WICHITA - AgEagle Aerial Systems Inc. (NYSE: UAVS), a company specializing in drone technology for various sectors, has recently shared updates on its operational progress and strategic developments. In a letter to shareholders, Chairman Grant Begley highlighted the delivery backlog in the company's Sensor Division, significant personnel additions, and the introduction of the eBee VISION drone.
The company, which has transitioned from focusing solely on agricultural drones to serving multiple market segments, reported that the initial five eBee VISION drones have been delivered to potential key customers, receiving positive reviews. These drones are designed for defense and security operations, capable of detecting, tracking, and geo-locating objects in collaboration with special forces.
In terms of personnel, AgEagle has welcomed three new members to its leadership team in the past three months, including Mark DiSiena as CFO, Brent Pope as VP-Ops, and Bill Irby as President. These executives are expected to bring valuable skills to the company’s future endeavors.
AgEagle's sales achievements include a recent procurement of eBee X and eBee TAC drones by UT-Battelle, LLC, which manages the Oak Ridge National Laboratory, and a contract from ADS Inc. for the purchase of Altum-PT™ multispectral cameras for use by the Department of Defense.
The company was also named a 2023 Top 20 Artificial Intelligence Company by Insider Monkey, reflecting its impact on the agricultural sector through technology. Despite facing flat sales and high expenses in 2023, the company anticipates growth with the availability of the eBee VISION drone and operational improvements, such as nearly doubling its sensor production capacity without additional personnel or equipment.
In the financial realm, AgEagle's stock has been trading as a micro-cap, with shareholders authorizing a 20-to-1 reverse stock split aimed at fostering business growth and attracting a broader range of investors.
The information provided in this article is based on a press release statement from AgEagle Aerial Systems Inc.
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