Image Source: ZenaTech
 

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Regulatory activity in the drone space is heating up and has fostered a new innovative environment that welcomes investment in the drone space; this regulatory and the coming capital investment shift is sent to benefit drone leaders (and pure-play drone stocks) including ZenaTech (Nasdaq: ZENA). In this article, I will discuss the burgeoning drone industry and I’ll examine how ZenaTech might benefit from this paradigm shift where the United States begins to embrace commercial drone technologies in public life.

This summer, two key Presidential executive orders were released by the Trump administration aimed at supercharging the drone industry: "Unleashing American Drone Dominance" and "Restoring American Airspace Sovereignty". The first of these directives orders the removal of regulatory bottlenecks that have stymied the rapid growth of the U.S. drone industry, which has had to rely on a restrictive, case-by-case waiver process. The directive ordered that the government “initiate the deployment of artificial intelligence (AI) tools to assist in and expedite the review of UAS waiver applications under 14 C.F.R. part 107”.

This executive order aims to accelerate the drone industry by facilitating the safe integration of these systems into national airspace, enabling “routine advanced operations” through risk-based rulemaking. It also aims to advance the commercialization, manufacturing, production, and integration of these technologies domestically by reducing regulatory uncertainty and streamlining approvals and certifications, which is intended to ensure the United States leads the drone industrial base, exporting UAS instead of importing. Along with Biden-era restrictions placed on drones manufactured by adversaries of the United States, these rules provide a growth springboard and help build competitive moats for drone companies with US-based manufacturing capabilities.

Of particular interest is that the Federal Aviation Administration (FAA) was directed to develop and finalize rules for commercial and public safety beyond visual line of sight (BVLOS) UAS operations, which will encourage investment into very interesting and valuable drone applications such as cargo transport, delivery transport, routine surveying, crop spraying, public safety operations, and more.

On August 5, 2025, the FAA followed up on the executive orders with a Notice of Proposed Rulemaking (NPRM) for BVLOS operations (formally known as “Part 108”), which removes the need for individual waivers and includes performance-based regulations, and streamlines routine rules such as flying below 400ft, and taking off and landing from FAA-approved access controlled areas. 

There are two proposed authorizations for BVLOS operations: 1) permits, for low-risk operations with smaller drones, and 2) certifications, for larger fleets or complex missions, which would include more oversight, safety systems, and training requirements. After a 60-day public comment period ending in October 2025, a final rule is expected in Q1 2026.

The other executive order, "Restoring American Airspace Sovereignty," focuses on enhancing counter-UAS capabilities, directing a federal task force to promote the detection, tracking, and mitigation of unauthorized drones. In addition, the FAA is directed to develop rules for drone flight restrictions over sites such as critical infrastructure and military bases. The government will also focus on providing grants for several of these objectives such as drone detection and tracking.

As such, the landscape for automated and expanded drone operations and investment has matured to the point where drones can become ubiquitously used commercially—a sea change in the potential scope and size of this burgeoning industry.
 

Pure-Play Drone Company ZenaTech Expected to Benefit From Drone Revolution

ZenaTech is one of the few commercially-active pure play, publicly listed drone companies with a small market cap that hasn’t skyrocketed to billions in market capitalization like its peers, such as Red Cat Holdings (Nasdaq: RCAT) and Ondas Networks (Nasdaq: ONDS) which have within the last year or so rocketed to over $1-2 billion in market capitalization.

ZenaTech is a software and drone company that has recurring software revenues and is just beginning to manufacture its drones at scale after working through design and prototyping. The company has two primary drone designs, the large 7’ x 12’ ZenaDrone1000 with commercial and military applications, and a small square drone designed for inventory management for warehouses. These drones comprise the IQ series—the IQ Square for land surveys and outdoor survey applications, and the IQ Nano for indoor inventory management applications.

ZenaTech’s venture from a small-scale SaaS software company into the drone space is not as odd as one might think. These drones need somewhat elaborate software to work, especially autonomously, and in surveying and inventorying applications, this requires the generation of data (point clouds, connection to ERP software, etc). In essence, they’re combining hardware with enterprise software. ZenaTech’s expertise in building enterprise software helps both in designing programmed flights and also for seamlessly integrating with other business software solutions for applications like inventorying and 3D mapping.

ZenaTech’s autonomous drones, in general, have the capability of flight patterns and tasks, not requiring pilots, and are fitted with sensors like LiDAR and infrared—they’re programmed flights. On the other hand, their warehouse drones (ZenaDrone IQ Nano) are semi autonomous. They don’t need licensed operators to fly—these drones can be run by warehouse workers, as the jobs are done at night and scan at night when personnel are absent. The company has applied for BVLOS (Beyond Visual Line of Sight), for both system permits and use-case waivers, depending on if the operations are on public grounds or not. As most surveys the company is conducting are currently on private property, ZenaTech usually only needs general permits and a drone operator.
 

Recent Acquisitions Serve as Beachhead for Initial Market Penetration

To accelerate market penetration, ZenaTech has been acquiring land survey engineering companies and is using drones to improve the surveys. This is not a new idea, but ZenaTech envisions surveying and other services at scale with Drone-as-a-Service (DaaS), with other applications like power line inspections, power washing, and agriculture applications. These are generally labor-intensive legacy processes in legacy businesses where costs can be saved. The idea is an Uber-like subscription service or pay-per-use model, so that consumers do not have to become experts or invest capital to benefit from drone use in labor-intensive applications.
 

ZenaDrone IQ Square
 

The company has been on a spree of acquisitions (~10 total, as of September 2025) of land surveying companies, which will not only add revenue to their top line but also help them penetrate the market more rapidly. The IQ Square drone, which runs in 40” and 50” square sizes, is being utilized for line-of-sight land surveys at the acquired land surveying and engineering companies that ZenaTech has acquired.

The synergies of using drones to augment the value proposition and reduce the cost of surveying in several industries are as follows (paraphrased from ZenaTech’s blog):

1. Construction and Infrastructure: Drone mapping can also reduce errors and prevent delays with accurate measurements to track project progress, especially in the infrastructure and construction industries where project timelines and budgets are often under pressure.
2. Mining and Quarrying: Drones can be used to provide an accurate volume assessment of pits and stockpiles while reducing the risks workers face.
3. Agriculture and Crop Monitoring: Farmers often use drone data to monitor the crops, the soil conditions, and irrigation in the field, allowing actions that improve yields, cut waste, and reduce monitoring costs and time..
4. Environmental and Land Surveying: Drones can be utilized to track erosion, monitor forest conditions, and examine water resources. Surveyors also rely on drone mapping for the planning required for city development and compliance.

ZenaTech presumably will use its acquisitions to drive more business at a lower cost, and potentially higher quality, and over time the business is envisioned to include surveying for a broader range of infrastructure and other outdoor inspections, as well as inspections and reconnaissance tasks for defense/security. With the IQ Square streamlining the surveying process from weeks to mere hours in some cases, it is expected that the IQ Square business will continue to grow (hopefully both organically as well as inorganically).
 

ZenaDrone IQ NANO

ZenaTech’s warehouse drone is essentially a smaller version of the IQ Square and it is used for inventory management with barcode and RFID tag reading capabilities, with additional capabilities such as specialized low-light sensors and collision avoidance. It is undergoing a paid trial with a multinational auto parts manufacturer, and the results of this trial (an initial deployment purchase order or service contract) will be telling as to whether this solution has a market fit and might be able to function as a scalable growth engine for the company moving forward. The company believes there are numerous other large customers that are interested. However, it is difficult to determine what other established products or services that are used for inventory management may make it more difficult for ZenaTech to enter and grow in this market.

Companies like Kroger (NYSE: KR) use Ocado’s (OTCMKTS: OCDDY) technology while others like Whole Foods/Amazon (Nasdaq: AMZN) and BJ’s Wholesale Club (NYSE: BJ) use Simbe Robotics’ ground robots, and others, such as those designed by Badger Technologies. As such, watching the initial growth trajectory of these drones will be important for determining how attractive a commercial solution they appear to be.

As such, the small-to-medium sized warehouses are currently the best market for the IQ NANO. In these settings, it can compete with more expensive and larger ground robots but may have a better value proposition for smaller facilities, only costing between $1000-$4000 for hardware up front, and the same amount for software. The current auto parts paid trial is testing in small indoor warehouses with our trial right now.

However, ZenaTech announced in March 2025 that they were adding swarm capabilities for the ongoing paid testing with their auto parts manufacturer. Whether this indicates the drones are too slow and need swarming improvements to be worth the investment or if the customer is requesting more capabilities because they like what they see is unclear, though I lean towards the latter—that the customer is seeing the value of this drone application and wants the ability to scan much larger warehouses/stock in the same short timeframe.

Implementing drone inventory management practices can reduce a weeks-long manual task to a single day. As such, inventory can be easily counted more often if desired—even allowing for near real-time inventorying data that can synchronize with accounting systems. Manual inventory checks can also carry their own quality and safety issues; manual checks are prone to error, and inventory on high shelves often requires exposing workers to more “slip, trip, and fall” risks and vehicle hazards that come with ladder climbing or lift operation.

In the future, it is envisioned that drone swarms comprised of IQ Series drones could be used for security purposes:

An AI drone swarm for indoor security and surveillance enhances coverage, response time, and efficiency by autonomously patrolling large areas, detecting threats, and providing real-time situational awareness. Unlike stationary cameras or human patrols, drone swarms can dynamically adapt to security breaches, track intruders, and coordinate movements to eliminate blind spots. AI-driven analytics enable them to identify anomalies, recognize faces, and detect unauthorized activity with high precision, reducing false alarms and improving security decision-making. Their autonomous nature minimizes human labor costs while ensuring 24/7 monitoring in complex environments like warehouses, data centers, or commercial facilities.

The company’s CEO, Shaun Passley, has noted that the US DoD operates over 1 billion square feet of warehouse and storage space globally, and that since the IQ Series drones are designed to operate where GPS fails, they are demonstrating to the military. The drones have an NDAA-compliant supply chain that excludes Chinese components and has initiated submission to Green UAS already, and as of a AUVSI July 2025 announcement, Green UAS certification (developed by AUVSI) is now recognized as a formal pathway to automatically grant a drone Blue UAS Cleared status at the DIU (Defense Innovation Unit). This DIU policy change was initiated to streamline the process of getting secure, compliant drones into the hands of the U.S. military and other federal agencies.

For the military, ZenaTech is manufacturing drones in Arizona.  Additionally, due to tariffs, Arizona manufacturing has been advanced not just for military applications, but also for commercial applications. ZenaTech believes that military contracts will be relatively large but will take longer to win compared to the incremental growth in its commercial business, such as surveying and inventorying.
 

ZenaDrone1000
 

ZenaDrone 1000
 

The company’s larger drone model, the ZenaDrone 1000, is capable of carrying larger payloads and is used for crop management applications as well as critical field cargo applications (i.e. blood transport). The company is focusing on getting military contracts with this drone, where blood is carried onto the field for medics, or cargo is transferred between ships, for instance, as a low-cost alternative to a helicopter. There are two trials with the U.S. Air Force and Navy, each, for ZenaDrone1000 applications. As such, the company is applying for Green (and Blue) UAS certifications, and those certifications are expected to be complete before the final trials with these branches of the DoD.
 

Competition

There are a plethora of drone applications, and as such there are many drone players vying for a piece of the market. Since every application, like surveying and inventorying, will likely have direct and indirect competition, an exhaustive analysis of competition would be highly speculative and frankly too long. Unless there is an obviously superior product on the market (ZenaTech’s, or a competitor’s, for any specific application), intuition and a qualitative analysis of each drone solution is the preferred method for arriving at an opinion of the market potential for each ZenaTech solution.

Drone competition includes AeroVironment (Nasdaq: AVAV), DroneShield (ASX: DRO), Kratos (Nasdaq: KTOS), Ondas Holdings (Nasdaq: ONDS), Palladyne (Nasdaq: PDYN), Parrot (EPA: PARRO), Red Cat Holdings (Nasdaq: RCAT), Joby Aviation (NYSE: JOBY), GE Aerospace/Microdrones (NYSE: GE), and Archer Aviation (NYSE: ACHR), though when looking at several of these drone companies, many do not compete in the same applications as ZenaTech. For instance, AeroVironment mainly develops drone and anti-drone solutions for the military, including surveillance/UAVs and drones with ammunition payloads. On the other hand, GE Aerospace has partnered with Microdrones and the pair are focusing on surveying for industrial applications—which I suspect is due to a synergy with their existing aerospace business and customer base; these products are much closer competitors to ZenaTech’s IQ Series of drones, and having the muscle of GE behind their sales will be a force to reckon with. For instance, the mdLiDAR1000 is also used to generate point clouds for mapping and surveying of sites (industrial, mining, oil and gas, construction).
 

R&D and Future Projects

The company boasts of using AI and quantum-enabled drones for applications like traffic management and weather forecasting; these are two future-oriented solutions that may be promising but do not necessarily inform on near-term financials. The company has assembled a team of twenty people to focus on these highly complex and likely compute-heavy applications. The idea is to use drone swarms/fleets to gather edge data and to use that data (perhaps in the context of high-performance computing (“AI”) or even quantum computing to generate enhanced models or actionable insights.

Because these projects are not necessarily near-term revenue opportunities, the broadcasting of these projects may be negatively interpreted by skeptical or conservative investors. However, one must note that ZenaTech is pursuing these applications at the request of a government customer that wanted additional capabilities for classic management applications.

The company’s Clear Sky weather forecasting project aims to “better predict localized weather including extreme weather events for business and government users, saving lives and billions of dollars.” According to the company:

AI-powered drone swarms are an emerging tool in meteorology, offering a transformative approach to weather forecasting by collecting real-time atmospheric data with unprecedented precision and spatial coverage. These multiple autonomous drones coordinate their movements using AI algorithms to sample different layers of the atmosphere simultaneously. Equipped with advanced sensors, they measure key variables such as temperature, humidity, wind speed, and pressure in hard-to-reach or dangerous areas like storm systems or remote regions. The data collected is transmitted in real time to forecasting models, improving the resolution and accuracy of predictions, especially for fast-evolving thunderstorms or tornadoes. By providing high-frequency, localized measurements, AI drone swarms significantly enhance the ability to detect early warning signs and refine short-term and local mesoscale forecasts.

The company is experimenting with multiple drones for weather forecasting. As explained in the above quote, many types of highly localized weather data can be recorded and lead to better forecasting versus just satellite and ground-based measurements. Drone swarms enable a magnitude of order more data, and data that is precise. These massive, multivariate, and real time datasets can be utilized to solve mathematically complex optimization problems that become relatively difficult or even impossible for traditional computers to solve. As such, these are prime candidates for AI applications with massive compute capabilities, or even better—candidate problems for quantum computing to help solve.

Other advanced R&D applications include military surveillance (Eagle Eye) and traffic management (Sky Traffic project. Additionally, one customer ZenaTech is working with in California focuses on wildfire management. Detection of wildfires (and maybe even containment of these fires) may aid in saving billions of dollars in damage. While these applications are interesting, it is a near-term priority that ZenaTech grows its revenue in a cash-conscious way with near-term applications like inventory management and surveying. It was worth mentioning these projects, though, as my initial reaction to these projects was negative, but upon a closer look, these projects truly are promising, but will only be a drain on the near-term financials until they mature. It is unclear how long these R&D projects will take to become commercially viable or relevant.
 

Financials

ZenaTech announced on August 12th that they had achieved over 500% YoY quarterly increase in revenue, and a 250% YoY increase in half-year revenue for the second quarter of 2025. Revenue for the quarter was $CAD 2.24 million. A lot of this growth was achieved via acquisition. As of mid-October 2025, the company completed 12 acquisitions, primarily land surveying firms, to expand its DaaS capabilities in sectors like construction, real estate, utilities, aviation, defense, and government. This string of acquisitions aligns with ZenaTech’s goal of 25 DaaS locations open by mid-2026. Newly purchased customers have had good responses to the surveys and the added data they get from the drone tech.

Surveying drone applications and enterprise software comprise most of the company’s current revenue, including DaaS for agriculture and power/pipe distribution lines. The largest part of the current revenue and near-term growth focus is DaaS for land surveys. The idea is that it makes most sense to acquire and integrate into land surveying because there are many companies to acquire, and the legacy process for surveying is very labor-intensive, allowing for greater synergies—reduced costs, increased profits, and value-added data. ZenaTech learns more with each acquisition they make. As such, their growth will be inorganic for the time being, until they become experts in the applications they are buying their way into.

The exact near-term impact of these acquisitions on ZenaTech’s revenue and costs is not fully known yet. As such, the estimated financial impact of these acquisitions is based on the latest available unaudited consolidated financial statements for the six months ended June 30, 2025, which include details on several acquisitions completed in the first half of 2025. Subsequent acquisitions are not reflected in these figures, but they follow a similar pattern of targeting revenue-accretive businesses with established customers and synergies from drone implementation. These acquisitions follow a trend of being funded through a mix of cash and promissory notes (6-8% interest). The strategy has driven rapid revenue growth but increased operating losses due to integration costs, expanded debt, and non-cash expenses like amortization. 
 

All $ in CAD
 

Assuming the 8 acquisitions announced since ZenaTech’s last 20F filing in May are like the four detailed in the filings, ZenaTech will have spent an additional ~CAD$6.25 million on acquisitions since May, with CAD$3.125 million each in cash and debt. 

For the six months ended June 30, 2025, total revenue was $CAD3.4 million compared to $CAD0.96 million in the same period of 2024. The DaaS segment (largely from the six land surveying acquisitions) appears to have contributed ~$2.0 million (60% of total), while enterprise SaaS (bolstered by software acquisitions) contributed ~CAD$1.4 million. This represents a net addition of approximately CAD$2 million in revenue for the period attributable to acquisitions (after organic growth and the opening of a Taiwan manufacturing center). Annualizing the 1H 2025 results suggests acquisitions added roughly CAD$4 million in annual revenue, assuming steady integration and no seasonality, and potentially another CAD$8 million in annual revenue if the remaining eight acquisitions are of similar size to the first four; this is purely speculation. 

The company remains unprofitable overall, with an operating loss of CAD$6.9 million for the six months ended June 30, 2025, versus just CAD$1.3 million in the same period in 2024, and CAD$2.9 million in the six-month period ending in December 2024. This is likely driven by higher operating expenses, including wages, marketing, professional fees, and amortization of acquired intangibles. 

Total loans payable rose to CAD$18.78 million as of June 30, 2025, from CAD$9.8 million on December 31, 2024. This includes new promissory notes specifically tied to the seven acquisitions, and also includes related-party lines of credit used for acquisition funding and working capital, as well as convertible debt and SBA loans from prior acquisitions. About 90% of debt is held by private investors, providing favorable terms, but the company has flagged high debt levels as a risk factor, and it appears debt levels will only increase. It remains to be seen whether the drone synergies can help the company become more profitable sooner or if it can pay down debt. This kind of situation (increasing debt and negative earnings)  can put the company at a disadvantage when negotiating subsequent financings.

On a positive note, the company’s cash balance increased to CAD$10.3 million as of June 30, 2025, up from CAD$3.8 million at the end of 2024 due to strong demand from investors participating in equity financings. The company will need to raise additional capital for financing more acquisitions, but with each incremental acquisition being accretive, it might not be that difficult to attract investors.

The bottom line is that, with the recent acquisitions, the company is taking on significant expenses. Lending interest expense is on acquisition debt, which is a cash flow item. Lending associated with convertible debt isn’t going to take interest or cash. A large area where there are cash expenses is in marketing, where costs ideally will help grow revenue. Additionally, there are investor awareness costs. While some of the marketing is variable or increasing, most marketing costs are fixed. In general, the company is growing, but at the cost of dilution. However, according to the company, the increase in company size is outpacing the dilution with each and every acquisition which should be accretive to shareholder value. Unfortunately for investors, it will be difficult to track any organic growth without knowing the prior financials of the acquired companies; as acquisitions continue, it will be unclear where every next incremental dollar in revenue came from.
 

Management

Linda Montgomery has worked in the tech industry for her entire career, with extensive experience in communications and investor relations. She has held several chief marketing officer roles and has led IR functions for 20 years and is a certified professional in IR in Toronto. Linda started her career at IBM (NYSE: IBM) before working for other firms like KPMG. She was also a career accountant for several Fortune 500 companies and started and ran her own business. In that process, Linda became acquainted with Shaun (10 years ago) and has been working with him in some capacity ever since.

Shawn Passley, PhD., has been a company founder since his high school years and has six advanced degrees. He has been CEO of public companies in the past, including Epazz (OTCMKTS: EPAZ), which is a publicly listed company venture-builder/incubator, which is where ZenaTech was conceived. While Shaun has a broad range of experience, it is unclear whether he has been able to lead a venture company to ultimate success, delivering shareholder value to long-term investors.

James Sherman, CPA, is the company’s CFO. He has decades of experience, including with a multibillion-dollar division of Sprint (Nasdaq: TMUS), where he led a $50 million cost savings initiative, and a $250 million division of Mitsubishi (OTCMKTS: MTSUY). He also led the turnaround of a $90 million national transportation and distribution company, which was able to avoid bankruptcy and eventually was sold. James should be a good asset to ZenaTech as they navigate their growth journey while managing costs.

Overall, ZenaTech’s executive team appears to be comprised of some very intelligent individuals, but their ability to carry the company from its fledgling status to a company of significant revenue while managing shareholder dilution remains to be seen.
 

Executive Compensation Chart
 

The entire team appears to have been lean-launching the business as they have not taken salaries from ZenaTech in prior years, being compensated in shares only. The only exception is the CEO who agreed to “forego his salary from inception until September 30, 2024.” Since then, his employment agreement only has a nominal fixed salary, with most compensation tied to stock ownership and as performance-based compensation tied to revenue and acquisitions.

The Company has entered into an employment agreement with Shaun Passley pursuant to which Dr. Passley has agreed to act as the Company’s CEO for a period of ten years, subject to termination with or without cause in certain instances by the Company, or by Dr. Passley for good reason or upon 30 days prior written notice. Under the agreement, Dr. Passley is entitled to a salary of US$180,000, payable as to US$60,000 in cash and US$120,000 in Common Shares at a discount to the trading price of the shares. Dr. Passley is entitled to a bonus of US$100,000 in Common Shares if he is able to increase revenue by US$1 million dollars during a calendar year. In addition, Dr. Passley is entitled to a bonus of US$50,000 or 5% of the revenue during the first year after an acquisition, in the event the Company completes an acquisition that generates additional revenue of at least US$500,000 in the year of acquisition or during the first year post acquisition.

While financing through related-party deals is a red flag, there is no indication found that the board or C-suite is lining their pockets in the absence of creating significant shareholder value. Additionally, the stock is heavily insider-owned, with CEO Shaun Passley owning over 20% of shares outstanding and other insiders owning another ~35%, for a total insider ownership above 50% per the most recent SEC filings. Needless to say, the team is highly invested in ZenaTech, and they have a lot to lose if the company doesn’t succeed. 
 

Insider Ownership Chart
 

Overall, compensation is cost-effective and performance-linked, but the company’s growth amid losses warrants investors continuing to monitor the situation.
 

Risks

ZenaTech is a fledgling company with new products in a new industry; it remains to be seen whether these drones have long-term potential in the market, even if they appear to be great products in theory. The company relies on investor support for acquisitions to fund its growth and market penetration, and the company is taking on debt, but has decreasing earnings, much of which is from acquisitions. As subsequent financials are released, it will become clearer what near-term impact these acquisitions have on cash flow (versus earnings), and whether these acquisitions are truly cash flow accretive.
 

Valuation

ZenaTech is in the early innings of its growth in a high-growth industry. Since it and many of its smaller peers are not producing positive earnings, it should probably be valued on a forward revenue multiple basis. Other burgeoning drone peers trade at high revenue multiples for 2026.

Assuming ZenaTech can acquire a few more companies within the next year (25 locations by mid-2026) and obtain an annual revenue rate of about $25 million, they could be valued at 20x revenue with this kind of growth, and be worth $500 million. However, this will take additional financing, some of which may be equity financing. As such, I would model an additional 2 million shares outstanding, or a total of 36.5 million shares outstanding.

At a CAD$240 million market capitalization, I think ZenaTech’s valuation is pricing in a lot of growth, but there could be significant upside to $13.7/share, using a $500 million valuation and 36.5 million shares. Shares are attractively valued if one is confident in the company’s growth, and unattractive if one doesn’t believe in the company’s growth trajectory.
 

Conclusion

ZenaTech is a very interesting public venture company that might offer investors robust returns if the company can finance its way to profitability and robust revenue growth. While high debt (from acquisitions) and negative earnings are red flag, the major inside ownership and executive compensation structure are major green flags that, in my opinion, make the investment opportunity much more attractive than it otherwise would be. Ultimately, it appears the company has well-designed products that continue to undergo additional development and are expected to expand into new verticals. They are operating in a booming new sector with tons of investor interest, massive growth, and intense competition.

While the TAMs and market opportunities are there, this investment is ultimately a bet on the jockey and not the horse, as many microcaps and small caps are. While I’m not entirely convinced of management's experience and I don’t think they have a bullet proof track record, the high insider ownership and mostly performance-based pay increase my trust in management and bolster my confidence that ZenaTech could be worth a small speculative position as a potential multibagger, but one that will require ongoing analysis of the company's performance and ongoing investor support, which is required for an inorganic growth plan.

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