AgEagle Aerial Systems Inc. reported a total revenue of $13.4 million for the fiscal year ending December 31, 2024, a slight decrease of 2.2% from $13.7 million in 2023. The decline was primarily attributed to a $0.4 million drop in sales of the RedEdge-P and Altum-PT sensors and a $0.1 million decrease in Software-as-a-Service (SaaS) subscription services. However, this was partially offset by a $0.2 million increase in eBee drone product sales. The company continues to face challenges in securing financing for component parts, which has impacted its ability to meet demand.
Cost of sales decreased significantly to $7.1 million in 2024 from $8.3 million in the previous year, resulting in a gross profit of $6.3 million, up from $5.5 million. This increase in gross profit margin to 47.0% from 39.8% was attributed to historical inventory adjustments and the implementation of a new bill of materials system. General and administrative expenses also saw a notable reduction, falling to $9.6 million from $13.6 million, driven by lower payroll costs and integration of roles following acquisitions.
AgEagle's net loss for 2024 was reported at $35.0 million, a decrease from the $42.4 million loss in 2023. This improvement was largely due to a $25.7 million reduction in operating expenses, despite a $15.3 million loss on equity financing that was not present in the previous year. The company also recorded a goodwill impairment of $2.9 million related to its sensor reporting unit, down from a $15.8 million impairment in 2023.
Operationally, AgEagle has integrated three acquired companies to enhance its technological capabilities and market presence. The company now boasts a global network of over 200 UAS resellers across more than 75 countries. As of March 31, 2025, AgEagle employed 50 full-time and 2 part-time employees, reflecting its commitment to maintaining a skilled workforce. The company is focused on expanding its market share in agriculture, energy, and government sectors, with plans to continue investing in research and development to drive innovation.
Looking ahead, AgEagle aims to leverage its proprietary technologies and established market presence to capture a larger share of the global drone market. The company is also evaluating strategies to secure additional funding to support its operations and growth initiatives, as it continues to navigate the challenges posed by market conditions and supply chain disruptions.
About AgEagle Aerial Systems Inc.
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