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FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) announced a $5 million unsecured debenture with Pinnacle Island II LP. The funds will support additional Supplemental Type Certifications (STC) and accelerate commercialization of its 5G aviation and weather solutions. The debenture carries a three-year term with an annual 12% interest, payable quarterly, and includes a 5% discount fee. Additionally, FLYHT will issue 2 million common share purchase warrants with a 3-year exercisable period at a 12.5% premium to the 20-day volume weighted average price at issuance. Paradigm Capital Inc. acted as financial advisor, earning a 4% cash commission on the loan amount. Final approval from the TSX Venture Exchange is pending.
FLYHT Aerospace Solutions (OTCQX: FLYLF) announced its Q1 2024 financial results, reporting a 1% revenue increase to $4.79M compared to Q1 2023. SaaS revenue grew by 15% to $2.76M, while Technical Services surged 128% to $1.28M. Gross margin improved to 64% from 57.3%. However, hardware revenue plummeted 63% to $663K. Operating expenses saw a 10% decline, narrowing the EBITDA loss to $594K from $1.34M. Net loss was reduced to $794K from $1.66M. The company completed a $5M financing round and received supplemental type certification for AFIRS Edge™ on Airbus A320 aircraft. Cash and short-term investments stood at $1.48M with $1.18M used from its credit facility for working capital.
FLYHT Aerospace Solutions (TSX-V:FLY, OTCQX:FLYLF) announced a conference call to discuss first quarter 2024 results on May 30, 2024. The call will begin at 7:30 a.m. MT (9:30 a.m. ET) and feature remarks from President & Interim CEO Kent Jacobs and CFO Alana Forbes. Participants in the U.S. and Canada can join toll-free at 1-844-763-8274, while international participants can dial 1-647-484-8814. The company will accept questions by phone and email during the session. An archived version of the call will be available on FLYHT's Investor Relations website.
FLYHT Aerospace Solutions announced its participation in the Rivemont Investments MicroCap Technology Special in Montreal on May 14, 2024. Kent Jacobs, President and Interim CEO, will host a presentation and Q&A session. The event is open to existing and potential shareholders.
