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    AgEagle Announces Third Quarter 2023 Results

    11/14/23 4:30:00 PM ET
    $UAVS
    Aerospace
    Industrials
    Get the next $UAVS alert in real time by email

    WICHITA, Kan., Nov. 14, 2023 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE: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: [email protected]

    Media: 

    Email: [email protected]

    SYSTEMS INC. AND SUBSIDIARIES

    CONDENSED 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 SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (UNAUDITED)

      For the Three Months Ended

    September 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 SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

      For the Nine Months Ended

    September 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.



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