AgEagle Announces First Quarter 2022 Results
May 17 2022 - 8:30AM
AgEagle Aerial Systems Inc. (NYSE American:
UAVS) (“AgEagle” or the “Company”), a leading provider of a unified
line of industry trusted drones, sensors and software, today
announced its financial results for the three months ended March
31, 2022.
Financial Highlights for the Comparable
Three-Month Periods Ended March 31, 2022 and March 31,
2021
- 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% in
Europe, Middle East and Africa; 12% in Asia Pacific and 1% in other
regions worldwide.
- 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 of March 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 of December 31, 2021.
- During the three months ended March
31, 2021, the Company raised an additional $4.58 million through
its ATM Offering with co-agents Stifel Nicholas & Company,
Incorporated and Raymond James & Associates, Inc.
Commenting on the results, Nicole
Fernandez-McGovern, Chief Financial Officer and Executive Vice
President of Operations at AgEagle, said, “We are pleased with the
growing global demand from our network of over 150 resellers and
from direct customers for AgEagle’s expanding line of drones,
sensors and software solutions. However, supply chain challenges
and inflationary pressures impacted our ability to convert order
book sales into reported revenues during the first quarter of this
year. We do expect to alleviate our current supply chain issues as
we progress through the year through innovation and access to
alternative supply channels worldwide. Despite the supply chain
challenges impacting the start of the year, we continue to believe
that 2022 will prove to be a record year of organic growth for
AgEagle.”
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 promoted Edouard 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 the U.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
$41.30 billion by 2026, growing at a Compound Annual Growth Rate of
9.4% with top commercial drone applications being in Energy,
Construction and Agriculture, and the most popular application
methods being mapping & surveying and inspection.
AgEagle Chairman and CEO Barrett Mooney, stated,
“Our first quarter results reflect the emphasis we have placed on
pioneering new research and development, and on addressing the
current market challenges with launching new innovative products.
We continue to execute on our key strategic growth initiatives
designed to position AgEagle as a trusted and reliable source for
an even broader line of autonomous robotics solutions and services
moving forward. There is prevailing demand for our products
quantified by the volume of orders we continue to receive. I am
confident in the groundwork we have laid over this last quarter in
creating a solid foundation for continued growth this year.”
For more details relating to the Company’s first
quarter 2022 results, please refer to the 10-Q filed with the U.S.
Securities and Exchange Commission and accessible at
www.sec.gov or on AgEagle’s website at
www.ageagle.com.
Corporate Update WebcastGiven
AgEagle’s leadership team recently held a corporate update webcast
on April 12, 2022, the Company will not be holding an update
webcast to discuss its financial results for the first quarter
ended March 31, 2022. AgEagle’s leadership team anticipates holding
a corporate update webcast in August 2022 when the Company expects
to report its financial results for the second quarter ended June
30, 2022.
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 commercial and government customers
worldwide. For additional information, please visit our
website 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 Investor Relations |
media@ageagle.com |
Matt Glover or Cody Cree |
|
Phone: 949-574-3860 |
|
Email: UAVS@gatewayIR.com |
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