AgEagle Announces Second Quarter 2023 Results
15 Agosto 2023 - 5:05PM
AgEagle Aerial Systems Inc. (NYSE
American: UAVS) (“AgEagle” or the “Company”), an industry-leading
provider of full stack flight hardware, sensors and software for
commercial and government use, today announced its financial
results for the three and six months ended June 30, 2023.
Second Quarter 2023 Financial
Highlights
- Revenues totaled $3.28 million for
the three months ended June 30, 2023, decreasing 38% from $5.29
million reported for the same three month period in the prior year.
Six month revenues totaled $7.34 million in 2023, which were down
20% from $9.13 million for the first six months of 2022.
- The decrease in revenues was
largely due to lower sales of the Company’s eBee™ series of drones
– a decline that was expected ahead of the commercial launch of
AgEagle’s new eBee VISION scheduled to occur in September
2023.
- Total operating expenses were
materially reduced, declining 26% to $5.90 million from $7.94
million for the three month reporting periods ended June 30, 2023
and 2022; and falling 28% to $12.04 million from $16.79 million for
the comparable six month reporting periods.
- Loss from operations also improved,
decreasing 10% to $4.87 million from $5.39 million for the three
months ended June 30, 2023 and 2022, respectively; and dropping 30%
to $9.03 million from $12.87 million for the six months ended June
30, 2023 and 2022, respectively.
- Net loss attributable to common
stockholders improved 6%, dropping to $5.29 million, or $0.05 loss
per share, from $5.60 million, or $0.07 loss per share for the
comparable three month reporting periods. For the six months ended
June 30, 2023 and 2022, net loss materially improved, decreasing
25% to $9.89 million, or $0.11 loss per share, from $13.20 million,
or $0.17 loss per share, respectively.
As of June 30, 2023, AgEagle’s cash position was
$4.20 million and total stockholders’ equity was $41.18 million,
which compared to cash of $4.35 million and total stockholders’
equity of $43.23 million as of December 31, 2022.
For more detailed information relating to the
Company’s second quarter financial performance, please refer to the
Interim Report on Form 10-Q filed yesterday afternoon with the U.S.
Securities and Exchange Commission and accessible at www.sec.gov or
on AgEagle’s website at www.ageagle.com.
Commenting on the results, Nicole
Fernandez-McGovern, Chief Financial Officer and Executive Vice
President of Operations, said, “During the second quarter, we
focused primarily on optimizing our operations through continued
integration and consolidation of our offices and workforce in an
effort to reduce operating expenses. We believe we are properly
positioned to grow our future revenue as a result of our
initiatives to reduce our cash burn while lowering net loss through
our product pricing, marketing and innovation strategies.”
Second Quarter 2023 Operational
Highlights
- In early March, AgEagle unveiled
Field Check – a key enhancement to the Company’s Measure Ground
Control app which was designed and engineered specially to meet
critical demand from commercial drone operators for capturing
target drone imagery right the first time.
- On April 25, 2023, the Company
announced that it had been awarded a five-year Multiple Award
Schedule Contract by the General Services Administration, which is
the centralized procurement arm of the U.S. federal
government.
- In late April, AgEagle was awarded
a contract by the U.S. Department of Defense’s Defense Innovation
Unit to equip eBee VISION drones with RAS-A IOP Compliant Ground
Control Capabilities.
- The Company signed a two-year, $2
million supply agreement with Wingtra AG in May, securing the
supply of RedEdge-P sensor kits for integration with WingtraOne™
Vertical Take-Off and Landing drones.
- On May 16, 2023, AgEagle announced
the commercial release of the RedEdge-P™ dual high resolution and
RGB composite drone sensor, which features ten multispectral bands
at 1.6 MP each and was purpose-built for mirroring Landsat 8 and
Sentinel-2 satellite bands in just one drone flight and at a higher
resolution of 0.8 inch per pixel at 200 feet. In addition, the
RedEdge-P dual doubles analytical capabilities with the benefit of
a single camera workflow; and its coastal blue band – the first of
its kind in the market – makes it the ideal solution for vegetation
analysis of water bodies, environmental monitoring, water
management, habitat monitoring, protection and restoration and
vegetation species and weed identification.
- In early June, the Company
completed a $4.2 million registered direct offering and concurrent
private placement.
- Subsequent to the end of the
quarter, AgEagle issued a detailed update on its global market
introduction of the eBee VISION UAS – the industry’s next
generation in Intelligence, Surveillance and Reconnaissance
unmanned aerial systems, featuring live, 4-K resolution video
imagery from a distance of up to 12 miles.
Barrett Mooney, AgEagle’s Chairman and CEO,
stated, “We enter the second half of 2023 confident in our ability
to achieve incremental sales growth coupled with some major
customer wins despite continued challenges with supply chain
constraints and inflationary pressures. We are especially excited
about the potential growth that should follow our commercial
release of our new eBee VISION drone next month. Moreover, our
commitment to continue driving cost and productivity efficiencies
across our business through optimization of our cross-functional
sales and engineering resources is expected to further reduce our
operating spend while still supporting our ongoing product
innovation and global marketing strategies.”
About AgEagle
Aerial Systems Inc.
Through its three centers of excellence, AgEagle
is actively engaged in designing and delivering best-in-class
flight hardware, sensors and software that solve important problems
for its customers. Founded in 2010, AgEagle was originally formed
to pioneer proprietary, professional-grade, fixed-winged drones and
aerial imagery-based data collection and analytics solutions for
the agriculture industry. Today, AgEagle is a leading provider of
full stack drone solutions for customers worldwide in the energy,
construction, agriculture, and government verticals. For additional
information, please visit our website
at www.ageagle.com.
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such statements involve risks and uncertainties that could
negatively affect our business, operating results, financial
condition, and stock price. Factors that could cause actual results
to differ materially from management’s current expectations include
those risks and uncertainties relating to our competitive position,
the industry environment, potential growth opportunities, and the
effects of regulation and events outside of our control, such as
natural disasters, wars, or health epidemics. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions, or circumstances on which any such statement is based,
except as required by law.
AgEagle Aerial Systems
Contacts:
Investor Relations:
Email:
UAVS@ageagle.com
Media: Email:
media@ageagle.com
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