AgEagle Issues Update on Successful Introduction of eBee VISION Unmanned Aerial System to Defense and Commercial Markets Worldwide

WICHITA, Kan., July 26, 2023 — 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 issued an update on the Company’s global market introduction of its latest drone innovation, the eBee VISION – the industry’s next generation in Intelligence, Surveillance and Reconnaissance (“ISR”) unmanned aerial systems (“UAS”) featuring live, 4-K resolution video imagery from a distance of up to 12 miles.

In support of its sales and pre-order efforts, AgEagle’s team has been engaged in numerous live demonstrations and intensive training sessions with officials from government and military agencies across the world seeking to leverage the power of eBee VISION in their respective drone operations. In July alone, AgEagle completed a comprehensive training session with its first European military customers, who were confirmed as eBee VISION operators and qualified trainers of new users. These new customers confirmed with AgEagle’s technical teams that all operational capabilities of the eBee VISION continue to meet and exceed performance benchmarks in scouting, surveillance, usability, fast deployment and flight time, among other use case criteria specified by the international military community.

The Company has also been working in close collaboration with its network of valued added reselling partners in France, United Kingdom, Poland, Italy and Spain, among other countries, to conduct live demonstrations and technical exchanges with prospective new customers, with emphasis on showcasing use of eBee VISION UAS for public safety and first responder missions, border patrol and a wide range of commercial applications. According to Barrett Mooney, Chairman and CEO of AgEagle, “These events have all proven successful in affirming the operational capabilities of the eBee VISION and have helped to fuel rising procurement interest and demand for our exciting new ISR solution from government and commercial prospects, alike.”

The eBee VISION delivers high resolution video imagery made possible by its 32x zoom and powerful thermal observation capabilities. Its sensor payloads are capable of detecting, tracking and geo-locating objects in both day and night conditions. Offering up to 90 minutes of flight time and the same ease-of-use that has earned AgEagle’s eBee line of UAS global industry distinction, the eBee VISION can be deployed and operated by a single person. Based on technical input gathered from early adopters and through its many product demonstrations conducted since the first of the year, AgEagle’s engineering team has continued to work on evolving and enhancing the eBee VISION to provide optimal value to its users. More specifically, feedback collected has resulted in the design of an efficient and easy-to-use user interface (“GUI”) that has been customized for defense and security needs and delivers what many have noted is the best user experience available in the market today. The evolution of eBee VISION‘s GUI has resulted in new feature enhancements such as cursor on target, target tracking, flight planning and GNSS denied flight mode.

In the coming months, AgEagle will be showcasing the eBee VISION at numerous industry events, conferences and shows, including the Commercial UAV Expo 2023 in Las Vegas in September, DSEI 2023 in London in September, and Milipol Paris 2023 in Paris, France in November.

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.com

Media:
Email: media@ageagle.com

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AgEagle Aerial Systems, Inc. Announces Pricing of $4.2 Million Registered Direct Offering and Concurrent Private Placement

WICHITA, KS / June 6, 2023 / 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 announced the pricing 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. The warrants will have an exercise price of $0.38 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.

The closing of the offering is expected to occur on or about June 8, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

The shares of common stock will be issued in a registered direct offering pursuant to an effective shelf registration statement on Form S-3 (File No. 333-252801) previously filed with the U.S. Securities and Exchange Commission (the “SEC”), under the Securities Act of 1933, as amended (the “Securities Act”), and was declared effective by the SEC on May 6, 2021. The common warrants will be issued in a concurrent private placement. A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and once filed, will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

The private placement of the common warrants will be made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and will not be registered under the Securities Act, or applicable state securities laws. Accordingly, the securities issued in the concurrent private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Media: Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

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AgEagle Announces Compliance with NYSE Guidelines on Audit Opinion Disclosure

WICHITA, KS / May 16, 2023 / 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 announced that, as previously disclosed in its annual report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission on April 4, 2023, the audit opinion contained a going concern qualification from the Company’s independent registered public accounting firm. This announcement is being made solely to comply with the New York Stock Exchange’s Company Guide Sections 401(h) and 610(b), which require separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company’s 2022 audited financial statements or to its 2022 annual report on Form 10-K.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Media: Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

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AgEagle Releases “RedEdge-P dual” High Resolution Drone Sensor

Customer-Outcome Focused Innovation Remains at the Core of AgEagle’s Product Development Strategy

WICHITA, KS / May 16, 2023 / 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 announced that it has commercially released the new RedEdge-P™ dual high resolution and RGB composite drone sensor, representing yet another AgEagle technological advancement in aerial imaging cameras, seamlessly integrating the power and performance of the RedEdge-P and the new RedEdge-P blue cameras in a single solution.

Featuring ten multispectral bands at 1.6 MP each, the RedEdge-P dual was purpose-built for mirroring Landsat 8 and Sentinel-2 satellite bands in just one drone flight and at a higher resolution of 2cm/0.8 inch per pixel at 60 meters/200 feet, enabling direct comparison between drone and satellite imagery. The RedEdge-P dual doubles analytical capabilities with the benefit of a single camera workflow. Its coastal blue band – the first of its kind in the market – was specifically designed for vegetation analysis of water bodies; environmental monitoring; water management; habitat monitoring, protection and restoration; and vegetation species and weeds identification, including differentiating and counting plants, trees, invasive species and weeds.

Michael O’Sullivan, AgEagle’s Chief Commercial Officer, stated, “Similar to our RedEdge-P and Altum-PT sensors, the RedEdge-P dual features double radiometric calibration, a panchromatic sensor for improved image resolution, a global shutter for distortion-free results and open APIs for ease of integration. Moreover, enabled by the robust capabilities of our latest innovation in multispectral sensors, researchers and agricultural enterprises can now directly compare drone and satellite imagery to model trends and better predict yields into the future.”

The RedEdge-P dual is available for order today through sales@ageagle.com and through our global reseller network.

“Technology innovation focused on enabling our customers to achieve their desired outcomes is at the core of AgEagle’s research and development efforts. We use the input collected from our commercial and government clients to uncover opportunities to meet underserved demands, and then leverage our engineering expertise to create and commercialize products that can deliver required outcomes. The RedEdge-P dual is a great example of this strategy at work,” added Barrett Mooney, Chairman and CEO of AgEagle.

Continuing, Mooney added, “When developing our latest fixed wing innovation, the eBee VISION, we spent months meeting with drone operators spanning several market sectors to fully understand their respective goals and objectives. This fact-finding mission resulted in our team inventing a number of groundbreaking advancements and engineering methodologies that have been integrated with the eBee VISION, including:

  • A smart battery gauge which we have branded as ‘Gaudos.’ Gaudos combines an ultra-precise analogic front-end sensor with a model to fully simulate the behavior of our drone battery, all in a low power micro-controller. Each of the battery’s cells is modeled to follow in real-time the battery’s state of charge, its state of health, its voltage and its reaction to constraints, allowing our customers to make the most of our energy source while in flight.
  • A smart, sensor-enabled motor controller, which minimizes torque ripple in flight, ensuring better efficiency and a quieter, more responsive motor – a mission-must for stealth surveillance operations.
  • A smart, dual-band L1 and L2 GNSS antenna, branded ‘Elixia,’ for use in transmitting eBee VISION’s high resolution video streams in real time. Further, its compact dimensions and lightweight allow it to be integrated into the fuselage of the drone, ensuring optimization of aerodynamic performance.
  • Jarvis,’ a smart, decision-making toolset AgEagle developed which enabled us to expedite the design and development of the eBee VISION. Through application of Jarvis‘ multi-fidelity analysis tools, we were able to properly discern optimal design metrics, as well as analyze flight duration, best flight speed, rate of climb and maneuverability – all in real-time, helping us to advance through our prototyping processes in a highly efficient, cost-effective manner.”

“Through execution of our customer outcome-centric product development strategy, and as evidenced by the numerous UAS innovations that we have rolled out over the past year, AgEagle is greatly benefiting from our cross-functional teams and their deep technology expertise,” concluded Mooney.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Media:

Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
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AgEagle Announces First Quarter 2023 Results

WICHITA, KS / May 15, 2023 / AgEagle Aerial Systems Inc. (NYSE American:UAVS) (“AgEagle” or the “Company”), an industry-leading company engaged in designing and delivering best-in-class drones, sensors and software, for commercial and government use, today announced its financial results for the three months ended March 31, 2023.

Financial Highlights for the Comparable Three Months Ended March 31, 2023 and 2022

  • Revenues increased 6% to $4.06 million, up from $3.84 million.
    • Revenue growth was attributable to continued, strong global demand for Altum-PT™ and RedEdge-P™ multispectral sensors, with sensor sales climbing 111% to $1.97 million from $0.93 million.
  • Gross profit rose 45% to $1.98 million from $1.36 million, and gross margin increased to 49% from 36%.
  • Total operating expenses declined 31% to $6.14 million from $8.85 million.
  • Loss from operations dropped 44% to $4.16 million from $7.48 million.
  • Net loss attributable to common stockholders decreased 39% to $4.60 million, or $0.05 loss per share, from $7.60 million, or $0.10 loss per share.

As of March 31, 2023, AgEagle’s cash position was $2.85 million and its total stockholders’ equity was $42.17 million. This compared to cash of $4.35 million and stockholders’ equity of $43.22 million as of December 31, 2022.

Nicole Fernandez-McGovern, AgEagle’s Chief Financial Officer and Executive Vice President of Operations, stated, “AgEagle delivered strong operating performance, showing good revenue growth matched by a solid reduction in operating expenses due to continued success of our consolidation and integration strategy across our three core business segments. While inflationary pressures and supply chain constraints have yet to subside, we also drove a notable improvement in our gross margin this quarter compared to the same period last year, which rose over 1,300 basis points. Looking ahead, we will continue to lean on our productivity and cost savings initiatives, while strategically investing in future growth platforms that we believe will expand our presence in the global UAS marketplace and accelerate our ability to achieve cash flow breakeven.”

For more detailed information about the Company’s financial performance for the first quarter of 2023, please refer to the Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission earlier today and accessible on www.sec.gov or www.ageagle.com.

Q1 2023 Operational Highlights and Recent Developments

  • In February 2023, FEDS, one of the leading drone services companies in the Middle East and value added reseller of AgEagle’s high performance unmanned aerial systems (“UAS”), won a tender for multiple eBee X™ drones and sensors for use in environmental mapping operations in the Kingdom of Saudi Arabia.
  • In late March 2023, three branches of European military forces took delivery of the Company’s newest fixed-wing innovation, the eBee™ VISION – the next generation in Intelligence, Surveillance and Reconnaissance UAS pioneered by AgEagle.
  • In April 2023, the Company was awarded a Multiple Award Schedule Contract by the General Services Administration, which is the centralized procurement arm of the U.S. federal government.
  • In April 2023, AgEagle won a federal contract from the U.S. Department of Defense’s (“DoD”) Defense Innovation Unit to produce and deliver eBee VISION fixed-wing drones and customized command and control software that proves compatible and is in full compliance with the DoD Robotic and Autonomous System-Air Interoperability Profile.
  • In May 2023, the Company signed a $2 million, two-year supply agreement with Wingtra AG, securing the supply of RedEdge-P sensor kits for integration with WingtraOne™ Vertical Take-Off and Landing drones.

“In Q1 2023, we delivered strong performance across our core operating and financial metrics – with demand for our sensors more than doubling our comparable quarter-over-quarter results for this business segment,” said Barrett Mooney, Chairman and CEO of AgEagle. “We believe that the upward trend we are seeing with our sensors will continue and likely gain further momentum in the quarters ahead. In our flight hardware segment, we intend to remain focused on driving market awareness and adoption of our new eBee VISION among commercial, government and military drone operators worldwide, while also capitalizing on prevailing sales opportunities for our new Field Check for Measure Ground Control software innovation. Overall, 2023 has started out well, and we expect to continue executing our financial and operational strategies as we advance through the year.”

Corporate Update Webcast

As a reminder, AgEagle’s leadership will host a corporate update with the investor community tomorrow, May 16, 2023, beginning at 4:30 p.m. Eastern Time.

To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2160/48375. The corporate update will be broadcast live and available for replay via the same link following the conclusion of the webcast.

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:
Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Media:
Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/754890/AgEagle-Announces-First-Quarter-2023-Results

AgEagle to Host First Quarter 2023 Results Corporate Update on Tuesday, May 16, 2023 at 4:30 PM ET

WICHITA, KS / May 9, 2023 / 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, will host a webcast on Tuesday, May 16, 2023 at 4:30 p.m. Eastern Time to discuss recent operational developments and its financial results for the first quarter ended March 31, 2023.

AgEagle CEO Barrett Mooney and CFO Nicole Fernandez-McGovern will host the corporate update. Investors and analysts are encouraged to submit questions they would like management to address during the discussion via email to UAVS@gatewayir.com by Friday, May 12, 2023 at 5:00 p.m. Eastern time.

Webcast Date: Tuesday, May 16, 2023

Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)

Webcast Link: https://www.webcaster4.com/Webcast/Page/2160/48375

The corporate update will be broadcast live and available for replay via the link above. If you have any difficulty connecting to the webcast, please contact Gateway Group at 949-574-3860.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayir.com

Media:

Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/753680/AgEagle-to-Host-First-Quarter-2023-Results-Corporate-Update-on-Tuesday-May-16-2023-at-430-PM-ET

AgEagle Signs $2M Agreement with Wingtra Guaranteeing Delivery of RedEdge-P Sensor Kits

Leading Panchromatic Camera Kit Integrated with WingtraOne Gen II VTOL Drone
Provides Users with Optimal Spectral and Spatial Resolution for Commercial Aerial Mapping

WICHITA, KS / May 2, 2023 / 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 announced that it has signed a two-year supply agreement with Wingtra AG, securing the supply of RedEdge-P™ sensor kits for integration with WingtraOne™ Vertical Take-Off and Landing (“VTOL”) drones.

Pursuant to the agreement, AgEagle has guaranteed production and delivery of RedEdge-P sensors kitted with its MicaSense Calibrated Reflectance Panel 2, RedEdge-P Lens Cover, CF Express Storage Card, CF Express Storage Card Reader, MicaSense DLS2 and MicaSense WiFi Dongle (collectively, the “RedEdge-P Sensor Kits”) to Wingtra over the next two years.

Maximilian Boosfeld, Founder and CEO of Wingtra, stated, “We have been very pleased to offer AgEagle’s MicaSense sensors as integrated payloads on our WingtraOne VTOL drones for the past several years. We believe that the combination of our WingtraOne Gen II with AgEagle’s RedEdge-P provides our valued customers with the highest possible accuracy, efficiency and cost-effectiveness in their commercial drone operations. This is particularly useful for those seeking to materially benefit from unprecedented, plant-level detail and high precision resolution in their commercial agriculture, forestry, environmental research and water management applications. Add to this WingtraOne’s fast coverage even for large areas, easy setup and high accuracy data, and we now offer an all-in-one solution for a wide range of projects.”

The rugged RedEdge-P is an AgEagle sensor innovation introduced to market in late 2021, which features a high-resolution panchromatic band for pan-sharpened output resolutions of 2cm/0.8 inches at 60 meters/200 feet. It enables pixel-aligned outputs at previously unattainable resolutions while delivering optimal efficiency and reliability, opening the door to season-long comprehensive plant canopy analysis at all growth stages.

“AgEagle is very proud to have Wingtra as one of our trusted sensor integration partners which shares our same commitment to quality, performance and excellence in the products we are pioneering and to the mission of advancing the growth of the commercial unmanned aerial system (“UAS”) market. In addition to representing more than $2.0 million in new revenue to AgEagle over the next two years, this agreement supports our belief that mainstream adoption of UAS on a global scale will only be possible if the world’s leading providers of drone solutions work together to deliver technologies and capabilities that benefit commercial drone operators,” said Barrett Mooney, Chairman and CEO of AgEagle.

About Wingtra AG

Headquartered in Switzerland with offices in the United States and Croatia, Wingtra is the world’s leading VTOL (vertical take-off and landing) drone producer for mining, construction and infrastructure and urban planning and land management industry professionals. Since its market entry in early 2017, Wingtra has partnered with more than a 100 of the biggest equipment dealers and has been selling mapping drones globally ever since. For more information, please visit www.wingtra.com.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Media:

Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/752249/AgEagle-Signs-2M-Agreement-with-Wingtra-Guaranteeing-Delivery-of-RedEdge-P-Sensor-Kits

AgEagle Wins Contract from U.S. Department of Defense’s Defense Innovation Unit to Equip eBee VISION with RAS-A IOP Compliant Ground Control Capabilities

WICHITA, KS / April 27, 2023 / 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 announced that the Company has won a federal contract from the U.S. Department of Defense’s (“DoD”) Defense Innovation Unit (“DIU”) to produce and deliver eBee™ VISION fixed-wing drones and customized command and control software that proves compatible and is in full compliance with the DoD Robotic and Autonomous System-Air Interoperability Profile (“RAS-A IOP”).

Through the DIU’s Commercial Solutions Opening process, it competitively solicits proposals for innovative solutions that accelerate attainment of defense capabilities for its DoD partners. AgEagle is among a small group of BlueUAS-approved, commercial drone manufacturers awarded contracts for this project, whereby the DIU will ultimately screen, analyze and approve RAS-A compliant commercial small unmanned aerial systems (“sUAS”) for onboarding into the DoD. DIU will support these systems through a supply chain prototype analysis for NDAA compliance, cyber-vulnerability penetration testing, the United States Air Force Authority to Operate process, and the U.S. Navy Interim Flight Clearance process. Once these administrative requirements are completed, approved sUAS should no longer require “Exception to Policy” requests for DoD users to procure and use.

RAS-A IOP is a ground control link protocol that was developed to enable secure, standardized interoperability between diverse sUAS approved for use by U.S. federal government agencies, including models from different manufacturers and of different types, such as fixed-wing, rotary wing and vertical take-off and landing (VTOL). AgEagle will support software development and integration efforts to securely connect and bridge both the eBee VISION unmanned aerial system (“UAS”) with specific government networks.

The eBee VISION is AgEagle’s latest innovation in autonomous robotics and joins the Company’s line of proven, high performance eBee photogrammetry solutions. The eBee VISION delivers high resolution, medium-range video imagery made possible by its 32x zoom and powerful thermal observation capabilities. Its sensor payloads are capable of detecting, tracking and geo-locating objects in both day and night conditions. Offering up to 90 minutes of flight time and the same ease-of-use that has earned AgEagle’s eBee line of drones industry distinction, the eBee VISION can be deployed and operated by a single person.

Barrett Mooney, Chairman and CEO of AgEagle, stated, “We are very proud to have been awarded this key government contract from the DIU in support of its mission to field and scale transformational commercial technologies across the U.S. military at commercial speed. It is a true testament to AgEagle’s historical success in developing and bringing to market highly innovative drone-enabled solutions designed to meet and exceed the needs of our customers. As global threats continue, so, too, will AgEagle works towards ensuring that our military forces are equipped with the most advanced UAS possible.”

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayir.com

Media:

Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems Inc.

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AgEagle Awarded Five-Year Multiple Award Schedule Contract by US Governments General Services Administration (“GSA”)

Allows Company to Sell Unmanned Aerial Systems (“UAS”) Directly to Federal Department of Defense and Government Agencies Nationwide

WICHITA, KS / April 25, 2023 / 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 announced it has been awarded a Multiple Award Schedule (“MAS”) Contract (#47QSWA23D0050) by the General Services Administration (“GSA”), which is the centralized procurement arm of the federal government.

According to Barrett Mooney, Chairman and CEO of AgEagle, “The GSA MAS Contract marks another critical milestone for AgEagle as we advance our efforts to achieve deeper penetration of the government sector; and it reflects the exceptionally hard work of AgEagle’s team, alongside GSA procurement officials, necessary to secure this award. To support this exciting growth initiative, we have recruited a new Director of Government Sales, who is charged with accelerating direct purchasing of our UAS solutions by government buyers nationwide.”

The GSA Schedule Contract is a highly coveted award in the government contracting space and is the result of a rigorous proposal process involving the demonstration of products and services in-demand by government agencies, and the negotiation of their prices, qualifications, terms and conditions. Contractors selling through the GSA Contract are carefully vetted and must have a proven track record in the industry.

“AgEagle is committed to providing our customers – both commercial and government, alike – with the industry’s most innovative UAS solutions, matched with incomparable customer service and attention. We look forward to working with our expanding base of government clients to best leverage the power, efficiency and cost effectiveness of autonomous flight to achieve a wide range of key objectives, including aerial mapping, surveillance, disaster relief, search and rescue, and so much more,” concluded Mooney.

For more information, please contact gov@ageagle.com.

About AgEagle Aerial System 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:
Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayir.com

Media:
Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/751004/AgEagle-Awarded-Five-Year-Multiple-Award-Schedule-Contract-by-US-Governments-General-Services-Administration-GSA

AgEagle Announces 2022 Year-End Financial Results

Company’s Leadership to Host Corporate Update Via Live Audio

Webcast Today at 4:30 PM ET

WICHITA, KS / April 4, 2023 / 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 announced its financial results for the full year ended December 31, 2022.

Financial Highlights for the Twelve Months Ended December 31, 2022 Compared to Prior Year

  • Total revenues nearly doubled, rising 96% to $19.1 million from $9.8 million.
    • Sales of the Company’s proprietary line of eBee-branded fixed wing drones and related equipment increased 305% to $9.8 million from $2.4 million.
    • Strong demand for the Company’s Altum-PT and RedEdge-P multispectral cameras drove sensor sales up 27% to $8.7 million from $6.8 million.
    • Software-as-a-Services (“SaaS”) sales also improved, increasing 11% to approximately $600,000 from approximately $538,000.
  • Gross profit margin remained stable at 43% compared to 44%.
  • Net loss totaled $58.3 million compared to $30.1 million after factoring a $42 million non-cash goodwill impairment charge in 2022 associated with the Company’s SaaS and drone reporting units and a $12 million non-cash impairment charge in 2021 relating to its SaaS reporting unit. In addition, the 2022 net loss was impacted by greater operating and transactional costs as a result of the acquisitions completed during the 2021 fiscal year. This was partially offset by a $6.5 million non-cash gain on debt extinguishment associated with reductions of holdback liabilities realized in the third quarter of 2022 in connection with the Company’s acquisitions of senseFly and MicaSense in the prior year.
  • Cash on hand as of December 31, 2022 was $4.4 million compared to $14.6 million as of the end of 2021. Cash provided by AgEagle’s equity financing activities totaled $17.9 million in 2022 compared to $45.6 million raised in 2021.

For more detailed information on AgEagle’s 2022 financial results, please refer to the Company’s Annual Report on Form 10-K, which will soon be filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov and on AgEagle’s website, www.ageagle.com.

Nicole Fernandez-McGovern, Chief Financial Officer and Executive Vice President of Operations, stated, “2022 marked another year of notable progress with continued momentum in market adoption of our next-generation autonomous solutions, matched by steady execution of our growth strategies. As we look ahead to 2023, we anticipate that AgEagle will continue to increase sales, expand margins and capitalize on the flow through of material cost savings resulting from the consolidation of our operations and business units this past year.”

2022 Operational Highlights and Recent Developments

  • In March 2022, AgEagle’s NDAA compliant eBee TACwas the first approved small unmanned aerial system (“UAS”) to be designated as Blue UAS cleared by the Defense Innovation Unit (“DIU”) for procurement by the U.S. Department of Defense, including all branches of the military, as well as by other U.S. government agencies.
  • In June 2022, the Company’s eBeeX was the industry’s first drone to receive a Design Verification Report from the European Union Aviation Safety Agency, paving the way for European drone operators in 27 European Union Member States, Iceland, Liechtenstein, Norway and Switzerland to seek approvals from their applicable national aviation authorities to use the eBee X to fly Beyond Visual Line of Sight (“BVLOS”) missions and conduct Operations Over People (“OOP”).
  • In July 2022, AgEagle entered into waiver agreements pursuant to which the Company was released from 50% of its payment obligations relating to holdback amounts in connection with the acquisitions of MicaSense and senseFly in 2021, thereby settling more than $7.4 million in debt obligations at a significant and beneficial discount.
  • In October 2022, the Company announced that is eBee X series of drones were the first and only Category 3 Small Unmanned Aerial Systems (sUAS) to be approved by the U.S. Federal Aviation Administration for OOP and Operations Over Moving Vehicles in the United States.
  • In December 2022, AgEagle introduced its new eBee VISION UAS, providing next generation, real-time, 4K resolution video surveillance capabilities to military, public safety and commercial drone operators worldwide. Last week, AgEagle announced that three branches of European Armed Forces took delivery of eBee VISION units. The Company further revealed that it is currently conducting on-site demonstrations of the eBee VISION for military forces and government agencies in the United States and NATO countries in anticipation of scaled commercial availability in mid-2023.
  • In February 2023, AgEagle’s value added reseller FEDS, one of the leading drone services companies in the Middle East, won a tender for multiple eBee X drones and sensors for use in environmental mapping operations in the Kingdom of Saudi Arabia.
  • Earlier this week, the Company unveiled its new Field Check solution for its Measure Ground Control mobile app and announced new pricing tiers for the software. Field Check’s unique feature set enable users to review and validate the quality of their drone-captured imagery on-site. It saves users time and mitigates the costs of project reworks by ensuring data capture that is complete and ready for processing into high-resolution outputs before leaving a site.

“AgEagle continues to make great strides in earning distinction as a drone company that commercial and government organizations worldwide rely on to supply them with numerous competitive advantages and operational benefits afforded by advanced unmanned aerial systems,” said Barrett Mooney, AgEagle Chairman and CEO. “Our hard work during the past year, our global network of resellers and business partners, and continued innovation of our full stack of leading-edge UAS solutions are enabling AgEagle to meet the needs of our customers and the evolving demands of a growing industry. As we further consolidate our operations and continue to capitalize on sales momentum in the commercial and government markets, we believe AgEagle is well-positioned for continued success in 2023 and beyond.”

Corporate Update Webcast Details

As a reminder, AgEagle’s leadership will host the Company’s 2022 Year-End Corporate Update via live audio webcast today, April 4, 2023, beginning at 4:30 p.m. ET/1:30 p.m. PT. To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2160/47760. If you have any difficulty connecting to the webcast, please contact Gateway Group at 949-574-3860. A replay of the discussion will be available on the Company’s website at https://ageagle.com/investors/presentations/ within 24 hours following the conclusion of the live event.

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:

Gateway Investor Relations
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayir.com

Media:

Email: media@ageagle.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/747598/AgEagle-Announces-2022-Year-End-Financial-Results