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AgEagle Aerial Systems, doing business as EagleNXT, reports developments in drones, sensors and software for commercial, government and defense customers. Company news centers on eBee-series unmanned aircraft systems, including the eBee VISION fixed-wing ISR platform and eBee TAC tactical mapping drones, as well as Blue UAS and NDAA-compliant product positioning.
Recurring updates include U.S. Army and allied defense orders, public safety and training applications, sensor and software capabilities, strategic investments in autonomous and counter-drone technologies, financial results, working-capital actions and corporate operating updates.
AgEagle Aerial Systems (NYSE American: UAVS) announced the appointment of Kelly Anderson, CPA to its Board of Directors, effective December 5, 2022. Anderson will serve as Chairperson of the Audit Committee and will be part of the Compensation and Nominating Committees. With over 25 years of experience, she has held key financial leadership roles and successfully led numerous IPOs and M&A transactions. Her expertise is expected to strengthen AgEagle's position in the autonomous robotics industry as the company continues to expand its product offerings across various sectors.
AgEagle Aerial Systems Inc. (NYSE American: UAVS) reported a remarkable increase in revenues, climbing 172% to $5.5 million for Q3 2022, compared to $2.0 million in Q3 2021. The company's net income rose to $1.7 million, a significant turnaround from a net loss of $3.8 million year-over-year, aided by a $6.5 million debt extinguishment. For the nine-month period, revenues increased 158% to $14.6 million. Despite these gains, operating loss rose to $18 million due to increased expenses from acquisitions. As of September 30, 2022, cash on hand is $5.3 million, down from $14.6 million at year-end 2021.
AgEagle Aerial Systems Inc. (NYSE American:UAVS) has formed a partnership with government contractor Darley to enhance its market presence in the U.S. first responder and tactical defense sectors. This collaboration aims to promote AgEagle's eBee X™ fixed-wing drones and sensors cleared for Operations Over People by the FAA. Darley, with its extensive government contracting experience, is expected to facilitate AgEagle’s penetration into these lucrative markets. CEO Barrett Mooney highlighted the potential for significant growth in public safety applications, driven by recent sales of eBee TAC units to military and allied nations.
AgEagle Aerial Systems Inc. (NYSE American:UAVS) hosted a successful eBee TAC Tech Day in Belgium for NATO Armed Forces, showcasing its advanced drone technology. Over two dozen military experts attended, gaining insights into the drone's tactical applications and capabilities. The eBee TAC, known for its lightweight design, up to 90 minutes of flight time, and security features, is already utilized by various military units. CEO Barrett Mooney emphasized the importance of live demonstrations in attracting potential customers and gathering user feedback.
AgEagle Aerial Systems (NYSE American: UAVS) will host a webcast on November 15, 2022, at 4:30 p.m. ET to discuss its third-quarter financial results for the period ending September 30, 2022. CEO Barrett Mooney and CFO Nicole Fernandez-McGovern will provide insights and respond to investor questions submitted via email by November 11, 2022. The webcast will be available live and for replay. AgEagle specializes in drone technology across various sectors, including agriculture, energy, and government.
AgEagle Aerial Systems (NYSE American: UAVS) announced that its eBee X series drones are the first to comply with the FAA's Category 3 regulations for Operations Over People (OOP). This compliance eliminates the need for FAA waivers, significantly simplifying drone operations across various industries, including insurance and telecommunications. The testing was conducted by Virginia Tech's Mid-Atlantic Aviation Partnership, proving the drones' reliability. This milestone positions AgEagle as a leader in advanced drone operations in the U.S., potentially driving future growth.
AgEagle Aerial Systems (NYSE American: UAVS) will showcase its solutions at INTERGEO Expo 2022 in Essen, Germany, from October 18-20, 2022. The exhibit is located at Booth #A1-024, where attendees can engage with key team members. Pierre-Alain Marchand, Head of Regulation, will present an educational lecture titled “European Drone Regulations Explained: Challenges, Benefits and Opportunities” on October 18 at 3:00 PM. The expo will highlight advancements in geospatial technology and the evolving regulatory landscape in Europe.
AgEagle Aerial Systems (NYSE American: UAVS) announced its participation in Commercial UAV Expo 2022 in Las Vegas from September 6-8, 2022. CEO Barrett Mooney will speak during the panel discussion titled Drone Visionaries: Getting Drones to Work Today on September 7 from 4:30 PM to 5:30 PM PT. AgEagle will exhibit in Booth #709, providing product demonstrations and media interviews. The event will feature over 200 exhibitors and attract more than 2,500 attendees, showcasing advancements in commercial unmanned aerial systems across various industries.
AgEagle Aerial Systems (UAVS) reported significant revenue growth in Q2 2022, with a 173% increase in quarterly revenues to $5.29 million from $1.94 million, and a 151% rise in six-month revenues to $9.13 million compared to $3.64 million in 2021. The growth was driven by the senseFly acquisition and strong sales of new multispectral sensors, although software subscription revenues declined. Loss from operations increased to $5.39 million due to supply chain challenges and higher costs. The company holds $13.51 million in cash as of June 30, 2022.
AgEagle Aerial Systems (NYSE American: UAVS) will host a webcast on August 16, 2022, at 4:30 p.m. Eastern time to discuss recent operational updates and financial results for the second quarter ending June 30, 2022. CEO Barrett Mooney and CFO Nicole Fernandez-McGovern will lead the discussion, addressing investor questions submitted by August 12, 2022. The webcast can be accessed live or via replay at this link. AgEagle specializes in drone solutions for multiple sectors including energy and agriculture.