Parallel Flight Technologies, Inc.
PFTY
Other OTC3.50
USD
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Parallel Flight Technologies, Inc.
PFTY
(Other OTC)
Recent
price
3.50
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Parallel Flight Technologies, Inc. (PFTY) develops and manufactures heavy-lift unmanned aerial systems (UAS) powered by patented parallel hybrid propulsion technology, enabling platforms to carry up to 100-pound payloads for over 1.4 hours; its flagship product, the modular Firefly UAS, supports applications including wildfire suppression and spot fire extinguishment, remote and medical logistics, agriculture with ballistic bait spreaders, utility inspection, disaster relief, search-and-rescue, ship-to-shore operations, and critical Department of Defense (DoD) missions such as littoral surveillance and expeditionary logistics. Firefly features two-person portability, refueling in under five minutes, continuous 2 kW in-flight payload power, beyond visual line of sight (BVLOS) capability demonstrated at 150 miles, and 200-hour powertrain time between overhaul reliability. The company targets industrial, commercial, agricultural, energy, defense, and maritime sectors across global markets. Founded in 2018 and headquartered in La Selva Beach, California, Parallel Flight Technologies operates from facilities in the Santa Cruz area and maintains a workforce of approximately eight to 50 employees. The firm went public via ordinary shares (Class B) listed under ticker PFTY. Recent developments include a $3.74 million Sequential Phase II SBIR contract from the U.S. Office of Naval Research (ONR) in September 2025 to adapt Firefly for maritime operations with heavy fuel compatibility, saltwater protection, autonomous deck landing, and flotation recovery; a partnership with MAG Aerospace announced in April 2025 to expand UAS for DoD expeditionary logistics; completion of tranche 1 ($1 million) and tranche 2 ($2 million) under the DoD's National Security Innovation Capital (NSIC) program; a multi-million-dollar purchase agreement for 50 aircraft with deposits from India's UAV Systems Private Limited; secured orders for six aircraft exceeding $1.1 million; and completion of a USDA cooperative project integrating a ballistic bait spreader on Firefly. These initiatives underscore strategic expansions into naval, defense, and international markets within the past two years.