AgEagle Aerial Systems Inc (UAVS)

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AgEagle Aerial Systems Reports First Quarter 2021 Results
May 17 2021 - 08:30AM
GlobeNewswire Inc.

AgEagle™ Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading drone solutions provider, today reported its financial results for the three months ended March 31, 2021.

First Quarter 2021 Key Financial Highlights:

Total revenue for the three months ended March 31, 2021 increased significantly to approximately $1.7 million compared to $391,000 in the prior year period. The increase in revenue was largely attributable to drone sensor sales by MicaSense™, which AgEagle acquired in late January 2021, and sales of our HempOverview™ SaaS solution to other states.

Gross profit margin improved to 63% from 55% as a result of the Company’s strategy to expand its product and service offerings to include higher margin drone sensors and software solutions.

Net loss was $2.9 million, or $(0.5) per share, compared to a net loss of $403,000, or $(0.03) per share, in the first quarter of 2020. The higher net loss was primarily attributable to increased operating expenses primarily associated with AgEagle’s acquisition and capital formation activities, team expansion initiatives and research and development costs relating to innovative new drone technologies in development.

As of March 31, 2021, the Company had $24.2 million in cash on its balance sheet compared to $23.9 million as of December 31, 2020.

Key Operational Highlights:

In late January 2021, AgEagle completed the $23 million acquisition of MicaSense, one of the world’s leading providers of multispectral and thermal sensors for the commercial drone market. Sold in over 70 countries worldwide and integrated with over 150 different drones, MicaSense’s suite of high performance sensors are a vital component of drone systems in-demand by a wide range of industries.

In January 2021, the Iowa Department of Agriculture and Land Stewardship licensed AgEagle’s proprietary HempOverView platform to manage the State’s online registration, payment processing, comprehensive data collective and compliance oversight of hemp cultivation for the 2021, 2022 and 2023 planting seasons.

During the first quarter of 2021, AgEagle successfully expanded its workforce with highly experienced and diverse talent from within and outside the industry. The Company continues to actively look for skilled engineers, developers and other professionals to complement its team.

Subsequent to the end of the first quarter 2021, AgEagle completed the acquisition of Measure Global in a cash and stock transaction valued at $45 million. Measure’s comprehensive software solution Ground Control helps businesses save thousands of hazardous man-hours and create millions of dollars in operational benefits to its growing customer base comprised largely of Fortune 500 companies.

J. Michael Drozd, AgEagle Chief Executive Officer, commented, “Our first quarter results are a direct reflection of the success AgEagle has begun realizing from its defined growth strategy centered on being an industry pioneer in The Drone Age™. Given the enormous size and scope of the enterprise market opportunity drones represent, it is incumbent upon innovative, trusted companies to find new ways to leverage advanced drone technology solutions and data intelligence to deliver one-stop-shopping for quality end-to-end drone solutions that solve important business challenges. Based on our progress thus far, AgEagle is clearly well on its way to becoming the preferred provider for these solutions.”

For more detailed information on AgEagle’s first quarter financial results, please view the related 10-Q filed with the SEC and available at www.sec.gov.

Corporate Update Conference Call and Webcast:

As a reminder, AgEagle’s leadership team will host a live conference call and webcast today, beginning at 4:30 PM Eastern Time. The corporate update will be broadcast live and available for replay here or via AgEagle’s website at https://ageagle.com/events/.