Mirabel, Quebec – October 27, 2026 -- Volatus Aerospace Inc. (TSX: FLT) agreed to acquire 100% of Lithuanian airborne-sensor developer AISPECO Uab for a base consideration of US$10.5 million, with up to US$2.5 million more tied to performance milestones.
Share-heavy deal structure ties up to US$2.5 million to three-year milestones
The base price comprises US$3.0 million in cash and US$7.5 million in Volatus common shares, about 70% of the total, subject to adjustments under the acquisition agreement. The shares will be priced at the 20-day volume-weighted average price on the Toronto Stock Exchange as of October 13, 2026.
The additional US$2.5 million is payable in cash or equity at Volatus' option if AISPECO meets specified financial, commercial and product-development milestones over three years. Closing requires customary conditions, including conditional TSX approval.
AISPECO's FY2025 revenue of C$5.72 million more than doubled year on year
The Vilnius-based company generated approximately C$5.72 million in fiscal 2025, more than double its fiscal 2024 revenue. Volatus expects AISPECO to deliver approximately C$10 million of revenue in fiscal 2027 with an Adjusted EBITDA margin of 8% to 12%, on a standalone basis before synergies.
Management estimates C$1.4 million to C$2.6 million in annual cost and direct synergies by year two. It also projects C$7 million to C$12 million in incremental revenue and addressable-market opportunity from U.S. pipeline and utility access and European market access.
Volatus adds sensor pods, gimbal, electronics and software certified on more than 20 aircraft types
AISPECO's portfolio covers HELIUX sensor pods, the FOCUS AI-guided gimbal, CORE electronics and ROBINCOP mission software. The single platform supports multiple sensor types and is certified for installation on more than 20 aircraft types. Two European patent applications are pending.
AISPECO has sold approximately 50 complete systems to customers in North America, Latin America, Europe, Asia and Australia. It is also selling into defence and surveillance markets, with applications including terrain mapping, forestry and border monitoring.
Vilnius engineering base gives Volatus a manufacturing foothold in a NATO and EU state
The deal adds an engineering and manufacturing site in Lithuania, which complements Volatus' Canadian manufacturing and gives the company a platform for growth in allied markets. Volatus aims to combine its aircraft operations with proprietary sensors and software to capture more value per aerial-intelligence mission and to expand technology sales.
CEO Glen Lynch said AISPECO's technology and engineering capabilities "would take years to replicate."
Financial targets rest on founder retention, pipeline conversion and a 1.60 EUR/CAD rate
Management's material assumptions include completion on expected terms and timing, successful integration, retention of AISPECO's founders and key personnel, and conversion of the existing sales pipeline at historical rates. They also assume a EUR/CAD exchange rate of 1.60 and no material disruption to sensor and component supply.