AgEagle Announces 2021 Year-End Financial Results
April 12 2022 - 7:30AM
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 full year ended December 31, 2021.
Financial Highlights for the Twelve
Months Ended December 31, 2021 Compared to Prior Year
- Total revenues rose 659% to $9.76
million from $1.29 million, due largely to revenue contributions
from companies acquired by AgEagle during 2021, which included
MicaSense, Measure Global and senseFly.
- Gross profit margin was 44%
compared to 45%.
- Net loss available to common
stockholders totaled $30.18 million, or $0.43 loss per share,
compared to a net loss available to common stockholders of $14.04
million, or $0.35 loss per share in the prior year.
- Cash on hand at December 31, 2021
was $14.59 million compared to $23.94 million as of December 31,
2020.
- In January 2021, AgEagle raised net
proceeds of $6.32 million in a registered direct offering with an
institutional investor.
- During the period from May 29, 2021
through December 31, 2021, the Company raised approximately $30.87
million in net proceeds at stock prices between $5.00 and $6.30 per
share through its ATM Offering with co-agents Stifel, Nicolaus
& Company, Incorporated and Raymond James & Associates,
Inc.
For more detailed information on AgEagle’s 2021
financial results, please refer to the 10-K filed with the U.S.
Securities & Exchange Commission, accessible at
www.sec.gov or on AgEagle’s website,
www.ageagle.com.
2021 Operational Highlights
- During 2021, AgEagle successfully
completed three strategic acquisitions: MicaSense in January,
Measure Global in April and senseFly in October. These acquisitions
served to transform the Company into one of the industry’s leading
producers of UAS airframes, sensors and software for broad
commercial and government/defense use. These acquisitions also
brought AgEagle a highly valuable workforce comprised largely of
engineers and technologists with deep expertise in the fields of
robotics, automation, manufacturing and data science.
- In June, AgEagle was added to the
Russell 3000® Index, which is widely used by investment managers
and institutional investors for index funds and as benchmarks for
active investment strategies.
- In October, the Company’s eBee TAC
Unmanned Aerial System was named to the Blue UAS 2.0 list by the
Department of Defense’s Defense Innovation Unit (DIU). Subsequent
to the end of 2021, the eBee TAC completed all required testing,
evaluation and demonstration processes and was the first approved
drone to be added to the DIU Blue Cleared List, providing clearance
for procurement by the U.S. Department of Defense, including all
branches of the military, as well as other federal government
agencies and its allied partners.
- In October and November, AgEagle
launched the next generation of its legacy RedEdge™ and Altum™
branded sensors with the introduction of the RedEdge-PT™ and the
Altum-P™, representing revolutionary leaps forward in multispectral
technology featuring ultra-high resolution panchromatic imaging
capabilities. Global demand for the Company’s new sensors is
proving to be very strong and should be key to drive AgEagle’s
growth in 2022.
- In November, the Company teamed
with Wing, an Alphabet subsidiary, to integrate Wing’s OpenSky
airspace access app into AgEagle’s Ground Control software
solution.
- Earlier in the year in 2021, the
Iowa Department of Agriculture and Land Stewardship licensed
AgEagle’s HempOverview™ platform to manage the state’s online
registration, payment processing, comprehensive data collection and
compliance oversight of hemp cultivation for the 2021, 2022 and
2023 planting seasons; and the Florida Department of Agriculture
and Consumer Services (FDACS) expanded its licensing of the
platform.
Barrett Mooney, Chairman and Chief Executive
Officer of AgEagle, stated, “Autonomous robotics requires
thoughtful architecture of hardware and software working in a
coordinated effort to streamline and improve workflows and outcomes
based on the valuable, actionable data-driven insight they capture
and provide. It is our belief that as autonomous technology
continues to evolve, AgEagle will remain at the forefront of this
evolutionary process, earning distinction as a respected industry
innovator and enabler through delivery of our unified line of
industry trusted drones, sensors and software. Having laid a strong
foundation through successful execution of our acquisition
strategies in 2021, it is our belief that AgEagle will have
far-reaching impact on how the industry ultimately matures and
prospers.”
Corporate Update Webcast
Today
As a reminder, AgEagle’s leadership will host
the Company’s fourth quarter and full year 2021 corporate update
via audio webcast today beginning at 4:30 PM ET.
To access the webcast, please go to
https://www.webcaster4.com/Webcast/Page/2160/45102.
If you have any difficulty connecting to the webcast, please
contact Gateway Group at 949-574-3860. A replay of the webcast will
be available on the Company’s website at
https://ageagle.com/investors/#investors-presentations.
About AgEagle Aerial Systems
Inc.AgEagle is a global UAV industry pioneer engaged in
delivering a unified line of high-performance drones, sensors and
software that have earned the longstanding trust and fidelity of
customers in more than 70 countries worldwide. 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 a broad range of commercial
verticals, as well as for U.S. government agencies, all branches of
the U.S. military and allied nations. For additional
information, please visit our websites at
www.ageagle.com.
Forward-Looking StatementsThis
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: |
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Media Inquiries: |
Gateway Group, Inc. |
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media@ageagle.com |
Matt Glover or Cody Cree |
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Phone: 949-574-3860 |
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Email: UAVS@gatewayIR.com |
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