FLYHT Reports Fourth Quarter 2022 Results
FLYHT Aerospace Solutions Ltd. (OTCQX:FLYLF) reported impressive financial results for Q4 and full year 2022, highlighting record revenue and positive EBITDA. Q4 revenue surged by 186.5% to $7.24 million, contributing to a full-year revenue of $23.88 million, up 111% from 2021. SaaS revenue grew by 50% in Q4, while licensing revenue skyrocketed by 751%. The company's gross margin improved to 67.1% in Q4, up from 49.5% a year earlier. FLYHT achieved positive EBITDA of $1.17 million in Q4 2022, compared to a loss of $1.75 million in Q4 2021. Full-year net loss decreased significantly to $1.00 million from $5.86 million. The company anticipates further growth through 2023 with its new products and strong demand in the aviation sector.
- Revenue increased by 111% to $23.88 million for fiscal year 2022.
- Q4 2022 revenue surged 186% to $7.24 million.
- SaaS revenue rose 50% in Q4 2022.
- Licensing revenue increased by 751% in Q4 2022.
- Positive EBITDA of $1.17 million in Q4 2022, reversing a loss from Q4 2021.
- Gross margin improved to 67.1% in Q4 2022, up from 49.5% in Q4 2021.
- Full-year net loss shrank to $1.00 million from $5.86 million in 2021.
- Operating expenses increased by 33% year-over-year, impacting cash flow.
- Trade and other receivables rose significantly by 222%, which may affect liquidity.
- Cash and short-term investments decreased from $4.52 million in 2021 to $2.65 million in 2022.
Company Delivers Record Revenue and Positive EBITDA for the Quarter and Year
CALGARY, AB / ACCESSWIRE / April 12, 2022 / FLYHT AerospaceSolutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") today reported financial results for the fourth quarter ended December 31, 2022 ("Q4 2022"). All figures are Canadian dollars unless otherwise stated.
Financial Summary
Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||
2022 | 2021 | Inc./ Dec. | 2022 | 2021 | Inc./ Dec. | |||||||||||||||||||
Revenue | $ | 7,241,758 | $ | 2,527,961 | 186.5 | % | $ | 23,879,160 | $ | 11,318,689 | 111.0 | % | ||||||||||||
SaaS | 2,253,618 | 1,500,110 | 50.2 | % | 8,157,886 | 5,993,521 | 36.1 | % | ||||||||||||||||
Hardware | 1,217,860 | 590,975 | 106.1 | % | 4,720,204 | 3,394,228 | 39.1 | % | ||||||||||||||||
Licensing | 3,030,368 | 356,197 | 750.8 | % | 9,101,130 | 1,551,000 | 486.8 | % | ||||||||||||||||
Technical Services | 739,912 | 80,679 | 817.1 | % | 1,899,940 | 379,940 | 400.1 | % | ||||||||||||||||
Gross Margin | 67.1 | % | 49.5 | % | 1760 | bps | 63.7 | % | 57.2 | % | 650 | bps | ||||||||||||
EBITDA | 1,170,183 | (1,745,000 | ) | NM | 251,453 | (4,538,193 | ) | NM | ||||||||||||||||
Net Income (Loss) | 718,689 | (2,444,054 | ) | NM | (1,003,033 | ) | (5,859,206 | ) | NM | |||||||||||||||
EPS - Basic& Diluted | 0.01 | (0.08 | ) | 0.09 | (0.03 | ) | (0.19 | ) | 0.16 |
Management Commentary
"With the strong execution of our strategy, FLYHT delivered record revenue of nearly
Continued Jacobs, "FLYHT exited the year with one of its strongest quarters ever in Q4 2022. Revenue was
Concluded Jacobs,"In 2023, we are focused on fulfilling Bill Tempany's vision to become a global force in providing innovative aviation and environmental solutions for our customers. We are on the verge of obtaining the initial Supplemental Type Certificates ("STCs") of our newest innovation, the AFIRS Edge™, which opens up a significant incremental growth opportunity as we target the ~25,000 aircraft that will ultimately require 5G enabled connectivity. Meanwhile, demand for the complementary AFIRS 228™ Satcom product remains at an all time high, highlighted in 2022 by our single largest licencing order ever of more than
1 EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure). EBITDAis provided to aid in analysis and profitability comparisons among companies and industries, by segregating operating results from the effects of financing and capital expenditures.
products and services are complemented by additional standalone SaaS offerings as part of our recurring revenue strategy,including our recently introduced ClearPort aircraft turn management tool. As we expand into Artificial Intelligence and Machine Learning models, and further develop our Data Warehouse capabilities, we look forward to reaching our full SaaS revenue potential."
Fourth Quarter 2022 Operating Results
Revenue increased by
SaaS revenue increased by
Gross margin was
Operating expenses increased by
Positive EBITDA totaled
Net income was
Full Year 2022 Operating Results
Revenue increased by
SaaS revenue increased by
Gross margin was
Operating expenses increased by
Positive EBITDA totaled
Balance Sheet and Liquidity
Cash and short-term investments were
Trade and other receivables increased by
Conference Call Information
FLYHT will host a conference call to discuss its financial results for Q4 2022 on Thursday, April 13, 2023, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation from FLYHT's President and Interim CEO Kent Jacobs and CFO Alana Forbes followed by a question-and-answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.
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 investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT's website following the meeting.
Additional Information
FLYHT's Q4 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, that 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. | FNK IR LLC | Satichi Consulting Inc. |
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SOURCE: FLYHT Aerospace Solutions Ltd.
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