AgEagle Announces Second Quarter 2022 Financial Results
16 Août 2022 - 2:30PM
AgEagle Aerial Systems Inc. (NYSE American: UAVS)
(“AgEagle” or the “Company”), an industry-leading provider of
full-stack drone, sensor and software solutions for commercial and
government/defense use, today announced its financial results for
the three and six months ended June 30, 2022.
Financial Highlights for
the Comparable Three-Month Periods Ended June 30, 2022 and
June 30, 2021
- Revenues increased 173% to $5.29
million from $1.94 million.
- As a result of the senseFly
acquisition, which occurred in the fourth quarter of 2021, the
Company recorded incremental revenue for the eBee™ fixed wing
drones of $3.04 million that were not included in the prior year
financials
- Continued strong demand for the
Company’s new Altum-PT™ and RedEdge-P™ multispectral sensors, which
were introduced to the market in the fall of 2021, resulted in a
23% jump in sales revenues of sensors to $2.10 million from $1.71
million.
- The notable increase in total
revenues was offset by the decline of software subscription sales
for AgEagle’s HempOverview and Ground Control solutions, which
decreased to $158,000 from $229,000.
- The Company’s loss from operations
totaled $5.39 million compared to $4.82 million. The increase was
primarily attributable to a decrease in gross profit margins due to
supply chain constraints and higher operating costs as a result of
inclusion of a full quarter’s expenses for the 2021 business
acquisitions, offset by the absence of transactional costs incurred
for these acquisitions.
- After factoring net non-cash
expenses and income including cumulative foreign currency
translations adjustments, total comprehensive net loss rose to
$5.47 million, or $0.07 loss per share, compared to $4.68 million,
or $0.07 loss per share.
Financial Highlights for the Comparable
Six-Month Periods Ended June 30, 2022 and June 30,
2021
- Six-month revenues totaled $9.13
million, up 151% from $3.64 million.
- As a result of the senseFly acquisition, which occurred in the
fourth quarter of 2021, the Company recorded incremental revenue
for the eBee™ fixed wing drones of $5.76 million that were not
included in the prior year financials
- Sensor sales were $3.03 million compared to $3.39 million. The
decrease was attributable to supply chain issues affecting delivery
of Altum-PT and RedEdge-P sensors in the first and second quarters
of this year. As of June 30, 2022, the order backlog for these
sensors stood at approximately $1 million, which is included in
contract liabilities on the Company’s consolidated balance sheet.
We continue to ship orders to clear a large portion of our backlog
while continuing to expand our sales pipeline due to on-going
demand for our sensors.
- Software subscription sales climbed 30% to $328,000 from
$253,000, primarily resulting from the increased sales in the first
quarter of 2022.
- Due to higher general and
administrative, R&D and sales and marketing expenses associated
with execution of AgEagle’s acquisition strategy in 2021, loss from
operations increased to $12.87 million from $7.78 million.
- The comprehensive net loss totaled
$13.04 million, or $0.17 loss per share, compared to a
comprehensive net loss of $7.61 million, or $0.12 loss per share,
for the comparable years’ six-month reporting periods.
- As of June 30, 2022, AgEagle’s cash
position was $13.51 million and its total stockholders’ equity was
$83.60 million. This compared to cash of $14.59 million and
stockholders’ equity of $76.58 million as of December 31,
2021.
- During the six months ended June 30, 2022, the Company raised
net proceeds of $4.58 million through its At-The-Market Offering
with co-agents Stifel Nicholas & Company and Raymond James
& Associates. In addition, AgEagle completed a registered
direct offering with an existing institutional shareholder, raising
an additional $9.92 million in net proceeds.
For more detailed information on the Company’s
financial performance for the three and six months ended June 30,
2022 and 2021, please refer to the 10-Q filed with the U.S.
Securities and Exchange Commission and accessible online via
www.sec.gov or on AgEagle’s website at
https://ageagle.com/investors/#investors-sec.
Nicole Fernandez-McGovern, AgEagle Chief
Financial Officer and Executive Vice President of Operations,
stated, “We are very pleased with our financial results for the
first half of 2022, reflecting strong revenue growth from our
combined 2021 acquisition activities and organic growth
initiatives. Robust demand for our autonomous robotics solutions,
along with key business improvements implemented this year, are
contributing to our efficient management of ubiquitous inflationary
pressure, supply chain constraints and other macroeconomic
headwinds. We continue to be thoughtful and purposeful about how we
are growing our business, while simultaneously managing our
investments to capture long-term value for our shareholders.”
Barrett Mooney, Chairman and CEO of AgEagle,
added, “We posted another solid quarter for Q2, building on our
momentum from the start of the year. Looking forward, we expect
another strong quarter in Q3, wherein we remain focused on clearing
backlog for our sensors, pursuing large sales opportunities for our
eBees and sensors and pressing hard on our new innovations program
with a goal of introducing next generation products to market later
this year. We remain committed to our goal of becoming cash flow
breakeven, while continuing to prudently invest in our products and
capabilities to drive profitable growth opportunities on a global
scale. ”
Second Quarter 2022 Corporate Update
Webcast
This afternoon beginning at 4:30 pm Eastern
Time, AgEagle’s leadership will host a corporate update webcast
that will be broadcast live and available for replay on
https://www.webcaster4.com/Webcast/Page/2160/46258.
If any difficulty is encountered while connecting to the webcast,
please contact Gateway Group at 949-574-3860.
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.
Forward-Looking StatementsThis
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 Group, Inc. |
media@ageagle.com |
Matt Glover or Cody Cree |
|
Phone: 949-574-3860 |
|
Email: UAVS@gatewayIR.com |
|
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