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AgEagle Aerial Systems, Inc. (symbol: UAVS), based in Kansas, is a renowned provider of cutting-edge unmanned aerial vehicle (UAV) data acquisition drones designed for precision agriculture. As a leading FAA 333 exempt entity, AgEagle’s technology significantly enhances the way farmers monitor and manage crop health.
AgEagle’s drones are engineered to swiftly capture and stitch multi-spectral images of crop fields, enabling growers to identify stress factors such as disease, pests, and improper irrigation days before they become visible to the naked eye. This early detection allows farmers to efficiently utilize their equipment, reduce input costs, increase crop yields, and mitigate environmental impact.
The company is actively involved in designing and delivering top-tier drones, sensors, and software solutions that address critical issues for its customers. AgEagle operates through three primary segments: Drones, Sensors, and Software-as-a-Service (SaaS). The majority of its revenue comes from the commercial sale of drones and related products.
AgEagle's technology is not only instrumental in agriculture but is also expanding into other sectors. The company's recent achievements and ongoing projects reflect its commitment to innovation and customer satisfaction. As they continue to develop sophisticated UAV systems, AgEagle aims to maintain its leadership in the industry and expand its market reach.
For the latest updates and detailed information about AgEagle Aerial Systems, Inc., shareholders and interested parties can contact Investor Relations at UAVS@ageagle.com or Media Relations at media@ageagle.com.
AgEagle Aerial Systems (NYSE American: UAVS) announced the acquisition of MicaSense, Inc. from Parrot for $23 million in a cash and stock deal. Founded in 2014, MicaSense specializes in advanced drone sensors for agriculture and various industries, boasting global distribution in 70 countries. This acquisition aims to enhance AgEagle's innovation in drone technology, enabling real-time data processing for critical applications like package delivery and emergency assessments. The board expressed unanimous support for the strategic union, anticipating significant growth opportunities in the commercial drone sector.
AgEagle Aerial Systems (NYSE: UAVS) has secured a licensing agreement with the Iowa Department of Agriculture to utilize its HempOverview platform for hemp registration, payment processing, and compliance oversight for the 2021-2023 planting seasons. This platform integrates aerial imaging with data collection, enhancing operational efficiency for state farmers. AgEagle will earn development fees and ongoing revenue share from the platform. This licensing follows a similar agreement with Florida, showcasing the demand for advanced tech solutions in the evolving hemp industry.
AgEagle Aerial Systems Inc. (NYSE American: UAVS) has announced a securities purchase agreement with an existing institutional investor, enabling the purchase of pre-funded warrants to acquire up to 1,057,214 shares of common stock. Gross proceeds are expected to reach $6.375 million, with net proceeds around $6.315 million after expenses. The company intends to utilize these funds for general working capital. CFO Nicole Fernandez-McGovern stated this funding will enhance the company’s liquidity and support growth initiatives. The transaction is slated to close on January 4, 2021.
AgEagle Aerial Systems (NYSE American: UAVS) reported record financial results for Q3 and the nine months ending September 30, 2020. Revenues surged to $750,000 for Q3, a significant jump from $42,000 in Q3 2019, and $1.2 million for the nine months, up from $108,000. Gross profit margins improved to 43% for Q3 and 46% YTD. However, the net loss increased to $579,000 for Q3 and $2.2 million for nine months due to higher operating costs. The balance sheet showed strengthened cash positions at $24.7 million compared to $718,000 at year-end 2019.
AgEagle Aerial Systems (UAVS) has been chosen as an industry partner in the U.S. Department of Transportation's BEYOND program, following the conclusion of the Integration Pilot Program (IPP). The initiative aims to tackle challenges related to drone integration in U.S. airspace, particularly focusing on Beyond Visual Line of Sight (BVLOS) operations. AgEagle's involvement will enhance community engagement and analyze the societal benefits of unmanned aerial systems. CEO Michael Drozd emphasized the value of their expertise in advancing drone technology and operations.
AgEagle Aerial Systems (NYSE American: UAVS) will host a corporate update webcast on November 16, 2020, at 4:30 p.m. ET. CEO Michael Drozd and CFO Nicole Fernandez-McGovern will present recent operational highlights and answer investor questions submitted by November 13, 2020. The event can be accessed live and will be available for replay. AgEagle is a leader in advanced UAV technology, providing data collection and analytics solutions to various industries, including agriculture and emerging drone logistics.
AgEagle Aerial Systems (NYSE American: UAVS) has entered a two-year exclusive manufacturing agreement with Valqari, LLC to produce its automated Drone Delivery Station, enhancing last-mile logistics for drone deliveries. This patented station ensures secure and efficient package delivery through six storage units and a digital chain of custody. In addition, AgEagle has made an equity investment in Valqari, showcasing confidence in its long-term vision. This partnership positions AgEagle favorably within the evolving drone logistics market.
AgEagle Aerial Systems (NYSE American: UAVS) will present at the 9th Annual Gateway Conference on September 9-10, 2020. Their presentation is scheduled for September 9 at 11:00 a.m. Pacific time, with one-on-one meetings available throughout the event. The conference connects innovative companies with top institutional investors and analysts, featuring a variety of growth industries. Interested parties can request invitations or schedule meetings via email. For additional details, visit gatewayir.com/conference.
AgEagle Aerial Systems (NYSE American: UAVS) has appointed aerospace industry veteran Matt Martin as the new Vice President of Operations, effective immediately. Martin, who brings over 30 years of experience, will oversee the company’s drone manufacturing and assembly operations at a new facility in Wichita, Kansas. Previously, he held key positions at Spirit AeroSystems and Boeing, showcasing significant leadership in aerospace projects. CEO J. Michael Drozd believes Martin's expertise aligns perfectly with AgEagle's goals in the high-growth commercial drone sector.
AgEagle Aerial Systems (NYSE American: UAVS) reported a substantial revenue increase of 516% for the six months ended June 30, 2020, totaling $408,000. However, the revenue for the second quarter declined to $16,000 from $20,000 year-over-year, primarily due to COVID-19 supply chain impacts. Net loss for the six months was $1.7 million, an increase from $1.3 million in 2019. Cash reserves improved to $12.9 million from $718,000 at year-end 2019, reflecting successful equity financing. A corporate update webcast is scheduled for August 18.
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