Financial Highlights for the Comparable Three-Month Periods Ended
- Revenues climbed 126% to
$3.84 million compared to$1.70 million .- The increase was attributable to sales of eBee drone products and software subscriptions related to the HempOverview and Ground Control platforms, offset by lower revenues reported for the Company’s sensor products. The decline in sensor sales was caused by ongoing global supply chain issues primarily affecting delivery of nearly
$1 million in purchases for new Altum-PT ™ and RedEdge-P™ sensors. - AgEagle’s global market penetration efforts have resulted in the Company expanding its geographic footprint. Revenues generated in specific geographic regions during the first three months of 2022 were 46% in
North America ; 41% inEurope ,Middle East andAfrica ; 12% inAsia Pacific and 1% in other regions worldwide.
- The increase was attributable to sales of eBee drone products and software subscriptions related to the HempOverview and Ground Control platforms, offset by lower revenues reported for the Company’s sensor products. The decline in sensor sales was caused by ongoing global supply chain issues primarily affecting delivery of nearly
- Gross profit margin on sales was 36% compared to 63% in the prior year period. The decline was due in part to supply chain challenges increasing the cost of components, inflation and adverse labor market conditions; and the continued shift and expansion of product offerings relating to the Company’s acquisitions of MicaSense, Measure and senseFly in the prior year.
- Net loss was
$7.58 million compared to$2.93 million . The overall increase in net loss was primarily attributable to greater operating costs resulting from the Company’s acquisitions of Measure and senseFly in 2021. - The Company’s cash position was
$9.19 million as ofMarch 31, 2022 , and stockholders’ equity was$78.37 million , which compared to cash on hand of$14.59 million and stockholders’ equity of$76.58 million as ofDecember 31, 2021 .- During the three months ended
March 31, 2021 , the Company raised an additional$4.58 million through its ATM Offering with co-agentsStifel Nicholas & Company, Incorporated andRaymond James & Associates, Inc.
- During the three months ended
Commenting on the results,
Recent and First Quarter 2022 Operational Highlights
- In January, AgEagle’s Board of Directors reappointed Company Chairman
Barrett Mooney as AgEagle’s CEO. Subsequent to the end of the first quarter, the Company expanded Michael O’Sullivan’s role with his appointment as Chief Commercial Officer and promotedEdouard Rosset to Executive Vice President of Technology. This expansion of AgEagle’s executive team with seasoned professionals is helping to grow AgEagle’s global operations and establish a strong management foundation for the future. - In March, AgEagle’s award-winning, NDAA-compliant eBee TAC™ Unmanned Aerial System completed required testing, evaluation and demonstration processes pursuant to the
U.S. government’s Blue UAS project and was approved by the Defense Innovation Unit for procurement by theU.S. Department of Defense , including all branches of the military and other federal government agencies. As a result, dozens of eBees have been purchased and shipped to government/defense agencies worldwide for use in providing military ground forces with vital, high-resolution geographical intelligence in tactical environments. - Orders for AgEagle’s newest multispectral sensors, the Altum-PT and the RedEdge-P have continued to climb, with nearly
$1 million in units expected to be shipped (and revenues booked) in the coming quarters. - For the past several quarters, AgEagle’s software development and engineering teams have also remained focused on introducing key new and enhanced technological features and capabilities for Measure Ground Control. In May, the Company announced details relating to these new features and capabilities and is experiencing a notable increase in global interest in the platform from prospective new and current customers serving the Energy, Infrastructure, Agriculture and other commercial industry sectors worldwide.
Growth in the global drone industry remained robust in the first quarter of 2022, resulting in a number of respected industry research firms predicting highly dynamic market growth ahead. For instance, in Drone Industry Insights’ Drone Application Report 2022, researchers note that the commercial drone market, in particular, will generate over
AgEagle Chairman and CEO
For more details relating to the Company’s first quarter 2022 results, please refer to the 10-Q filed with the
Corporate Update Webcast
Given AgEagle’s leadership team recently held a corporate update webcast on
About
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 commercial and government customers worldwide. 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: | Media Inquiries: |
Gateway Investor Relations | media@ageagle.com |
Phone: 949-574-3860 | |
Email: UAVS@gatewayIR.com |
Source:
2022 GlobeNewswire, Inc., source