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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. reported its highest revenue quarter in two years for Q1 2022, with a total revenue of $5,030,657, up 87% year-over-year. Key growth drivers included significant increases in Licensing revenue (up 523%) and Hardware revenue (up 154%). Despite a net loss widening to $1,284,347, the EBITDA loss narrowed to $937,630. Operating expenses increased 43%, but management expressed optimism regarding future performance, citing a focus on sustainability and the potential for new product launches as a strategy for growth.
FLYHT Aerospace Solutions Ltd. and MBS Electronic Systems GmbH have developed a prototype for a secure wireless avionics software vault and onboard data loading solution. This collaboration aims to help airlines comply with new security requirements, offering a more efficient and cost-effective data loading process. The prototype will be demonstrated at the Aviation Maintenance Conference in Memphis from May 10-12, 2022. Both companies are working towards qualifying and certifying the solution within six months, responding to a growing market demand.
FLYHT Aerospace Solutions Ltd. will present its Q1 2022 financial results during its Annual and Special Meeting on May 4, 2022, at 2:00 PM MT (4:00 PM ET). The meeting will be held virtually via webinar, featuring a presentation followed by a Q&A session. Interested participants can submit questions in advance to investors@flyht.com. The event can be accessed online, or via phone at the toll-free number 1-800-319-4610 in Canada/U.S. An archive will be available on the Investor Relations section of FLYHT's website.
FLYHT Aerospace Solutions Ltd. (TSX-V:FLY)(OTCQX:FLYLF) will participate in the Planet MicroCap Showcase 2022 at Bally's Hotel & Casino, Las Vegas, from May 3-5, 2022. Management, including President Kent Jacobs and CFO Alana Forbes, will present on May 4 at 3:30 PM PT. Shareholders can attend the event or listen to the live webcast available here. Registration for the conference can be done online. FLYHT specializes in aviation operational insights to enhance safety and profitability.
FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) will present at the Global Chinese Financial Forum on April 21, 2022, at 9:10 AM PT. CFO Alana Forbes and VP Michael Li Fang will discuss investment opportunities in innovation during this virtual, bilingual event focused on the Chinese investment community in North America. The event is free to attend, and an archived presentation will be available afterward on FLYHT's website. FLYHT specializes in providing actionable intelligence to airlines through advanced technologies, enhancing aviation safety and efficiency.
FLYHT Aerospace Solutions Ltd. reported its Q4 and full-year 2021 financial results, revealing a 25% decline in Q4 revenue to $2.53 million due to pandemic impacts. Despite a 641% growth in licensing revenues, overall revenues dropped from $3.38 million in Q4 2020. The annual revenue decreased 17% to $11.32 million, with net loss rising to $5.86 million. Operating expenses were down 8% year-over-year, focusing on R&D. FLYHT maintains a solid balance sheet with $4.52 million in cash, preparing for a recovering aviation market.
FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) will host a conference call on April 7, 2022, at 7:30 a.m. MT to discuss its fourth quarter and full year results for 2021. The call will feature a brief presentation by Interim CEO Bill Tempany and CFO Alana Forbes, followed by a Q&A session. Interested participants can join through provided phone numbers. An archive of the call will be made available on FLYHT's website post-event.
FLYHT Aerospace Solutions Ltd. has completed its acquisition of CrossConsense GmbH & Co. KG, enhancing its maintenance capabilities and expanding its presence in Europe and the Middle East. This strategic move is anticipated to accelerate FLYHT's goals, enabling growth and synergy across products, staff, and customer bases. The acquisition brings together complementary offerings in aviation maintenance software, with a target on enhancing operational efficiencies.
FLYHT Aerospace Solutions Ltd. (FLYLF) has partnered with Swoop Airlines to reduce emissions by minimizing Auxiliary Power Unit (APU) usage, supported by a $150,000 grant from Alberta Innovates. This real-time APU monitoring program aims to decrease CO2 emissions and provide cost savings by optimizing APU run times, which consume about 250 lbs of fuel per hour. The initiative leverages FLYHT's AFIRS technology, enhancing operational efficiency for more than 80 airline customers worldwide. The collaboration underscores a commitment to environmental sustainability in aviation.
FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) has secured approval from the TSX Venture Exchange for the acquisition of CrossConsense GmbH & Co. KG, a strategic move aimed at enhancing FLYHT's maintenance capabilities and expanding its market presence in Europe and the Middle East. The deal, valued at CAD$1,250,000 in cash and 1,900,000 common shares, is anticipated to close following final approval from the German government. This acquisition aligns with FLYHT's objective to boost operational efficiency and capitalize on new market opportunities.
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