IdeaForge Technology has ended its US drone joint venture with First Breach Inc after the deal missed its deadline, with no financial impact.

The company told exchanges that its wholly owned US arm, IdeaForge Technology Inc, a Texas firm, signed the termination with First Breach on 23 October.

First Breach’s own US filing puts the effective date at 26 October. The pair had agreed the venture in September 2025.

The plan was to set up a new company, First Forge Technology Inc, to design, build and sell drones in the United States.

The reason was timing. The agreement set a final date for closing, called the long stop date.

This one did not make it, and after talks the two sides chose to walk away. The venture never got off the ground.

No shares were issued and no money was put in, so the company says the exit has no direct financial impact on its balance sheet or cash flows linked to this venture.

Management and control of the company stay unchanged, and the exit brings no restrictions or liabilities.

First Breach, a Delaware company, said it no longer has to make the $10 million contribution planned under the deal.

It plans to keep making drones on its own and carry on with its programme with Hellbender.

Both sides have dropped all claims against each other. Earlier non-compete and non-solicit clauses between the two also end with the exit.

The two firms now go their separate ways in the US drone market.

First Breach is not linked to IdeaForge’s promoter group, so this is not a related-party deal.

The company made the disclosure under Regulation 30 of SEBI’s listing rules. The exit follows a busy few months.

In August, IdeaForge reported June-quarter revenue up 436% from a year earlier, with operating profit (EBITDA) turning positive.

On 30 September, it won a Rs 23.62 crore order from civil customers for drones and training.

Separately, on 14 October, company secretary and compliance officer Nilesh Ranjan Jaywant resigned for a new career opportunity, effective 25 December.

Tired of guessing stocks to trade in daily?

Tradz by EquityPandit empowers you with powerful tools like daily stock scans for Intraday, Swing & Investing, Market Predictions and much more.

Download the Tradz by EquityPandit app today and take control of your investments!