AIRO GROUP HOLDINGS, INC. AND KERNEL GROUP HOLDINGS, INC. ANNOUNCE EFFECTIVENESS OF REGISTRATION STATEMENT; TRIPLE-DIGIT REVENUE GROWTH AND $1.1B IN EVTOL ORDERS AS PORTFOLIO TAKES OFF
AIRO Group Holdings and Kernel Group Holdings (NASDAQ: KRNL) announce the effectiveness of their proxy/registration statement, paving the way for AIRO's public listing on Nasdaq. AIRO reported impressive financial results for 2023, with revenue reaching $43M, a 153% increase year-over-year. The company's Electric Air Mobility division secured over $1.1B in eVTOL orders for its Jaunt Journey aircraft from notable operators.
AIRO's Uncrewed Air Systems division experienced extraordinary growth of 637%, generating nearly $28M in revenue during 2023, primarily from military drone equipment and services sales. The company's diversified portfolio and strong market demand position it for continued growth and expansion in the aerospace and defense sectors.
AIRO Group Holdings e Kernel Group Holdings (NASDAQ: KRNL) annunciano l'efficacia della loro dichiarazione di delega/registrazione, aprendo la strada alla quotazione pubblica di AIRO su Nasdaq. AIRO ha riportato risultati finanziari impressionanti per il 2023, con ricavi che hanno raggiunto $43M, un aumento del 153% rispetto all'anno precedente. La divisione di Mobilità Aerea Elettrica dell'azienda ha ottenuto oltre $1.1B in ordini di eVTOL per il suo velivolo Jaunt Journey da operatori di rilievo.
La divisione di Sistemi Aerei Senza Pilota di AIRO ha registrato una crescita straordinaria del 637%, generando quasi $28M in ricavi nel 2023, principalmente dalle vendite di apparecchiature e servizi per droni militari. Il portafoglio diversificato dell'azienda e la forte domanda di mercato la posizionano per una continua crescita ed espansione nei settori aerospaziale e della difesa.
AIRO Group Holdings y Kernel Group Holdings (NASDAQ: KRNL) anuncian la efectividad de su declaración de poder/registro, allanando el camino para la cotización pública de AIRO en Nasdaq. AIRO reportó resultados financieros impresionantes para 2023, con ingresos alcanzando $43M, un aumento del 153% en comparación con el año anterior. La división de Movilidad Aérea Eléctrica de la compañía aseguró más de $1.1B en pedidos de eVTOL para su aeronave Jaunt Journey de operadores destacados.
La división de Sistemas Aéreos No Tripulados de AIRO experimentó un crecimiento extraordinario del 637%, generando casi $28M en ingresos durante 2023, principalmente de las ventas de equipos y servicios de drones militares. El portafolio diversificado de la compañía y la fuerte demanda del mercado la posicionan para un crecimiento y expansión continuos en los sectores aeroespacial y de defensa.
AIRO Group Holdings와 Kernel Group Holdings (NASDAQ: KRNL)는 AIRO의 Nasdaq 상장을 위한 위임장/등록 명세서의 효력을 알렸습니다. AIRO는 2023년 인상적인 재무 결과를 보고했습니다, 수익은 $43M에 달하며, 전년 대비 153% 증가했습니다. 회사의 전기 항공 이동 수단 부문은 저명한 운영자로부터 Jaunt Journey 항공기용 eVTOL 주문이 $1.1B 이상 확보되었습니다.
AIRO의 무인 항공 시스템 부문은 637%의 경이로운 성장을 경험했으며, 2023년 동안 주로 군용 드론 장비 및 서비스 판매로 거의 $28M의 수익을 창출했습니다. 회 사의 다양화된 포트폴리오와 강력한 시장 수요는 항공우주 및 방위 분야에서 지속적인 성장과 확장을 위한 위치를 제공합니다.
AIRO Group Holdings et Kernel Group Holdings (NASDAQ: KRNL) annoncent l'efficacité de leur déclaration de procuration/enregistrement, ouvrant la voie à l'introduction en bourse d'AIRO sur Nasdaq. AIRO a rapporté des résultats financiers impressionnants pour 2023, avec des revenus atteignant 43 millions de dollars, soit une augmentation de 153 % par rapport à l'année précédente. La division Mobilité Aérienne Électrique de la société a sécurisé plus de 1,1 milliard de dollars en commandes d'eVTOL pour son aéronef Jaunt Journey provenant d'opérateurs notables.
La division Systèmes Aériens Sans Pilote d'AIRO a connu une croissance extraordinaire de 637 %, générant près de 28 millions de dollars de revenus durant 2023, principalement grâce à la vente d'équipements et de services de drones militaires. Le portefeuille diversifié de l'entreprise et la forte demande du marché la positionnent pour une croissance continue et une expansion dans les secteurs aérospatial et de la défense.
AIRO Group Holdings und Kernel Group Holdings (NASDAQ: KRNL) geben die Wirksamkeit ihrer Vollmacht-/Registrierungsmitteilung bekannt, die den Weg für die öffentliche Notierung von AIRO an der Nasdaq ebnet. AIRO berichtete für 2023 von beeindruckenden finanziellen Ergebnissen, mit einem Umsatz von $43M, einem Anstieg um 153 % im Vergleich zum Vorjahr. Die Elektrische Luftmobilitätsabteilung des Unternehmens sicherte sich über $1.1B an eVTOL-Bestellungen für ihr Jaunt Journey Flugzeug von namhaften Betreibern.
AIs Unmanned Air Systems Abteilung verzeichnete außergewöhnliches Wachstum von 637% und erwirtschaftete im Jahr 2023 nahezu $28M an Einnahmen, hauptsächlich aus dem Verkauf von militärischen Drohnengeräten und Dienstleistungen. Das diversifizierte Portfolio des Unternehmens und die starke Marktnachfrage positionieren es für weiteres Wachstum und Expansion in den Bereichen Luft- und Raumfahrt sowie Verteidigung.
- Revenue growth of 153% year-over-year, reaching $43M in 2023
- Electric Air Mobility division secured over $1.1B in eVTOL orders
- Uncrewed Air Systems division revenue grew 637% to nearly $28M in 2023
- SEC clearance for proxy/registration statement, paving way for Nasdaq listing
- Strong partnerships and orders from notable operators like BLADE India and Redwings
- None.
Insights
AIRO Group Holdings' triple-digit revenue growth and remarkable $1.1 billion in eVTOL orders signal a significant upward trajectory. The company's revenue growth of 153% in 2023, reaching over $43 million, demonstrates strong financial health and effective business strategies. Such growth is impressive, particularly in the aerospace and defense sectors, which often face long development cycles and high barriers to entry.
The effective registration statement by the SEC is a positive step, facilitating a public listing on Nasdaq. This could broaden AIRO's access to capital markets, aiding further growth and expansion. Additionally, the substantial backlog of $1.1 billion in eVTOL orders highlights strong market demand and confidence in AIRO's offerings.
From an investor's perspective, these developments suggest robust short-term and long-term growth potential. However, the high growth rates should be monitored to ensure they are sustainable and not merely a reflection of short-term market conditions.
The advancements in AIRO's Electric Air Mobility division, particularly with the Jaunt Journey eVTOL, are noteworthy. The $1.1 billion in orders from reputable operators indicates strong market acceptance and a promising future for urban air mobility. The successful partnerships and ongoing certification efforts with Transport Canada are important for establishing credibility and meeting regulatory standards.
AIRO's Uncrewed Air Systems division's 637% revenue growth, reaching nearly $28 million, underscores the increasing demand for military drone equipment and services. This sector's growth potential is substantial, given the rising importance of unmanned systems in modern military operations.
Overall, AIRO's technological advancements and strategic partnerships position the company well for future growth, providing a strong technical foundation for scalability and market penetration.
The business combination between AIRO and Kernel holds significant strategic value. Kernel's investment expertise coupled with AIRO's diversified aerospace and defense portfolio creates a powerful synergy. AIRO's ability to deliver substantial revenue growth across multiple divisions highlights its operational efficiency and market relevance.
The timing of the business combination is opportune, as AIRO's backlog and growth metrics align well with market trends favoring innovative aerospace solutions. The merger is expected to enhance AIRO's market position, providing better access to investment capital and fostering further expansion.
For retail investors, the combined strengths of AIRO and Kernel suggest a promising investment opportunity with potential for significant returns, particularly as AIRO transitions to a publicly traded entity on Nasdaq.
Farnborough Airshow, UK and AirVenture, Oshkosh, WI, July 23, 2024 (GLOBE NEWSWIRE) -- AIRO Group Holdings, Inc. (“AIRO”) a global mid-market aerospace and defense company, and Kernel Group Holdings, Inc. (NASDAQ: KRNLU, KRNL, KRNLW) (“Kernel”), are pleased to announce that the proxy/registration statement on Form S-4 filed by AIRO Group, Inc. with the U.S. Securities and Exchange Commission in connection with AIRO and Kernel’s business combination (the “Transaction”) was declared effective by the SEC on July 9, 2024, paving the path toward public listing on Nasdaq.
AIRO closed its 2023 books with triple-digit revenue growth over the same period a year earlier. The company’s revenue totaled over
AIRO’s Electric Air Mobility division pushed into 2024 with considerable momentum, with orders for the company brand, Jaunt Journey, eVTOL totaling over
The Uncrewed Air Systems division saw unprecedented revenue growth of
“The strength of this company is its diversified portfolio of products and services,” said AIRO Chairman, Dr. Chirinjeev Kathuria. “Being cleared to go effective by the SEC is a big step for AIRO as we bring an ecosystem of aerospace and defense solutions to the markets where they’re needed most. Whether it’s drones and training programs for military and civilian missions, or the partnerships we’re forging with other industry leading companies, the team is committed to growing AIRO into what’s been missing from the marketplace - a publicly traded mid-market global company that’s nimble, diversified and committed to its clients, shareholders, and employees.”
“Kernel and AIRO have forged an important alliance, bringing the investment prowess of Kernel and the momentum of AIRO’s portfolio into the upcoming merger. The timing is amazing for the closing of the business combination.” said Kernel Chairman and CEO, Suren Ajjarapu. “AIRO’s sizeable backlog and triple-digit growth makes us very optimistic about our future together.”
For more detailed information, please see AIRO Group’s latest publicly filed presentation: https://www.sec.gov/Archives/edgar/data/1832950/000149315224021648/ex99-1.htm
About AIRO
AIRO is a mid-market aerospace and defense company with offices in the US, Canada and the EU, focused on advanced aerospace and defense technology convergence. AIRO provides innovative, industry-leading products and services through the strength of its four synergistic divisions: Advanced Avionics, Electric Air Mobility, Uncrewed Air Systems, and Training. Well-known AIRO company brands include Jaunt Air Mobility, Sky-Watch, Aspen Avionics, and Coastal Defense. To learn more, visit: www.theairogroup.com
About Kernel (KRNL)
Kernel is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with a business in the Commerce Enablement, Logistics Technologies, Marketplaces and Services space. The team is composed of seasoned executives with a unique combination of experiences in wholesale and retail, logistics, distribution, technology development and transformation. To learn more, visit: www.kernelspac.com
Media and investor contact: media@theairogroup.com / IR@theairogroup.com for Dan Johnson, AIRO, and Joe Burns, AIRO.
Additional Information and Where to Find It
For additional information on the proposed Transaction, see Kernel’s Current Report on Form 8-K, filed with the SEC on March 6, 2023. In connection with the Transaction, AIRO Group, Inc. filed with the SEC a registration statement on Form S-4, which includes a document that serves as a proxy statement of Kernel, relating to the proposed Transaction. This communication is not intended to be, and is not, a substitute for the proxy statement or any other document that Kernel or AIRO Group, Inc. has filed or may file with the SEC in connection with the proposed Transaction. Kernel’s shareholders and other interested persons are advised to read the preliminary proxy statement and the amendments thereto, the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed Transaction, as these materials will contain important information about AIRO Group, Inc., Kernel, AIRO, and the proposed Transaction. The definitive proxy statement/prospectus and other relevant materials for the proposed Transaction were mailed to shareholders of Kernel as of July 10, 2024 for voting on the proposed Transaction. Before making any voting or investment decision, investors and shareholders of Kernel are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they contain important information about the proposed Transaction. Kernel investors and shareholders are able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed with the SEC that will be incorporated by reference therein, without charge, at the SEC’s website at www.sec.gov, or by directing a request to: Kernel Group Holdings, Inc., 515 Madison Avenue, Suite 8078, New York, NY 10022, Attention: Mr. Suren Ajjarapu.
Participants in the Solicitation
Kernel, AIRO, and their respective directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from Kernel’s shareholders with respect to the Transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the Transaction of Kernels’ directors and officers in Kernel’s and AIRO Group, Inc.’s filings with the SEC, including the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, amendments and supplements thereto, and other documents filed with the SEC.
No Offer or Solicitation
This press release is not a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Transaction and will not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal securities laws with respect to the proposed Transaction between AIRO Group, Inc., Kernel and AIRO, including without limitation statements regarding the anticipated benefits of the proposed Transaction, the anticipated timing of the proposed Transaction, the implied enterprise value, future financial condition and performance of AIRO and the combined company after the closing and expected financial impacts of the proposed Transaction, the satisfaction of closing conditions to the proposed Transaction, the level of redemptions of Kernel’s public shareholders and the products and markets and expected future performance and market opportunities of AIRO. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the risk that the proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of Kernel's securities; (ii) the risk that the proposed Transaction may not be completed by Kernel’s business combination deadline; (iii) the failure to satisfy the conditions to the consummation of the proposed Transaction, including the approval of the Agreement and Plan of Merger by the shareholders of Kernel, the satisfaction of the minimum cash at closing requirements and the receipt of certain governmental, regulatory and third party approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger; (v) the failure to achieve the minimum amount of cash available following any redemptions by Kernel’s shareholders; (vi) redemptions exceeding anticipated levels or the failure to meet The Nasdaq Capital Market's initial listing standards in connection with the consummation of the proposed Transaction; (vii) the effect of the announcement or pendency of the proposed Transaction on AIRO’s business relationships, operating results, and business generally; (viii) risks that the proposed Transaction disrupts current plans and operations of AIRO; (ix) the outcome of any legal proceedings that may be instituted against AIRO or against Kernel related to the Agreement and Plan of Merger or the proposed Transaction; (x) changes in the markets in which AIRO competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (xi) changes in domestic and global general economic conditions; (xii) risk that AIRO may not be able to execute its growth strategies; (xiii) risks related to the ongoing COVID-19 pandemic and response, including supply chain disruptions; (xiv) risk that AIRO may not be able to develop and maintain effective internal controls; (xv) costs related to the proposed Transaction and the failure to realize anticipated benefits of the proposed Transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions; (xvi) the ability to recognize the anticipated benefits of the proposed Transaction and to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of AIRO to grow and manage growth economically and hire and retain key employees; (xvii) the risk that AIRO may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; (xviii) the risk that AIRO will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xix) the risk that AIRO, post-combination, experiences difficulties in managing its growth and expanding operations; (xx) the risk of product liability or regulatory lawsuits or proceedings relating to AIRO’s business; (xxi) the risk of cyber security or foreign exchange losses; (xxii) the risk that AIRO is unable to secure or protect its intellectual property; and (xxiii) those factors discussed in AIRO Group, Inc.’s filings with the SEC and that that will be contained in the proxy statement/prospectus relating to the proposed Transaction.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the preliminary proxy statement/prospectus and the amendments thereto, the definitive proxy statement, and other documents to be filed by AIRO Group, Inc. from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while AIRO Group, Inc., AIRO and Kernel may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Neither AIRO Group, Inc., AIRO nor Kernel gives any assurance that AIRO Group, Inc., AIRO or Kernel will achieve its expectations. These forward-looking statements should not be relied upon as representing AIRO Group, Inc.’s, Kernel’s or AIRO’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contact
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FAQ
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