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AgEagle Aerial Systems (UAVS)

Participants
Barrett Mooney Chairman and CEO
Nicole Fernandez-McGovern CFO and EVP, Operations
Call transcript
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Operator

Good day, everyone, and thank you for participating in today’s conference call.

Joining us today from AgEagle is Chief Executive Officer and Chairman of the Board, Barrett Mooney; and Nicole Fernandez-McGovern, AgEagle’s Chief Financial Officer and Executive Vice President of Operations.

Following Barrett’s prepared remarks, both company officers will respond to questions that were previously submitted via e-mail by analysts and investors.

Before I turn it over to Barrett, I would like to remind you that during today’s call, including the question-and-answer session, statements that are not historical facts including any projections, statements regarding future events or future financial performance or statements of intent or belief are forward-looking statements and are covered by the safe harbor disclaimers contained in the Company’s public filings with the SEC. Actual outcomes and results may differ materially from what is expressed in or implied by the forward-looking statements. turn over I’ll Barrett. AgEagle’s said, that the to call CEO, With go Please ahead.

Barrett Mooney

good has wanted the everyone. this you, unprecedented afternoon, Thank and past the I to unexpected in industry. progress despite AgEagle thanking in these two team our challenges to taxing throughout an had occasion fast-paced webcast the be obstacles, and all to But employees to and leader We’ve across globe. face and by off start ever-evolving positioning and years. our a hard-hitting risen manage transformative

have gone our on Your embarking necessary our with And strong tireless to Board and we company to established thank world-class a dedication of support we technical, year and initially and by Since this behalf and journey supported in meaningful growth the XXXX, team capabilities of make you executing strategy beyond. management all. commercial talent team, foundation truly this as operational has not a on I the strides believe unnoticed. public

we during future, highlight we I progress objectives all the into wanted made for the our Before to goals XXXX. and dive

While the the why seat, also we my I shareholders importantly, the for in most on complete drone long-term as laid reappointed company have finger the pulse what strategic to in our Chairman did, an solution full-stack but decision-making a this the autonomous it. want of understanding process groundwork did all being keeping sat I past year. involved ensure I we we of was and recently XXXX, only in CEO, as

data to and of company preparing a for utilize we jump drive were So to actionable In applications on analytics it. insights and opportunities growth let’s XXXX, with that, drones for industries. our right into variety focused

sensors the on peers advanced customers platform, our MicaSense to world. Our acquiring drone sensors. around out introducing and mapping XX Early the notably our and variety potential full last while aerial MicaSense’s high-precision simultaneously connections while companies we With team their our integrating analytical to acquired over having with deepening and year, its to stack new round in integrated establishing of best-in-class customers thermal of portfolio and new multi-spectral relationships talented across growing products technologies globe, market across to patented, MicaSense offerings we to customers. needs existing market help a distribution and industries, work countries, most in complementary companies the to serve expanding agriculture. new centered was and an existing product the bolster for

within two to anticipate we We and we the into very begun popular these leaps sensors these in needs be customers’ multispectral already panchromatic as resolution growing we circuit efforts products our product solutions hardware Our in-house combining on to new capability, Both positioned build for an resulted the our sensors early greatly these in and sensors long capabilities the seeing revolutionary serve better future. for help cloud-based intelligence Control. operating complements technology demand forward award-winning The our thanks module, exclusively new Altum-PT. boards, our will computing and to will leap bolster camera solutions on year, technical these acquired be and have the in-house fourth in designed software aerial variety AgEagle. company, sensors own a platform. system understated. develop industries We believe for edge can’t technology. last with we acquisition With to of April in offering, system, of two The Measure for existing proprietary unique are RedEdge-P to its Global, recognized their the data and manufactured our represent engineers produce design capabilities, boundaries collection and and and Ground of architecture, push our built Then in that continue introduced were in quarter, XXXX.

development Software AgEagle’s key of component focused is expanding AgEagle insights at the is software to data core always and what intelligence Connecting a hardware disparate has reach. points to on.

make capabilities the move offers be name the able allowed user us acquisition software our validated out Air provides, the offer many to we with their we base here. for partnership to comprehensive into Marathon software teamed by our materially XXX global includes control. ecosystem world-class with Measure to As forward of solutions to the This leap that to to in and customers forward to well authorization operate with we real we fly Wing near existing robotic technology platform announced customer need ground rules flyers in Pipe airspace becoming Measure in In integrate by and aerospace capabilities customers that to a abide utilizing end-to-end leader, their too November, Line, that including to Fortune many U.S. of. enhances that OpenSky a time. OpenSky’s as drone already in request controlled as to The companies, Force by it solutions, for easy regulations

our expand, push look will to only the as whole. like our but this a not As to to ecosystem partnerships industry continues company we forward

of wing year our in developer as fixed Headquartered in world-renowned space drones. high-performance we growth brings Our wing expertise help our Lausanne, company as to revenue variety approved for government and greater Switzerland, fixed of GSA and drone our of through TAC U.S. well multiple when drone military last became eBee-branded partner final After by the October bring enhance of in we step months of sUAS testing, identified closing existing of the of to came moving with acquisition other drones drone line Defense forward branches year. the the the eBee represents suppliers we government to available drone purchase senseFly eBee entities. as the Department product U.S. acquired Blue on our fixed huge project X.X government well integrate have successful U.S. strategy the of to This soon the our first by named small DIU resellers. cleared to the now in acquisition, side, agencies existing Defense UAS was our list. into state senseFly added to the to tirelessly with Unit. as after the This demonstrations their Blue to opportunities wing senseFly, worked a Innovation Since list officials, systems validation the U.S. products with TAC next unmanned be aircraft aims we’ve all

our we offering, to into we While one deepening spend and continue establishing cohesive integrate partnerships. acquisitions new existing time and also

helped network be phase grow our of of XXX to going in organically next critical XX worldwide, move us We year-over-year. approximately countries These into revenue which relationships continue growth. to are nurture we our as resellers

our possible experts the our around XXX of XXXX, would world. throughout achievements grown employee highly now fields. without respective been Over talented XX% their over considered of that engineers to now From stationed commitment team, year Our in not employees. the experienced consists end base the of the made and are have expanded of data full-time have we scientists

around would every centered expert we that day. company are expertise, be not are innovative Without by forward their is Our today. and the we work we pushed emerging technologies where with teams that

investment Index, investor expanded and profitable XXXX reach registration to I’m stepped on In role our to In our Overall, and addition growth back filed in and to set we pathway as significant into community. were also with we for investment an our Being guiding the we were for to Index benchmark who Russell this investment integration Russell a our capital achievements, us and which and as million in milestones our James funding catalyze AgEagle in to $XXX included pleased for lead investors instrumental to clear Raymond helped lay as more of and we clear May, greatly XXXX a up added strategies. of growth index With we the to realized the by Stifel active have made goal been provide Through institutional have increase foundation very is a initiatives. strides XXXX a process, growth. revenue June, to shelf institutional strong bankers for success. a we executing our awareness through and funding within CEO named everything strategy. markets used acquisition value significant unlike funds Then able accomplish, driving strategy. operator has

shareholder turnover I leadership very in years. past experienced come the over that stated few the optics recent negative has letter, my AgEagle with I’m of that As aware

excitement efficiently AgEagle global as transform but intend see to to commitments supports Company of possible. to want our my array an I strategy. I to opportunities and a includes hands-on autonomous based the and drone has solutions customers full-stack critical This their only perform ecosystem a help growth fully company execution a capabilities autonomous my the position, delivering an vision on of incredible small reiterate our ensuring remain for to and from manufacturer NYSE-listed However, entire It’s team, developing Kansas the been that leadership industries. not robotic work horizon. into growth that robotics drones Neodesha, in the in as

was XXXX execution year-over-year our XXXX by organic anticipate beyond. and acquisition successful will While by growth growth be initiatives trajectory of our revenue accelerated growth our strategy, in through we the numerous fueled

Nicole, our over to to over of Nicole share performance. you. like it of Fernandez-McGovern, our I our details to financial Before turn more I’d plans, growth CFO, XXXX provide to recap a

Nicole Fernandez-McGovern

you Investor accessible the with XX-K website. all SEC, for Relations today. the our the of and Barrett, thank sec.gov section us is Thanks, our and we joining filed which on AgEagle Yesterday,

here. release this via morning, key some announced XX-K recap which we I’d Additionally, highlights press to from like our a

million sales was due contributing results and was Consolidated totaled today the approximately total sales year an face. full and a results This sensor the approximately marketplace climbing to Software-as-a-Service increased the that prior drone to year. decrease components mainly compared on This in period. million, total we Breaking our of result the supply year Altum the for in from increase gross sales of aforementioned XXX%, down $X.X totaled in custom XXXX. acquisitions totaled the to XXXX, throughout XX% profit and at and of $XXX,XXX. margin compared $X.X our was that to $X.X million $X.X Looking constraints the cost XX% revenue full parts, that revenues approximately million subscription was three revenue RedEdge result chain the revenues manufacturing meaningful increase primarily our

Our share stockholders or of loss was $XX.X a approximately for million $XX stockholders per available approximately common million net loss compared loss to available to net loss to XXXX common XXXX. for $X.XX $X.XX per share, or

was compared the at $XX.X XX, of as of million position XXXX, to cash end million $XX.X XXXX. December Our

compared $XX.X increased to In addition, of primarily XXXX. -- three as million of activities the investing related of total XX, million in was cash of acquisitions. increase as end substantially The aforementioned our as increased December result the equity activities $XX.X to stockholders’ investing XXXX, to a

James. resources Raymond the capital update ATM shareholders. Lastly, From raising approximately verticals, to XXXX, Stifel we increased XX, December provide These building through will substantial $XX.X with goal have efforts. us want XXXX utilizing provided government efforts delivering to value an solution I our on co-agents, for XX, to and our our raised by significant our full of across May that both, we believe commercial growth stack generate a defense pursue our opportunities and ultimately million

detailed to more and Barrett? Now, the vision a to I’ll review, over pass back state of Barrett forward. it go moving industry our

Barrett Mooney

proverbial of robotics To increasingly This artificial reducing stage that Thank intelligence, software set operate labor a package leading generation span as companies you, respected actionable, people through look utilized while and had XX/X machine enabler industry to trusted robotics to in military for And previously I growth optimization. iceberg. learning our that robots of continues outdoor with to with they you, ability operational and foundation CEO and decision-making belief improve will and been remote outcomes increasing working autonomous just cost conducted to valuable, company ahead, in at prosper. bolsters and the since priorities the significantly in have progress unified more place, public solid mapping, top provide. industry more human a XXXX workforces. of capture will our to based and this forefront being they as safety, opportunities, UAVs transportation take thoughtful strategy laid the both commercialized. as of things one when and rejoining believe software, evolve, a that is is this far-reaching innovator line this coordinated streamline They It the process. efficiency ultimately matured technology repetitive, acquisition dangerous of insights Nicole. become on given impact our over and hardware on and architecture capitalizing industry connected with our evolutionary indoor environment AgEagle autonomous Autonomous to they being my will will entire in remain and the environments Serving for and it’s workflows increasingly in an in XXXX, integrated are advanced the and the a the as others. technology aligned requires among warehouse management, is innovating objectives and and and sensors on new at is backdrop how inspection, Autonomous our many and output ensure real-time operate. With realize drone industry defense, our are groundwork effort in Today, commercial that growth and intends software expertise data-driven well by organization navigation which years applications and tip specialized at and sensor agriculture, the we hand. the of delivery, intelligently in through that drones, technologies. our back in in focused on as

be for the solve ideas, goal we best-in-class excellence organic solutions a autonomous deliver our meaningful of industry of solutions. our safety interdisciplinary existing generate customers of To with fit immense defined growth our through engineers cross-pollinate standards challenged upon talented and and intelligent organic efficiently established scientists, this future and has aim centers world-class deliver insights XXXX sensors, leadership that performance utmost to needs. X ability customers. pool to operational The to possible confidence growth In meet skill the specific software objectives, our sales airframes, that we data is autonomous robotic business and fact, an With by sets. alongside solutions provide problems to we have our and in will highest as that their have

centric. with March innovation be more stated needs going I in knowing product to of We’ll we’re before than and customers my As letter do. shareholders, to they customer be the obsessed our just and

capitalize from experience will on in our solution, to application opportunities of energy and surveillance. mapping stemming the Looking sales expertise utilities and at agriculture, continue efforts, we our growth and

belief been reseller intensely events, the months government benefit combination a we’re shows To on people capabilities are our approach innovation. expertise also ensuring potential is Utilizing virtually and autonomous of evangelizing that trade to and right at from the numerous out channels, appropriate extensive across and direct-to-consumer force. every commercial We network these products we have it marketing an sales effective our a on robotic capitalize However, AgEagle’s we enterprise globe to proactive can really focused intend adopt also opportunities, and our through to tactics. our the industry conferences showcase in ahead. building

to can We to our also look to remarks, the forward community drive to to participating we back in ultimately multiple today apprised like investor on over all Nicole, conferences,, ahead. sustainable for institutional this in and Nicole progress but I’d shareholder so throughout the I’ll that you. Q&A value. to session. make you some closing come years journey turn return help for in look the inherent keeping value I it to we long-term and company forward the appreciate proposition investor our prepared

Nicole Fernandez-McGovern

Barrett. Thanks, Great.

the received at from we’ve Let’s this investors point. address questions

conflict are and applications these situation? eBee this Ukraine, with the TAC to the Russia utilize for With ongoing

Barrett Mooney

hearts transpiring between First, conflict, aggression. the we all which I’d such like active in go say to Ukraine. for Russia But a military out an and areas applications, as this a and people of peaceful offers end the variety to directly, support is platform speedy stand our the affected reconnaissance an contact to promoting military eBee including those that to TAC of and aerial by

available and when time drastically, competitors changing military effectiveness Our the to improvement thereby conditions provide of the improving forward-operating can the a and system to surveillance over personnel. safety flight increased for units offer significant our information are

short, yes. in So,

Nicole Fernandez-McGovern

Great.

question. Next

what days, countries? versus in sensors U.S. the Company’s global other manufactured of percentage are the airframes and these Given footprint

Barrett Mooney

the question really This because is prided manufacturing of Switzerland. hardware in is our United manufactured a and great ourselves States our we And all or on prowess capabilities. either

world, locations While of but supply around in few Switzerland. we facilities, of either our a continue shore of the a assembly sourced testing out up still chain, one variety our and from States United design, or comes our to all the are of components

Nicole Fernandez-McGovern

Perfect.

question. Next

Unit, UAS cleared software? Defense there such or With the the meaningful other TAC offerings as Innovation Blue by list opportunities cross-selling sensors for the to added eBee are

Barrett Mooney

our sector. software offer industries, ideal combining government Absolutely, for variety a in the partner makes And and We and expertise us hardware absolutely. an many of including development solutions. defense

of focal So, a growth point big cross-selling going our is strategy forward.

the solving actively We’re a our and have can customer we so don’t in coordinated we best the that training combining solution, sales solutions to If team for matrixed can work best build it. way we provide problems.

Nicole Fernandez-McGovern

great. Okay,

achieve Next to some steps accomplish question. that the possible. you’ve the that And to are what to as of quickly are Barrett, was catalysts shareholder it this? you positive goal What taken your point? to flow mentioned cash as in the letter getting

Barrett Mooney

believe end, matrix is way I as as business. mentioned to before. team approach that as team’s flow practicable and we’re that as our support expertise style cross-selling best a to quickly our the leadership regardless geography for development the opportunities, positive takes cash do growing the our advantage on focus to I of product of that best-in-class To reorganizing and

are manufacture at past really going better expresses the to then Switzerland, point going solution, going in We’re software together SaaS our challenges. catalyst in be catalysts their design solutions. and of wrapping growth us to that that That’s United organization answer can how big with data-driven sensors more States and element at under also It’s a new to able and being the innovative that. the innovative and of that our and by keen interaction our a that the some is customers to umbrella being to into and get hardware software integrated synergistic our key continue looking deeper accelerate approach, selling offerings build be to offering and by customers’ solutions able our to own

flow possible this to our and grow here cash synergy there So through innovation. way with as my quickly positive is goal the as really

Nicole Fernandez-McGovern

Well, thank for that. you

As CFO, I truly do appreciate that.

What expect offerings you the to see from the our most term there? near growth to moving So in on do next product question. sales

Barrett Mooney

most are areas all We sales the customers product synergistic we AgEagle have have products single that expect that multiple fastest are will growth using where sales, mean, ecosystem. and and growth strong revenue scalable categories. where product of I our in exciting we be driving integrated

sensors, unit and really the my a have shaping driving how We software in our is and up brand-new how outlook that sensor mentioned collaboration I utilization, good earlier is remarks. on with its as

for we innovative performance as the those of on well have units really hopes side units those. high hardware And TAC the from the as flight and so, coming some stuff eBee with

So, I our really we’re see is to for going with have the a mean in offerings positioned sales the I what mean mean products what all I marketplace, and excited about and very from of beyond. most product of growing them. are do growth room expect XXXX we to lot that’s

Nicole Fernandez-McGovern

Great.

solution. a commercial as HempOverview with Any is plans it further opportunities? to into question Next new or states expand

Barrett Mooney

looking We’re software We government offer always expand customers. solutions the state still HempOverview our of HempOverview are the to platform the market. engaging new that regularly and are and any on

has our software the additional While that an features, state services add appreciate slowed, but offering. coming including of to contracts, crop flexibility the product we able our of even growth the to partnerships, feature who more opportunities, customers do our certainly for actively were to development. existing this Florida, from selling Recently, basically part additional continue of tracking leveraging business look key perspective, to news cycle we new

of expand on platform commercial to solutions, and that be our development the hope any whether whether a itself. always or new feature contracts through expanding there’s partnerships we’re So,

Nicole Fernandez-McGovern

Great.

in to what the question out? to how opportunities done is are believe you final Do today there see AgEagle’s enough our regulatory is So, in, plans delivery? standby pans a for invest or landscape mode you are growth near-term for

Barrett Mooney

a to UAVs, the drone companies and history ground testing ecosystem. AgEagle of looking has collaborating directly manufacture pipeline support and equipment equipment with delivery to related

unique current in the changing there suited with projects, prior to us set a several NDAs, While to and best safe regulation previous our point and drone as for delivery BXB protect of and we being work airborne partners, strict opportunities landscape, With of key delivery. package emerging still to systems focal challenges several option. is of are are cannot the develop or has mailbox where our including AgEagle our disclose either still which Valqari place a are our solutions relationships package due

autonomous always We So, our same as future, both, been delivery. that hardware is drone power several control flight to the the and and years. been we autonomous approach and software and of drones has look it’s for offer ground the solutions as components

-- to infrastructure delivery, these what’s be to continue we these on absolutely anticipate that package we and pushing the are So will the what’s and forefront, with of tools tools robotic critical capable producible.

Barrett Mooney

the our session. our But end to wanted reiterate this future. Q&A So, webcast, I before for concludes just the we vision

with We company are one one vision.

few poised the to surface over While of be a start scratched some potential company. position focus of most made enough we’ve the this this we’ve get solutions on is the delivering only keep strong the fast-evolving today, to past in We our to industry. in at firmly market we’re the pack. autonomous substantial front progress years on intense the head believe of us innovative fortunate I And the true were in on the

thank all like shareholders for our to today, thank I’d you all forward our webcast to with and and letter, remain throughout We first month. to their objectives you and journey. committed sincerely With upon Operator, I that is Nicole I’d staying to to sharing laid this in you As my valuations like joining to It that, for we’ve promise look strong good quarter organization consistently XXXX we growth our back out shareholder stated to in deliver for I support. financial appreciate command fundamentals will next us results the you. the seeing performance. good businesses continued for reflect market. generate good my businesses,, our premium

Operator

teleconference. this conclude gentlemen, and does Ladies today’s

you at your disconnect participation. lines your may this Thank for time. You