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AgEagle Announces Second Quarter 2023 Results

WICHITA, Kan., Aug. 15, 2023 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an ​industry-leading​ provider of full stack flight hardware, sensors and software for commercial and government use, today announced its financial results for the three and six months ended June 30, 2023.

Second Quarter 2023 Financial Highlights

As of June 30, 2023, AgEagle’s cash position was $4.20 million and total stockholders’ equity was $41.18 million, which compared to cash of $4.35 million and total stockholders’ equity of $43.23 million as of December 31, 2022.

For more detailed information relating to the Company’s second quarter financial performance, please refer to the Interim Report on Form 10-Q filed yesterday afternoon with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on AgEagle’s website at www.ageagle.com.

Commenting on the results, Nicole Fernandez-McGovern, Chief Financial Officer and Executive Vice President of Operations, said, “During the second quarter, we focused primarily on optimizing our operations through continued integration and consolidation of our offices and workforce in an effort to reduce operating expenses. We believe we are properly positioned to grow our future revenue as a result of our initiatives to reduce our cash burn while lowering net loss through our product pricing, marketing and innovation strategies.”

Second Quarter 2023 Operational Highlights

Barrett Mooney, AgEagle’s Chairman and CEO, stated, “We enter the second half of 2023 confident in our ability to achieve incremental sales growth coupled with some major customer wins despite continued challenges with supply chain constraints and inflationary pressures. We are especially excited about the potential growth that should follow our commercial release of our new eBee VISION drone next month. Moreover, our commitment to continue driving cost and productivity efficiencies across our business through optimization of our cross-functional sales and engineering resources is expected to further reduce our operating spend while still supporting our ongoing product innovation and global marketing strategies.”

About AgEagle Aerial Systems Inc.

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at  www.ageagle.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. 

AgEagle Aerial Systems Contacts: 

Investor Relations:
Email: UAVS@ageagle.com        

Media: 
Email: media@ageagle.com 


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