AgEagle™ Aerial Systems Announces Record Revenues for 2020

WICHITA, Kan., March 31, 2021 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading drone solutions provider, today announced its 2020 financial results for the year ended December 31, 2020.

Michael Drozd, Chief Executive Officer of AgEagle, stated, “Since I joined AgEagle in May 2019, our team has worked to leverage our extensive drone experience and expand our services to meet accelerating demands from the greater commercial and industrial drone marketplace. Although this was a year of unexpected challenges due to the global pandemic, I am incredibly proud of what our team was able to accomplish and firmly believe we are well positioned to continue this momentum. As proven by our record revenue and ability to expand margins in 2020, we have begun to gain significant traction and believe this is only just the beginning.”

FY 2020 Key Financial Highlights (vs. FY 2019)

• Revenue increased 333% to approximately $1.3 million from $297,000. AgEagle’s significant year-over-year revenue growth was largely attributable to purchase orders to manufacture and assemble drones and related drone delivery products for the Company’s large ecommerce client. It also benefitted from the licensing of the Company’s aerial imaging and analytics solutions, FarmLens^™ and HempOverview, to new clients within the agriculture market.
• Gross profit margin improved significantly to 45% from 32% due primarily to the shift in the Company’s customer mix towards drone manufacturing and assembly along with SaaS sales in the agriculture market.  
• Net loss totaled approximately $4.9 million compared to a net loss of approximately $2.5 million.
• Due to accounting for non-cash charges associated with AgEagle’s financing activities in 2020, net loss attributable to common stockholders was $14.0 million, or $(0.35) per share, compared to a net loss attributable to common stockholders of $2.7 million, or $(0.17) per share.
• As of December 31, 2020, the Company had approximately $23.9 million in cash on its balance sheet compared to $718,000 at the end of 2019.
  

Drozd continued, “With our continued mission to empower The Drone Age^™ by providing American-made, tailored drone solutions to the world, we are concentrating our execution strategies on three key areas: drone solutions, sensor solutions and ag solutions. Each ultimately representing multi-billion dollar addressable markets, our future success will be largely fueled by our ability to remain focused and proactive in capturing growth through both organic and M&A opportunities, similar to the success we’ve seen with our acquisition of MicaSense and partnership with Valqari. Looking forward, we intend to continue working hard to earn the trust and fidelity of businesses, farmers, government agencies and industrial enterprises worldwide seeking to leverage the power and performance of drones to solve mission critical challenges safely, efficiently and reliably.”

About AgEagle Aerial Systems Inc.

Founded in 2010, Wichita-based AgEagle is one of the nation’s leading commercial drone technology, services and solutions providers.  We deliver the metrics, tools and strategies necessary to define and implement drone-enabled solutions that solve important problems for our valued customers.  AgEagle’s growth strategies are centered on the delivery of advanced drone technologies, contract manufacturing services and agtech solutions.  Our goal is to establish AgEagle as one of the dominant commercial drone design, engineering, manufacturing, assembly and testing companies in the United States and become the world’s trusted source for turnkey drone delivery services and solutions.  In addition, we continue to leverage our reputation as one of the leading technology solutions providers to the Agriculture industry with best-in-class drones, along with data analytics for hemp and other commercial crops.  Through our subsidiary, AgEagle Sensor Systems, Inc., d/b/a MicaSense, we remain at the forefront of multispectral sensor development, providing high quality drone-based cameras to the global market. For additional information, please visit www.ageagle.com and www.micasense.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.