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AgEagle Aerial Systems Inc. (UAVS-2.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $3,284,984 from $3,483,932 in the same quarter the previous year. The decrease is attributed to reduced sensor sales.
Cost of sales for the quarter was $1,650,717, representing a decrease from $2,269,858 in the same quarter of the previous year. The decrease is attributed to historical inventory adjustments and a new bill of material system implementation.
The company reported a gross profit of $1,634,267 for the quarter, compared to $1,214,074 in the previous year, with the increase attributed to improved cost management.
Operating expenses for the quarter were $3,495,427, down from $7,204,187 in the previous year. The decrease is attributed to reduced general and administrative, research and development, and sales and marketing expenses.
Net loss for the quarter was $3,459,754, down from $8,020,128 in the previous year. The decrease in net loss is attributed to reduced operating expenses.
Cash used in operating activities was $4,056,700 for the nine months ended September 30, 2024, compared to $8,829,669 in the previous year. The decrease is attributed to lower operating expenses and inventory purchases.
The filing also details various financial agreements, including a promissory note and convertible note agreements with Alpha Capital Anstalt.
AgEagle identified a material weakness in its internal controls over financial reporting related to the computation of net loss attributable to common stockholders and earnings per share.
The company continues to focus on expanding its market share in the defense and security sectors, while also pursuing growth through product development and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AgEagle Aerial Systems Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.