AgEagle Announces Second Quarter 2023 Results

WICHITA, Kan., Aug. 15, 2023 (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 its financial results for the three and six months ended June 30, 2023.

Second Quarter 2023 Financial Highlights

• Revenues totaled $3.28 million for the three months ended June 30, 2023, decreasing 38% from $5.29 million reported for the same three month period in the prior year. Six month revenues totaled $7.34 million in 2023, which were down 20% from $9.13 million for the first six months of 2022.
  • The decrease in revenues was largely due to lower sales of the Company’s eBee series of drones – a decline that was expected ahead of the commercial launch of AgEagle’s new eBee VISION scheduled to occur in September 2023.
    
• Total operating expenses were materially reduced, declining 26% to $5.90 million from $7.94 million for the three month reporting periods ended June 30, 2023 and 2022; and falling 28% to $12.04 million from $16.79 million for the comparable six month reporting periods.
  
• Loss from operations also improved, decreasing 10% to $4.87 million from $5.39 million for the three months ended June 30, 2023 and 2022, respectively; and dropping 30% to $9.03 million from $12.87 million for the six months ended June 30, 2023 and 2022, respectively.
  
• Net loss attributable to common stockholders improved 6%, dropping to $5.29 million, or $0.05 loss per share, from $5.60 million, or $0.07 loss per share for the comparable three month reporting periods. For the six months ended June 30, 2023 and 2022, net loss materially improved, decreasing 25% to $9.89 million, or $0.11 loss per share, from $13.20 million, or $0.17 loss per share, respectively.
  

As of June 30, 2023, AgEagle’s cash position was $4.20 million and total stockholders’ equity was $41.18 million, which compared to cash of $4.35 million and total stockholders’ equity of $43.23 million as of December 31, 2022.

For more detailed information relating to the Company’s second quarter financial performance, please refer to the Interim Report on Form 10-Q filed yesterday afternoon with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on AgEagle’s website at www.ageagle.com.

Commenting on the results, Nicole Fernandez-McGovern, Chief Financial Officer and Executive Vice President of Operations, said, “During the second quarter, we focused primarily on optimizing our operations through continued integration and consolidation of our offices and workforce in an effort to reduce operating expenses. We believe we are properly positioned to grow our future revenue as a result of our initiatives to reduce our cash burn while lowering net loss through our product pricing, marketing and innovation strategies.”