crore from Rs 96 crore in Q3FY26, even as revenue declined 16% quarter-on-quarter to Rs 1,850 crore in the October–December period.

During the quarter, the company recorded 31 million admissions, reflecting a 2% year-on-year increase. Average ticket price (ATP) stood at Rs 315, up 22% from a year ago, while spend per head (SPH) rose 32% year-on-year to Rs 165.

PVR Inox share price: Should you buy, sell, or hold?

Nuvama Institutional Equities has maintained its “Buy” rating on PVR INOX, with a revised target price of Rs 1,620 from Rs 1,605 earlier, implying 58% upside potential. The brokerage expects FY27 to remain strong, driven by a healthy Bollywood and regional film pipeline along with a steady slate from Hollywood. It has retained its earnings estimates and noted that at the current market price, the stock trades at 13x and 11x FY27E and FY28E earnings, respectively. Nuvama noted that the company’s net debt has declined 90% since the 2023 merger, marking its lowest level since the consolidation.
Elara Capital has maintained its “Buy” rating on PVR INOX with a target price of Rs 1,300, implying an upside potential of 27%. The brokerage said occupancy levels could sustain in the 25-27% range, supported by a stronger near-term content pipeline that includes titles such as Drishyam 3, Star Wars: The Mandalorian and Grogu, Ramayana Part 1, King, Avengers: Doomsday, Dune: Part 3, Toy Story 5, Toxic and Jailer 2. Elara Capital, however, expects growth in ATP and SPH to moderate after the normalisation seen in FY26. It added that the company’s FOCO and asset-light expansion strategy is likely to support lower capital expenditure intensity and improve free cash flow generation going ahead.
Motilal Oswal Financial Services has maintained a “Neutral” rating on PVR INOX with a target price of Rs 1,125, indicating a potential upside of 10%. The brokerage said a recovery in Hollywood box office collections, along with a strong content pipeline across multiple languages, is expected to support the company, particularly given its higher exposure to premium screening formats.

Also read: Groww shares sink 7% as Peak XV, Sequoia, others launch Rs 5,637-crore stake sale amid IPO lock-in expiry

Motilal Oswal also noted that PVR INOX has made significant progress in controlling operating costs, optimising capital expenditure and reducing debt on its balance sheet. However, it cautioned that the business remains highly sensitive to occupancy levels. While management remains optimistic about the CY26 content slate, the brokerage warned that even a 200-300 basis point decline in occupancy could materially hurt screen-level economics and EBITDA performance, creating downside risks to its current estimates.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)