FLYHT Reports Third Quarter 2024 Results
FLYHT Aerospace Solutions reported Q3 2024 financial results showing a 14% revenue decline to $4,398,225 compared to Q3 2023. The decrease was primarily driven by a 22% drop in SaaS revenue to $2,167,003 and a 95% reduction in Licensing revenue to $22,889. Hardware revenue increased 6% to $1,061,822, while Technical Services revenue grew 41% to $1,146,511. Gross margin decreased to 56.8% from 58.7% year-over-year. The company reported a net loss of $2,244,504, compared to a $728,655 loss in Q3 2023. Cash and short-term investments stood at $1,289,217 as of September 30, 2024.
FLYHT Aerospace Solutions ha riportato i risultati finanziari del Q3 2024, mostrando un calo del 14% delle entrate, scendendo a $4,398,225 rispetto al Q3 2023. La diminuzione è stata principalmente causata da un calo del 22% delle entrate SaaS, che si sono attestate a $2,167,003, e una riduzione del 95% delle entrate da Licensing, che hanno raggiunto $22,889. Le entrate hardware sono aumentate del 6%, arrivando a $1,061,822, mentre le entrate da servizi tecnici sono cresciute del 41%, attestandosi a $1,146,511. Il margine lordo è diminuito al 56.8% rispetto al 58.7% dell’anno precedente. L'azienda ha riportato una perdita netta di $2,244,504, rispetto a una perdita di $728,655 nel Q3 2023. Liquidità e investimenti a breve termine ammontano a $1,289,217 al 30 settembre 2024.
FLYHT Aerospace Solutions reportó resultados financieros del Q3 2024 que muestran una disminución del 14% en los ingresos, alcanzando $4,398,225 en comparación con el Q3 2023. La disminución se debió principalmente a una caída del 22% en los ingresos por SaaS, que fueron de $2,167,003, y una reducción del 95% en los ingresos por Licencias, que llegaron a $22,889. Los ingresos por hardware aumentaron un 6% a $1,061,822, mientras que los ingresos por Servicios Técnicos crecieron un 41% a $1,146,511. El margen bruto disminuyó al 56.8% desde el 58.7% en comparación anual. La compañía reportó una pérdida neta de $2,244,504, en comparación con una pérdida de $728,655 en el Q3 2023. El efectivo y las inversiones a corto plazo se situaron en $1,289,217 al 30 de septiembre de 2024.
FLYHT Aerospace Solutions는 2024년 3분기 재무 결과를 보고하며, 2023년 3분기와 비교해 매출이 14% 감소한 $4,398,225를 기록했다고 발표했습니다. 이러한 감소는 주로 SaaS 매출이 22% 감소하여 $2,167,003이 되었고, 라이센스 매출이 95% 감소하여 $22,889에 불과했기 때문입니다. 하드웨어 매출은 6% 증가하여 $1,061,822에 달했고, 기술 서비스 매출은 41% 증가하여 $1,146,511에 도달했습니다. 총 마진은 전년 동기 대비 58.7%에서 56.8%로 감소했습니다. 회사는 $2,244,504의 순손실을 기록했으며, 이는 2023년 3분기에서의 손실 $728,655와 비교됩니다. 2024년 9월 30일 현재 현금 및 단기 투자 금액은 $1,289,217에 이릅니다.
FLYHT Aerospace Solutions a publié les résultats financiers du T3 2024, montrant une baisse de 14% des revenus, passant à 4,398,225 $ par rapport au T3 2023. La diminution a été principalement due à une chute de 22% des revenus SaaS, qui se sont élevés à 2,167,003 $, et une réduction de 95% des revenus de licences, qui ont atteint 22,889 $. Les revenus matériels ont augmenté de 6% pour atteindre 1,061,822 $, tandis que les revenus des services techniques ont crû de 41% pour atteindre 1,146,511 $. La marge brute a diminué à 56,8% contre 58,7% d'une année sur l'autre. L'entreprise a signalé une perte nette de 2,244,504 $, par rapport à une perte de 728,655 $ au T3 2023. La trésorerie et les investissements à court terme s'élevaient à 1,289,217 $ au 30 septembre 2024.
FLYHT Aerospace Solutions berichtete über die finanziellen Ergebnisse des Q3 2024, die einen Rückgang der Einnahmen um 14% auf $4,398,225 im Vergleich zum Q3 2023 zeigen. Der Rückgang wurde hauptsächlich durch einen Rückgang der SaaS-Einnahmen um 22% auf $2,167,003 und eine Reduzierung der Lizenzgebühren um 95% auf $22,889 verursacht. Die Hardware-Einnahmen stiegen um 6% auf $1,061,822, während die Einnahmen aus technischen Dienstleistungen um 41% auf $1,146,511 wuchsen. Die Bruttomarge fiel von 58,7% im Vorjahresvergleich auf 56,8%. Das Unternehmen berichtete von einem Nettoverlust von $2,244,504 im Vergleich zu einem Verlust von $728,655 im Q3 2023. Bargeld und kurzfristige Investitionen beliefen sich zum 30. September 2024 auf $1,289,217.
- Technical Services revenue increased 41% to $1,146,511
- Hardware revenue grew 6% to $1,061,822
- Gross margin remained relatively stable at 56.8%
- Overall revenue declined 14% to $4,398,225
- SaaS revenue decreased 22% to $2,167,003
- Licensing revenue fell 95% to $22,889
- Net loss widened to $2,244,504 from $728,655 year-over-year
- Operating expenses increased by 24%
- Cash position decreased to $1,289,217 from $1,542,203 at year-end 2023
CALGARY, AB / ACCESSWIRE / November 13, 2024 / FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") today reported financial results for the third quarter ended September 30, 2024 ("Q3 2024"). All figures are Canadian dollars unless otherwise stated.
Financial Summary
| Three Months Ended September 30 |
|
| Nine Months Ended September 30 |
| |||||||||||||||||||
| 2024 |
|
| 2023 |
|
| Inc./ Dec. |
|
| 2024 |
|
| 2023 |
|
| Inc./ Dec. |
| |||||||
Revenue |
| $ | 4,398,225 |
|
| $ | 5,099,019 |
|
|
| -14 | % |
| $ | 13,500,818 |
|
| $ | 15,899,792 |
|
|
| -15 | % |
SaaS |
|
| 2,167,003 |
|
|
| 2,787,664 |
|
|
| -22 | % |
|
| 7,638,386 |
|
|
| 7,891,437 |
|
|
| -3 | % |
Hardware |
|
| 1,061,822 |
|
|
| 1,001,817 |
|
|
| 6 | % |
|
| 2,353,110 |
|
|
| 3,945,523 |
|
|
| -40 | % |
Licensing |
|
| 22,889 |
|
|
| 494,573 |
|
|
| -95 | % |
|
| 102,979 |
|
|
| 1,936,574 |
|
|
| -95 | % |
Technical Services |
|
| 1,146,511 |
|
|
| 814,965 |
|
|
| 41 | % |
|
| 3,406,343 |
|
|
| 2,126,258 |
|
|
| 60 | % |
Gross Margin |
|
| 56.8 | % |
|
| 58.7 | % |
|
| -190 | bp |
|
| 61.0 | % |
|
| 58.6 | % |
|
| 220 | bp |
Adjusted EBITDA |
|
| (1,034,678 | ) |
|
| (430,865 | ) |
| NM |
|
|
| (3,009,600 | ) |
|
| (1,606,734 | ) |
| NM |
| ||
Net Loss |
|
| (2,244,504 | ) |
|
| (728,655 | ) |
| NM |
|
|
| (4,835,017 | ) |
|
| (2,554,576 | ) |
| NM |
| ||
EPS - Basic & Diluted |
|
| (0.05 | ) |
|
| (0.02 | ) |
|
| (0.03 | ) |
|
| (0.12 | ) |
|
| (0.07 | ) |
|
| (0.05 | ) |
Operating Results
Revenue decreased by
Gross margin was
Operating expenses increased by
Negative Adjusted EBITDA1 totaled
Net loss was
Balance Sheet and Liquidity
Cash and short-term investments totaled
Trade and other receivables decreased by
Additional Information
FLYHT's Q3 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 |
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.
###
1Adjusted EBITDA: defined as earnings before interest, income tax, depreciation and amortization, less non-recurring restructuring costs (a non-GAAP financial measure). Adjusted 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.
SOURCE: FLYHT Aerospace Solutions Ltd.
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