Business Description
AgEagle Aerial Systems Inc. is a provider of unmanned aerial systems (UAS), sensors, and software solutions for commercial and government applications. Headquartered in Wichita, Kansas, the company designs and manufactures fixed-wing drones, such as the eBee series, and multispectral sensors used in defense, public safety, agriculture, and infrastructure. AgEagle is notable for its eBee TAC drone, which was the first fixed-wing UAV added to the U.S. Department of Defense's Blue UAS list.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 12,811 | 13,393 | 13,741 | 19,094 |
| Cost of Sales | 6,171 | 7,104 | 8,278 | 10,876 |
| Gross Profit | 6,640 | 6,289 | 5,463 | 8,218 |
| Selling, General & Administrative Expenses | 11,965 | 12,011 | 17,334 | 22,693 |
| Research & Development Expenses | 3,612 | 3,970 | 5,524 | 8,114 |
| Other Operating Expenses | 5,793 | 2,943 | 21,755 | 41,688 |
| Operating Profit | (14,731) | (12,635) | (39,150) | (64,277) |
| Interest Expense | (10) | (8,388) | (949) | (60) |
| Non-Operating Income | 9,461 | (14,019) | (2,323) | 6,083 |
| Total Non-Operating Income | 9,451 | (22,406) | (3,272) | 6,023 |
| Income Before Provision for Income Taxes | (5,280) | (35,042) | (42,422) | (58,254) |
| Consolidated Net Income | (5,280) | (35,042) | (42,422) | (58,254) |
| Net Income Attributable to Preferred Dividends | 7,776 | 17,991 | 11,948 | 2,418 |
| Net Income Attributable to Common Shareholders | (13,055) | (53,033) | (54,369) | (60,672) |
| Basic EPS | -0.52 | -46.24 | -514.90 | -698.50 |
| Diluted EPS | -0.52 | -46.24 | -514.90 | -698.50 |
| Basic Weighted Average Shares Outstanding | 25,053 | 1,147 | 106 | 83 |
| Diluted Weighted Average Shares Outstanding | 25,053 | 1,147 | 106 | 83 |
| Shares Outstanding | 43,614 | 9,662 | 7,026 | 88 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 29,859 | 3,614 | 819 | 4,350 |
| Total Cash and Cash Equivalents | 29,859 | 3,614 | 819 | 4,350 |
| Accounts Receivable | 3,449 | 1,432 | 2,058 | 2,213 |
| Other Receivables | — | — | 185 | 185 |
| Total Trade Receivables | 3,449 | 1,432 | 2,243 | 2,398 |
| Inventories | 5,662 | 5,476 | 6,937 | 6,686 |
| Other Current Assets | 557 | 425 | 549 | 1,030 |
| Total Current Assets | 39,527 | 10,948 | 10,547 | 14,463 |
| Net Property, Plant & Equipment | 2,201 | 2,967 | 4,325 | 4,743 |
| Net Intangible Assets | 57 | 1,956 | 2,615 | 11,508 |
| Goodwill | — | 4,460 | 7,403 | 23,179 |
| Other Long-Term Assets | 444 | 251 | 266 | 291 |
| Total Assets | 42,229 | 20,582 | 25,156 | 54,185 |
| Accounts Payable | 1,610 | 2,786 | 3,063 | 1,845 |
| Accrued Expenses | 2,301 | 2,361 | 1,944 | 1,681 |
| Short-Term Debt | — | 1,433 | 4,504 | 287 |
| Current Portion of Long-Term Debt | 105 | 237 | 392 | 446 |
| Current Portion of Leases | 850 | 921 | 902 | 628 |
| Unearned Revenue | 128 | 148 | 226 | 496 |
| Total Current Liabilities | 4,993 | 7,887 | 11,031 | 5,384 |
| Long-Term Debt | 210 | 274 | 489 | 2,308 |
| Leases | 1,025 | 1,647 | 2,722 | 3,162 |
| Other Long-Term Liabilities | 265 | 16,515 | 216 | 106 |
| Total Long-Term Liabilities | 1,499 | 18,437 | 3,427 | 5,576 |
| Total Liabilities | 6,493 | 26,324 | 14,458 | 10,960 |
| Preferred Stock | 0 | 0 | 0 | 0 |
| Common Stock | 44 | 10 | 0 | 88 |
| Additional Paid-in Capital | 266,737 | 212,716 | 176,174 | 154,679 |
| Accumulated Other Comprehensive Income | 191 | (86) | 106 | 10 |
| Retained Earnings | (231,235) | (218,381) | (165,583) | (111,553) |
| Total Common Shareholders' Equity | 35,737 | (5,742) | 10,698 | 43,224 |
| Total Shareholders' Equity | 35,737 | (5,742) | 10,698 | 43,224 |
| Total Liabilities and Shareholders' Equity | 42,229 | 20,582 | 25,156 | 54,185 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (5,280) | (35,042) | (42,422) | (58,254) |
| Depreciation & Amortization | 810 | 1,076 | 3,812 | 3,939 |
| Share-Based Compensation Expense | 418 | 81 | 1,305 | 3,421 |
| Other Adjustments | (2,712) | 25,258 | 24,395 | 35,081 |
| Changes in Trade Receivables | (1,835) | 593 | 223 | 637 |
| Changes in Inventories | (161) | 1,248 | 53 | (2,605) |
| Changes in Accounts Payable | (1,327) | (281) | 1,106 | (682) |
| Changes in Accrued Expenses | (46) | 185 | 44 | (717) |
| Changes in Unearned Revenue | (112) | (74) | (281) | (473) |
| Changes in Other Operating Activities | 287 | 385 | 807 | (110) |
| Cash from Operating Activities | (9,959) | (6,572) | (10,956) | (19,762) |
| Capital Expenditure | (75) | (49) | (215) | (314) |
| Proceeds from Sale of Property, Plant & Equipment | — | 28 | — | — |
| Purchases of Intangible Assets | — | (72) | (562) | (1,435) |
| Payments for Business Acquisitions | — | — | — | (6,611) |
| Cash from Investing Activities | (75) | (94) | (777) | (8,360) |
| Issuance of Short-Term Debt | — | — | — | 3,285 |
| Repayments of Short-Term Debt | (393) | (1,336) | (92) | (345) |
| Net Issuance / (Repayments) of Short-Term Debt | (393) | (1,336) | (92) | 2,940 |
| Repayments of Long-Term Debt | — | (4,236) | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | — | (4,236) | — | — |
| Issuance of Common Shares | 12,541 | 10,456 | 3,967 | 4,658 |
| Net Issuance / (Repurchases) of Common Shares | 12,541 | 10,456 | 3,967 | 4,658 |
| Issuance of Preferred Shares | 24,307 | 4,775 | 4,675 | 9,920 |
| Net Issuance / (Repurchases) of Preferred Shares | 24,307 | 4,775 | 4,675 | 9,920 |
| Other Financing Activities | (251) | (615) | — | — |
| Cash from Financing Activities | 36,205 | 9,542 | 8,551 | 17,517 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 73 | (80) | (348) | 364 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 26,245 | 2,795 | (3,531) | (10,241) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $35M |
| P/E | -1.56x |
| P/S | 2.77x |
| EV/EBITDA | -0.56x |
| Return on Equity | -35.2% |
| Return on Invested Capital | -143.3% |
| Current Ratio | 7.92x |
| Free Cash Flow Margin | -78.3% |
Margins
Gross margin
51.8%
Operating margin
-115.0%
Net margin
-101.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1M | -61.6% | -363.8% | $-5M |
| Q4 2025 | $3M | +6.1% | -90.6% | $-3M |
| Q3 2025 | $2M | -40.0% | -160.1% | $-3M |
| Q2 2025 | $4M | +23.7% | -49.3% | $-2M |
| Q1 2025 | $4M | — | -27.5% | $-1M |
| Q4 2024 | $3M | — | -102.7% | $-3M |
| Q3 2024 | $3M | — | -56.7% | $-2M |
| Q2 2024 | $3M | — | -74.9% | $-3M |
More on EagleNXT
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.