2023-04-05 13:48:34 ET
AgEagle Aerial Systems ( NYSE: UAVS ) is trading around -12% on Wednesday, a day after jumping around +10% following its FY results .
The full stack flight hardware and software provider closed 2022 with $19.1M in revenues, up 96% Y/Y and driven by sales of its proprietary eBee fixed-wing drones. Sales of the drone and related equipment jumped 305% to $9.8M.
AgEagle ( UAVS ) also saw strong demand for its Altum-PT and RedEdge-P multispectral cameras and higher SaaS sales.
Gross profit margin slipped slightly from 44% the previous year to 43% in 2022. However, net loss widened to $58.3M from $30.1M. AgEagle reported a $42M non-cash goodwill impairment charge in 2022 linked to its SaaS and drone reporting units.
Cash on hand and from equity financing fell as well, with $4.4M on hand as of December 31, 2022 compared to $14.6M at end-2021. Cash provided by equity financing activities was $17.9M in 2022, down from $45.6M raised in 2021.
Nicole Fernandez-McGovern, chief financial officer of AgEagle ( UAVS ), sees continued increase in sales in 2023 and higher margins as the company capitalizes on material cost savings from the consolidation of operations and business units in the past year.
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AgEagle stock drops after surge following FY results