WICHITA, Kan., Oct. 30, 2024 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, announces the appointment of Kevin Lowdermilk to the Company's board of directors effective October 25, 2024. Company CEO, Bill Irby, commented, "It is a privilege to have Kevin join our board. His distinguished career and leadership in some of the most ch ...

Annual event featured UAS industry leaders determined through rigorous selection process WICHITA, Kan., Oct. 03, 2024 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, announces the Company was selected to participate in the REPMUS 2024 Exercise co-hosted by NATO. Exercises and demonstrations took place September 9 -27, 2024 in Troia ...

Core Viewpoint - AgEagle Aerial Systems Inc. has successfully closed a public offering, raising approximately $6.5 million in gross proceeds, which will be utilized for debt repayment and general corporate purposes [1][3]. Offering Details - The public offering consisted of 26,899,996 Units, each comprising one share of common stock or one Pre-Funded Warrant, along with Series A and Series B Warrants [2]. - The public offering price per Unit was set at $0.24, with a slightly lower price of $0.239 for Units including a Pre-Funded Warrant [2]. - The Pre-Funded Warrants are immediately exercisable, while Series A and Series B Warrants have initial exercise prices of $0.24 and $0.50 per share, respectively, and both series expire five years from the closing date [2]. Use of Proceeds - The proceeds from the offering are intended for the repayment of an outstanding note, with the remainder allocated for general corporate and working capital needs [3]. Regulatory Information - The securities were offered under a registration statement on Form S-1, which became effective on September 30, 2024 [4]. Company Overview - AgEagle Aerial Systems Inc. specializes in providing full stack flight hardware, sensors, and software solutions for various sectors, including energy, construction, agriculture, and government [6]. - Founded in 2010, the company initially focused on professional-grade drones and aerial data collection for the agriculture industry [6].

Wichita, Kan., Sept. 30, 2024 (GLOBE NEWSWIRE) -- 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 a public offering with gross proceeds to the Company expected to be approximately $6.5 Million, before deducting placement agent fees and other estimated offering expenses payable by the Company. The offering consists of 26,900,000 Uni ...

From July to mid-August sensor and sensor-related purchase orders total approximately $800,000 WICHITA, Kan., Aug. 22, 2024 (GLOBE NEWSWIRE) -- 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, announces the Company has received numerous purchase orders totaling approximately $800,000 of sensors and sensor-related accessories through its network of Value Added Res ...

From July to mid-August sensor and sensor-related sales total $833,610 WICHITA, Kan., Aug. 22, 2024 (GLOBE NEWSWIRE) -- 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, announces the Company has sold $833,610 of sensors and sensor-related accessories through its vast network of Value Added Resellers ("VAR") from July 1, 2024 to Aug 15, 2024. The Company closed sa ...

Core View - AgEagle Aerial Systems showed notable progress in Q2 2024, with a significant reduction in net loss per share and a modest revenue increase driven by cost-control measures and operational efficiency [1][3] - The company is focusing on high-growth sectors like defense and security while pursuing additional funding to sustain operations and drive growth [2] Q2 Results - Net loss per share improved to 24 cents in Q2 2024 from $1.10 in the prior-year quarter [3] - Revenues increased by 3.5% to $3.39 million from $3.28 million in the prior-year quarter [3] - The reduction in losses was supported by cost-control measures and a diversified product portfolio [3] Segmental Performances - Drones segment revenues grew 7.5% to $1.35 million, driven by higher sales of eBee drone products [4] - Sensors segment revenues increased 3.7% to $1.95 million, fueled by strong demand for panchromatic sensor series like RedEdge and Altum [5] - SaaS segment revenues declined to $88,590 from $0.14 million due to decreased subscription services for Ground Control platforms [6] Profitability - Net loss improved to $2.93 million from $5.29 million in the prior-year quarter, driven by reduced inventory purchases and a favorable cost structure [7] - Operating loss decreased to $2.54 million from $4.87 million [8] - Gross profit margin declined to 36.4% from 39.1%, but gross profit increased to $1.55 million from $1.03 million [8] Costs - Operating expenses decreased by 30.6% to $4.10 million, with general and administrative expenses falling 32.6% to $2.36 million and R&D costs declining 21% to $1.08 million [9] Cash & Debt - Cash reserves improved to $0.98 million as of Jun 30, 2024, from $0.82 million at the end of 2023 [10] - Total assets declined slightly to $22.8 million, with inventories decreasing 8% to $6.38 million and accounts receivable falling 25.2% to $1.54 million [11] - Total liabilities increased marginally to $14.8 million from $14.5 million [11] Management's View - Management emphasized the need for additional liquidity to meet financial obligations and is pursuing strategies to secure funding and streamline operations [12] Other Developments - The company amended agreements with Alpha Capital Anstalt to improve financial flexibility and support long-term strategic initiatives [13] - AgEagle is focusing on expanding its market reach in defense and security sectors, capitalizing on the demand for drone surveillance [14] - The company is exploring growth opportunities through acquisitions targeting advanced technologies and strong intellectual property portfolios [15]

Delivery of the initial 20 of 49 systems effectuates the largest single purchase order in Company history WICHITA, Kan., Aug. 20, 2024 (GLOBE NEWSWIRE) -- 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, announces the delivery of the first 20 eBee VISION systems to its reseller for French Army surveillance operations. Each system consists of an eBee VISION UAV, g ...

WICHITA, Kan., July 25, 2024 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE:UAVS) ("AgEagle" or the "Company"), an industry-leading provider of best-in-class full stack flight hardware, sensors, and software for commercial and government use, announces that the Company has recently completed a training exhibition for key defense and public safety partners in the U.S.: Darley, GeoAcuity, Hexagon US Federal, and Tough Stump Technologies. Bill Irby, AgEagle's CEO, commented, "The advanced capabilities o ...

Financial Performance - First-quarter 2024 revenues declined to $3.9 million from $4.1 million the previous year, primarily due to a 42% year-over-year drop in sales of the eBee drone series and a 5.4% fall in SaaS revenues [1] - The company posted an operating loss of $2.4 million in the first quarter of 2024, highlighting operational inefficiencies and market challenges [1] - Net cash used in operating activities amounted to $1.55 million for the quarter ended on Mar 31, 2024, with a working capital deficit of $1.97 million, raising doubts about long-term sustainability [9] Financial Risks and Challenges - Significant debt obligations, including a $4.75-million convertible note due January 2025, create financial strain [2] - High inventory levels and frequent stock issuances have led to shareholder dilution and declining investor confidence [10] - A recent 1-for-20 reverse stock split has exacerbated concerns about financial instability [10] - Customer concentration risks are significant, with one customer accounting for 10.1% of total accounts receivable in 2023 [6] Growth Drivers and Market Positioning - Strategic acquisitions in 2021 expanded the company's product portfolio, integrating advanced UAS, sensors, and software solutions [3] - Flagship products, such as the eBee series drones and Altum-PT sensors, cater to diverse industries, enhancing market presence [3] - The company has a robust global network and manufacturing operations in the United States and Switzerland, positioning it well to serve international markets [11] - Regulatory milestones, including approvals for Beyond Visual Line of Sight and Operations Over People in multiple regions, have been achieved [11] Valuation and Market Response - The company's stock valuation reflects its financial struggles, trading at a significant discount compared with industry peers [4] - The market has responded negatively to the company's financial instability, resulting in a steep decline in its stock price over the past year [4] Industry and Company Overview - Founded in 2010, the company designs and delivers drones, sensors, and software solutions for various industries, including agriculture, military, public safety, and utilities [7] - Despite its broad product portfolio and significant market presence, financial challenges overshadow its operational achievements [7]