AgEagle Aerial Systems Inc (UAVS)

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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
solutions.

-- 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,
Inc.

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.

Recent Developments

-- 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
2020.

-- 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
Unit.

-- 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
2021.

-- 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
U.S. airspace.

-- 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.