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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 Ltd. (TSXV:FLY)(OTCQX:FLYLF) announced leadership changes on April 13, 2023. Captain Mary I. McMillan has been appointed as the new non-executive Chairman of the Board, succeeding Nina Jonsson, who is not seeking re-election at the upcoming AGM on May 11, 2023. McMillan, an independent director with extensive aviation safety expertise, aims to advance FLYHT’s vision to enhance aviation safety and operational efficiency. Additionally, Jack Olcott has resigned from the Board after 15 years of service. Kent Jacobs, President and Interim CEO, recognized Olcott's contributions to the company's growth. FLYHT specializes in innovative data solutions to improve safety, efficiency, and profitability in aviation.
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.
FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX: FLYLF) will host the Spring AEEC/IATA Electronic Flight Bag (EFB) Users Forum in Calgary from June 20-22, 2023. This event fosters collaboration among airlines, system integrators, and regulators to discuss trends and innovations in the aviation sector. FLYHT aims to showcase its cutting-edge solutions, including 5G connectivity technologies. Kent Jacobs, Interim CEO, expressed pride in promoting Calgary as a tech hub in aviation. The forum will kick off with an EFB EXPO on June 20, allowing suppliers to demonstrate their products. The initiative is expected to attract significant industry attention and facilitate operational discussions essential for enhancing efficiency and safety in commercial aviation.
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