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Threod Systems, the Estonian drone company, is exploring a sale to tap the explosive demand for uncrewed aircraft amid the war in Ukraine, according to people familiar with the matter.

The company is working with advisers to gauge interest among potential buyers, said the people, who asked not to be identified because discussions are private. Defense companies, including large European manufacturers, and private equity firms are looking at the business, they said. Threod did not immediately respond to requests for comment.

Founded in 2012, the Estonian dronemaker posted €38 million ($44 million) in sales for 2024, up 87% from the year before. Its customers include Ukraine and seven NATO countries, among them the UK, Poland and Lithuania. The company says Ukraine regularly uses its surveillance drones on the battlefield.

Chief Executive Officer Arno Vaik said in a November 2024 interview that the company wants to reach €100 million in revenue in a few years. The company has about 160 employees, and makes fixed-wing and vertical takeoff and landing drones and related systems such as launchers and optics.