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.
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™ 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.
About AgEagle Aerial Systems Inc.
AgEagle and its wholly owned subsidiaries are actively engaged in designing and delivering best-in-class drones, sensors and software that solve important problems for our 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 websites at www.ageagle.com.
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.
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