FLYHT Reports Fourth Quarter and Full Year 2020 Results, Provides Corporate Update - Seite 2

Full Year 2020 Results

• Revenue for the full year was $13,652,985, representing a decrease of 36% compared to full year 2019 revenue of $21,171,159. This included:
  • SaaS revenue of $7,323,125, a 29% decrease year-over-year;
  • Hardware revenue of $2,306,371, a 65% decrease year-over-year;
  • Licensing revenue of $3,630,874, an increase of 12% year-over-year; and
  • Technical Services of $392,615, a 62% decrease compared to 2019.
• Gross margin of $9,257,099 was a 25% decrease from $12,326,802 in 2019.
• Operating expenses decreased 21% year-over-year to $12,786,742. This included decreases in all expense categories: 35% in Distribution, 4% in Administration, and 11% in Research & Development.
• The full year EBITDA loss was $1,854,413 in 2020, which compares to an EBITDA gain of $1,015,591 for the full year of 2019.
• Net loss for the year increased to $3,237,457 from a 2019 net loss of $746,635.
  

FLYHT’s balance sheet ended the year with:

• Cash and short-term investments balances of $5,127,963, an increase from 2019’s ending balance of $4,127,648;
• Trade and Other Receivables decreased 68% year-over-year, in part due to reserves for bad debts;
• Increases in both Property and Equipment and Non-current lease liabilities, reflecting the addition of a new leased office space for the company’s headquarters in Calgary; and
• Movement of the debenture due in July 2021 to Current from Non-Current Loans and Borrowings.

Conference Call

FLYHT will host a live conference call to discuss its fourth quarter and full year 2020 financial results on Thursday, April 8, 2021 at 7 am MT (9 am ET, 6 am PT). The conference call will include a brief presentation about FLYHT’s fourth quarter and full year financial results followed by a question and answer period with Bill Tempany, Interim CEO and Alana Forbes, CFO.

To access the conference call by phone within Canada and the U.S., dial 1-800-319-4610 (toll free). Outside Canada and the U.S., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed in advance or during the conference call to [e-mail].

An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website as soon as it is available from the conference call provider.