AgEagle Unveils Field Check – Designed to Meet Critical Demand from Commercial Drone Operators for Capturing Target Imagery Right the First Time

WICHITA, KS / April 3, 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 released Field Check for the Measure Ground Control mobile app and announced new pricing tiers for the software.

Measure Ground Control is a complete Software-as-a-Service solution for drone program management that is available as a web app and mobile app for both iOS and Android devices. The software’s capabilities include mission and equipment management, flight control, data processing and analysis, secure data storage and sharing, online collaboration and reporting.

Field Check’s unique feature set enables users to review and validate the quality of their drone-captured imagery on-site. Capturing target imagery right the first time in one trip to a project site allows users to eliminate time loss and costs associated with project reworks by ensuring data capture is complete and ready for processing into high-resolution outputs before leaving a site.

AgEagle also introduced new subscription pricing tiers for Measure Ground Control software, tailored to users ranging from individuals and small drone businesses to enterprises. A new Basic subscription plan has been added, the Pro and Teams pricing has been updated, and annual plans at reduced rates have been introduced.

“Reflecting our software development team’s superb problem-solving capabilities, Field Check provides our clients with a competitive edge in their drone operations and across the industries they serve by avoiding project repeats and downtime due to data processing errors or poor image quality,” stated Barrett Mooney, AgEagle Chairman and CEO. “We expect that Field Check will change the way our customers work and set AgEagle’s software apart from other solutions on the market.”

For more detailed information about Measure Ground Control, Field Check and the new pricing options, please click here.

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/747222/AgEagle-Unveils-Field-Check–Designed-to-Meet-Critical-Demand-from-Commercial-Drone-Operators-for-Capturing-Target-Imagery-Right-the-First-Time

European Military Forces Take Delivery of AgEagle’s eBee VISION Drones

With Commercial Availability on Pace for Mid-2023, AgEagle Continues Live Demonstrations and Early Deliveries of Innovative New Intelligence, Surveillance and Reconnaissance Drone for Government and Armed Forces Throughout U.S. and Europe

WICHITA, KS / March 30, 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 three branches of European military forces have taken delivery of the Company’s newest fixed-wing drone innovation, the eBee™ VISION – the next generation in Intelligence, Surveillance and Reconnaissance (“ISR”) unmanned aerial systems (“UAS”) pioneered by AgEagle.

The rugged eBee VISION drone delivers live, 4K-resolution video imagery from a distance of up to 12 miles, which is made possible by its powerful 32x zoom and thermal observation capabilities. Its sensor payloads are designed to detect, track and geo-locate 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 fixed wing UAS global industry distinction, the eBee VISION can be quickly deployed (in under three minutes) and operated by a single person. Designed, developed and manufactured by AgEagle’s world class team in Lausanne, Switzerland, the eBee VISION is NDAA compliant, weighs less than 3.5 pounds/1.6 kilograms and can be carried in a backpack, providing optimal mobility for military troops in tactical environments.

Barrett Mooney, AgEagle Chairman and CEO, stated, “We remain firmly on pace to achieve commercial production of eBee VISION drones at scale by mid-2023. In anticipation of meeting this goal, we have teams hosting live demonstrations of eBee VISION prototypes for officials of government and military agencies in Austria, the Baltics, Italy, Poland, Spain and across the United States over the next several weeks and months. The feedback that we have been receiving from our early adopters leads us to believe that the eBee VISION will indeed prove to be a true gamechanger for tactical ISR missions and a myriad of commercial and public safety applications.”

For more information, to pre-order units or to book a live demonstration of the eBee VISION, please click here.

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, and is subject to the safe harbors created by those sections. 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/746648/European-Military-Forces-Take-Delivery-of-AgEagles-eBee-VISION-Drones

AgEagle to Host 2022 Yearend Results Corporate Update on Tuesday, April 4, 2023 at 4:30 PM ET

WICHITA, KS / March 23, 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/defense use, will host a webcast on Tuesday, April 4, 2023 at 4:30 p.m. Eastern Time to discuss recent operational developments and its financial results for the full year ended December 31, 2022.

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, March 31, 2023 at 5:00 p.m. Eastern time.

Webcast Date: Tuesday, April 4, 2023
Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)
Webcast Link: https://www.webcaster4.com/Webcast/Page/2160/47760

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/745362/AgEagle-to-Host-2022-Yearend-Results-Corporate-Update-on-Tuesday-April-4-2023-at-430-PM-ET

AgEagle Announces Demand for eBee X Unmanned Aerial Systems On the Rise from Customers in the Middle East

WICHITA, KS / February 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 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”), has recently won a tender for multiple eBee X™ drones and sensors for use in environmental mapping operations in the Kingdom of Saudi Arabia.

Scott Henderson, FEDS Head of Sales, stated, “FEDS has shared a longstanding commitment with the team at AgEagle to bring the best fixed wing drone technology to the Middle East. We are proud to be assisting in the deployment of eBee-X drones, together with AgEagle’s Duet M and Duet T sensor payloads, for a prestigious client in Saudi Arabia. They chose the eBee X systems to maximize workforce efficiency, reduce operational costs and provide crucial agricultural data, among other key objectives.”

AgEagle’s eBee X was also showcased at the Oman Desert Manufacturer Field Trials conducted in Muscat earlier this week. The ongoing testing project, organized by the United Nations’ Food and Agriculture Organization and Oman’s Ministry of Agriculture, Fisheries and Water Resources, aims to determine the capabilities of using drones to control the spread of desert locusts in remote areas and prevent the loss of agricultural crops in the country.

Michael O’Sullivan, Chief Commercial Officer of AgEagle, noted,Over the past year, we have begun seeing a notable uptick in interest and adoption of our eBee fixed wing drones by customers throughout the Middle Eastern region for a broad range of commercial and civil use applications, including aerial mapping, surveying, monitoring and public safety, among others. We are also proud to report that eBee-X and e-Bee TAC™ units are also being deployed to Turkey to aid ongoing search and rescue missions resulting from the devastating earthquakes that struck the region last week.”

Sold worldwide through AgEagle’s direct sales team and global network of trusted resellers, the Company’s eBee line of commercial and tactical UAS have logged more than 500,000 flight hours on more than one million successful missions over the past decade.

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/739547/AgEagle-Announces-Demand-for-eBee-X-Unmanned-Aerial-Systems-On-the-Rise-from-Customers-in-the-Middle-East

AgEagle Announces Voting Results of Special Meeting of Shareholders Held on Friday, February 3, 2023

Company Reports No Reverse Stock Split at this Time

WICHITA, KS / February 7, 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/defense use, today announced the voting results of its Special Meeting of Shareholders (“Special Meeting”) held on February 3, 2023.

At the Special Meeting, shareholders approved the proposal to provide for the issuance of shares of the Company’s Common Stock representing more than 20% of the Common Stock outstanding upon the purchase of the Company’s Series F Convertible Preferred Stock, convertible into shares of Common Stock and warrants exercisable for shares of Common Stock.

The Company did not obtain the number of votes required from the shareholders to approve the proposal to reverse split the Common Stock. Therefore, there will be no reverse stock split at this time.

Barrett Mooney, Chairman and Chief Executive Officer of AgEagle, noted, “We are very pleased to have won the support and approval from our shareholders on the proposal for share issuance, giving our Company the ability to raise additional capital as we continue to execute our business plan and growth strategies.”

For further details relating to the vote results of the Special Meeting, please refer to the Form 8-K to be filed with the U.S. Securities and Exchange Commission later today and found at www.sec.gov.

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/738302/AgEagle-Announces-Voting-Results-of-Special-Meeting-of-Shareholders-Held-on-Friday-February-3-2023

AgEagle Introduces the New eBee VISION Intelligence, Surveillance and Reconnaissance Drone

WICHITA, KS / December 13, 2022 / 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/defense use, today announced its introduction of the new eBee VISION, a small, fixed-wing unmanned aerial system (“UAS”) designed to provide real-time, enhanced situational awareness for critical Intelligence, Surveillance and Reconnaissance (“ISR”) missions.

Scheduled for global commercial release in 2023, 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 expect that our new ISR UAS will offer a great benefit to many industries and government agencies. The eBee VISION has been tailor-made to support the rapid collection of data related to the status of critical infrastructure and assets in the field. We believe this product will have a great impact on those engaged in first response, public safety, infrastructure surveillance, military and defense – for which, time is vital in critical decision-making.”

Designed, developed and manufactured by AgEagle’s research and development team in Switzerland, the eBee VISION is NDAA compliant, weighs less than 3.5 pounds/1.6 kilograms and can be carried in a backpack.

In December 2022, eBee VISION prototypes were successfully tested by European Armed Forces. According to an official from a UAV experimentation unit of a European military force present at the testing, “eBee VISION‘s specifications fill the gap between low endurance quadcopters and large military fixed-wing drones. The small size, lightweight, ease-of-use, autonomy, range and sensor capabilities make it a promising drone for tactical ISR missions.”

As a result of the tests, European military has ordered multiple eBee VISION prototypes, with delivery expected in early 2023. Commercial production of eBee VISION is planned for worldwide availability in mid-2023 worldwide. Additional demonstrations with other military forces in the United States and NATO countries are being scheduled for the first quarter of 2023.

The eBee VISION is AgEagle’s latest innovation in automatic robotics and joins the Company’s line of proven, high performance eBee photogrammetry solutions. AgEagle continues to offer the groundbreaking eBee X, which has received notable regulatory approvals such as Operations Over People in the United States, Canada, Brazil and the European Union, and the eBee TAC, which is Blue UAS certified by the Defense Innovation Unit of the U.S. Department of Defense.

For more detailed information on the eBee VISION, please click here.

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

AgEagle Announces Appointment of Kelly Anderson, CPA to the Board of Directors

AgEagle Announces Appointment of Kelly Anderson, CPA to the Board of Directors

WICHITA, KS / December 7, 2022 / 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/defense use, today announced the appointment of Kelly Anderson, CPA as a new independent member of AgEagle’s Board of Directors, effective today, December 5, 2022. Anderson will also serve as Chairperson of the Audit Committee and as a member of both the Compensation Committee and Nominating and Corporate Governance Committee of the Board, effective December 5, 2022.

“We are very pleased to welcome Kelly to the AgEagle Board,” stated Barrett Mooney, Chairman and CEO of AgEagle. “Her deep operating expertise and 25+ years of experience in public company finance, accounting and corporate governance make her an ideal addition to our Board. We fully expect that she will prove to be invaluable to AgEagle as we continue to expand our leadership position in the global autonomous robotics industry.”

Over the course of her career holding key financial leadership positions, Anderson has had a material impact on companies ranging in size from $5 million to $8 billion in annual revenues. She has successfully completed IPOs, up-listings and reverse merger go-public transactions; executed and integrated hundreds of mergers and acquisitions; and led capital formation efforts that have yielded hundreds of millions of dollars via equity and debt transactions.

Anderson currently serves as CEO of CXO Executive Solutions, a specialized executive talent solutions company she founded in 2020. She was previously a partner in C Suite Financial Partners, a financial consulting firm serving private, private equity, entrepreneurial, family office and government-owned firms across the entertainment, aerospace/defense, Software-as-a-Service and manufacturing industries. Anderson previously served in senior financial executive posts at notable companies, including Mavenlink (now known as Kantata), Ener-Core (OTC: ENCR), Fisker Automotive (NYSE:FSR), T3 Motion and The First American Corporation (NYSE: FAF). Anderson also currently serves as a member of the Board of Directors of Tomi Environmental Solutions (Nasdaq: TOMZ) and Concierge Technologies and has previously held board seats at Guardion Health Sciences (Nasdaq: GHSI) and Psychic Friends Network (OTC:PTOP). She is a Certified Public Accountant in California and graduated from California State University, Fullerton with a Bachelor of Arts degree in Business Administration.

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/730552/AgEagle-Announces-Appointment-of-Kelly-Anderson-CPA-to-the-Board-of-Directors

AgEagle Announces Third Quarter 2022 Financial Results
  • Total Revenues Climb 172% and 158% for the Three and Nine-Month Reporting Periods, Respectively
  • Gain on Extinguishment of $6.5 Million in Debt Results in Net Income of $1.7 million for Third Quarter 2022 – Up from Net Loss of $3.8 Million for Third Quarter of 2021

WICHITA, KS / November 15, 2022 / 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/defense use, today announced its financial results for the three and nine months ended September 30, 2022.

Nicole Fernandez-McGovern, AgEagle’s CFO and EVP of Operations, stated, “Overall, we are very pleased with our strong third quarter results, which reflected robust sales growth from our three primary product lines – drones, sensors and software. Meeting global demand for AgEagle’s best-in-class drone solutions from both the commercial and government/defense industries, perpetuating our worldwide regulatory initiatives and successfully implementing strategic cost-reduction initiatives across our enterprise, have and will continue to be strategic priorities for our Company moving forward. We’ve made material progress on these fronts in 2022 and expect our efforts will continue to yield even stronger financial performance in the quarters ahead of us.”

Financial Highlights for the Comparable Three Months Ended September 30, 2022 and 2021

  • Revenues increased 172% to $5.5 million from $2.0 million.
    • Sales of the Company’s line of eBee™ fixed wing drones totaled $2.1 million, which compared to $0 in the prior year’s comparable three-month period due to the timing of the acquisition of senseFly, which occurred in October 2021.
    • Revenue growth was also positively impacted by continued strong demand for AgEagle’s Altum-PT™ and RedEdge-P™ multispectral sensors, which resulted in total sensor sales rising 71% to $3.3 million from $1.9 million.
    • SaaS subscription sales for the Company’s Measure Ground Control and HempOverview™ software solutions also increased, rising 36% to $153,000 from $112,000.
  • Loss from operations totaled $5.2 million compared to $3.8 million due to higher general and administrative expenses and sales and marketing costs associated with the acquisition of senseFly, coupled with higher research and development costs stemming from the Company’s product innovation initiatives.
  • During the three months ended September 30, 2022, AgEagle satisfied in full all payment obligations for its 2021 acquisitions of MicaSense, senseFly, SA and senseFly, Inc. at a 50% discount to the original holdback amounts associated with the acquisitions. As a result, the Company realized a gain on extinguishment of debt of $6.5 million, which helped drive a significant increase in net income, rising to $1.7 million, compared to a net loss of $3.8 million reported for the same three months in 2021.

Financial Highlights for the Comparable Nine Months Ended September 30, 2022 and 2021

  • Revenues rose 158% to $14.6 million from $5.7 million.
    • The increase was largely attributable to the contribution of $7.9 million in sales of eBee drones during the first nine months of 2022, which compared to no sales in the prior year’s comparable nine-month period due to the acquisition of senseFly in the fourth quarter of 2021.
    • Sensor sales totaled $6.3 million, a 19% increase over $5.3 million.
    • Higher demand for AgEagle’s Measure Ground Control software in 2022 yielded a 33% increase in SaaS subscription sales, which rose to $480,000 from $360,000. The improvement in SaaS subscriptions was largely attributable to a 207% increase in SaaS software subscriptions for Measure Ground Control, which saw sales rise to $389,000 from $127,000. Offsetting the increase was a decline in SaaS subscriptions sales of HempOverview, which totaled $91,000, down 26% from $122,000.
  • Due to higher operating expenses associated with general and administrative, research and development and sales and marketing costs largely attributed to the acquisition of senseFly in late 2021, loss from operations totaled $18.0 million compared to $11.6 million.
  • The Company incurred a net loss of $11.8 million compared to a net loss of $11.4 million.

As of September 30, 2022, AgEagle’s cash position was $5.3 million and its total stockholders’ equity was $88.3 million. This compared to cash of $14.6 million and stockholders’ equity of $76.6 million as of December 31, 2021. During the first nine months of 2022, the Company raised total net proceeds of $14.6 million in its financing activities, including $4.6 million through its At-The-Market Offering with co-agents Stifel Nicholas & Company and Raymond James & Associates, and $9.9 million through a registered direct offering with an existing institutional investor.

Commenting on the results, Barrett Mooney, Chairman and CEO of AgEagle, said, “I am very proud of the tangible progress AgEagle continues to make in executing on key milestones that are expected to ultimately result in positive cash flow and sustainable profitability in the long term. When I reassumed the position of CEO earlier this year, it was with the intention of embarking on a plan to enhance shareholder value by fully integrating our 2021 acquisitions, capitalizing on revenue growth opportunities and implementing cost-saving efficiencies to operate as one company – and our plan is working. With our customer-first mindset and a culture of execution and innovation, I am confident that AgEagle is on a path to achieve great things.”

Live Corporate Update Webcast

As a reminder, AgEagle’s leadership will host a corporate update via live webcast today, beginning at 4:30 PM Eastern Time and accessible at https://www.webcaster4.com/Webcast/Page/2160/46883, to discuss the third quarter results and other operational developments. A replay of the event will be available shortly after the conclusion of the webcast via the same link. If you have any difficulty connecting to the webcast, please contact Gateway Group at 949-574-3860.

For more detailed information on AgEagle’s financial results for the three and nine months ended September 30, 2022, please refer to the 10-Q filed by the Company with the U.S. Securities and Exchange Commission and available for viewing at www.sec.gov or on AgEagle’s website at https://ageagle.com/investors/sec-filings/.

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/725735/AgEagle-Announces-Third-Quarter-2022-Financial-Results

AgEagle Teams with Darley to Expand Market Reach of Company’s High Performance Drone Solutions to U.S. Fire, Emergency and Defense Industries

WICHITA, KS / November 14, 2022 / 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/defense use, today announced that it has partnered with government contractor Darley to expand the market reach of AgEagle’s high performance fixed wing drones and sensors to the U.S. first responder and tactical defense markets.

Jeb Brown, Director of Unmanned Systems at Darley, stated, “Darley is very proud to add AgEagle’s high performance drones to our high quality, safe and innovative product offerings sold to fire, emergency and tactical professionals worldwide. In view of AgEagle’s eBee X™ series of fixed wing unmanned aerial systems (“UAS”) being cleared by the FAA for Operations Over People (OOP) and over moving vehicles in the United States, we believe this represents a paradigm shift for first responders reliant on optimal situational awareness for tactical, search and rescue or firefighting missions. Moreover, we look forward to driving greater defense market penetration for AgEagle’s NDAA-compliant, Blue UAS-cleared eBee TAC™, which is a powerful force-multiplier for warfighters requiring covert tactical mapping capabilities and optimized field intelligence in rapidly changing environments.”

Since 1908, Darley (legally known as W.S. Darley & Co.) has served America’s warfighters and first responders as a leading manufacturer of pumps and supplier of training and material support to the United States at the Federal, State and Local levels. Darley also holds a variety of contract vehicles within the U.S. Department of Defense to streamline procurement and acquisition processes, including GSA, FedMall and the TLS Program. AgEagle Chairman and Chief Executive Officer Barrett Mooney added, “Distinguished as one of the nation’s longest standing government contracting organizations, Darley is expected to become a key contributor to AgEagle’s success in delivering best-in-class UAS solutions to a wide range of state and federal agencies. With over 50 eBee TAC units sold to the U.S. military and allied nations over the past six months, we believe that we have barely scratched the surface of what promises to be a significant growth market opportunity for AgEagle. However, providing our best-in-class autonomous flight solutions for public safety applications through trusted resellers like Darley represents an entirely new market opportunity for AgEagle and one we intend to vigorously pursue in the coming year.”

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.

About Darley

You serve others. We serve you.

Founded in 1908, W.S. Darley & Co. (Darley) provides the highest quality equipment solutions to its military and first responder customers. With origins in Midwest manufacturing, Darley has a family of brands and a coveted partner network to distribute innovative capabilities of technology, equipment, pumps and compressed air foam systems (CAFS).

As an ISO 9001:2015 certified company, Darley operates with a global perspective of excellence from its corporate and Defense headquarters in Illinois to the fire pump and manufacturing operations in Wisconsin and Iowa and global offices in six countries. Darley holds seven $500 million federal government contracts serving all military branches, has a robust first responder customer base across state and local governments and supports governments and organizations in over 100 countries. The Company remains a family-owned and operated business committed to customer service and its employees. The Darley difference is in how the customer is treated, with the philosophy that sales is really relationship development. At Darley, passionate customer focus is one of the company’s core values. For a trusted source of military and first responder needs, look no further than Darley. Learn more on www.darley.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:

AEagle Investor Relations AgEagle Media Contact
Gateway Investor Relations Email: media@ageagle.com
Matt Glover or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Darley Media Contact:
Kimberly Brown
Head of Marketing
kimberlybrown@darley.com

SOURCE: AgEagle Aerial Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/725424/AgEagle-Teams-with-Darley-to-Expand-Market-Reach-of-Companys-High-Performance-Drone-Solutions-to-US-Fire-Emergency-and-Defense-Industries

AgEagle Hosted Live eBee TAC Demonstration for NATO Armed Forces in Belgium

WICHITA, KS / November 10, 2022 / 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/defense use, today announced that the Company recently hosted an eBee TAC™ Tech Day outside of Brussels, Belgium, presenting to and providing live flight demonstrations for more than two dozen advanced drone experts from two countries within the NATO Armed Forces.

Held in collaboration with AgEagle’s value added reseller in the Netherlands, Geometius, the event focused on educating attendees on eBee TAC‘s strong competitive differentiation, robust capabilities and diverse range of tactical applications, including geo-mapping; barrack organization and installation; emergency response; airfield damage assessment; natural resource management, battlefield situational awareness; air space management; terrain visualization and facilities management and inspection, among others.

Commenting on the event, Walter Jansz of Geometius, said, “With attendees from military units ranging from artillery and infantry to air force and engineering, we were thrilled by the enthusiastic feedback, great questions and requests for proposals we’ve received as a result of the eBee TAC Tech Day. It was a great success, providing Geometius and AgEagle with the ability to introduce the eBee to key tactical Ministry of Defense professionals who were keen to learn why this drone continues to earn wide acclaim on a global basis.”

Barrett Mooney, Chairman and Chief Executive Officer of AgEagle, stated, “A core component of our Company’s 2022 marketing strategy has been centered on showcasing our best-in-class drone solutions in venues that have included conferences, trade shows and live demonstration events, such as this one hosted for NATO forces. When prospective customers experience eBee’s lightweight design, ease of operation, adaptable payload capabilities and quality of data produced, they appreciate the significant value proposition it offers. Moreover, these customer engagement opportunities are vital to AgEagle for collecting input from users that help to guide and inform our future innovations.”

At just 1.6 kg (3.5 lbs), eBee TAC is a lightweight, reliable, ultra-portable and robust solution specially designed for tactical mapping and analysis in defense applications. With up to 90 minutes of flight time and a single flight coverage of up to 500 ha at 122m (1,236 A at 400 ft.), it is ideal for long-range Beyond Visual Line of Sight (BVLOS) operations, with the capability to integrate with situational awareness tools such as ATAK. eBee TAC includes enhanced security features to protect field operations. The included eMotion flight and mission planning software enables operations in disconnected environments and employs Advanced Encryption Standard 256 (AES-256) to prevent communications hacking between the UAS and its control station. Silent radio mission mode can be activated to minimize UAS detection during flights, while a No Log Mode suppresses flight recordings.

In March 2022, AgEagle’s NDAA-compliant eBee TAC was the first fixed wing-approved drone to be added to the Defense Innovation Unit’s Blue UAS Cleared List for procurement by the U.S. Department of Defense and government agencies. Today, the eBee TAC is in use by U.S. Army Engineering and Support, U.S. Army Corps of Engineers, French Navy, Land Army of France, British Army and the Royal Danish Army.

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/724916/AgEagle-Hosted-Live-eBee-TAC-Demonstration-for-NATO-Armed-Forces-in-Belgium