Ageagle Aerial Stock Price, News & Analysis

AgEagle Aerial Systems (NYSE American: UAVS) has appointed aerospace industry veteran Matt Martin as the new Vice President of Operations, effective immediately. Martin, who brings over 30 years of experience, will oversee the company’s drone manufacturing and assembly operations at a new facility in Wichita, Kansas. Previously, he held key positions at Spirit AeroSystems and Boeing, showcasing significant leadership in aerospace projects. CEO J. Michael Drozd believes Martin's expertise aligns perfectly with AgEagle's goals in the high-growth commercial drone sector.

AgEagle Aerial Systems (NYSE American: UAVS) reported a substantial revenue increase of 516% for the six months ended June 30, 2020, totaling $408,000. However, the revenue for the second quarter declined to $16,000 from $20,000 year-over-year, primarily due to COVID-19 supply chain impacts. Net loss for the six months was $1.7 million, an increase from $1.3 million in 2019. Cash reserves improved to $12.9 million from $718,000 at year-end 2019, reflecting successful equity financing. A corporate update webcast is scheduled for August 18.

AgEagle Aerial Systems Inc. (NYSE American: UAVS) has entered into a securities purchase agreement with an institutional investor for the sale of 3,355,705 shares of common stock and warrants for an estimated $10 million. The warrants, exercisable at $3.30 per share, could raise an additional $8.3 million if fully exercised. Net proceeds are expected to be around $9.9 million after expenses, aimed at funding general working capital and capital expenditures. The offering is set to close around August 6, 2020, subject to customary conditions.

AgEagle Aerial Systems (NYSE American: UAVS) will host a webcast on August 18, 2020, at 11:00 a.m. Eastern time, to provide a corporate update and discuss operational highlights. CEO Michael Drozd and CFO Nicole Fernandez-McGovern will lead the call. Investors are encouraged to submit questions via email by August 14, 2020. The webcast will be available live and for replay at this link. Founded in 2010, AgEagle specializes in UAVs and aerial imagery solutions for agriculture and logistics.

AgEagle Aerial Systems (NYSE American: UAVS) has selected a new leased manufacturing facility in Wichita, Kansas, aimed at enhancing its drone and subcomponent manufacturing. The site, located near Wichita Mid-Continent Airport, features 12,000 square feet for office and warehouse operations. After some modifications, the company plans to move in September 2020. CEO Michael Drozd expressed confidence in the location's potential for scaling operations, acknowledging support from local entities.

AgEagle Aerial Systems (NYSE American: UAVS) has entered a securities purchase agreement with an existing shareholder, resulting in the sale of 4,407,400 common stock shares, pre-funded warrants for 1,956,236 shares, and warrants for 2,455,476 shares at an exercise price of $1.35. The transaction is expected to yield gross proceeds of $7 million, with net proceeds around $6.91 million after expenses. The funds will be allocated for working capital and capital expenditure, enhancing the company’s liquidity and supporting strategic growth initiatives.

AgEagle Aerial Systems (UAVS) reported a remarkable 751% revenue growth for Q1 2020, reaching approximately $391,000 compared to $46,000 in Q1 2019. This surge is attributed to increased purchase orders for drones and licensing revenue from Florida's HempOverview platform. The gross profit margin improved significantly to 55% from 26%, while the net loss narrowed to $403,000 or $0.03 per share, an improvement from a $565,000 loss in the previous year. Leadership changes were announced, with a new CEO set to take office on May 18, 2020.

AgEagle Aerial Systems (NYSE American: UAVS) has entered a securities purchase agreement with an institutional investor to sell 2.4 million shares and 3,257,424 prefunded warrants at $1.06 each. The expected net proceeds of approximately $5.91 million after expenses will be used to repurchase Series E Preferred Stock and for general working capital. Interim CEO Nicole Fernandez-McGovern emphasizes that this offering will strengthen the company’s liquidity and support its strategic growth initiatives. The transaction is anticipated to close around May 14, 2019.