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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): March 31, 2025

 

AGEAGLE AERIAL SYSTEMS INC.

(Exact Name of Registrant as Specified in Charter)

 

Nevada   001-36492   88-0422242

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

8201 E. 34th Street N, Suite 1307, Wichita, Kansas   67226
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (620) 325-6363

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   UAVS   NYSE American

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On March 31, 2025, AgEagle Aerial Systems, Inc. issued a press release providing a corporate update and announcing its financial results for the year ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

 

The information furnished under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

The following exhibits are being furnished herewith:

 

(d) Exhibits.

 

Exhibit

Number

  Description
10.1   Press Release, dated March 31, 2025 (furnished herewith)
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 31, 2025 AGEAGLE AERIAL SYSTEMS INC.
     
  By: /s/ William Irby
  Name: William Irby
  Title: Chief Executive Officer

 

3

 

 

EX-10.1 2 ex10-1.htm

 

Exhibit 10.1

 

AgEagle Aerial Systems Provides a Corporate Update and Reports Fiscal 2024 Financial Results

 

Year-end highlights include three record product orders and $6.8M in expense reduction

effectively positioning the Company for long-term growth

 

WICHITA, Kan., March 31, 2025 – AgEagle Aerial Systems Inc. (NYSE: UAVS) (“AgEagle” or the “Company”), a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, provides a corporate update and announces its financial results for the year ended December 31, 2024.

 

Corporate Highlights FY2024 to Date

 

  Achieved three of the largest product orders in AgEagle’s history: 49 UAS eBee Drone order for the French military, 20 UAS Drone order for the United Arab Emirates security forces, and 60 RedEdge-P multispectral sensors for East Asia.
  Announced appointment of globally recognized expert in Aerospace, Unmanned Systems and Robotics, Grant Begley, as Chairman of the Board. Mr. Begley is a retired U.S. Navy Top Gun pilot and former Director of Tactical Aircraft, Missiles and UAS.
  Garnered an invitation to the White House to engage in strategic discussions regarding the future of commercial unmanned aerial vehicles with government officials from the National Security Council and National Economic Council.
  Received Green UAS Certification from the Association for Uncrewed Vehicle Systems, verifying our cybersecurity protection and supply chain risk in concert with NDAA compliance (National Defense Authorization Act).
  The Company became more focused on growth and appointed three new highly qualified and experienced directors to the Company’s board, L.B. Day, Brent Klavon and Kevin Lowdermilk.
  Exhibited our best-in-class UAS, sensors and software solutions at a variety of prestigious exhibition events organized by key partners including NATO, U.S. Department of Defense and a variety of international venues.

 

Financial Highlights FY 2024

 

  Reduced total operating expenses by $6.8 million during the year ended December 31, 2024.
  Raised total aggregate proceeds of $15.3M from a public offering of common stock and warrants, the exercise of warrants and the sale of Series F Preferred Stock, providing working capital and a reduction of our outstanding debt.

 

AgEagle CEO Bill Irby commented, “2024 was a defining year for AgEagle. We secured three of the largest orders in our history while implementing significant strategic cost reductions that have strengthened our foundation for long-term sustainable growth. We assembled an exceptional leadership team with deep expertise in scaling technology companies, optimizing operations, and executing aggressive sales strategies. Combined with a leaner expense structure, record demand, and a growing product portfolio, we believe we are well positioned to expand our customer base, secure new partnerships, and leverage our innovative drone technologies to capitalize on emerging opportunities in the burgeoning global UAS market.

 

 

 

“As we look ahead to 2025, our focus remains on deepening our market penetration and delivering sustainable value to our entire global customer portfolio. We anticipate continued expansion across our core markets in 2025, driven by increasing adoption of drone technology for a myriad of commercial and defense applications. We remain committed to innovation, operational efficiency, and strategic partnerships to further accelerate growth across all verticals while ensuring fiscal discipline and maximizing shareholder value.”

 

Key Financial Results

 

  As of December 31, 2024, the Company’s cash on hand was $3.6 million, an increase of $2.8 million or 350%, as compared to $0.8 million as of December 31, 2023.
  For the year ended December 31, 2024, revenues were $13.4 million as compared to $13.7 million during the year ended December 31, 2023, a decrease of $0.3 million, or 2.2%.
  Gross profit was $6.3 million as compared to $5.5 million for the year ended December 31, 2023, an increase of $0.8 million or 14.5%.
  For the year ended December 31, 2024, total operating expenses were $18.9 million as compared to $44.6 million for the year ended December 31, 2023, resulting in a decrease of $25.7 million, or 57.6%. This decrease is primarily due to a decrease in our operating expenses of $6.8 million and impairment charges of $18.9 million.
  For the year ended December 31, 2024, loss from operations was $12.6 million compared to $39.2 million during the year ended December 31, 2024, a decrease of $26.6 million.

 

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 UAS, sensors and software 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

 

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “suggest,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on AgEagle’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to the timing and fulfilment of current and future purchase orders relating to AgEagle’s products, the success of new programs, the ability to implement a new strategic plan and the success of a new strategic plan. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of AgEagle in general, see the risk disclosures in the Annual Report on Form 10-K of AgEagle for the year ended December 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by AgEagle. All such forward-looking statements speak only as of the date they are made, and AgEagle undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.

 

AgEagle Aerial Systems Contacts

 

Investor Relations:

 

Email: UAVS@ageagle.com

 

Media:

 

Email: media@ageagle.com