HI Prakash,
I am more familiar with FLT than PNG, but here are my thoughts:
FLT - This is one of the leading drone manufacturers/operators. The company is a long way from its highs from a couple of years ago when the drone industry was a rising star. Years later, FLT is finally on the verge of commercializing drone delivery. It has been a long time coming. One of the biggest knocks on the company is the fact that is has yet to generate any revenue.
The pandemic has made evident the need and benefits of drone delivery, especially to those in rural and remote communities. It has also accelerated testing and the company has finally begun commercialisation. What is unclear, is how much revenue the company is actually generating. Investors should get insight into with the next quarterly results. It will be one of the most important quarterly results in years for the company. Of note, I am long FLT as i believe in the company's potential. It is well positioned to benefit from increased demand for drone delivery. It is however, all about execution. That being said, it still has a lot to prove. If the company doesn't start generating meaningful revenue then it may struggle.
PNG - I am less familiar with PNG, but it looks like an interesting company. Much like FLT, the company generated little in terms of revenue. However, that is rapidly changing. The company has doubled revenue in two consecutive years, and has recently announced the biggest contract in company history. The $40 million deal with the Royal Danish Navy is likely to accelerate revenue growth.
As of writing it is trading at a reasonable 3.87 time sales, a reasonable price to pay for triple-digit growth. Despite generating revenue, the company is posting negative cash flows, and will likely need to raise additional equity to fund expansion. Overall, it seems like the company has potential. The Royal Danish Navy deal is significant, and has the potential to further legitimize the company's products.
All this being said, both of these companies are not for the defensive investor. They are only for the agressive investor, and come with added risk.
Mat