NEODESHA, Kan., May 15, 2020 (GLOBE NEWSWIRE) --
AgEagle Aerial Systems Inc. (NYSE American: UAVS), an industry leading provider of unmanned aerial vehicles and advanced aerial imagery, data collection and analytics solutions, today announced its first quarter financial results for the three-month period ended March 31, 2020.
Key Financial Highlights for Comparable First Quarter Periods in 2020 and 2019
- Revenue climbed 751% to approximately $391,000 from $46,000
○ Revenue growth was fueled by receipt of purchase orders relating to the manufacturing and assembly of drones used for the testing and refining of a client’s commercial drone small package delivery vehicles, systems and operations currently in development; coupled with licensing revenues received from the State of Florida for AgEagle’s proprietary HempOverview platform
- Gross profit margin on sales increased to 55% from 26%
- Net loss improved to $403,000, or $0.03 loss per share, compared to $565,000, or $0.04 loss per share
To view detailed financial results for the first quarter period, please refer to the Form 10-Q filed yesterday by the Company with the U.S. Securities and Exchange Commission, found at www.sec.gov.
Nicole Fernandez-McGovern, Interim Chief Executive Officer and Chief Financial Officer, stated, “Early last year, AgEagle began executing a long-term growth strategy to leverage our proprietary technology platform and commercial drone expertise to penetrate new high-growth industries outside of traditional farming, including the emerging hemp cultivation and drone-enabled package delivery markets. As reflected in our comparable year-over-year first quarter performance, it is becoming apparent that our strategy is gaining traction. Looking ahead, we believe that our Company is well positioned to accelerate growth in both of these markets as the year unfolds.”
During the first quarter, the Company announced that it was implementing key changes in its executive leadership. On May 8, 2020, Barrett Mooney resigned as Chief Executive Officer and replaced founder Bret Chilcott as Chairman of the Board. Chilcott resigned as both Chairman and President of the Company, but will remain as an advisor to the Company for a period of 12 months. In addition, AgEagle will welcome J. Michael Drozd as its new Chief Executive Officer, effective May 18, 2020. Fernandez-McGovern is serving as the Interim CEO until that date.
About AgEagle Aerial Systems Inc.
Founded in 2010 and based in Kansas, AgEagle has earned distinction as one of the industry's leading pioneers of technologically advanced drones and aerial imagery-based data collection and analytics solutions. We are trusted to help the world's growers, consumer packaged goods companies and their supply chain partners, and urban green managers proactively assess and manage the health of commercial crops and green infrastructure, reduce the chemicals in produced foods and products and preserve and protect natural resources. In addition, we are at the leading edge of providing state and territorial departments of agriculture, growers and processors with registration, oversight, compliance/enforcement, and reporting solutions relating to the United States' emerging hemp cultivation industry. In late 2019, we began pursuing expansion opportunities within the emerging Drone Logistics and Transportation market with the manufacture and assembly of UAVs designed to meet specifications for drones that are meant to carry packaged goods in urban and surburban areas.
For more information, please visit www.ageagle.com.
Gateway Investor Relations
Sean Mansouri, CFA