{"id":494225,"date":"2021-05-17T08:34:18","date_gmt":"2021-05-17T12:34:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/"},"modified":"2021-05-17T08:34:18","modified_gmt":"2021-05-17T12:34:18","slug":"ageagle-aerial-systems-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/","title":{"rendered":"AgEagle Aerial Systems Reports First Quarter 2021 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">WICHITA, Kan., May  17, 2021  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kC1oG0cStjWIWuJvlGf-1cMRq974ELAsX4b1xlKsMR0yH8kRH6QxZ6LFG0C_0nI5Uki6zW1lJVnTjVh_yUzf_A==\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>AgEagle<\/u><\/strong><\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QYyacKUrJIcxJRap3AnVt7xwUBhC3WctYJRNiC9rEaXJmGR0rO3OBmSXFknnYH12\" rel=\"nofollow noopener\" target=\"_blank\"><sup><strong><u>\u2122<\/u><\/strong><\/sup><\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=axBjoVZV_ow-Zt2aUXKSC-dH3FHV2luovlni5HdPoyEUaWNwJmYHenU-4L4RdoaMelm_1ZkLKGzeW_fes65uXg==\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u> Aerial Systems Inc.<\/u><\/strong><\/a> (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), an industry leading drone solutions provider, today reported its financial results for the three months ended March 31, 2021.<\/p>\n<p align=\"justify\">\n        <strong>First Quarter 2021 Key Financial Highlights:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Total revenue for the three months ended March 31, 2021 increased significantly to approximately $1.7 million compared to $391,000 in the prior year period. The increase in revenue was largely attributable to drone sensor sales by <a href=\"http:\/\/www.micasense.com\/\" rel=\"nofollow noopener\" target=\"_blank\">MicaSense<\/a><sup>\u2122<\/sup>, which AgEagle acquired in late January 2021, and sales of our <em>HempOverview<\/em><sup>\u2122<\/sup> SaaS solution to other states.\n<\/li>\n<li style=\"text-align:justify\">Gross profit margin improved to 63% from 55% as a result of the Company\u2019s strategy to expand its product and service offerings to include higher margin drone sensors and software solutions.\n<\/li>\n<li style=\"text-align:justify\">Net loss was $2.9 million, or $(0.5) per share, compared to a net loss of $403,000, or $(0.03) per share, in the first quarter of 2020. The higher net loss was primarily attributable to increased operating expenses primarily associated with AgEagle\u2019s acquisition and capital formation activities, team expansion initiatives and research and development costs relating to innovative new drone technologies in development.\n<\/li>\n<li style=\"text-align:justify\">As of March 31, 2021, the Company had $24.2 million in cash on its balance sheet compared to $23.9 million as of December 31, 2020. <\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Key Operational Highlights:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">In late January 2021, AgEagle completed the $23 million acquisition of MicaSense, one of the world\u2019s leading providers of multispectral and thermal sensors for the commercial drone market. Sold in over 70 countries worldwide and integrated with over 150 different drones, MicaSense\u2019s suite of high performance sensors are a vital component of drone systems in-demand by a wide range of industries.\n<\/li>\n<li style=\"text-align:justify\">In January 2021, the Iowa Department of Agriculture and Land Stewardship licensed AgEagle\u2019s proprietary <em>HempOverView<\/em> platform to manage the State\u2019s online registration, payment processing, comprehensive data collective and compliance oversight of hemp cultivation for the 2021, 2022 and 2023 planting seasons.\n<\/li>\n<li style=\"text-align:justify\">During the first quarter of 2021, AgEagle successfully expanded its workforce with highly experienced and diverse talent from within and outside the industry. The Company continues to actively look for skilled engineers, developers and other professionals to complement its team.\n<\/li>\n<li style=\"text-align:justify\">Subsequent to the end of the first quarter 2021, AgEagle completed the acquisition of <a href=\"http:\/\/www.measure.com\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Measure Global<\/strong><\/a>\u00a0in a cash and stock transaction valued at $45 million. Measure\u2019s comprehensive software solution <em>Ground Control<\/em> helps businesses save thousands of hazardous man-hours and create millions of dollars in operational benefits to its growing customer base comprised largely of Fortune 500 companies. <\/li>\n<\/ul>\n<p align=\"justify\">J. Michael Drozd, AgEagle Chief Executive Officer, commented, \u201cOur first quarter results are a direct reflection of the success AgEagle has begun realizing from its defined growth strategy centered on being an industry pioneer in The Drone Age\u2122. Given the enormous size and scope of the enterprise market opportunity drones represent, it is incumbent upon innovative, trusted companies to find new ways to leverage advanced drone technology solutions and data intelligence to deliver one-stop-shopping for quality end-to-end drone solutions that solve important business challenges. Based on our progress thus far, AgEagle is clearly well on its way to becoming the preferred provider for these solutions.\u201d<\/p>\n<p align=\"justify\">For more detailed information on AgEagle\u2019s first quarter financial results, please view the related 10-Q filed with the SEC and available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rRD2_B9ZmW5I6lNuUiIM2svsazxAqVLOJIRt59YWiytlfQ9eC0g4gc02VeFCeEMT4PphUTtmJAmGEGJw1gKvJg==\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>www.sec.gov<\/u><\/strong><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Corporate Update Conference Call and Webcast:<\/strong>\n      <\/p>\n<p align=\"justify\">As a reminder, AgEagle\u2019s leadership team will host a live conference call and webcast today, beginning at 4:30 PM Eastern Time. The corporate update will be broadcast live and available for replay <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YNecjeEUros9ihJTXUfOKeiuzrYyYb6YQ5eFcM5j1-6sfb6-tSP5EFbuJ59yc7XtWj21NZSF4uL2GfastMIyaRsnTGZjDDwpPU3Ts2KM-pw=\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>here<\/u><\/strong><\/a> or via AgEagle\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=N4Hle24wMzPC6YbGMe7otlD49ZncFZTvH8-N_cJBr4C5q7c_tT9gGE-Vq64UN_IX4uJGZDMFn-4CaRWeTmm13hZXmX8unvrQ_iwi6fR7y_I=\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>https:\/\/ageagle.com\/events\/<\/u><\/strong><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About AgEagle Aerial Systems Inc.<\/strong><br \/>\n        <br \/>Founded in 2010, AgEagle is one of the nation\u2019s leading commercial drone technology providers. AgEagle\u2019s mission is to empower The Drone Age\u2122 by providing American-made, tailored and scalable drone solutions to the world. The Company is leveraging its reputation as one of the industry\u2019s premium technology solutions and aerial data intelligence providers to deliver high performance, end-to-end drone solutions to the agriculture, commercial and industrial markets. AgEagle products are proudly manufactured and assembled in the United States. For additional information, please visit our websites at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=K3f4SLhKhHLIuxZezJ3b_-d3mVO_1md3fkgYKRcsTP0TnvX2qeTZYOSdVM7s_cuOf_mBIS8g9ojgCHR9OVv38w==\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>www.ageagle.com<\/u><\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=x9dsxhjez4Ba_Eogjp5oy3lVKQTnc0oXqEhGuNZDtoOZLgNYOJdXugS1iGnZ2Cr40962fF1rKVzrFXQuvCtmEA==\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>www.measure.com<\/u><\/strong><\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Jwk95p_dpoWa4tEYkKQHglbazCo1fdoYnY1RU35xLfiSxwaWbQ-Nn1Y53b1LmzwQt0J9VR2pPc-yQPLcb__VyQ==\" rel=\"nofollow noopener\" 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<p align=\"justify\">\n        <strong>AgEagle Aerial Systems Contacts:<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:658;border-collapse:collapse\">\n<tr>\n<td>\n            <strong>Investor Relations:<\/strong>\u00a0 \u00a0<\/td>\n<td>\n            <strong>Media:<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>Gateway Investor Relations<\/td>\n<td>Clarity PR<\/td>\n<\/tr>\n<tr>\n<td>Matt Glover or Cody Cree\u00a0<\/td>\n<td>Monica Feig<\/td>\n<\/tr>\n<tr>\n<td>Phone: 949-574-3860\u00a0<\/td>\n<td>Phone: 818-917-0770<\/td>\n<\/tr>\n<tr>\n<td>Email: <a href=\"mailto:UAVS@gatewayIR.com\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>UAVS@gatewayIR.com<\/u><\/strong><\/a>\u00a0<\/td>\n<td>Email: <a href=\"mailto:ageagle@clarity.pr\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>ageagle@clarity.pr<\/u><\/strong><\/a><\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzNzQwOSM0MTg2NzcxIzUwMDA0Nzc3Mg==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/e7eac20a-70c1-4f76-b1af-37d81d07ea4b\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WICHITA, Kan., May 17, 2021 (GLOBE NEWSWIRE) &#8212; AgEagle\u2122 Aerial Systems Inc. (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), an industry leading drone solutions provider, today reported its financial results for the three months ended March 31, 2021. First Quarter 2021 Key Financial Highlights: Total revenue for the three months ended March 31, 2021 increased significantly to approximately $1.7 million compared to $391,000 in the prior year period. The increase in revenue was largely attributable to drone sensor sales by MicaSense\u2122, which AgEagle acquired in late January 2021, and sales of our HempOverview\u2122 SaaS solution to other states. Gross profit margin improved to 63% from 55% as a result of the Company\u2019s strategy to expand its product and service offerings &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AgEagle Aerial Systems Reports First Quarter 2021 Results&#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-494225","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AgEagle Aerial Systems Reports First Quarter 2021 Results - 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-reports-first-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AgEagle Aerial Systems Reports First Quarter 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WICHITA, Kan., May 17, 2021 (GLOBE NEWSWIRE) &#8212; AgEagle\u2122 Aerial Systems Inc. (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), an industry leading drone solutions provider, today reported its financial results for the three months ended March 31, 2021. First Quarter 2021 Key Financial Highlights: Total revenue for the three months ended March 31, 2021 increased significantly to approximately $1.7 million compared to $391,000 in the prior year period. The increase in revenue was largely attributable to drone sensor sales by MicaSense\u2122, which AgEagle acquired in late January 2021, and sales of our HempOverview\u2122 SaaS solution to other states. Gross profit margin improved to 63% from 55% as a result of the Company\u2019s strategy to expand its product and service offerings &hellip; Continue reading &quot;AgEagle Aerial Systems Reports First Quarter 2021 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-17T12:34:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzNzQwOSM0MTg2NzcxIzUwMDA0Nzc3Mg==\" \/>\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-reports-first-quarter-2021-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-reports-first-quarter-2021-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"AgEagle Aerial Systems Reports First Quarter 2021 Results\",\"datePublished\":\"2021-05-17T12:34:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-reports-first-quarter-2021-results\\\/\"},\"wordCount\":857,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-reports-first-quarter-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODIzNzQwOSM0MTg2NzcxIzUwMDA0Nzc3Mg==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-reports-first-quarter-2021-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ageagle-aerial-systems-reports-first-quarter-2021-results\\\/\",\"name\":\"AgEagle Aerial Systems Reports First Quarter 2021 Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/","og_locale":"en_US","og_type":"article","og_title":"AgEagle Aerial Systems Reports First Quarter 2021 Results - Market Newsdesk","og_description":"WICHITA, Kan., May 17, 2021 (GLOBE NEWSWIRE) &#8212; AgEagle\u2122 Aerial Systems Inc. (NYSE American: UAVS) (\u201cAgEagle\u201d or the \u201cCompany\u201d), an industry leading drone solutions provider, today reported its financial results for the three months ended March 31, 2021. First Quarter 2021 Key Financial Highlights: Total revenue for the three months ended March 31, 2021 increased significantly to approximately $1.7 million compared to $391,000 in the prior year period. The increase in revenue was largely attributable to drone sensor sales by MicaSense\u2122, which AgEagle acquired in late January 2021, and sales of our HempOverview\u2122 SaaS solution to other states. Gross profit margin improved to 63% from 55% as a result of the Company\u2019s strategy to expand its product and service offerings &hellip; Continue reading \"AgEagle Aerial Systems Reports First Quarter 2021 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-17T12:34:18+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzNzQwOSM0MTg2NzcxIzUwMDA0Nzc3Mg==","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-reports-first-quarter-2021-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AgEagle Aerial Systems Reports First Quarter 2021 Results","datePublished":"2021-05-17T12:34:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/"},"wordCount":857,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzNzQwOSM0MTg2NzcxIzUwMDA0Nzc3Mg==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ageagle-aerial-systems-reports-first-quarter-2021-results\/","name":"AgEagle Aerial Systems Reports First Quarter 2021 Results - 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