{"id":469011,"date":"2021-03-31T16:08:34","date_gmt":"2021-03-31T20:08:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469011"},"modified":"2021-03-31T16:08:34","modified_gmt":"2021-03-31T20:08:34","slug":"ageagle-aerial-systems-announces-record-revenues-for-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/","title":{"rendered":"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020"},"content":{"rendered":"<h2>\nAnnual Revenues Totaled $1.3 Million, Up Over 4x Compared to 2019<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">WICHITA, Kan., March  31, 2021  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yG_Ryk9tHnu_V93mbnWv7rwXqwEqb3Vk8_wzpHcAWjrFAJJ-8-LHHMAPmMpDNYkbhBJRLifXxpiL5AkgBqoAFBS4HUQOuqk9PY1k-7msZJM=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>AgEagle Aerial Systems Inc.<\/u><\/strong><\/a> (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), an industry leading drone solutions provider, today announced its 2020 financial results for the year ended December 31, 2020.<\/p>\n<p align=\"justify\">Michael Drozd, Chief Executive Officer of AgEagle, stated, \u201cSince 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.\u201d<\/p>\n<p align=\"justify\">\n        <strong>FY 2020 Key Financial Highlights (vs. FY 2019)<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Revenue increased 333% to approximately $1.3 million from $297,000. AgEagle\u2019s 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\u2019s large ecommerce client. It also benefitted from the licensing of the Company\u2019s aerial imaging and analytics solutions, FarmLens<sup>\u2122<\/sup> and HempOverview, to new clients within the agriculture market.<\/li>\n<li style=\"text-align:justify\">Gross profit margin improved significantly to 45% from 32% due primarily to the shift in the Company\u2019s customer mix towards drone manufacturing and assembly along with SaaS sales in the agriculture market.\u00a0\u00a0<\/li>\n<li style=\"text-align:justify\">Net loss totaled approximately $4.9 million compared to a net loss of approximately $2.5 million.<\/li>\n<li style=\"text-align:justify\">Due to accounting for non-cash charges associated with AgEagle\u2019s 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.<\/li>\n<li style=\"text-align:justify\">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.<\/li>\n<\/ul>\n<p align=\"justify\">Drozd continued, \u201cWith our continued mission to empower The Drone Age<sup>\u2122<\/sup> 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&amp;A opportunities, similar to the success we\u2019ve 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.\u201d<\/p>\n<p align=\"justify\">\n        <strong>About AgEagle Aerial Systems Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Founded in 2010, Wichita-based AgEagle is one of the nation\u2019s leading commercial drone technology, services and solutions providers.\u00a0 We deliver the metrics, tools and strategies necessary to define and implement drone-enabled solutions that solve important problems for our valued customers.\u00a0 AgEagle\u2019s growth strategies are centered on the delivery of advanced drone technologies, contract manufacturing services and agtech solutions.\u00a0 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\u2019s trusted source for turnkey drone delivery services and solutions.\u00a0 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.\u00a0 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4Dg0PNFlI47cHfIhOXVTrM2D8LUz3uU4a9OSPegL6FIIN3gqOZ8_z8hgo7-neFLY6ukqHMDuoywG1wE4eM2Trg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>www.ageagle.com<\/u><\/strong><\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=DJDRT0YGWIUk7_DNiGNQM8bx7d2oyKL7q12qqjdi8pvEpqq1X0oeI5T601DPcYKbY_BahEnsx9C5I2QOq75uhg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>www.micasense.com<\/u><\/strong><\/a>.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <em>Forward-Looking Statements<\/em><br \/>\n        <\/strong><br \/>\n        <br \/>\n        <em>This press release may contain \u201cforward-looking statements\u201d 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\u2019s 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.<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <strong>AgEagle Aerial Systems Contacts:<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:50%;width:50%;min-width:50%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Investor Relations:<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>Media:<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gateway Investor Relations<\/td>\n<td style=\"vertical-align: bottom\">Clarity PR<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Sean Mansouri, CFA or Cody Cree<\/td>\n<td style=\"vertical-align: bottom\">Monica Feig<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Phone: 949-574-3860<\/td>\n<td style=\"vertical-align: bottom\">Phone: 818-917-0770<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Email: <a href=\"mailto:UAVS@gatewayIR.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>UAVS@gatewayIR.com<\/u><\/strong><\/a><\/td>\n<td style=\"vertical-align: bottom\">Email: <a href=\"mailto:ageagle@clarity.pr\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>ageagle@clarity.pr<\/u><\/strong><\/a><\/td>\n<\/tr>\n<\/table>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTY3MyM0MTAwNDU0IzUwMDA0Nzc3Mg==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/1be6250d-1437-4ea2-9ef6-7664a17f7bca\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Annual Revenues Totaled $1.3 Million, Up Over 4x Compared to 2019 WICHITA, Kan., March 31, 2021 (GLOBE NEWSWIRE) &#8212; AgEagle Aerial Systems Inc. (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), 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, \u201cSince 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469011","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Annual Revenues Totaled $1.3 Million, Up Over 4x Compared to 2019 WICHITA, Kan., March 31, 2021 (GLOBE NEWSWIRE) &#8212; AgEagle Aerial Systems Inc. (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), 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, \u201cSince 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 &hellip; Continue reading &quot;AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T20:08:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTY3MyM0MTAwNDU0IzUwMDA0Nzc3Mg==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020\",\"datePublished\":\"2021-03-31T20:08:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/\"},\"wordCount\":801,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODIwOTY3MyM0MTAwNDU0IzUwMDA0Nzc3Mg==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-announces-record-revenues-for-2020\\\/\",\"name\":\"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020 - 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(NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), 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, \u201cSince 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 &hellip; Continue reading \"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-31T20:08:34+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTY3MyM0MTAwNDU0IzUwMDA0Nzc3Mg==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020","datePublished":"2021-03-31T20:08:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/"},"wordCount":801,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTY3MyM0MTAwNDU0IzUwMDA0Nzc3Mg==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-announces-record-revenues-for-2020\/","name":"AgEagle\u2122 Aerial Systems Announces Record Revenues for 2020 - 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