AgEagle Announces 2021 Year-End Financial Results
WICHITA, Kan., April 12, 2022 — 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 full year ended December 31, 2021.
Financial Highlights for the Twelve Months Ended December 31, 2021 Compared to Prior Year
- Total revenues rose 659% to $9.76 million from $1.29 million, due largely to revenue contributions from companies acquired by AgEagle during 2021, which included MicaSense, Measure Global and senseFly.
- Gross profit margin was 44% compared to 45%.
- Net loss available to common stockholders totaled $30.18 million, or $0.43 loss per share, compared to a net loss available to common stockholders of $14.04 million, or $0.35 loss per share in the prior year.
- Cash on hand at December 31, 2021 was $14.59 million compared to $23.94 million as of December 31, 2020.
- In January 2021, AgEagle raised net proceeds of $6.32 million in a registered direct offering with an institutional investor.
- During the period from May 29, 2021 through December 31, 2021, the Company raised approximately $30.87 million in net proceeds at stock prices between $5.00 and $6.30 per share through its ATM Offering with co-agents Stifel, Nicolaus & Company, Incorporated and Raymond James & Associates, Inc.
For more detailed information on AgEagle’s 2021 financial results, please refer to the 10-K filed with the U.S. Securities & Exchange Commission, accessible at www.sec.gov or on AgEagle’s website, www.ageagle.com.
2021 Operational Highlights
- During 2021, AgEagle successfully completed three strategic acquisitions: MicaSense in January, Measure Global in April and senseFly in October. These acquisitions served to transform the Company into one of the industry’s leading producers of UAS airframes, sensors and software for broad commercial and government/defense use. These acquisitions also brought AgEagle a highly valuable workforce comprised largely of engineers and technologists with deep expertise in the fields of robotics, automation, manufacturing and data science.
- In June, AgEagle was added to the Russell 3000® Index, which is widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
- In October, the Company’s eBee TAC Unmanned Aerial System was named to the Blue UAS 2.0 list by the Department of Defense’s Defense Innovation Unit (DIU). Subsequent to the end of 2021, the eBee TAC completed all required testing, evaluation and demonstration processes and was the first approved drone to be added to the DIU Blue Cleared List, providing clearance for procurement by the U.S. Department of Defense, including all branches of the military, as well as other federal government agencies and its allied partners.
- In October and November, AgEagle launched the next generation of its legacy RedEdge™ and Altum™ branded sensors with the introduction of the RedEdge-PT™ and the Altum-P™, representing revolutionary leaps forward in multispectral technology featuring ultra-high resolution panchromatic imaging capabilities. Global demand for the Company’s new sensors is proving to be very strong and should be key to drive AgEagle’s growth in 2022.
- In November, the Company teamed with Wing, an Alphabet subsidiary, to integrate Wing’s OpenSky airspace access app into AgEagle’s Ground Control software solution.
- Earlier in the year in 2021, the Iowa Department of Agriculture and Land Stewardship licensed AgEagle’s HempOverview™ platform to manage the state’s online registration, payment processing, comprehensive data collection and compliance oversight of hemp cultivation for the 2021, 2022 and 2023 planting seasons; and the Florida Department of Agriculture and Consumer Services (FDACS) expanded its licensing of the platform.
Barrett Mooney, Chairman and Chief Executive Officer of AgEagle, stated, “Autonomous robotics requires thoughtful architecture of hardware and software working in a coordinated effort to streamline and improve workflows and outcomes based on the valuable, actionable data-driven insight they capture and provide. It is our belief that as autonomous technology continues to evolve, AgEagle will remain at the forefront of this evolutionary process, earning distinction as a respected industry innovator and enabler through delivery of our unified line of industry trusted drones, sensors and software. Having laid a strong foundation through successful execution of our acquisition strategies in 2021, it is our belief that AgEagle will have far-reaching impact on how the industry ultimately matures and prospers.”
Corporate Update Webcast Today
As a reminder, AgEagle’s leadership will host the Company’s fourth quarter and full year 2021 corporate update via audio webcast today beginning at 4:30 PM ET.
To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2160/45102. If you have any difficulty connecting to the webcast, please contact Gateway Group at 949-574-3860. A replay of the webcast will be available on the Company’s website at https://ageagle.com/investors/#investors-presentations.
About AgEagle Aerial Systems Inc.
AgEagle is a global UAV industry pioneer engaged in delivering a unified line of high-performance drones, sensors and software that have earned the longstanding trust and fidelity of customers in more than 70 countries worldwide. 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 a broad range of commercial verticals, as well as for U.S. government agencies, all branches of the U.S. military and allied nations. For additional information, please visit our websites at www.ageagle.com.
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.
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