AgEagle Announces Third Quarter 2023 Results
Source: GlobeNewswire Inc.
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 announces its financial results for the three and nine months ended September 30, 2023.
Third Quarter 2023 Financial Highlights
Revenues totaled $3.48 million for the three months ended September 30, 2023, decreasing 37% from $5.49 million reported for the same three-month period in the prior year. Nine-month revenues totaled $10.81 million in 2023, which were down 26% from $14.62 million for the first nine 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 in conjunction with the commercial launch of AgEagle’s new eBee VISION in September 2023.
Total operating expenses increased minimally to $7.20 million from $7.23 million for the three-month reporting periods ended September 30, 2023 and 2022. They were reduced by 28% to $19.24 million from $24.01 million for the comparable nine-month reporting periods.
Loss from operations increased 14% to $5.99 million from $5.15 million for the three months ended September 30, 2023 and 2022, respectively; and were reduced 17% to $15.02 million from $18.02 million for the nine months ended September 30, 2023 and 2022, respectively.
As of June 30, 2023, AgEagle’s cash position was $1.6 million, which compared to cash of $4.35 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.
Third Quarter 2023 Operational Highlights
The Company announced that DeltaQuad, a global leader in the development, design and production of electrical, long range Vertical Take-Off and Landing (“VTOL”) drones, is the first to fully integrate AgEagle’s latest sensor innovation, the RedEdge-P™ dual, in its new DeltaQuad EVO.
Commercial production of the Company’s next generation fixed-wing unmanned aerial system, the eBee™ VISION commenced and orders for the systems are now being accepted.
Kelluu Ltd., a privately-owned Finnish company engaged in the design, manufacture and operation of autonomous airships for aerial environmental and critical infrastructure monitoring and surveillance announced it has chosen to equip its growing fleet of unmanned airships with AgEagle’s high performance RedEdge-P™ multispectral cameras for collection of high-quality images and sensor data.
AgEagle completed an offering of 16,720,000 shares of common stock and 25,080,000 common stock purchase warrants (the "common warrant") to purchase 25,080,000 shares of common stock at a combined price of $0.25 per share and accompanying common warrants for aggregate gross proceeds of approximately $4.2 million, before deducting placement agent fees and other offering expenses.
Barrett Mooney, AgEagle’s Chairman and CEO, stated, “We enter the fourth quarter of 2023 optimistic about the Company’s long-term growth potential following the commercial release of our new eBee VISION drone. Given the rise in geopolitical conflicts and correlating increase in drone usage, we believe that AgEagle is well-positioned to support the increasing demand while remaining committed to achieving cost and productivity efficiencies and executing ongoing product innovation and our 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.
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:
SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2023 December 31, 2022
Cash $ 1,600,143 $ 4,349,837
Accounts receivable, net 2,015,045 2,213,040
Inventories, net 6,063,935 6,685,847
Prepaid and other current assets 832,188 1,029,548
Notes receivable 185,000 185,000
Total current assets 10,696,311 14,463,272
Property and equipment, net 597,964 791,155
Right of use assets 3,498,051 3,952,317
Intangible assets, net 9,242,659 11,507,653
Goodwill 21,679,411 23,179,411
Other assets 336,091 291,066
Total assets $ 46,050,487 $ 54,184,874
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 2,125,689 $ 1,845,135
Accrued liabilities 1,650,609 1,680,706
Promissory note 2,625,000 287,381
Contract liabilities 329,536 496,390
Current portion of lease liabilities 840,535 628,113
Current portion of COVID loans 306,722 446,456
Total current liabilities 7,878,091 5,384,181
Long term portion of lease liabilities 2,756,056 3,161,703
Long term portion of COVID loans 509,184 446,813
Defined benefit plan obligation — 106,163
Long term portion of promissory note 1,470,000 1,861,539
Total liabilities 12,613,331 10,960,399
COMMITMENTS AND CONTINGENCIES (SEE NOTE 10)
Preferred Stock, $0.001 par value, 25,000,000 shares authorized:
Preferred Stock, Series F Convertible, $0.001 par value, 35,000 shares authorized, 6,275 shares issued and outstanding as of September 30, 2023, and 5,863 shares issued and outstanding as of December 31, 2022, respectively 6 6
Common Stock, $0.001 par value, 250,000,000 shares authorized, 117,878,831 and 88,466,613 shares issued and outstanding as of September 30, 2023, and December 31, 2022, respectively 117,880 88,467
Additional paid-in capital 167,523,676 154,679,363
Accumulated deficit (134,374,548 ) (111,553,444 )
Accumulated other comprehensive income 170,142 10,083
Total stockholders’ equity 33,437,156 43,224,475
Total liabilities and stockholders’ equity $ 46,050,487 $ 54,184,874
See accompanying notes to these condensed consolidated financial statements.
AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended
September 30, For the Nine Months Ended
2023 2022 2023 2022
Revenues $ 3,483,932 $ 5,490,714 $ 10,819,213 $ 14,620,565
Cost of sales 2,269,858 3,407,573 6,594,973 8,622,436
Gross Profit 1,214,074 2,083,141 4,224,240 5,998,129
General and administrative 3,357,550 4,175,090 10,435,834 14,093,655
Research and development 1,368,394 1,818,540 4,320,216 6,185,777
Sales and marketing 978,243 1,236,841 2,911,963 3,736,548
Impairment 1,500,000 — 1,579,287 —
Total Operating Expenses 7,204,187 7,230,471 19,247,300 24,015,980
Loss from Operations (5,990,113 ) (5,147,330 ) (15,023,060 ) (18,017,851 )
Other Income (Expense):
Interest expense, net (399,651 ) (6,727 ) (994,751 ) (29,776 )
Gain (loss) on debt extinguishment (1,523,867 ) 6,486,899 (1,523,867 ) 6,486,899
Other income (expense), net (106,497 ) 332,110 (368,532 ) 27,372
Total Other Income (Expense), net (2,030,015 ) 6,812,282 (2,887,150 ) 6,484,495
Net Income (Loss) Before Income Taxes (8,020,128 ) 1,664,952 (17,910,210 ) (11,533,356 )
Provision for income taxes — — — —
Net Income (Loss) $ (8,020,128 ) $ 1,664,952 $ (17,910,210 ) $ (11,533,356 )
Net Income (Loss) Per Common Share – Basic $ (0.07 ) $ 0.02 $ (0.18 ) $ (0.14 )
Net Income (Loss) Per Common Share – Diluted $ (0.07 ) $ 0.01 $ (0.18 ) $ (0.14 )
Weighted Average Number of Shares Outstanding During the Period – Basic 111,083,155 85,966,687 98,976,085 81,004,011
Weighted Average Number of Shares Outstanding During the Period – Diluted 111,083,155 113,623,789 98,976,085 81,004,011
Comprehensive Income (Loss):
Net Income (Loss) attributable to common stockholders $ (8,020,128 ) $ 1,664,952 $ (17,910,210 ) $ (11,533,356 )
Amortization of unrecognized periodic pension costs (742 ) 97,846 43,302 100,487
Foreign currency cumulative translation adjustment (7,027 ) (372,368 ) 116,757 (220,060 )
Total comprehensive income (loss), net of tax (8,027,897 ) 1,390,430 (17,750,151 ) (11,652,929 )
Accrued dividends on Series F Preferred Stock (49,122 ) (94,694 ) (170,277 ) (94,694 )
Deemed dividend on Series F Preferred Stock and warrants — — (4,910,894 ) —
Total comprehensive income (loss) available to common stockholders $ (8,077,019 ) $ 1,295,736 $ (22,831,322 ) $ (11,747,623 )
See accompanying notes to these condensed consolidated financial statements.
AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (17,910,210 ) $ (11,533,356 )
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation 1,125,209 3,058,741
Depreciation and amortization 3,027,644 2,887,244
Defined benefit plan obligation and other (188,653 ) (148,851 )
Amortization of debt discount and warrant modification 612,712 —
(Loss) gain on debt extinguishment 1,523,867 (6,486,899 )
Goodwill impairment 1,500,000 —
Lease impairment charge 79,287
Changes in assets and liabilities:
Accounts receivable, net 223,208 (396,617 )
Inventories, net 660,208 (2,221,569 )
Prepaid expenses and other assets 237,815 22,579
Accounts payable 264,123 (281,937 )
Accrued expenses and other liabilities (28,133 ) (193,818 )
Contract liabilities (169,352 ) (307,610 )
Other 212,606 433,357
Net cash used in operating activities (8,829,669 ) (15,168,736 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (95,004 ) (250,379 )
Payment of acquisition-related liabilities — (6,610,900 )
Capitalization of platform development costs (297,596 ) (635,568 )
Capitalization of internal use software costs (171,516 ) (565,894 )
Net cash used in investing activities (564,116 ) (8,062,741 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Sales of Common Stock, net of issuance costs 3,817,400 4,583,341
Sale of Preferred Stock, Series F Convertible, net of issuance costs 3,000,000 9,920,000
Exercise of stock options — 74,350
Repayments on COVID loans (87,052 ) (173,313 )
Net cash provided by financing activities 6,730,348 14,404,378
Effects of foreign exchange rates on cash flows (86,257 ) (460,980 )
Net decrease in cash (2,749,694 ) (9,288,079 )
Cash at beginning of period 4,349,837 14,590,566
Cash at end of period $ 1,600,143 $ 5,302,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest cash paid $ — $ —
Income taxes paid $ — $ —
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Preferred Stock, Series F Convertible to Common Stock $ 7,305 $ 5,950
Issuance of Restricted Common Stock $ 388 $ 316
Dividends on Series F Preferred Stock $ 170,277 $ 94,694
Deemed dividend on Series F Preferred stock and warrant $ 4,910,894 $ —
Stock consideration for senseFly Acquisition $ — $ 3,000,000
Settlement of Common Stock from contingent liability related to Measure $ — $ 2,812,500
See accompanying notes to condensed consolidated financial statements.
AgEagle to Provide Secure Drones Using SEALSQ Certified Secure Element for Defense and Public Safety Applications
Source: GlobeNewswire Inc.
AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, and SEALSQ Corp (Nasdaq: LAES) (“SEALSQ”) a company that focuses on developing and selling Semiconductors, PKI and Post-Quantum technology hardware and software products, today announced their partnership to provide secure surveillance drones for public safety, government and defense applications.
In September 2023, AgEagle launched the eBee VISION, a cyber secure Unmanned Aerial System (UAS) designed for Intelligence Surveillance and Reconnaissance (ISR) missions. The eBee VISION embeds a SEALSQ Secure Element which is NIST FIPS140-2 Level 3 compliant and Common Criteria EAL5+ certified. Each chip is personalized with a unique Trusted Identity. This setup protects the drone from any takeover attempt, enables the drone to encrypt all data, protects the integrity of the embedded software, and provides a unique identity to the drone for GCS pairing and strong authentication.
These robust cybersecurity features, added to its unique operational capabilities, make the eBee VISION perfectly suitable to conduct public safety and defense applications. Indeed, the eBee VISION UAS is part of the U.S. Department of Defense (DoD)’s Defense Innovation Unit (DIU) project to develop a customized command and control software that is compatible and fully compliant with the DoD Robotic and Autonomous System-Air Interoperability Profile (RAS-A IOP), within the scope of the Blue UAS program.
The global commercial drone market is projected to reach the size of around $38 billion in 2027 and the market is expected to grow at a CAGR of 7.9 percent between 2022 and 2027 according to Statista. Key sectors such as public safety, security, defense, and inspection are at the forefront of this growth, most of them demanding robust privacy, encryption and security features.
eBee VISION delivers high-resolution video imagery made possible by its 32x zoom and powerful thermal observation capabilities, providing real-time situational awareness. Weighing only 3.5 pounds, the NDAA-compliant fixed-wing features live HD video feed, up to 90 minutes of flight time, and wireless coverage of up to 12 miles. eBee VISION can be deployed in just three minutes by a single operator and is controlled with a Ground Control System (GCS) developed with feedback from U.S. and European special forces to meet defense and public safety requirements.
“With an established track record in supplying leaders of the Commercial Drone Industry, SEALSQ is perfectly positioned to support manufacturers build cybersecure UAVs and achieve fast and cost-effective compliance with the most rigorous agencies standards,” said Carlos Moreira, CEO of SEALSQ.
AgEagle CEO, Barrett Mooney, added, “With the launch of our latest drone technology, the eBee VISION, we are dedicated to ensuring it integrates a certified secure element—a critical feature for safeguarding the data managed by our valued partners in public safety, government, and defense. Our partnership with industry leader SEALSQ underscores our commitment to protecting privacy and security.”
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
SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.
For more information, please visit www.sealsq.com
AgEagle Aerial Systems Contacts:
Amazon’s drone delivery unit hit with layoffs just as 10-year-old project finally launches
Published Fri, Jan 20 202312:32 PM EST
As part of Amazon’s widespread layoffs, some employees in the nascent drone delivery project are losing their jobs, according to people familiar with the matter.
Prime Air was a pet project of founder Jeff Bezos, who revealed Amazon’s plans in a 2013 interview with “60 Minutes.”
The program, which has struggled to get off the ground due to a series of crashes and other safety concerns, now faces internal cost-cutting measures.
reverse stock split in January
This Special Meeting of the Shareholders (the “Special Meeting”) of AgEagle Aerial Systems Inc., a Nevada corporation (the “Company”), will be held on January 25, 2023, at 11:00 a.m., local time, 700 NW 1st Avenue, Ste. 1200, Miami, Florida 33136-4118, for the following purposes:
(1) To approve the issuance of shares of our common stock, par value $0.001 per share (the “Common Stock”), representing more than 20% of our Common Stock outstanding upon the purchase of series F convertible preferred stock, par value $0.001 per share (the “Series F Convertible Preferred Stock”) convertible into shares of Common Stock and warrants exercisable for shares of Common Stock (the “Warrants”), in connection with a private placement in accordance with NYSE American Rule 713(a)(ii);
(2) To approve a reverse stock split of the Common Stock in the range of one share of Common Stock for every three shares of Common Stock to one share for every eight shares of Common Stock, with the final ratio to be determined by the Company’s board of directors (the “Board”); and
(3) To consider and vote upon a proposal to adjourn the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes to approve the Proposals.
AgEagle's eBee X Series Drones Are the First and Only UAVs to be Approved by the FAA for Operations Over People (OOP) in the United States
AgEagle Announces Second Quarter 2022 Financial Results
August 16 2022 - 08:30AM
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AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full-stack drone, sensor and software solutions for commercial and government/defense use, today announced its financial results for the three and six months ended June 30, 2022.
Financial Highlights for the Comparable Three-Month Periods Ended June 30, 2022 and June 30, 2021
Revenues increased 173% to $5.29 million from $1.94 million.
As a result of the senseFly acquisition, which occurred in the fourth quarter of 2021, the Company recorded incremental revenue for the eBee™ fixed wing drones of $3.04 million that were not included in the prior year financials
Continued strong demand for the Company’s new Altum-PT™ and RedEdge-P™ multispectral sensors, which were introduced to the market in the fall of 2021, resulted in a 23% jump in sales revenues of sensors to $2.10 million from $1.71 million.
The notable increase in total revenues was offset by the decline of software subscription sales for AgEagle’s HempOverview and Ground Control solutions, which decreased to $158,000 from $229,000.
The Company’s loss from operations totaled $5.39 million compared to $4.82 million. The increase was primarily attributable to a decrease in gross profit margins due to supply chain constraints and higher operating costs as a result of inclusion of a full quarter’s expenses for the 2021 business acquisitions, offset by the absence of transactional costs incurred for these acquisitions.
After factoring net non-cash expenses and income including cumulative foreign currency translations adjustments, total comprehensive net loss rose to $5.47 million, or $0.07 loss per share, compared to $4.68 million, or $0.07 loss per share.
Financial Highlights for the Comparable Six-Month Periods Ended June 30, 2022 and June 30, 2021
Six-month revenues totaled $9.13 million, up 151% from $3.64 million.
As a result of the senseFly acquisition, which occurred in the fourth quarter of 2021, the Company recorded incremental revenue for the eBee™ fixed wing drones of $5.76 million that were not included in the prior year financials
Sensor sales were $3.03 million compared to $3.39 million. The decrease was attributable to supply chain issues affecting delivery of Altum-PT and RedEdge-P sensors in the first and second quarters of this year. As of June 30, 2022, the order backlog for these sensors stood at approximately $1 million, which is included in contract liabilities on the Company’s consolidated balance sheet. We continue to ship orders to clear a large portion of our backlog while continuing to expand our sales pipeline due to on-going demand for our sensors.
Software subscription sales climbed 30% to $328,000 from $253,000, primarily resulting from the increased sales in the first quarter of 2022.
Due to higher general and administrative, R&D and sales and marketing expenses associated with execution of AgEagle’s acquisition strategy in 2021, loss from operations increased to $12.87 million from $7.78 million.
The comprehensive net loss totaled $13.04 million, or $0.17 loss per share, compared to a comprehensive net loss of $7.61 million, or $0.12 loss per share, for the comparable years’ six-month reporting periods.
As of June 30, 2022, AgEagle’s cash position was $13.51 million and its total stockholders’ equity was $83.60 million. This compared to cash of $14.59 million and stockholders’ equity of $76.58 million as of December 31, 2021.
During the six months ended June 30, 2022, the Company raised net proceeds of $4.58 million through its At-The-Market Offering with co-agents Stifel Nicholas & Company and Raymond James & Associates. In addition, AgEagle completed a registered direct offering with an existing institutional shareholder, raising an additional $9.92 million in net proceeds.
For more detailed information on the Company’s financial performance for the three and six months ended June 30, 2022 and 2021, please refer to the 10-Q filed with the U.S. Securities and Exchange Commission and accessible online via www.sec.gov or on AgEagle’s website at https://ageagle.com/investors/#investors-sec.
Nicole Fernandez-McGovern, AgEagle Chief Financial Officer and Executive Vice President of Operations, stated, “We are very pleased with our financial results for the first half of 2022, reflecting strong revenue growth from our combined 2021 acquisition activities and organic growth initiatives. Robust demand for our autonomous robotics solutions, along with key business improvements implemented this year, are contributing to our efficient management of ubiquitous inflationary pressure, supply chain constraints and other macroeconomic headwinds. We continue to be thoughtful and purposeful about how we are growing our business, while simultaneously managing our investments to capture long-term value for our shareholders.”
Barrett Mooney, Chairman and CEO of AgEagle, added, “We posted another solid quarter for Q2, building on our momentum from the start of the year. Looking forward, we expect another strong quarter in Q3, wherein we remain focused on clearing backlog for our sensors, pursuing large sales opportunities for our eBees and sensors and pressing hard on our new innovations program with a goal of introducing next generation products to market later this year. We remain committed to our goal of becoming cash flow breakeven, while continuing to prudently invest in our products and capabilities to drive profitable growth opportunities on a global scale. ”
Second Quarter 2022 Corporate Update Webcast
This afternoon beginning at 4:30 pm Eastern Time, AgEagle’s leadership will host a corporate update webcast that will be broadcast live and available for replay on https://www.webcaster4.com/Webcast/Page/2160/46258. If any difficulty is encountered while connecting to the webcast, please contact Gateway Group at 949-574-3860.
About AgEagle Aerial Systems Inc.
AgEagle and its wholly-owned subsidiaries are actively engaged in designing and delivering best-in-class drones, sensors and software that solve important problems for our 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 websites at www.ageagle.com.
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 oblig
Amazon Prime to Start Drone Deliveries in Lockeford, California
UAVS not mentioned
AgEagle Reports Strong Government Demand for Blue UAS Approved eBee TAC™ UAS System
May 03 2022 - 08:30AM
AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), a leading provider of a unified line of industry trusted drones, sensors and software, announced that demand for its NDAA-compliant, award-winning eBee TAC™ Unmanned Aerial System (UAS) has been increasing with shipments to and training of U.S. and NATO forces in the United States and Europe currently underway.
The eBee TAC was the first approved drone to be added to the Department of Defense’s Defense Innovation Unit’s Blue UAS Cleared List as part of the Blue sUAS 2.0 project. Since the announcement in March 2022, demand for the eBee TAC has been climbing. senseFly, an AgEagle company and pioneer of the proprietary eBee line of fixed wing drones, along with its partners, have been actively demonstrating the eBee TAC’s powerful capabilities at recent industry trade shows and special events, amplifying awareness of the eBee TAC and fueling dynamic growth of government sales.
eBee TAC is available for purchase by U.S. government agencies and all branches of the military on GSA Schedule Contract #47QTCA18D003G, supplied by Hexagon US Federal and partner Tough Stump Technologies as a standalone solution or as part of the Aerial Reconnaissance Tactical Edge Mapping Imagery System (ARTEMIS). Tough Stump is currently actively training military ground forces based in the U.S. and in Central Europe on the use of eBee TAC for mid-range tactical mapping and reconnaissance missions.
According to Tough Stump CEO Jarrett Heavenston, “With 133 eBees now in active service and dozens more scheduled to be deployed in coming months, real world applications of the eBee-enabled ARTEMIS platform are providing military ground forces with vital, high resolution geographical intelligence right at the tactical edge. As a result, demand for eBee TAC drones and the ARTEMIS platform is gaining notable momentum and should result in accelerating sales to both U.S. and NATO forces as we advance through the year.”
Last week, the eBee TAC was showcased at the Association for Uncrewed Vehicles Systems International (AUVSI) annual XPONENTIAL conference in Orlando, Florida. In addition to the eBee TAC receiving an XCELLENCE in Technology award in the Hardware and Systems Design category, AgEagle representatives hosted numerous meetings and product discussions with key officials from several U.S. government agencies, including the U.S. Department of Defense, Defense Innovation Unit and U.S. Department of Homeland Security, among others. The eBee TAC also took centerstage at the USGIF GEOINT Symposium 2022, held in Aurora, Colorado last week, as part of a featured presentation by Director of the National Geospatial Intelligence Agency, Vice Admiral Robert D. Sharp.
Barrett Mooney, Chairman and CEO of AgEagle, stated, “Participation in industry events such as AUVSI and GEOINT are fueling notable sales interest in the eBee TAC, as well as AgEagle’s full line of industry leading drones, sensors and software solutions for both commercial and government use. Moreover, our in-market growth drivers continue to perform well across geographies worldwide. Looking ahead, we intend to remain focused on converting leads into customers and on continued investing in innovation to meet the needs of our expanding global customer base spanning a broad range of industries. All things considered, 2022 could prove to be a watershed year for AgEagle.”
Designed for stealth and collection of high precision imagery and data analysis, the rugged, lightweight eBee TAC is a hand-launched fixed wing tactical mapping UAS, is easily transportable, can be safely deployed in under three minutes by a single person, has a maximum flight time of approximately 90 minutes, over 34 miles in range, can fly in silent mission mode, and be operated without waiver. Each eBee TAC system features a NDAA-compliant drone, range of sensors and active components, Blue sUAS registration, Secure Extension, Endurance Activation, AES256-bit encryption, pixel camouflage and comes in an IP67 hard transport case. Government sales inquiries regarding the eBee TAC should be directed to email@example.com.
AgEagle Announces Key Appointments to Leadership Team
Michael O’Sullivan Named Chief Commercial Officer and Edouard Rosset Promoted to Executive Vice President of Technology
WICHITA, Kan., April 14, 2022 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full-stack drone, sensor and software solutions for commercial and government/defense use, today announced two key appointments to the Company’s Executive Leadership Team as part of AgEagle’s efforts to optimize skillsets and functionally align the management of its growing global operations. Reporting directly to AgEagle Chairman and CEO Barrett Mooney, Michael O’Sullivan‘s current role as Managing Director of the Company’s operations in Lausanne, Switzerland, has been expanded with his appointment as AgEagle’s Chief Commercial Officer. In addition, Edouard Rosset, Head of Research and Development and Head of Operations in Lausanne, has been promoted to Executive Vice President of Technology.
O’Sullivan originally joined AgEagle in October 2021 upon the Company’s acquisition of senseFly and was promptly appointed as Managing Director of the subsidiary. At senseFly, he was responsible for managing business operations and leading integration efforts with AgEagle to grow its global footprint. Prior to the acquisition, he served as Head of Global Marketing for senseFly, responsible for overseeing all facets of marketing and business strategy, product management, technical support and training. O’Sullivan brings AgEagle more than two decades of proven leadership and global sales and marketing experience managing key growth initiatives for companies in a variety of industries, including advanced technology and drone markets.
Prior to the acquisition of senseFly by AgEagle, Rosset served as Chief Technology Officer of senseFly where he led the design, engineering and development of senseFly’s pioneering line of e-Bee-branded fixed wing drones. Previously, he spent eight years at Parrot, a leading European drone group offering equipment, services and software. While at Parrot, he served as an R&D engineer and rose through the ranks to ultimately become Propulsion Team Leader. As AgEagle’s newly appointed Executive Vice President of Technology, Rosset is tasked with guiding and directing AgEagle’s global product research and development operations.
“As part of AgEagle’s mission to offer customer-centric, advanced autonomous solutions that drive revenue at the intersection of sensors, flight hardware and software, we believe it is essential that we build an organization which can execute, amplify and propel our business-building strategies forward. These key executive appointments reflect our confidence in Michael’s and Edouard’s proven skill to lead key aspects of our business that are vital to AgEagle’s growth trajectory,” stated Mooney.
Barrett Mooney, Chairman and Chief Executive Officer of AgEagle, stated, “The eBee TAC is ideally positioned to become an in-demand, mission critical tool for the U.S. military, government and civil agencies and our allies worldwide. We expect this to be a major growth catalyst for AgEagle in 2022, positively impacting our financial performance in the years ahead as AgEagle solidifies itself as the go-to source for high performing, state-of-the-art full stack drone solutions that get the job done.”
Brandon Torres Declet is still tweeting with a profile that still says CEO of AgEagle
AgEagle Announces Reappointment of Company’s Chairman, Barrett Mooney, as Chief Executive Officer to Lead Next Wave of Growth and Transformation
January 18 2022 - 04:15PM
AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full-stack drone, sensor and software solutions, today announced that its Board of Directors has reappointed Company Chairman Barrett Mooney as AgEagle’s new Chief Executive Officer, effectively immediately. Mooney succeeds Brandon Torres Declet who has resigned as Chief Executive Officer and as a member of the Board of Directors to pursue new opportunities.
From July 2018 through June 2020, Mooney served as Chief Executive Officer of AgEagle and subsequently stepped down from the post upon his appointment as Chairman of the Board. During his original tenure as CEO, Mooney is credited for architecting and executing AgEagle’s initial expansion efforts beyond the manufacture of proprietary fixed wing drones for farm use into manufacture and assembly of drones for test applications in drone package delivery; development of proprietary aerial imagery-based data analytics and solutions for the hemp, land management and agricultural sectors; and other key fundamental growth initiatives focused on pursuit of opportunities in the greater autonomous commercial drone market.
Commenting on the change in leadership, independent Board member Grant Begley stated, “The reappointment of Barrett as CEO comes at a critical juncture in AgEagle’s growth as we continue to evolve our strategy and solutions to meet the groundswell of opportunities fast emerging in the global commercial and government UAS industries. Given Barrett’s proven leadership and business-building skills, visionary aptitude and deep understanding of drone hardware, software, data and analytics, we are confident that he is the ideal person to assume the helm of AgEagle and move the Company through its next wave of growth and transformation.”
“AgEagle’s market valuation has taken a hit over the past year, however, our Company has made notable accomplishments, not the least of which is completing three strategic acquisitions”, said Mooney. “It is my belief that we can regain the confidence of the Wall Street community through our future growth and succeed by staying true to our roots in innovation and delivering a well-defined pathway to sustainable profitability.”
Continuing, Mooney added, “Moving forward, it is my intention to ensure that AgEagle becomes globally synonymous with technological innovation in our industry and earns distinction as a UAS company that prioritizes our customers’ needs first. You can expect to see us double down on our efforts to win new commercial and government customers by delivering smart, highly scalable drone solutions that effectively solve operational challenges and provide actionable insights that empower our customers to improve their workflow processes and outcomes. We have superior technology, the talent and the will necessary to succeed; and it is incumbent upon me to ensure that we do. I am very excited about the months ahead to earn shareholder confidence -- not because of the kind of company we may become, but because of the visionary, high performing company we are and were always intended to be.”
I'm buying more if it can close the opening gap. This news could be big.
Mapping was the key to delivery by drone.
Press Release: AgEagle Announces Third Quarter 2021 Financial Results
9:00 am ET November 15, 2021 (Dow Jones) Print
AgEagle Announces Third Quarter 2021 Financial Results
Three and Nine Month 2021 Revenues Climb 169% and 389%, Respectively, Year-Over-Year
Company's Leadership to Host Corporate Update Via Webcast Today at 4:30 PM ET
WICHITA, Kan., Nov. 15, 2021 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) ("AgEagle" or the "Company"), an industry-leading provider of full-stack drone, sensor and software solutions, today announced its financial results for the three and nine months ended September 30, 2021.
Brandon Torres Declet, Chief Executive Officer of AgEagle, stated, "The scaling of our business through our strategic acquisition initiatives has led to record revenues for our Company, providing the framework for improving our fundamentals. Results continue to be driven by our strong customer and reseller relationships and through the unification of our product portfolios serving the energy, construction, agriculture and government verticals. Moreover, our recent acquisition of senseFly, one of the world's leading fixed-wing drone companies, strengthens the customer appeal our proprietary full stack drone solution offerings. These are exciting times for AgEagle, and we are confident in our ability to execute on the growth opportunities ahead of us."
Financial Highlights for the Three Months Ended September 30, 2021 Compared to September 30, 2020
-- Total revenues rose 169% to approximately $2.02 million from
approximately $750,000. The notable increase was attributable to new
revenue generated by sales of our proprietary sensor and software
-- Gross profit margin on sales was 39% compared to 43%.
-- Net loss available to common stockholders was approximately $3.77 million,
or $0.05 loss per share, compared to a net loss available to common
stockholders of approximately $579,000, or $0.01 loss per share, for the
three months ended September 30, 2021 and 2020, respectively.
Financial Highlights for the Nine Months Ended September 30, 2021 Compared to September 30, 2020
-- Total revenues climbed 389% to approximately $5.66 million from
approximately $1.16 million, due primarily to strong sensor and software
sales, coupled with increased sales of HempOverview to state departments
of agriculture in Florida and Iowa.
-- Gross profit margin increased 260 basis points to 49% from 46%.
-- For the nine month reporting periods ended September 30, 2021, net loss
available to common stockholders totaled approximately $11.38 million, or
$0.17 loss per share, compared to a net loss available to common
stockholders of approximately $11.35 million, or $0.33 loss per share in
the prior year.
-- Cash on hand at September 30, 2021 was approximately $32.2 million, up
from approximately $23.9 million as of December 31, 2020. During the
period from May 29,2021 through September 30, 2021, the Company has
raised approximately $30.87 million through its ATM Offering's agents
Stifel, Nicolaus & Company, Incorporated and Raymond James & Associates,
For more detailed information on AgEagle's third quarter 2021 financial results, please refer to the 10-Q filed with the U.S. Securities & Exchange Commission, accessible at www.sec.gov and on AgEagle's website, www.ageagle.com.
-- In mid-October, AgEagle acquired senseFly from Parrot, marking the third
major acquisition completed by the Company in 2021. Founded in 2009,
senseFly develops and produces a proprietary line of eBee-branded, high
performance, fixed wing drones. Ultra-light and easy to use, these
autonomous drones are utilized by thousands of customers around the world
in agriculture, government, engineering and construction, among other
industry verticals, to collect actionable aerial data intelligence.
Headquartered in Lausanne, Switzerland, senseFly employs approximately 90
people and generated total revenues of approximately US$12.5 million in
-- On October 29, 2021, AgEagle announced that senseFly has been named to
the Blue UAS 2.0 list by the Department of Defense's Defense Innovation
-- In late July 2021, an initial technical demonstration took place
at Fort Hunter Liggett, the U.S. Army Reserve's largest training
installation, where senseFly's eBee TAC underwent testing and
evaluation of its system configuration, flight test profile and
safety of flight procedures, coupled with the repeatability and
reliability of flights and data capture. In mid-September 2021,
the Company conducted a second demonstration at the U.S. Air Force
Academy in Colorado consisting of various flight demos of the eBee
TAC for the purpose of testing and evaluating the system's
capabilities in adverse and high altitude environments. senseFly
expects to complete the registration process prior to the end of
-- In the past several weeks, AgEagle launched two new, industry-disruptive
drone sensors pioneered by MicaSense: RedEdge-P and Altum-PT. Both are
sensors that AgEagle believes provides the best economics, highest
resolution and most extensive data analysis capabilities of any
multispectral drone sensors offered in the market today.
-- During the third quarter of 2021, the Florida Department of Agriculture
and Consumer Services expanding its license of AgEagle's HempOverview(TM)
Software-as-a-Service (SaaS) platform, helping to fuel revenue growth on
a comparable quarter-over-quarter basis.
-- As reported this morning on AgEagle's website, AgEagle has teamed with a
global drone technology company to integrate its proprietary airspace
access app into Measure Ground Control, which is expected to materially
enhance the capabilities and value proposition AgEagle offers to its
enterprise and government customers, which require accurate situational
awareness to operate their drone programs safely and compliantly in the
-- In addition to the tremendous talent and expertise AgEagle has added to
its workforce through three acquisitions this year, the Company has also
continued to expand its workforce through several key hires further
enhancing the depth of talent and industry knowledge on our team.
Corporate Update Webcast Today
As a reminder, AgEagle's leadership will host the Company's third quarter 2021 corporate update via webcast today beginning at 4:30 PM ET. The corporate update will be broadcast live and available for replay via the link above. If you have any difficulty connecting to the webcast, please contact Gateway Investor Relations at 949-574-3860.
To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2160/43184.
Amazon.com Inc AMZN
shifted staff working on its Paris-based drone research and development center to new projects, Bloomberg reports.
The staff shift marks another setback in the company’s delivery project.
The dozen-strong team, which previously focused on drone navigation, was reassigned to new Amazon roles from September 2020 onwards.
The team now mainly focuses on Covid-testing software, according to job profiles on Microsoft Corp MSFT
UAVS up 24% @ 3.28
The new standard for data quality and repeatability
We have developed a new sensor solution from the ground up to ensure consistent, repeatable data, enabling growers and agronomists to make more reliable management decisions across a variety of use cases.
Using industry-leading industrial image sensors coupled with purpose-built optics and narrowband, scientific-grade filters, this new solution enables pixel-aligned outputs across multiple bands at previously unattainable resolutions while maintaining the efficient and reliable area coverage of RedEdge, opening the door to new applications across agriculture, surveying, land use, vegetation tracking, and species inventory.
Launching 10/26/2021 - Save the date!