AgEagle Aerial Systems, Inc. (NYSE:UAVS) Q2 2023 Earnings Conference Call August 15, 2023 4:30 PM ET Company Participants Barrett Mooney - CEO Nicole Fernandez-McGovern - EVP, Operations & CFO Conference Call Participants Operator Good afternoon, everyone, and welcome to AgEagle Aerial Systems 2023 Second Quarter Results Webcast. Presenting on today's webcast are AgEagle's Chairman and CEO, Barrett Mooney; and Nicole Fernandez-McGovern, the company's Chief Financial Officer and Executive Vice President of O ...

Company Growth and Acquisitions - AgEagle achieved significant growth by acquiring three market-leading companies in 2021, enhancing its capabilities in UAS airframes, sensors, and software for commercial and government use[162] - The company has successfully integrated its acquisitions, forming a unified global entity focused on advancing autonomous flight performance[162] - AgEagle's global reseller network includes over 200 providers in 75+ countries, enhancing brand reach and revenue growth opportunities[174] Product Development and Technological Advancements - The launch of the RedEdge-P™ dual sensor in May 2023 represents a technological advancement, doubling analytical capabilities with a single camera workflow[170] - AgEagle's eBee™ VISION drones were delivered to three branches of European military forces in 2023, showcasing the company's commitment to enhancing situational awareness for critical missions[169] - AgEagle's eBee TAC UAS is positioned as a mission-critical tool for the U.S. military, expected to drive significant growth in 2023[174] - The company has achieved regulatory approvals for its drones to operate Beyond Visual Line of Sight (BVLOS) and Operations Over People (OOP) in multiple regions, including the U.S. and EU[163] - AgEagle's commitment to research and development is aimed at delivering innovative autonomous robotics systems, addressing market needs beyond current target markets[168] Financial Performance - For the three months ended June 30, 2023, revenues decreased to $3,278,212, down 38.0% from $5,287,873 in the same period of 2022, primarily due to declines in eBee drone products and SaaS subscription services[175] - For the six months ended June 30, 2023, revenues were $7,335,281, a decrease of 19.7% compared to $9,129,851 for the same period in 2022, with significant declines in eBee drone products offset by an increase in sensor sales[176] - Gross profit for the three months ended June 30, 2023, was $1,031,534, representing a gross margin of 31%, down from 48% in the same period of 2022, due to revenue declines and price reductions[177] - Operating expenses for the three months ended June 30, 2023, were $5,903,372, a decrease of 25.6% from $7,938,675 in the same period of 2022, driven by integration of business acquisitions[179] - The net loss for the three months ended June 30, 2023, was $5,290,583, a slight improvement of 5.6% compared to a net loss of $5,601,736 in the same period of 2022[190] - Cash used in operations for the six months ended June 30, 2023, was $6,783,320, a decrease of 41.3% from $11,628,089 in the same period of 2022, primarily due to lower sales and operating expenses[193] - Cash provided by financing activities for the six months ended June 30, 2023, was $6,776,473, a decrease of 53.2% compared to $14,564,841 in the same period of 2022, due to reduced sales of common stock[195] - As of June 30, 2023, the company had working capital of $7,537,254 and incurred a loss from operations of $9,032,946, a decrease of 29.8% from the previous year[196] - The company raised $6,817,400 in equity during the six months ended June 30, 2023, from the sale of Series F Preferred Stock and common stock offerings[197] Operational Challenges - The company continues to face challenges from inflation impacting supply chain and manufacturing processes, which may further disrupt operations[200]

As filed with the United States Securities and Exchange Commission on July 19, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AGEAGLE AERIAL SYSTEMS INC. (Exact name of registrant as specified in our charter) | Nevada | | --- | (State or other jurisdiction of Incorporation or organization) Nevada 3721 88-0422242 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer I.D. N. ...

AgEagle Aerial Systems, Inc. (NYSE:UAVS) Q1 2023 Earnings Conference Call May 16, 2023 4:30 PM ET Company Participants Barrett Mooney - Chief Executive Officer Conference Call Participants Operator Good day everyone, and thank you for logging into AgEagle's Corporate Update Webcast. Joining us from AgEagle is Chief Executive Officer and Chairman of the Board, Barrett Mooney. Before I turn it over to Barrett, I would like to remind you that during today's call, including the question-and-answer session, stat ...

Financial Performance - For the three months ended March 31, 2023, revenues increased by 5.6% to $4,057,069 compared to $3,841,978 for the same period in 2022, driven by sensor sales, particularly the RedEdge and Altum™ series [158]. - Cost of sales decreased by 16.1% to $2,078,437 for the three months ended March 31, 2023, compared to $2,477,086 in the prior year, contributing to a gross profit increase of 45% to $1,978,632 [159]. - Operating expenses were reduced by 30.6% to $6,139,740 for the three months ended March 31, 2023, down from $8,846,833 in the same period in 2022 [160]. - General and administrative expenses decreased by 34.7% to $3,579,522 for the three months ended March 31, 2023, compared to $5,481,380 in the prior year, primarily due to integration of 2021 business acquisitions [161]. - Research and development expenses decreased by $602,581, or 27.6%, to $1,582,343 for the three months ended March 31, 2023, compared to $2,184,924 for the same period in 2022 [162]. - Sales and marketing expenses decreased by $202,654, or 17.2%, to $977,875 for the three months ended March 31, 2023, compared to $1,180,529 for the same period in 2022 [163]. - Net loss decreased by $2,997,073, or 39.5%, to $4,599,499 for the three months ended March 31, 2023, compared to a net loss of $7,596,572 for the same period in 2022 [166]. Cash Flow and Financing - Cash on hand decreased by $1,501,929, or 34.5%, to $2,847,908 as of March 31, 2023, compared to $4,349,837 as of December 31, 2022 [167]. - Cash used in operations decreased by $2,275,817, or 35.0%, to $4,234,526 for the three months ended March 31, 2023, compared to $6,510,343 for the same period in 2022 [168]. - Cash used in investing activities decreased by $3,248,967, or 92.7%, to $254,191 for the three months ended March 31, 2023, compared to $3,503,158 for the same period in 2022 [169]. - Cash provided by financing activities decreased by $1,614,091, or 35.0%, to $3,000,000 for the three months ended March 31, 2023, compared to $4,614,091 for the same period in 2022 [170]. - The company raised $3,000,000 in equity and convertible debt financing transactions from the sale of Series F Preferred stock during the three months ended March 31, 2023 [172]. Market Strategy and Development - AgEagle aims to capture a significant share of the global drone market by developing new drones, sensors, and software, with a focus on agriculture, energy/utilities, infrastructure, and government/military sectors [144]. - The company has established three Centers of Excellence to enhance expertise in UAS drones, sensors, and software, fostering innovation and cross-pollination of ideas [146]. - AgEagle's eBee™ X series is the first to comply with Category 3 of the sUAS Over People rules published by the FAA, which is expected to drive growth in the U.S. market [157]. - The global reseller network consists of over 200 drone solutions providers in more than 75 countries, enhancing brand reach and customer acquisition [158]. - AgEagle's eBee TAC™ UAS has been approved for procurement by the Department of Defense, positioning it as a critical tool for military and government applications [153]. - The company plans to pursue strategic acquisitions to enhance its technological capabilities and accelerate revenue growth in emerging markets [150]. Operational Challenges - Working capital as of March 31, 2023, was $8,132,307, with a loss from operations of $4,161,108, a decrease of $3,320,833, or 44.4%, compared to $7,481,941 for the same period in 2022 [171]. - Inflation has negatively impacted the unmanned aerial vehicle systems industry, affecting the company's ability to access components, parts, and labor needed for manufacturing [174].

Financial Data and Key Metrics Changes - Total revenues for 2022 reached a record $19.1 million, up 96% from $9.8 million in the previous year [19] - Total sensor sales increased by 27% to $8.7 million compared to $6.8 million in the prior year [12] - Revenues from software subscriptions rose by 11% to nearly $600,000, compared to approximately $538,000 in the prior year [13] - The net loss for 2022 was $58.3 million, compared to $30.1 million for 2021, impacted by higher operating costs due to acquisitions [48] Business Line Data and Key Metrics Changes - Revenue from eBee fixed-wing drones was $9.8 million in 2022, significantly up from $2.4 million in 2021 [20] - The sensor segment was the strongest performer in 2022, with significant demand growth noted in the third and fourth quarters [30] - The company is actively expanding its government sales team to pursue military and government opportunities, particularly with the eBee VISION drone [5][6] Market Data and Key Metrics Changes - The company is focusing on the global defense markets, leveraging existing products to serve military customers [6] - There is a growing interest in the eBee VISION drone among military forces in the US and globally, indicating potential for future sales growth [28] Company Strategy and Development Direction - The company aims to unify its operations and provide a full stack solution of drones, sensors, and software, which is expected to enhance cost structure and profitability [22] - The strategy includes expanding the reseller network to increase geographical coverage and sales consistency [52] - The company is evaluating M&A opportunities to enhance its offerings while maintaining strict financial discipline [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stronger financial growth in 2023, emphasizing a well-defined growth plan [51][38] - The company acknowledges macroeconomic challenges but believes that autonomous solutions will drive efficiency and reduce labor costs for organizations [37] - Management is optimistic about the potential for improved profitability and cash flow in the coming quarters [71][78] Other Important Information - The company raised $3 million through a private placement of Series F convertible preferred shares [21] - The company has successfully relocated operations to reduce costs and support profitability efforts [35] Q&A Session Summary Question: Is a reverse stock split being considered? - Management indicated that a reverse stock split is not currently being pursued, but it may be considered in the future if it aligns with strategic goals [40][69] Question: What are the intentions regarding the drone delivery market? - The company is focusing on regulatory and safety advancements to enable drone delivery but is currently seeking appropriate partners for this market [76][77] Question: What are the capital allocation priorities for 2023? - Management highlighted the focus on M&A opportunities and emphasized the importance of maintaining a disciplined approach to capital allocation [79]

Revenue Growth and Market Strategy - AgEagle's revenue growth strategy focuses on capturing larger market share in agriculture, energy/utilities, infrastructure, and government/military sectors[187]. - AgEagle's global reseller network includes over 200 providers in 75+ countries, facilitating brand-building and revenue growth[196]. - The company emphasizes research and development to deliver innovative solutions, aiming to address market needs beyond current target markets[188]. Product Development and Innovation - The company has integrated three acquired companies to form a unified global entity, enhancing its capabilities in UAS airframes, sensors, and software[183]. - AgEagle's eBee TAC™ UAS has been approved for procurement by the U.S. Department of Defense, expected to drive significant growth in 2022 and beyond[191]. - The eBee X series of drones are the first to comply with FAA's Category 3 sUAS Over People rules, enhancing their market potential in various commercial applications[195]. - AgEagle's advanced sensor innovations have set new industry standards for thermal and multispectral imaging, with over one million flights conducted by its eBee drones[190]. - The company has achieved ISO:9001 certification for its Quality Management System, underscoring its commitment to quality and safety standards[189]. Financial Performance - For the year ended December 31, 2022, revenues were $19,094,425, an increase of $9,333,473, or 95.6% compared to $9,760,952 in 2021, driven by sensor sales climbing 305% to $9,840,321[213]. - Total sensor sales rose 27% to $8,655,434 for the year ended December 31, 2022, compared to $6,793,727 in 2021, reflecting strong demand for Altum-PT and RedEdge-P multispectral sensors[213]. - Cost of sales for 2022 was $10,876,308, an increase of $5,371,600, or 97.6% from $5,504,708 in 2021, attributed to new eBee sales and supply chain constraints[215]. - Gross profit for 2022 was $8,218,117, a 93.1% increase from $4,256,244 in 2021, with a gross profit margin of 43.0% compared to 43.6% in the prior year[216]. - Operating expenses for 2022 were $72,494,954, an increase of $37,945,938, or 109.8% from $34,549,016 in 2021, driven by general and administrative expenses and goodwill impairment costs[217]. - Goodwill impairment for 2022 was $41,687,871, compared to $12,357,921 in 2021, primarily related to the SaaS and drones reporting units[221]. Cash Flow and Liquidity - Cash on hand as of December 31, 2022, was $4,349,837, a decrease of $10,240,729, or 70.2% from $14,590,566 in 2021[224]. - Cash used in operations for 2022 was $20,107,670, an increase of $7,644,542 from $12,463,127 in 2021, mainly due to higher operating expenses[224]. - Cash provided by financing activities for 2022 was $17,862,691, a decrease of $27,748,293, or 60.8% compared to $45,610,984 in 2021[226]. - The company raised $4,583,341 of net proceeds from its ATM offering for the twelve months ended December 30, 2022[229]. - The company raised capital of $6,313,943 from the sale of 1,057,214 shares of Common Stock in 2021, along with an additional $8,305,368 from the exercise of warrants[231]. - The primary need for liquidity is to fund working capital requirements, capital expenditures, acquisitions, and debt service[232]. - The company is facing substantial doubt about its ability to continue as a going concern due to the need for additional liquidity to meet financial obligations over the next 12 months[230]. Operational Challenges - Supply chain disruptions due to COVID-19 have caused delays in sensor production, but steps taken in early 2022 have largely resolved backlogs[196]. - Inflation has negatively impacted the unmanned aerial vehicle systems industry, affecting the company's ability to access components needed for manufacturing[236]. - The company has not experienced any material effects from climate change or related governmental regulations on its operations[237]. - The company is evaluating strategies to obtain additional funding for future operations and restructuring to grow revenues and reduce expenses[233]. Workforce and Organizational Structure - AgEagle's workforce is comprised of approximately 70% engineers and data scientists, providing a competitive advantage in the UAS market[189]. - Research and development expenses for 2022 were $8,113,774, an increase of $4,030,975, or 98.7% from $4,082,799 in 2021, due to the addition of new teams and technological innovations[219]. - As of December 31, 2022, the company had working capital of $9,079,091 and incurred a loss from operations of $64,276,837, which included $41,687,871 for goodwill impairment, representing an increase of $33,984,064 compared to the previous year[227].

Financial Data and Key Metrics Changes - Total revenues for Q3 2022 were $5.5 million, a 172% increase from $2 million in the prior year period, primarily driven by eBee drone sales from the senseFly acquisition [5] - Loss from operations increased to $5.1 million from $3.8 million year-over-year, attributed to higher general and administrative costs and new product development expenses [6] - Net income rose to $1.7 million compared to a net loss of $3.8 million in Q3 2021, with total comprehensive net income attributable to common shareholders at $1.3 million or $0.01 per share [6] - For the first nine months of 2022, total revenues climbed to $14.6 million, up 158% from the prior year, with software subscription revenues increasing by 33% to $480,000 [7][8] Business Line Data and Key Metrics Changes - The eBee line of drones contributed $2.1 million in revenue this quarter, with strong demand following its addition to the Department of Defense's Blue UAS Cleared List [5][11] - Sensor sales increased by 71% to $3.3 million, driven by the Altum-PT and RedEdge-P sensors [5] - Software subscription sales increased by 36% to $163,000, largely due to a rise in subscriptions for Measure Ground Control [5] Market Data and Key Metrics Changes - The company reported strong demand across various industries, including construction, energy, and utilities, as evidenced by participation in trade shows [10] - The eBee drones received FAA approval for operations over people and moving vehicles, enhancing their marketability and potential use cases [12] Company Strategy and Development Direction - The company aims to capitalize on regulatory approvals to drive additional commercial orders and expand its market presence [12][13] - A focus on reducing operating costs through consolidation of US operations and a centralized location in North Carolina is planned to improve efficiency and corporate culture [15][16] - The company is committed to long-term profitability and is evaluating programs to improve operating margins [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the fixed wing segment and the potential of the eBee line, with ongoing R&D efforts for next-generation UAVs [10][19] - The company is closely monitoring the M&A landscape and is interested in potential partnerships to enhance value offerings [21][22] - Management emphasized the importance of collaboration in a fragmented drone industry to drive growth and expand market reach [22] Other Important Information - The company achieved a gain on extinguishment of debt of $6.5 million related to its 2021 acquisitions, contributing to the increase in net income [6] - Cash position as of September 30, 2022, was $5.3 million, down from $14.6 million at the end of 2021, while stockholders' equity increased by 15.3% to $88.3 million [8] Q&A Session Summary Question: What is the future outlook for the eBee line following recent FAA approvals? - Management sees significant growth potential in the fixed wing drone market and is working on next-generation UAVs [19] Question: Will the sales model shift to a B2B focus with direct sales? - Management values the current value-added reseller model and sees it as beneficial for customer experience, while also exploring direct sales opportunities for large enterprises [20] Question: What is the M&A strategy in the near to mid-term? - The company is currently focused on unifying past acquisitions and evaluating the market for future M&A opportunities [21] Question: Are there partnerships in the pipeline with other drone manufacturers? - Management believes partnerships are key to success and is actively reviewing potential collaborations to enhance customer experience [22] Question: Will the company move away from its agricultural roots? - While the company has expanded into other industries, it remains committed to serving the agriculture sector and providing value to its customers [23]

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%3A) AgEagle Aerial Systems Inc. presents unaudited condensed consolidated financial statements for Q3 2022, highlighting acquisition-driven revenue growth, a Q3 net income from debt extinguishment, and ongoing liquidity challenges [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2022, total assets decreased to **$95.3 million** from **$104.7 million**, total liabilities decreased to **$7.1 million** from **$28.1 million**, and stockholders' equity increased to **$88.3 million** from **$76.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2022 (unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $5,302 | $14,591 | | Total current assets | $15,993 | $22,996 | | Goodwill | $64,867 | $64,867 | | Total assets | $95,344 | $104,683 | | **Liabilities & Equity** | | | | Total current liabilities | $5,772 | $17,149 | | Total liabilities | $7,066 | $28,106 | | Total stockholders' equity | $88,278 | $76,577 | | Total liabilities and stockholders' equity | $95,344 | $104,683 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Q3 2022 saw a net income of **$1.7 million** (vs. **$3.8 million** net loss in Q3 2021) driven by a **$6.5 million** debt extinguishment gain, with revenues growing **172%** to **$5.5 million** Statement of Operations Highlights (in thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Nine Months 2022 | Nine Months 2021 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $5,491 | $2,022 | +172% | $14,621 | $5,661 | +158% | | Gross Profit | $2,083 | $795 | +162% | $5,998 | $2,776 | +116% | | Loss from Operations | ($5,147) | ($3,800) | +35% | ($18,018) | ($11,581) | +56% | | Net Income (Loss) | $1,665 | ($3,771) | N/A | ($11,533) | ($11,380) | +1% | | EPS (Basic) | $0.02 | ($0.05) | N/A | ($0.14) | ($0.17) | N/A | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity increased to **$88.3 million** by September 30, 2022, from **$76.6 million** at year-end 2021, driven by **$9.9 million** from Series F Preferred Stock and **$4.6 million** from common stock sales, partially offset by a **$11.5 million** net loss - Key changes in stockholders' equity for the nine months ended September 30, 2022, include **$9.9 million** from Series F Preferred Stock issuance, **$4.6 million** from Common Stock sales, and **$2.8 million** from Measure acquisition contingent liability settlement, offset by a **$11.5 million** net loss[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, cash decreased by **$9.3 million**, with **$15.3 million** used in operations and **$8.1 million** in investing, partially offset by **$14.6 million** provided by financing activities Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($15,342) | ($6,678) | | Net cash used in investing activities | ($8,063) | ($30,642) | | Net cash provided by financing activities | $14,578 | $45,601 | | **Net (decrease) increase in cash** | **($9,288)** | **$8,281** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) The notes provide critical context to the financial statements, detailing business, accounting policies, and financial items, including a going concern warning, acquisition liability settlements, segment data, and equity financing - The company designs and delivers autonomous unmanned aerial systems, sensors, and software for industries including energy, infrastructure, agriculture, and government[22](index=22&type=chunk) - Due to sustained operating losses and the need for additional liquidity, management has concluded there is substantial doubt about the Company's ability to continue as a going concern[24](index=24&type=chunk) - In Q3 2022, the company settled outstanding holdback liabilities from MicaSense, senseFly, and Measure acquisitions, resulting in a **$6.5 million** debt extinguishment gain[86](index=86&type=chunk)[87](index=87&type=chunk)[90](index=90&type=chunk) - In June 2022, the company issued 10,000 shares of Series F Convertible Preferred Stock for gross proceeds of **$10 million**[97](index=97&type=chunk) [Management's Discussion and Analysis (MD&A)](index=40&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q3 2022 financial performance, attributing 172% revenue growth to acquisitions and sensor demand, while addressing increased operating expenses, growth strategies, and significant liquidity challenges with a going concern warning - The company's growth strategy focuses on leveraging its three centers of excellence (software, sensors, airframes), delivering new solutions, and pursuing complementary acquisitions[148](index=148&type=chunk) - Q3 2022 revenue increased **172%** to **$5.5 million**, driven by sales of eBee drone products from the senseFly acquisition and a **71%** increase in sensor sales[152](index=152&type=chunk) - Q3 2022 net income of **$1.7 million** was primarily due to a non-cash gain on debt extinguishment of **$6.5 million** related to acquisition holdback settlements[166](index=166&type=chunk)[168](index=168&type=chunk) - The company acknowledges substantial doubt about its ability to continue as a going concern due to its net losses and working capital needs, and is evaluating strategies to raise additional capital[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, AgEagle is exempt from providing quantitative and qualitative disclosures about market risk - The company is a "smaller reporting company" and is not required to provide information regarding market risk[183](index=183&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[184](index=184&type=chunk) - No changes in internal control over financial reporting occurred during the third quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[186](index=186&type=chunk) [PART II - OTHER INFORMATION](index=47&type=section&id=PART%20II) [Legal Proceedings](index=47&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - There are no legal proceedings to report[187](index=187&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - There were no unregistered sales of equity securities to report[189](index=189&type=chunk) [Defaults Upon Senior Securities](index=47&type=section&id=ITEM%203.%20DEFAULT%20UPON%20SENIOR%20SECURITIES) The company reported no defaults upon senior securities - There were no defaults upon senior securities to report[190](index=190&type=chunk) [Exhibits](index=48&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - Exhibits filed include certifications by the principal executive officer and principal financial officer, as well as XBRL instance documents[194](index=194&type=chunk) [Signatures](index=49&type=section&id=SIGNATURES)

AgEagle Aerial Systems, Inc. (NYSE:UAVS) Q2 2022 Earnings Conference Call August 16, 2022 4:30 PM ET Company Participants Barrett Mooney - Chief Executive Officer and Chairman Nicole Fernandez-McGovern - Chief Financial Officer and Executive Vice President, Operations Operator Good day, everyone and thank you for participating in today’s conference call. Joining us today from AgEagle is Chief Executive Officer and Chairman of the Board, Barrett Mooney; and Nicole Fernandez-McGovern, AgEagle’s Chief Financia ...