AgEagle Announces Third Quarter 2023 Results
14 Novembre 2023 - 10:30PM
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 announces its financial results for the three and nine months
ended September 30, 2023.
Third Quarter 2023 Financial Highlights
- Revenues totaled $3.48 million for
the three months ended September 30, 2023, decreasing 37% from
$5.49 million reported for the same three-month period in the prior
year. Nine-month revenues totaled $10.81 million in 2023, which
were down 26% from $14.62 million for the first nine 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 in conjunction with the
commercial launch of AgEagle’s new eBee VISION in
September 2023.
- Total operating expenses increased
minimally to $7.20 million from $7.23 million for the three-month
reporting periods ended September 30, 2023 and 2022. They were
reduced by 28% to $19.24 million from $24.01 million for the
comparable nine-month reporting periods.
- Loss from operations increased 14%
to $5.99 million from $5.15 million for the three months ended
September 30, 2023 and 2022, respectively; and were reduced 17% to
$15.02 million from $18.02 million for the nine months ended
September 30, 2023 and 2022, respectively.
- As of June 30, 2023, AgEagle’s cash
position was $1.6 million, which compared to cash of $4.35 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.
Third Quarter 2023 Operational Highlights
- The Company announced
that DeltaQuad, a global leader in the
development, design and production of electrical, long range
Vertical Take-Off and Landing (“VTOL”) drones, is the first to
fully integrate AgEagle’s latest sensor innovation,
the RedEdge-P™ dual,
in its
new DeltaQuad EVO.
- Commercial production of the
Company’s next generation fixed-wing unmanned aerial system,
the eBee™ VISION
commenced and orders for the systems are now being accepted.
-
Kelluu Ltd., a
privately-owned Finnish company engaged in the design, manufacture
and operation of autonomous airships for aerial environmental and
critical infrastructure monitoring and surveillance announced it
has chosen to equip its growing fleet of unmanned airships with
AgEagle’s high performance RedEdge-P™ multispectral
cameras for collection of high-quality images and sensor data.
- AgEagle completed an offering of
16,720,000 shares of common stock and 25,080,000 common stock
purchase warrants (the "common warrant") to purchase 25,080,000
shares of common stock at a combined price of $0.25 per share and
accompanying common warrants for aggregate gross proceeds of
approximately $4.2 million, before deducting placement agent fees
and other offering expenses.
Barrett Mooney, AgEagle’s Chairman and CEO,
stated, “We enter the fourth quarter of 2023 optimistic about the
Company’s long-term growth potential following the commercial
release of our new eBee VISION drone. Given the rise in
geopolitical conflicts and correlating increase in drone usage, we
believe that AgEagle is well-positioned to support the increasing
demand while remaining committed to achieving cost and productivity
efficiencies and executing ongoing product innovation and our
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.comMedia: Email: media@ageagle.com
SYSTEMS INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
As of |
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,600,143 |
|
|
|
$ |
4,349,837 |
|
Accounts receivable, net |
|
|
2,015,045 |
|
|
|
|
2,213,040 |
|
Inventories, net |
|
|
6,063,935 |
|
|
|
|
6,685,847 |
|
Prepaid and other current assets |
|
|
832,188 |
|
|
|
|
1,029,548 |
|
Notes receivable |
|
|
185,000 |
|
|
|
|
185,000 |
|
Total current assets |
|
|
10,696,311 |
|
|
|
|
14,463,272 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
597,964 |
|
|
|
|
791,155 |
|
Right of use assets |
|
|
3,498,051 |
|
|
|
|
3,952,317 |
|
Intangible assets, net |
|
|
9,242,659 |
|
|
|
|
11,507,653 |
|
Goodwill |
|
|
21,679,411 |
|
|
|
|
23,179,411 |
|
Other assets |
|
|
336,091 |
|
|
|
|
291,066 |
|
Total assets |
|
$ |
46,050,487 |
|
|
|
$ |
54,184,874 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,125,689 |
|
|
|
$ |
1,845,135 |
|
Accrued liabilities |
|
|
1,650,609 |
|
|
|
|
1,680,706 |
|
Promissory note |
|
|
2,625,000 |
|
|
|
|
287,381 |
|
Contract liabilities |
|
|
329,536 |
|
|
|
|
496,390 |
|
Current portion of lease liabilities |
|
|
840,535 |
|
|
|
|
628,113 |
|
Current portion of COVID loans |
|
|
306,722 |
|
|
|
|
446,456 |
|
Total current liabilities |
|
|
7,878,091 |
|
|
|
|
5,384,181 |
|
|
|
|
|
|
|
|
|
|
Long term portion of lease liabilities |
|
|
2,756,056 |
|
|
|
|
3,161,703 |
|
Long term portion of COVID loans |
|
|
509,184 |
|
|
|
|
446,813 |
|
Defined benefit plan obligation |
|
|
— |
|
|
|
|
106,163 |
|
Long term portion of promissory note |
|
|
1,470,000 |
|
|
|
|
1,861,539 |
|
Total liabilities |
|
|
12,613,331 |
|
|
|
|
10,960,399 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (SEE NOTE 10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
Preferred Stock, $0.001 par value, 25,000,000 shares
authorized: |
|
|
|
|
|
|
|
|
Preferred Stock, Series F Convertible, $0.001 par value, 35,000
shares authorized, 6,275 shares issued and outstanding as of
September 30, 2023, and 5,863 shares issued and outstanding as of
December 31, 2022, respectively |
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
Common Stock, $0.001 par value, 250,000,000 shares authorized,
117,878,831 and 88,466,613 shares issued and outstanding as of
September 30, 2023, and December 31, 2022, respectively |
|
|
117,880 |
|
|
|
|
88,467 |
|
Additional paid-in
capital |
|
|
167,523,676 |
|
|
|
|
154,679,363 |
|
Accumulated deficit |
|
|
(134,374,548 |
) |
|
|
|
(111,553,444 |
) |
Accumulated other
comprehensive income |
|
|
170,142 |
|
|
|
|
10,083 |
|
Total stockholders’
equity |
|
|
33,437,156 |
|
|
|
|
43,224,475 |
|
Total liabilities and
stockholders’ equity |
|
$ |
46,050,487 |
|
|
|
$ |
54,184,874 |
|
See accompanying notes to these condensed
consolidated financial statements.
AGEAGLE AERIAL SYSTEMS INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
LOSS(UNAUDITED)
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
$ |
3,483,932 |
|
|
$ |
5,490,714 |
|
|
$ |
10,819,213 |
|
|
$ |
14,620,565 |
|
Cost of sales |
|
|
2,269,858 |
|
|
|
3,407,573 |
|
|
|
6,594,973 |
|
|
|
8,622,436 |
|
Gross Profit |
|
|
1,214,074 |
|
|
|
2,083,141 |
|
|
|
4,224,240 |
|
|
|
5,998,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
3,357,550 |
|
|
|
4,175,090 |
|
|
|
10,435,834 |
|
|
|
14,093,655 |
|
Research and development |
|
|
1,368,394 |
|
|
|
1,818,540 |
|
|
|
4,320,216 |
|
|
|
6,185,777 |
|
Sales and marketing |
|
|
978,243 |
|
|
|
1,236,841 |
|
|
|
2,911,963 |
|
|
|
3,736,548 |
|
Impairment |
|
|
1,500,000 |
|
|
|
— |
|
|
|
1,579,287 |
|
|
|
— |
|
Total Operating Expenses |
|
|
7,204,187 |
|
|
|
7,230,471 |
|
|
|
19,247,300 |
|
|
|
24,015,980 |
|
Loss from Operations |
|
|
(5,990,113 |
) |
|
|
(5,147,330 |
) |
|
|
(15,023,060 |
) |
|
|
(18,017,851 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(399,651 |
) |
|
|
(6,727 |
) |
|
|
(994,751 |
) |
|
|
(29,776 |
) |
Gain (loss) on debt extinguishment |
|
|
(1,523,867 |
) |
|
|
6,486,899 |
|
|
|
(1,523,867 |
) |
|
|
6,486,899 |
|
Other income (expense), net |
|
|
(106,497 |
) |
|
|
332,110 |
|
|
|
(368,532 |
) |
|
|
27,372 |
|
Total Other Income (Expense), net |
|
|
(2,030,015 |
) |
|
|
6,812,282 |
|
|
|
(2,887,150 |
) |
|
|
6,484,495 |
|
Net Income (Loss) Before Income Taxes |
|
|
(8,020,128 |
) |
|
|
1,664,952 |
|
|
|
(17,910,210 |
) |
|
|
(11,533,356 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Income (Loss) |
|
$ |
(8,020,128 |
) |
|
$ |
1,664,952 |
|
|
$ |
(17,910,210 |
) |
|
$ |
(11,533,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Common Share – Basic |
|
$ |
(0.07 |
) |
|
$ |
0.02 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Common Share – Diluted |
|
$ |
(0.07 |
) |
|
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding During the
Period – Basic |
|
|
111,083,155 |
|
|
|
85,966,687 |
|
|
|
98,976,085 |
|
|
|
81,004,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding During the
Period – Diluted |
|
|
111,083,155 |
|
|
|
113,623,789 |
|
|
|
98,976,085 |
|
|
|
81,004,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) attributable to common
stockholders |
|
$ |
(8,020,128 |
) |
|
$ |
1,664,952 |
|
|
$ |
(17,910,210 |
) |
|
$ |
(11,533,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unrecognized periodic pension costs |
|
|
(742 |
) |
|
|
97,846 |
|
|
|
43,302 |
|
|
|
100,487 |
|
Foreign currency cumulative translation adjustment |
|
|
(7,027 |
) |
|
|
(372,368 |
) |
|
|
116,757 |
|
|
|
(220,060 |
) |
Total comprehensive income (loss), net of tax |
|
|
(8,027,897 |
) |
|
|
1,390,430 |
|
|
|
(17,750,151 |
) |
|
|
(11,652,929 |
) |
Accrued dividends on Series F Preferred Stock |
|
|
(49,122 |
) |
|
|
(94,694 |
) |
|
|
(170,277 |
) |
|
|
(94,694 |
) |
Deemed dividend on Series F Preferred Stock and warrants |
|
|
— |
|
|
|
— |
|
|
|
(4,910,894 |
) |
|
|
— |
|
Total comprehensive income (loss) available to common
stockholders |
|
$ |
(8,077,019 |
) |
|
$ |
1,295,736 |
|
|
$ |
(22,831,322 |
) |
|
$ |
(11,747,623 |
) |
See accompanying notes to these condensed
consolidated financial statements.
AGEAGLE AERIAL SYSTEMS INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(UNAUDITED)
|
|
For the Nine Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(17,910,210 |
) |
|
$ |
(11,533,356 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,125,209 |
|
|
|
3,058,741 |
|
Depreciation and amortization |
|
|
3,027,644 |
|
|
|
2,887,244 |
|
Defined benefit plan obligation and other |
|
|
(188,653 |
) |
|
|
(148,851 |
) |
Amortization of debt discount and warrant modification |
|
|
612,712 |
|
|
|
— |
|
(Loss) gain on debt extinguishment |
|
|
1,523,867 |
|
|
|
(6,486,899 |
) |
Goodwill impairment |
|
|
1,500,000 |
|
|
|
— |
|
Lease impairment charge |
|
|
79,287 |
|
|
|
|
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
223,208 |
|
|
|
(396,617 |
) |
Inventories, net |
|
|
660,208 |
|
|
|
(2,221,569 |
) |
Prepaid expenses and other assets |
|
|
237,815 |
|
|
|
22,579 |
|
Accounts payable |
|
|
264,123 |
|
|
|
(281,937 |
) |
Accrued expenses and other liabilities |
|
|
(28,133 |
) |
|
|
(193,818 |
) |
Contract liabilities |
|
|
(169,352 |
) |
|
|
(307,610 |
) |
Other |
|
|
212,606 |
|
|
|
433,357 |
|
Net cash used in operating
activities |
|
|
(8,829,669 |
) |
|
|
(15,168,736 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(95,004 |
) |
|
|
(250,379 |
) |
Payment of acquisition-related
liabilities |
|
|
— |
|
|
|
(6,610,900 |
) |
Capitalization of platform
development costs |
|
|
(297,596 |
) |
|
|
(635,568 |
) |
Capitalization of internal use
software costs |
|
|
(171,516 |
) |
|
|
(565,894 |
) |
Net cash used in investing
activities |
|
|
(564,116 |
) |
|
|
(8,062,741 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Sales of Common Stock, net of
issuance costs |
|
|
3,817,400 |
|
|
|
4,583,341 |
|
Sale of Preferred Stock,
Series F Convertible, net of issuance costs |
|
|
3,000,000 |
|
|
|
9,920,000 |
|
Exercise of stock options |
|
|
— |
|
|
|
74,350 |
|
Repayments on COVID loans |
|
|
(87,052 |
) |
|
|
(173,313 |
) |
Net cash provided by financing
activities |
|
|
6,730,348 |
|
|
|
14,404,378 |
|
|
|
|
|
|
|
|
|
|
Effects of foreign exchange
rates on cash flows |
|
|
(86,257 |
) |
|
|
(460,980 |
) |
|
|
|
|
|
|
|
|
|
Net decrease in cash |
|
|
(2,749,694 |
) |
|
|
(9,288,079 |
) |
Cash at beginning of
period |
|
|
4,349,837 |
|
|
|
14,590,566 |
|
Cash at end of period |
|
$ |
1,600,143 |
|
|
$ |
5,302,487 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Interest cash paid |
|
$ |
— |
|
|
$ |
— |
|
Income taxes paid |
|
$ |
— |
|
|
$ |
— |
|
NON-CASH INVESTING AND
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Conversion of Preferred Stock,
Series F Convertible to Common Stock |
|
$ |
7,305 |
|
|
$ |
5,950 |
|
Issuance of Restricted Common
Stock |
|
$ |
388 |
|
|
$ |
316 |
|
Dividends on Series F
Preferred Stock |
|
$ |
170,277 |
|
|
$ |
94,694 |
|
Deemed dividend on Series F
Preferred stock and warrant |
|
$ |
4,910,894 |
|
|
$ |
— |
|
Stock consideration for
senseFly Acquisition |
|
$ |
— |
|
|
$ |
3,000,000 |
|
Settlement of Common Stock
from contingent liability related to Measure |
|
$ |
— |
|
|
$ |
2,812,500 |
|
See accompanying notes to condensed consolidated
financial statements.
AgEagle Aerial Systems (AMEX:UAVS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
AgEagle Aerial Systems (AMEX:UAVS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024