FLYHT Reports Second Quarter 2024 Results
FLYHT Aerospace Solutions (TSX-V: FLY) (OTCQX: FLYLF) reported Q2 2024 financial results. Revenue decreased by 29% to $4,311,999 compared to Q2 2023. SaaS revenue increased by 1% to $2,707,667, while Hardware revenue decreased 46% to $627,756. Gross margin improved to 61.9% from 59.6% in Q2 2023. The company reported a net loss of $1,796,131 compared to a net loss of $168,807 in Q2 2023. FLYHT secured a $5 million unsecured debenture arrangement in June and implemented a strategic restructuring in August, aiming for $1.75 million in annual cost savings. The company is focusing on sales of the AFIRS Edge+ and achieving sustainable positive EBITDA.
FLYHT Aerospace Solutions (TSX-V: FLY) (OTCQX: FLYLF) ha riportato i risultati finanziari del secondo trimestre del 2024. Le entrate sono diminuite del 29%, arrivando a $4,311,999 rispetto al secondo trimestre del 2023. Le entrate SaaS sono aumentate dell'1% a $2,707,667, mentre le entrate hardware sono diminuite del 46% a $627,756. Il margine lordo è migliorato, portandosi al 61,9% rispetto al 59,6% del secondo trimestre del 2023. L'azienda ha riportato una perdita netta di $1,796,131 rispetto a una perdita netta di $168,807 nel secondo trimestre del 2023. FLYHT ha ottenuto un accordo di debito non garantito da $5 milioni a giugno e ha implementato una ristrutturazione strategica ad agosto, puntando a risparmi annuali sui costi di $1,75 milioni. L'azienda si sta concentrando sulle vendite dell'AFIRS Edge+ e sul raggiungimento di un EBITDA positivo sostenibile.
FLYHT Aerospace Solutions (TSX-V: FLY) (OTCQX: FLYLF) reportó los resultados financieros del segundo trimestre de 2024. Los ingresos disminuyeron un 29% a $4,311,999 en comparación con el segundo trimestre de 2023. Los ingresos por SaaS aumentaron un 1% a $2,707,667, mientras que los ingresos por hardware disminuyeron un 46% a $627,756. El margen bruto mejoró al 61.9% desde el 59.6% en el segundo trimestre de 2023. La empresa reportó una pérdida neta de $1,796,131 en comparación con una pérdida neta de $168,807 en el segundo trimestre de 2023. FLYHT aseguró un acuerdo de debentures no garantizados de $5 millones en junio e implementó una reestructuración estratégica en agosto, con el objetivo de alcanzar $1.75 millones en ahorros anuales. La empresa se está enfocando en las ventas del AFIRS Edge+ y en lograr un EBITDA positivo sostenible.
FLYHT 항공우주 솔루션(TSX-V: FLY) (OTCQX: FLYLF)이 2024년 2분기 재무 실적을 보고했습니다. 수익은 29% 감소하였습니다, 2023년 2분기에 비해 $4,311,999로 감소했습니다. SaaS 수익은 1% 증가하여 $2,707,667에 이른 반면, 하드웨어 수익은 46% 감소하여 $627,756에 달했습니다. 총 마진이 개선되었습니다, 2023년 2분기 59.6%에서 61.9%로 증가했습니다. 회사는 $1,796,131의 순손실을 보고했습니다, 2023년 2분기 순손실 $168,807과 비교되었습니다. FLYHT는 6월에 $5백만의 무담보 채권 계약을 성사시키고, 8월에는 전략적 구조조정을 시행하여 연간 $1.75백만의 비용 절감을 목표로 하고 있습니다. 회사는 AFIRS Edge+의 판매와 지속 가능한 긍정적 EBITDA 달성에 집중하고 있습니다.
FLYHT Aerospace Solutions (TSX-V: FLY) (OTCQX: FLYLF) a annoncé les résultats financiers du deuxième trimestre de 2024. Le chiffre d'affaires a diminué de 29% pour atteindre 4,311,999 $ par rapport au deuxième trimestre de 2023. Les revenus SaaS ont augmenté de 1% pour atteindre 2,707,667 $, tandis que les revenus matériels ont diminué de 46% pour atteindre 627,756 $. La marge brute s'est améliorée à 61,9% contre 59,6% au deuxième trimestre de 2023. L'entreprise a signalé une perte nette de 1,796,131 $ par rapport à une perte nette de 168,807 $ au deuxième trimestre de 2023. FLYHT a sécurisé un emprunt non garanti de 5 millions de dollars en juin et a mis en œuvre une restructuration stratégique en août, visant des économies annuelles de 1,75 million de dollars. L'entreprise se concentre sur la vente de l'AFIRS Edge+ et sur l'atteinte d'un EBITDA positif durable.
FLYHT Aerospace Solutions (TSX-V: FLY) (OTCQX: FLYLF) hat die Finanzkennzahlen für das 2. Quartal 2024 berichtet. Der Umsatz sank um 29% auf $4,311,999 im Vergleich zum 2. Quartal 2023. Der SaaS-Umsatz stieg um 1% auf $2,707,667, während der Hardware-Umsatz um 46% auf $627,756 fiel. Die Bruttomarge verbesserte sich auf 61,9% von 59,6% im 2. Quartal 2023. Das Unternehmen berichtete über einen Nettoverlust von $1,796,131 im Vergleich zu einem Nettoverlust von $168,807 im 2. Quartal 2023. FLYHT sicherte sich im Juni eine unbesicherte Anleihe über $5 Millionen und nahm im August eine strategische Umstrukturierung vor, mit dem Ziel, jährliche Einsparungen von $1,75 Millionen zu erzielen. Das Unternehmen konzentriert sich auf den Verkauf von AFIRS Edge+ und darauf, ein nachhaltiges positives EBITDA zu erreichen.
- SaaS revenue increased by 1% to $2,707,667
- Gross margin improved to 61.9% from 59.6% in Q2 2023
- Technical Services revenue increased by 31% to $975,645
- Secured $5 million unsecured debenture arrangement in June
- Implemented strategic restructuring for $1.75 million annual cost savings
- Received Supplemental Type Certificate for AFIRS Edge on Boeing 737 aircraft
- Overall revenue decreased by 29% to $4,311,999 compared to Q2 2023
- Hardware revenue decreased 46% to $627,756
- Licensing revenue decreased by 100% to $931
- Net loss increased to $1,796,131 from $168,807 in Q2 2023
- Negative EBITDA of $1,380,917 compared to positive EBITDA of $168,045 in Q2 2023
- Operating expenses increased by 17% from Q2 2023
Calgary, Alberta - August 28, 2024 - FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") today reported financial results for the second quarter ended June 30, 2024 ("Q2 2024"). All figures are Canadian dollars unless otherwise stated.
Financial Summary
| Three Months Ended June 30 |
|
| Six Months Ended June 30 |
| |||||||||||||||||||
| 2024 |
|
| 2023 |
|
| Inc./ Dec. |
|
| 2024 |
|
| 2023 |
|
| Inc./ Dec. |
| |||||||
Revenue |
| $ | 4,311,999 |
|
| $ | 6,043,543 |
|
|
| -29 | % |
| $ | 9,102,593 |
|
| $ | 10,800,773 |
|
|
| -16 | % |
SaaS |
|
| 2,707,667 |
|
|
| 2,690,573 |
|
|
| 1 | % |
|
| 5,471,383 |
|
|
| 5,103,773 |
|
|
| 7 | % |
Hardware |
|
| 627,756 |
|
|
| 1,172,261 |
|
|
| -46 | % |
|
| 1,291,288 |
|
|
| 2,943,706 |
|
|
| -56 | % |
Licensing |
|
| 931 |
|
|
| 1,433,264 |
|
|
| -100 | % |
|
| 80,090 |
|
|
| 1,442,001 |
|
|
| -94 | % |
Technical Services |
|
| 975,645 |
|
|
| 747,445 |
|
|
| 31 | % |
|
| 2,259,832 |
|
|
| 1,311,293 |
|
|
| 72 | % |
Gross Margin |
|
| 61.9 | % |
|
| 59.6 | % |
| 23 bps |
|
|
| 63.0 | % |
|
| 58.6 | % |
| 44 bps |
| ||
EBITDA |
|
| (1,380,917 | ) |
|
| 168,045 |
|
| NM |
|
|
| (1,974,922 | ) |
|
| (1,175,869 | ) |
| NM |
| ||
Net Loss |
|
| (1,796,131 | ) |
|
| (168,807 | ) |
| NM |
|
|
| (2,590,513 | ) |
|
| (1,825,921 | ) |
| NM |
| ||
EPS - Basic & Diluted |
|
| (0.05 | ) |
|
| (0.01 | ) |
|
| (0.04 | ) |
|
| (0.07 | ) |
|
| (0.05 | ) |
|
| (0.02 | ) |
Management Commentary
"FLYHT is at an exciting and critical juncture," said Mary McMillan, Interim CEO and Executive Chair of the Board at FLYHT. "With the development of the AFIRS EdgeTM+ functionally complete, we are now focused on sales of the Edge to new and existing customers and on achieving positive EBITDA on a sustainable basis."
Continued McMillan, "As announced in the quarter, FLYHT received a Supplemental Type Certificate ("STC") from Transport Canada for the flange version of the 5G AFIRS Edge on Boeing 737 aircraft. We now have two STC's in Canada and have a clear path to obtaining additional aircraft certifications for both the Airbus A320 and Boeing 737 aircraft. These two aircraft types are the most popular aircraft in key global markets creating a huge pipeline of commercial opportunities for our product. Our weather solutions continue to expand with the receipt of an additional purchase order from the U.S. National Oceanic and Atmospheric Administration (NOAA) for the FLYHT-WVSS-II humidity sensors. Our European division, CrossConsense continues to perform well and recently secured two new contracts, demonstrating the growing demand for its Maintenance Repair Organization (MRO) offering."
Added Alana Forbes, CFO, "In recent months we have taken decisive action to strengthen our financial position and reduce costs. This includes a
Concluded McMillan, "Looking to the second half of the year, we are laser-focused on the conversion of our sizeable pipeline to sales. With a strengthened balance sheet, a world class product that we believe will rapidly penetrate the market, and a lower fixed cost base, we enter the next chapter squarely set on driving revenue growth and realizing positive EBITDA."
Operating Results
Revenue decreased by
Gross margin was
Operating expenses increased by
Negative EBITDA[1] totaled
Net loss was
Balance Sheet and Liquidity
Cash and short-term investments totaled
Trade and other receivables increased by
Conference Call Information
FLYHT will host a conference call to discuss its financial results for Q2 2024 on Thursday, August 29, 2024, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation 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 1-844-763-8274. Outside Canada and the U.S., dial 1-647-484-8814.
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 Q2 2024 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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT's hardware products can also be interfaced with FLYHT's proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.
Contact Information:
FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
Alana Forbes | Matt Chesler, CFA |
Chief Financial Officer | Investor Relations |
403.291.7437 | 646.809.2183 |
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.
[1] EBITDA: 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.
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