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AgEagle Aerial Systems Inc. (UAVS-4.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details AgEagle's business operations, which include designing and delivering drones, sensors, and software solutions for various industries such as agriculture, military/defense, and public safety. The company has expanded its offerings since 2018 and now provides a full-stack drone solution.
For the fiscal year 2024, AgEagle reported revenues of $13.4 million, a slight decrease from $13.7 million in 2023. The decrease was primarily due to lower sales of sensors and SaaS subscriptions, offset by an increase in drone product sales.
The company's cost of sales decreased to $7.1 million in 2024 from $8.3 million in 2023, resulting in a gross profit of $6.3 million, up from $5.5 million in the previous year.
Operating expenses for the year totaled $18.9 million, down from $44.6 million in 2023. This reduction was attributed to decreased general and administrative expenses, research and development costs, and sales and marketing expenses.
AgEagle recorded a goodwill impairment charge of $2.9 million in 2024, related to its sensor reporting unit. This follows a $15.8 million impairment charge in 2023.
The company reported a net loss of $35.0 million for 2024, compared to a net loss of $42.4 million in 2023. The decrease in net loss was primarily due to reduced operating expenses.
AgEagle raised $15.7 million through equity financing activities during 2024, including sales of Series F Preferred Stock and common stock.
The company continues to face challenges related to global economic conditions, including supply chain disruptions and inflation, which have impacted its operations and financial performance.
AgEagle's management is focused on obtaining additional funding and restructuring operations to support future growth and reduce expenses.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.