Key Financial Highlights
- Revenues for three-month reporting period ended
September 30, 2020 increased significantly to a record of$750,000 compared to$42,000 for the comparable three month period in 2019. For the nine months endedSeptember 30, 2020 , revenues increased to a record of$1.2 million compared to$108,000 reported for the nine months in the prior year period. The notable increase in revenues was primarily driven by follow-on purchase orders for manufacturing and assembly of drones and related package delivery equipment for the Company’s largest customer. - Gross profit margin on sales improved to 43% from 21% for the three months ended
September 30, 2020 and 2019, respectively. Likewise, gross profit margin on sales for the comparable nine month reporting periods in 2020 and 2019 rose to 46% from 20%, respectively. - Net loss for the three months ended
September 30, 2020 totaled$579,000 compared to$563,000 in net loss for the same three months in 2019. For the nine months endedSeptember 30, 2020 , net loss was$2.2 million compared to$1.9 million in the prior year nine-month period. Overall, the increase in net losses were due to higher operating costs relating to the shifts in our long-term growth and business expansion strategies. - After factoring non-cash accounting charges relating to our financing activities, the net loss attributable to our common stockholders improved to
$579,000 from$604,000 for the three months endedSeptember 30, 2020 and 2019, respectively. After factoring non-cash accounting charges for the comparable nine month reporting periods in 2020 and 2019, net loss attributable to the Company’s common stockholders was$11.3 million compared to$2.0 million , respectively. - As of
September 30, 2020 , the Company's balance sheet reflected cash of$24.7 million compared to$718,000 as ofDecember 31, 2019 . The Company had no long-term debt and total stockholders' equity increased to$28.1 million compared to$4.3 million as ofSeptember 30, 2020 andDecember 31, 2019 , respectively. The material strengthening of the balance sheet was largely due to the successful closing of equity financings completed in the first half of 2020.
Commenting on the record results, AgEagle CEO
To review the Company's detailed financial results for the three and nine months ended
Corporate Update Webcast
The Company's management will host a webcast today,
About
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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.
Contacts:
Investor Relations
Gateway Investor Relations
Phone: 949-574-3860
Email: UAVS@gatewayIR.com
Press/Media Relations
Avaans Media
Phone: 424-278-9199
Email: media@ageagle.com
Source:
2020 GlobeNewswire, Inc., source