Refined mission yields record orders and significant net profitability improvements
WICHITA, Kan., Dec. 23, 2024 (GLOBE NEWSWIRE) — Management of AgEagle Aerial Systems Inc.(NYSE: UAVS) (“AgEagle” or the “Company”), a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, highlights the Company’s historic sales achievements and new strategic vision in a Letter to Shareholders from CEO Bill Irby.
Dear Fellow Shareholders,
Without question, 2024 has been a landmark year for AgEagle. We executed a new strategic plan for growth, implemented operational enhancements, and achieved historic sales orders and net profitability increases. We believe the growing demand for our innovative drone and sensor technologies underscores the trust our clients place in our ability to deliver high-quality, reliable intelligence, surveillance, and reconnaissance solutions as we shifted to a focus on the defense and government verticals.
Our robust sales performance is a testament to the hard work and dedication of our team, as well as our strategic focus on expanding our market reach and enhancing our product offerings. These achievements not only reinforce our position as an industry leader but also pave the way for sustained growth and long-term shareholder value creation.
Record Sales Achievements
We achieved three of the largest product orders in AgEagle’s history:
- 49 UAS eBee Drone order for the French military
- 20 UAS Drone order for the UAE security forces
- 60 RedEdge-P multispectral sensors for East Asia to conduct seaweed species research and red tide outbreak
Operational Highlights
As we celebrate these sales milestones, we are also proud of our focused execution of a new mission and vision reflecting our commitment to driving innovation and strengthening our industry leadership role. Most notably, as previously announced, we:
- Rebuilt our entire leadership team to focus on growing the company while appointing three new highly qualified and experienced board directors, L.B. Day, Brent Klavon and Kevin Lowdermilk
- Completed a $6.5M public offering, providing working capital, and helping to reduce debt on our balance sheet
- Garnered an invitation to the White House to engage in strategic discussions regarding the future of commercial unmanned aerial vehicles (UAVs) with government officials from the National Security Council and National Economic Council to explore a variety of issues including supply chain security, manufacturing, and policies related to beyond visual line of sight operations (BVLOS) in U.S. airspace
- Received Green UAS Certification from AUVSI, verifying our cybersecurity protection and supply chain risk in concert with NDAA compliance
- Exhibited our best-in-class unmanned aerial systems (UAS), sensors and software solutions at a variety of prestigious exhibition events organized by key partners including NATO, U.S. Department of Defense and a variety of others.
- Realized net profitability improvements comparing Q-3 2024 9-month financials against the same period for the pervious year
Looking forward, AgEagle remains dedicated to continuing growing sales and building on the momentum generated together this year relying on the support of our valued shareholders, employees, and partners. We are plan to strengthen our product lines, explore new markets, and form strategic partnerships that we believe will enhance our capabilities and widen our footprint within both the defense and commercial aerial intelligence markets.
We are grateful for the support of our shareholders and confident in our strategic path forward to achieve new corporate heights and set new benchmarks in the drone industry. Thank you for being a part of our ongoing journey.
Sincerely yours,
Bill Irby
CEO
AgEagle Aerial Systems
About AgEagle Aerial Systems Inc.
Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. 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 UAS, sensors and software solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “suggest,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on AgEagle’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to the timing and fulfilment of current and future purchase orders relating to AgEagle’s products, the success of new programs, the ability to implement a new strategic plan and the success of a new strategic plan. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of AgEagle in general, see the risk disclosures in the Annual Report on Form 10-K of AgEagle for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by AgEagle. All such forward-looking statements speak only as of the date they are made, and AgEagle undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.
AgEagle Aerial Systems Contacts
Investor Relations:
Email: [email protected]
Media:
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