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FLYHT Aerospace Solutions Ltd. (FLYLF) is a leading provider of aviation safety, efficiency, and profitability solutions for airlines. The company offers patented aircraft certified hardware products, including AFIRS™, an aircraft satcom/interface device for cockpit voice communications and real-time aircraft data analysis. FLYHT's innovative technology supports voice and data communications on Airbus aircraft worldwide through the Iridium® satellite network. With a focus on delivering actionable intelligence, the company helps airlines transform operational insight into immediate, quantifiable action, enhancing safety and performance.
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 (TSXV:FLY)(OTCQX:FLYLF) has announced a strategic restructuring of its business operations, aiming to significantly reduce expenditures. The company expects this move to contribute to $1.75 million in annual savings. Key points include:
1. Completion of the AFIRS Edge product line development
2. Shift in focus towards sales and delivering contracted backlog
3. Workforce reduction of 20%
4. Introduction of the Edge+ product, a 4MCU plug-in-replacement version
5. Appointment of Darrel Deane as Chief Revenue Officer and Gurjot Bhullar as Chief Operating Officer
The restructuring aims to achieve positive EBITDA sustainably while delivering returns to stakeholders. A one-time restructuring expense of approximately $770,000 is expected in Q3 2024.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) has announced significant leadership changes. Mr. Kent Jacobs has departed as President and Interim CEO, effective immediately. Executive Chair Mary McMillan has been appointed as Interim CEO, supported by CFO Alana Forbes and the executive leadership team.
The Board plans to initiate a search for a permanent CEO. McMillan expressed gratitude for Jacobs' 23 years of service, particularly his leadership in completing the development of the AFIRS Edge and 5G aviation solutions. The Board is committed to creating shareholder value, with the future CEO expected to focus on accelerating Edge commercialization, driving revenue, and achieving sustainable profitability and positive EBITDA.
FLYHT Aerospace Solutions (TSX-V:FLY)(OTCQX:FLYLF) announced that the National Oceanic and Atmospheric Administration (NOAA) has exercised an option to purchase additional weather sensors and related technology valued at approximately US$465,000. This order is part of a September 2023 agreement to improve weather forecasting and warnings for the U.S. National Weather Service (NWS).
The package includes FLYHT-WVSS-II sensors, Certus SatCom, and AFIRS Edge multi-channel WQAR systems for real-time data transmission. FLYHT will also deliver aircraft-based observations throughout flight phases. The initial hardware is scheduled for installation by late 2024 or early 2025, with the additional hardware expected to be installed in the first or second quarter of 2025.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) has announced a conference call to discuss its Q2 2024 results on August 29, 2024 at 7:30 a.m. MT. The call will feature prepared remarks and a Q&A session with Kent Jacobs, President & Interim CEO, and Alana Forbes, CFO. Participants can join via toll-free numbers in Canada and the U.S. or international dial-in. Questions can be asked during the call or emailed in advance.
Additionally, at the Annual & Special Meeting on June 19, 2024, shareholders approved the 2024 Omnibus Equity Incentive Compensation Plan, replacing the existing stock option plan. This new plan allows for up to 10% of issued and outstanding Common Shares to be reserved for various share-based compensation options, including stock options, RSUs, DSUs, and PSUs. The plan has received TSXV approval and has been implemented.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) announced that its subsidiary, CrossConsense, has secured two new contracts for aircraft data migration services. The first contract expands CrossConsense's relationship with a leading management consultancy, managing a project for a large European flag carrier. The second contract involves collaborating on the design phase of a data migration project for a global logistics leader.
These contracts, valued at approximately €300,000, are expected to be delivered by the end of 2024. They highlight CrossConsense's expertise in AMOS support and data migration, showcasing additional growth opportunities for FLYHT beyond its 5G aviation and weather solutions.
FLYHT Aerospace Solutions announced the election of Lorne Sugarman to its Board of Directors, effective June 24, 2024. Sugarman brings 30 years of experience in the technology sector as an executive, investor, and advisor. He currently serves as the founder and president of Adielle Group and holds board positions at EVP Capital Inc., Iocaste Ventures Inc., and Tokens.com. Sugarman’s appointment follows the retirement of long-serving board member Michael Brown. FLYHT expects Sugarman's expertise to aid in the company's growth, particularly in bringing 5G aviation and weather solutions to market.
FLYHT Aerospace Solutions announced its upcoming Annual General and Special Meeting (AGM) on June 19, 2024, at 9:00 am MT. The meeting will be held virtually and include a corporate update and Q&A session. Shareholders can pre-register for the live webcast up to 48 hours in advance. Public listen-only access will be available via toll-free and international numbers. A replay will be accessible on FLYHT's Investor Relations website.
FLYHT Aerospace Solutions announced that Board Member Nancy Young will participate in a fireside chat at the Jefferies Virtual Aerospace ESG Summit on June 20, 2024, at 8:55 a.m. MT (10:55 a.m. ET). The company will also host meetings with institutional investors. Interested parties can arrange meetings through their Jefferies representative or the FLYHT investor relations team at investors@flyht.com. A live and archived webcast of the fireside chat will be available on the FLYHT investor relations website.
FLYHT Aerospace Solutions has received Transport Canada's Supplemental Type Certificate (STC) for its AFIRS Edge™ 5G wireless data communication device for Boeing 737 NG aircraft. This certification, achieved with Air North as a partner, enables FLYHT to distribute the Edge units in Canada and globally. This marks the second STC approval for the device this year, following its certification for Airbus A320. Air North will integrate FLYHT's AFIRS Edge and AFIRS 228 Iridium SatCom solutions into its fleet as part of its renewal plans. These devices offer enhanced aircraft communication, operational efficiency, and safety, providing real-time data services such as fuel management and aircraft health monitoring.
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