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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) has provided an operational update following the first 60 days of leadership by CEO Brandon Torres Declet. The company aims to refine its business model and strategic vision while aligning its resources to target organic revenue growth in sectors like agriculture, energy, and construction. A key focus will be on M&A to ensure long-term shareholder value. Additionally, Declet's involvement in FAA advisory committees positions AgEagle to influence drone regulations and capture emerging market opportunities, signaling a positive outlook for the company.
AgEagle Aerial Systems (NYSE American: UAVS) announced that the Florida Department of Agriculture and Consumer Services (FDACS) has expanded its licensing of the HempOverview Software-as-a-Service platform. This upgrade enables access to a comprehensive suite of technologies for managing hemp registration, oversight, and enforcement.
The expansion reflects a surge in hemp farming in Florida, projected to grow significantly. FDACS is also working with AgEagle to create a custom registration platform for over 500 endangered and commercially exploited plant species, reflecting the agency's commitment to environmental protection.
AgEagle Aerial Systems Inc. (NYSE American: UAVS) is set to join the Russell 3000 Index effective after the U.S. market close on June 25, 2021. This inclusion, part of the annual Russell Index reconstitution, positions AgEagle among the largest U.S. stocks by market capitalization. CEO Brandon Torres Declet expressed optimism, noting the potential for enhanced visibility within the institutional investment community. Russell's indexes are significant, with around $10.6 trillion in assets benchmarked against them, indicating the potential impact on AgEagle's market performance.
AgEagle Aerial Systems (NYSE American: UAVS) announced significant management changes, promoting Jesse Stepler to President of Measure Global following its acquisition of Measure. Scott Lumish joins AgEagle as Senior Vice President of Sales and Business Development, bringing over 30 years of experience in drone software markets. Andrea CinqMars has also been appointed as Director of Marketing. These appointments aim to bolster AgEagle's leadership and operational capabilities in the rapidly evolving drone industry, providing promising growth prospects for the company.
AgEagle Aerial Systems (NYSE American: UAVS) has partnered with Parrot to integrate its Ground Control software with Parrot’s ANAFI drone platforms. This collaboration aims to offer enterprise customers a robust, end-to-end solution for managing drone fleets, enabling efficient operations through a mobile flight management application and cloud management portal.
Ground Control provides features such as manual flight control, data processing, and integration with existing workflows, enhancing operational capabilities for businesses utilizing Parrot drones.
AgEagle Aerial Systems (NYSE American: UAVS) has initiated an at-the-market sales agreement with Stifel and Raymond James effective May 25, 2021. This arrangement allows AgEagle to sell up to $100 million of its common stock in at-the-market transactions. A shelf registration statement, filed on February 5, 2021, was approved by the SEC on May 6, 2021. The offering details are accessible via a written prospectus available on the SEC's website.
AgEagle Aerial Systems (NYSE American: UAVS) has announced the appointment of Brandon Torres Declet as the new Chief Executive Officer, effective immediately. He takes over from J. Michael Drozd, who has left the company to pursue other opportunities. The Board of Directors highlighted Torres Declet's extensive experience and leadership capabilities in the drone industry, aiming to leverage his expertise for business growth. Under Drozd's leadership, AgEagle achieved significant milestones, including a 350% increase in shareholder value and a 333% rise in revenues from 2019 to 2020.
AgEagle Aerial Systems (NYSE American: UAVS) reported significant growth in Q1 2021, with revenue jumping to approximately $1.7 million from $391,000 a year earlier, driven by its acquisition of MicaSense and sales of its HempOverview SaaS solution. Gross profit margin improved to 63%, up from 55%. However, the company faced a net loss of $2.9 million, primarily due to increased operating expenses from acquisitions and R&D. As of March 31, 2021, AgEagle held $24.2 million in cash, indicating strong liquidity.
AgEagle Aerial Systems (NYSE: UAVS) will host a webcast on May 17, 2021 at 4:30 p.m. Eastern time to provide a corporate update and share operational highlights. CEO Michael Drozd, CFO Nicole Fernandez-McGovern, and COO Brandon Torres Declet will lead the session. Investors can submit questions via email until May 14, 2021. The event will be streamed live and available for replay. AgEagle specializes in drone solutions, focusing on delivering high-performance technology to various markets, with products made in the USA.
AgEagle Aerial Systems (NYSE American: UAVS) announces its subsidiary MicaSense will participate in AUVSI XPONENTIAL 2021, the largest conference for unmanned systems.
On May 6, 2021, Emily Ciesielski will host a session titled “Image Classification, Irrigation Monitoring & More Using Multispectral & Thermal Imaging” at 1:00 PM ET. Attendees can access the session via the conference’s platform.
MicaSense will also showcase at its virtual booth during the event, connecting with industry leaders and showcasing innovations in drone technology.