Share | 08/16/2022
Three and Six Month Revenues Climb 173% and 151%, Respectively, Over Prior Year’s Comparable Periods
Management to Host Corporate Update Webcast Today at 4:30 PM ET
WICHITA, Kan., Aug. 16, 2022 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full-stack drone, sensor and software solutions for commercial and government/defense use, today announced its financial results for the three and six months ended June 30, 2022.
Financial Highlights for the Comparable Three-Month Periods Ended June 30, 2022 and June 30, 2021
Financial Highlights for the Comparable Six-Month Periods Ended June 30, 2022 and June 30, 2021
For more detailed information on the Company’s financial performance for the three and six months ended June 30, 2022 and 2021, please refer to the 10-Q filed with the U.S. Securities and Exchange Commission and accessible online via www.sec.gov or on AgEagle’s website at https://ageagle.com/investors/#investors-sec.
Nicole Fernandez-McGovern, AgEagle Chief Financial Officer and Executive Vice President of Operations, stated, “We are very pleased with our financial results for the first half of 2022, reflecting strong revenue growth from our combined 2021 acquisition activities and organic growth initiatives. Robust demand for our autonomous robotics solutions, along with key business improvements implemented this year, are contributing to our efficient management of ubiquitous inflationary pressure, supply chain constraints and other macroeconomic headwinds. We continue to be thoughtful and purposeful about how we are growing our business, while simultaneously managing our investments to capture long-term value for our shareholders.”
Barrett Mooney, Chairman and CEO of AgEagle, added, “We posted another solid quarter for Q2, building on our momentum from the start of the year. Looking forward, we expect another strong quarter in Q3, wherein we remain focused on clearing backlog for our sensors, pursuing large sales opportunities for our eBees and sensors and pressing hard on our new innovations program with a goal of introducing next generation products to market later this year. We remain committed to our goal of becoming cash flow breakeven, while continuing to prudently invest in our products and capabilities to drive profitable growth opportunities on a global scale. “
Second Quarter 2022 Corporate Update Webcast
This afternoon beginning at 4:30 pm Eastern Time, AgEagle’s leadership will host a corporate update webcast that will be broadcast live and available for replay on https://www.webcaster4.com/Webcast/Page/2160/46258. If any difficulty is encountered while connecting to the webcast, please contact Gateway Group at 949-574-3860.
About AgEagle Aerial Systems Inc.
AgEagle and its wholly-owned subsidiaries are actively engaged in designing and delivering best-in-class drones, sensors and software that solve important problems for our customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our websites at www.ageagle.com.
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
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