FLYHT Reports First Quarter 2022 Results
FLYHT Aerospace Solutions Ltd. reported its highest revenue quarter in two years for Q1 2022, with a total revenue of $5,030,657, up 87% year-over-year. Key growth drivers included significant increases in Licensing revenue (up 523%) and Hardware revenue (up 154%). Despite a net loss widening to $1,284,347, the EBITDA loss narrowed to $937,630. Operating expenses increased 43%, but management expressed optimism regarding future performance, citing a focus on sustainability and the potential for new product launches as a strategy for growth.
- Revenue increased by 87% to $5,030,657 compared to Q1 2021.
- Licensing revenue surged by 523% to $1,134,706.
- Hardware revenue rose by 154% to $2,109,598.
- SaaS revenue grew by 9% to $1,675,072.
- Net loss increased to $1,284,347 from $912,068 in Q1 2021.
- Operating expenses rose by 43%, affecting profitability.
Highest Revenue Quarter in Two Years
CALGARY, AB / ACCESSWIRE / May 3, 2022 / FLYHT Aerospace Solutions Ltd. (TSX-V:FLY) (OTCQX:FLYLF) (the "Company" or "FLYHT") today reported financial results for the first quarter ended March 31, 2022 ("Q1 2022"). All figures are Canadian dollars unless otherwise stated.
Financial Summary
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2022 | 2021 | Increase / Decrease | ||||||||||
Revenue | $ | 5,030,657 | $ | 2,691,275 | 87 | % | ||||||
SaaS | 1,675,072 | 1,539,825 | 9 | % | ||||||||
Hardware | 2,109,598 | 831,704 | 154 | % | ||||||||
Licensing | 1,134,706 | 182,181 | 523 | % | ||||||||
Technical Services | 111,281 | 137,565 | -19 | % | ||||||||
Gross Margin | 54.7 | % | 56.5 | % | -80 bps | |||||||
EBITDA | (937,630 | ) | (1,000,616 | ) | 6 | % | ||||||
Net Income (Loss) | (1,284,347 | ) | (912,068 | ) | -40 | % | ||||||
EPS - Basic | (0.03 | ) | (0.03 | ) | (0.00 | ) | ||||||
EPS - Diluted | (0.03 | ) | (0.03 | ) | (0.00 | ) | ||||||
Management Commentary
"FLYHT is turning the page to the post-pandemic period, with financial results that are beginning to reflect the combined effect of the multi-year transformation of our company and more recently some normalization of commercial aviation activity," said Bill Tempany, Interim CEO. "We delivered our highest revenue quarter in two years driven by all three of our largest businesses - SaaS, Hardware and Licensing. Our EBITDA was negative
Added Tempany, "One major area that FLYHT is particularly well positioned to assist the aviation industry is climate, where we are focused on being the premier supplier of products and services to assist our customers in their efforts to meet or exceed net-zero targets. We are supporting customers in multiple ways, whether it be helping airlines reduce unnecessary fuel burn on the ground, or regulators and the planet as a whole better understand what is changing and where. The move to sustainable aviation fuel ("SAF") will only further increase the importance of data and insights to on aircraft performance, and so we are very optimistic about how FLYHT can be part of an industry solution and how this growing area of global importance can be a megatrend driving continued performance of FLYHT's business in the years ahead."
Operating Results
Revenue increased by
Licensing revenue increased by
Gross margin was
Operating expenses increased by
EBITDA1 loss totaled
Net loss was
Balance Sheet and Liquidity
Cash and short-term investments were
Trade and other receivables increased to
Conference Call Information
FLYHT will discuss its first quarter 2022 financial results at its Annual and Special Meeting to be held virtually via webinar at 2:00 pm MT (4:00 pm ET) on Wednesday, May 4, 2022. The webinar will include a brief presentation followed by a question-and-answer session. Questions can be emailed in advance to investors@flyht.com.
The meeting and earnings discussion will be held online, accessible at: https://incommconferencing.zoom.us/webinar/register/WN_QgGqW1gDQSWc-XrxkBzzFw
The meeting will also be accessible by phone. The listen-only toll-free number is 1-800-319-4610 in Canada and the U.S. and 1-604-638-5340 outside of Canada and the U.S.
An archive of the conference call will be posted on the Investor Relations section of FLYHT's website as soon as it is available from the webinar provider.
1EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure). EBITDA is provided to aid in analysis and profitability comparisons among companies and industries, by segregating operating results from the effects of financing and capital expenditures.
Additional Information
FLYHT's Q1 2022 Report, which contains more detailed information including the CEO's Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company's website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT's TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT's wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues and related matters. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
FLYHT Aerospace Solutions Ltd.
Alana Forbes
Chief Financial Officer
403.291.7437
aforbes@flyht.com
investors@flyht.com
FNK IR LLC
Matt Chesler, CFA
Investor Relations
646.809.2183
flyht@fnkir.com
Join us on social media!
www.twitter.com/flyhtcorp
https://www.linkedin.com/company/flyht/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: FLYHT Aerospace Solutions Ltd.
View source version on accesswire.com:
https://www.accesswire.com/699951/FLYHT-Reports-First-Quarter-2022-Results
FAQ
What were FLYHT's Q1 2022 financial results?
How did Licensing revenue perform in Q1 2022 for FLYHT?
What is the net loss reported by FLYHT for Q1 2022?
How much did FLYHT's operating expenses increase in Q1 2022?