UAV Corp Announces
First Quarter 2021 Results
Port St. Joe-Wewahitchka,
FL -- May 18, 2021 -- InvestorsHub NewsWire -- UAV
Corp (OTC
Pink: UMAV) (the "Company"), a holding company focused on
communications, UAV, and Airship Surveillance opportunities
technology, and related industries, today announced the Company's
financial results for the first quarter ended March 31,
2021.
Key Highlights for
Q1 2021
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Revenue of
$229,790 a 100% increase over the same period
ending March 31, 2020
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Gross profit of
$167,492, with gross margin of 72.9%
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Total assets grew
to $894,503, an increase of
4.2%
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Initiated the
strategic partnership with Gulf Coast
State College to
complete the build and certification of the new DATT SA 70-12
tether-airship through Grant Award #202 executed through Gulf Coast
State College and the Triumph Fund August 22, 2020 for
$900,000.
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Gulf County, FL
secured $1,104,866 in funding through two Grants from the
U.S. Department of Commerce Economic Development Administration
($615,448 - October 20, 2020) and Department of Opportunity
($489,420 - March 18, 2021) for the design, permitting, build and
construction of infrastructure improvement along Cessna Drive at
Costin Airport. The improvements at Costin Airport will include a
paved road, new water line, new sewer line, and 3 phase power to
the Airport Hangar under development.
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Secured an
additional $45,000 Phase 1 contract part of
$150,000 dated March 23, 2021 from the Airforce
through Prime contractor "Research in Flight" to manufacture a
small scale electric DATT 600 prototype cylinder airship as proof
of concept scheduled for 1st test flight August
2021.
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Management
Commentary
Billy Robinson, UAV Corp's
Chairman, commented, "The first quarter was very eventful for UAV
Corp, as we put the pieces together towards building a
well-positioned company that's addressing market opportunities in
communication Technology, Drone development and deployment and
Airship Surveillance and communications. We managed to secure
purchase orders, and ongoing Airship development contracts worth
over $1.29 million. While our business continues to grow and
deliver results, we are always looking for new business flow that
can potentially expand our influence in the UAV, communication and
surveillance markets as well as provide opportunities in
development and outsourced UAV
opportunities."
Financial Results
for the First Quarter Ended March 31,
2021:
Revenue for the first
quarter ended March 31, 2021 was $230,000, compared to nil for the
first quarter ended March 31, 2020.
Gross profit for the first
quarter ended March 31, 2021 was $168,000, compared to nil for the
first quarter ended March 31, 2020. The resulting gross margin was
72.9% for the first quarter ended March 31,
2021.
Operating expenses were
$129,000 for the first quarter ended March 31, 2021, an increase of
$29,000 compared to $100,000 for the first quarter ended March 31,
2020, due to the expanded operations to manage the Gulf Coast State
College to complete the build and certification of the new DATT SA
70-12 and the Airforce "Research in Flight" to manufacture a small
scale electric DATT 600 prototype cylinder airship. Operating
expenses as a percentage of revenues for the three months ended
March 31, 2021 was 56.2%.
Net loss for the three
months ended March 31, 2021 was $258,000, compared to $61,000 for
the three months ended March 31, 2020.
About UAV
Corp
UAV Corp (UMAV) is a
Research and Development holding company with a focus on
Communication Aerospace and Environmental Solutions. Researchers at
UAV Corp are actively engaged in solving transformative problems
for the government and commercial clients. We are working on a wide
range of topics including but not limited to advanced
communication, Airship and Drone Technology and low altitude
analysis of carbon dioxide (CO2) conversion, new energy processes,
biomass conversion, energy efficiency crop and mining
management.
About Skyborne
Technology, Inc.
Skyborne Technology, Inc.
has significant investments in research & development of
Intellectual Property and proprietary designs in areas covering
semi-rigid and rigid airship design, reverse-ballonet technology,
mooring and hybrid propulsion that have competitive advantages for
both its Spherical and Cylinder Class tether/airship designs.
Skyborne Technology has a manufacturing facility in Wewahitchka,
Florida and owns the airport in Port St. Joe, Florida for manned
and unmanned operations.
Forward Looking
Statement
This news release
includes certain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include general business,
economic, competitive, regulatory, capital markets, political and
social uncertainties. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. No information in this news release
should be construed as any indication whatsoever of the Company's
future stock price, revenues, or results of operations. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
UAV Corp
OTC Pink:
UMAV
Billy Robinson,
Chairman
504-722-7402
brobinson@uavcorp.net
www.uavcorp.net
Deborah Cheek,
Communications Director
850-588-1747
dcheek@uavcorp.net
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