FLYHT AEROSPACE SLTNS LTD - FLYLF STOCK NEWS

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.

FLYHT Aerospace Solutions Ltd. (TSX-V:FLY)(OTCQX:FLYLF) announced a conference call to discuss its fourth quarter and full year 2022 results on April 13, 2023, at 7:30 a.m. MT. The call will feature presentations by President & Interim CEO Kent Jacobs and CFO Alana Forbes, followed by a Q&A session. Investors can access the call via toll-free numbers, and an archive will be available on the company's Investor Relations website. FLYHT specializes in providing airlines with solutions to enhance operational efficiency and safety through patented aircraft hardware products. The company is headquartered in Calgary and includes the wholly-owned subsidiary, CrossConsense, offering advanced aviation services.

FLYHT Aerospace Solutions Ltd. (TSX-V:FLY, OTCQX:FLYLF) announced that Meredith Bell will testify before the U.S. House Subcommittee on Environment on March 28, 2023. The hearing focuses on the reauthorization of the Weather Act, a significant initiative to enhance weather research and forecasting. Bell will discuss the importance of in-situ observations and data collection for aviation safety, referencing FLYHT's innovative weather sensor technologies. These efforts aim to improve turbulence forecasts, benefiting airlines and passengers alike. The Weather Act is critical in addressing extreme weather patterns as noted in recent turbulence incidents.

FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) announced the receipt of a Supplemental Type Certificate (STC) from Transport Canada to install its AFIRS 228 on Boeing 737 MAX-8 aircraft.

This certification enables airlines to request aircraft with Iridium satcom provisions directly from the factory, opening new growth avenues for FLYHT.

President Kent Jacobs highlighted that this milestone achievement will allow installation on 40 aircraft from their contracted backlog.

FLYHT is preparing for its first 5G AFIRS Edge installations, reinforcing the strength of its AFIRS 228 product line.