AgEagle Announces Second Quarter 2023 Results
WICHITA, Kan., Aug. 15, 2023 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government use, today announced its financial results for the three and six months ended June 30, 2023.
Second Quarter 2023 Financial Highlights
Revenues totaled $3.28 million for the three months ended June 30, 2023, decreasing 38% from $5.29 million reported for the same three month period in the prior year. Six month revenues totaled $7.34 million in 2023, which were down 20% from $9.13 million for the first six months of 2022.
The decrease in revenues was largely due to lower sales of the Company’s eBee™ series of drones – a decline that was expected ahead of the commercial launch of AgEagle’s new eBee VISION scheduled to occur in September 2023.
Total operating expenses were materially reduced, declining 26% to $5.90 million from $7.94 million for the three month reporting periods ended June 30, 2023 and 2022; and falling 28% to $12.04 million from $16.79 million for the comparable six month reporting periods.
Loss from operations also improved, decreasing 10% to $4.87 million from $5.39 million for the three months ended June 30, 2023 and 2022, respectively; and dropping 30% to $9.03 million from $12.87 million for the six months ended June 30, 2023 and 2022, respectively.
Net loss attributable to common stockholders improved 6%, dropping to $5.29 million, or $0.05 loss per share, from $5.60 million, or $0.07 loss per share for the comparable three month reporting periods. For the six months ended June 30, 2023 and 2022, net loss materially improved, decreasing 25% to $9.89 million, or $0.11 loss per share, from $13.20 million, or $0.17 loss per share, respectively.
As of June 30, 2023, AgEagle’s cash position was $4.20 million and total stockholders’ equity was $41.18 million, which compared to cash of $4.35 million and total stockholders’ equity of $43.23 million as of December 31, 2022.
For more detailed information relating to the Company’s second quarter financial performance, please refer to the Interim Report on Form 10-Q filed yesterday afternoon with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on AgEagle’s website at www.ageagle.com.
Commenting on the results, Nicole Fernandez-McGovern, Chief Financial Officer and Executive Vice President of Operations, said, “During the second quarter, we focused primarily on optimizing our operations through continued integration and consolidation of our offices and workforce in an effort to reduce operating expenses. We believe we are properly positioned to grow our future revenue as a result of our initiatives to reduce our cash burn while lowering net loss through our product pricing, marketing and innovation strategies.”
Second Quarter 2023 Operational Highlights
In early March, AgEagle unveiled Field Check – a key enhancement to the Company’s Measure Ground Control app which was designed and engineered specially to meet critical demand from commercial drone operators for capturing target drone imagery right the first time.
On April 25, 2023, the Company announced that it had been awarded a five-year Multiple Award Schedule Contract by the General Services Administration, which is the centralized procurement arm of the U.S. federal government.
In late April, AgEagle was awarded a contract by the U.S. Department of Defense’s Defense Innovation Unit to equip eBee VISION drones with RAS-A IOP Compliant Ground Control Capabilities.
The Company signed a two-year, $2 million supply agreement with Wingtra AG in May, securing the supply of RedEdge-P sensor kits for integration with WingtraOne™ Vertical Take-Off and Landing drones.
On May 16, 2023, AgEagle announced the commercial release of the RedEdge-P™ dual high resolution and RGB composite drone sensor, which features ten multispectral bands at 1.6 MP each and was purpose-built for mirroring Landsat 8 and Sentinel-2 satellite bands in just one drone flight and at a higher resolution of 0.8 inch per pixel at 200 feet. In addition, the RedEdge-P dual doubles analytical capabilities with the benefit of a single camera workflow; and its coastal blue band – the first of its kind in the market – makes it the ideal solution for vegetation analysis of water bodies, environmental monitoring, water management, habitat monitoring, protection and restoration and vegetation species and weed identification.
In early June, the Company completed a $4.2 million registered direct offering and concurrent private placement.
Subsequent to the end of the quarter, AgEagle issued a detailed update on its global market introduction of the eBee VISION UAS – the industry’s next generation in Intelligence, Surveillance and Reconnaissance unmanned aerial systems, featuring live, 4-K resolution video imagery from a distance of up to 12 miles.
Barrett Mooney, AgEagle’s Chairman and CEO, stated, “We enter the second half of 2023 confident in our ability to achieve incremental sales growth coupled with some major customer wins despite continued challenges with supply chain constraints and inflationary pressures. We are especially excited about the potential growth that should follow our commercial release of our new eBee VISION drone next month. Moreover, our commitment to continue driving cost and productivity efficiencies across our business through optimization of our cross-functional sales and engineering resources is expected to further reduce our operating spend while still supporting our ongoing product innovation and global marketing strategies.”
About AgEagle Aerial Systems Inc.
Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
AgEagle Aerial Systems Contacts:
Investor Relations:
Email: UAVS@ageagle.com
Media:
Email: media@ageagle.com
