Kent Jacobs Continues to Serve as President & Interim CEO
Calgary, Alberta – November 20, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that its Board of Directors has named Captain Mary I. McMillan to the new position of Executive Chair, effective immediately. McMillan, who joined the FLYHT board as an independent director in 2019 and was elevated to Non-Executive Chair in April 2023, will support President and Interim CEO Kent Jacobs on the planning and implementation of FLYHT’s strategy.
“Mary has quickly become far more than an advisor and Chair,” said Kent Jacobs, President and Interim CEO of FLYHT. “She has a deep understanding of aviation industry needs and international regulatory frameworks, and extensive relationships amassed from a 40+ year career. This expertise has been incredibly valuable to me and the rest of the FLYHT team as we execute on our AFIRS Edge™ and weather strategies – two of the largest opportunities in our 25-year history. I am confident that Mary will provide even greater insights and guidance in her new role.”
Captain McMillan is a highly respected subject matter expert in areas of aviation operations, safety and environmental issues, as well as a commercial pilot with more than 12,000 hours flight time. She is the President of Cashel Aviation, a consultancy dedicated to the development and implementation of aviation safety and environmental strategies. She retired as the Vice President of Aviation Safety and Operational Services for Inmarsat Plc in 2018 following the successful launch of the division within the Inmarsat Aviation Business Unit. Prior to joining Inmarsat, she led the aviation safety and environmental divisions for Washington D.C. based TetraTechAMT and CSSI Inc., respectively. She served as the independent safety advisor to the Airservices Australia Board of Directors in Canberra, Australia. Earlier in her career, Captain McMillan held several operational and managerial roles with United Airlines including pilot, standards captain, Director of Flight Safety (A) and Flight Operations Duty Manager. Captain McMillan began flying in 1982, holds an Airline Transport Pilot’s license and is type rated on multiple aircraft including the DC-10, B747, B737, B757/B767 and Airbus 319/320.
“With over 100 customers globally, growing SaaS revenue, and solid beachheads in two attractive markets that leverage our new 5G capabilities, FLYHT is at an important inflection point as we work to meet the aviation industry’s need for improved efficiency, profitability and a more sustainable environment,” said Captain McMillan. “I am excited to work even closer with Kent and the FLYHT team to deliver our Actionable Intelligence and Weather solutions to our customers.”
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Join us on social media!
https://www.linkedin.com/company/flyht/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calgary, Alberta – November 9, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the third quarter ended September 30, 2023 (“Q3 2023”). All figures are Canadian dollars unless otherwise stated.
Financial Summary
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||
| 2023 | 2022 | Inc./ Dec. | 2023 | 2022 | Inc./ Dec. | ||
| Revenue | 5,099,019 | 6,725,373 | -24.2% | 15,899,792 | 16,637,402 | -4.4% | |
| SaaS | 2,787,664 | 2,073,284 | 34.5% | 7,891,437 | 5,904,268 | 33.7% | |
| Hardware | 1,001,817 | 480,064 | 108.7% | 3,945,523 | 3,502,345 | 12.6% | |
| Licensing | 494,573 | 3,536,153 | -86.0% | 1,936,574 | 6,070,761 | -68.1% | |
| Technical Services | 814,965 | 635,872 | 28.2% | 2,126,258 | 1,160,028 | 83.3% | |
| Gross Margin | 58.7% | 72.4% | -1370 bps | 58.6% | 62.2% | -360 bps | |
| EBITDA | (430,865) | 924,680 | NM | (1,606,734) | (912,562) | NM | |
| Net Income (Loss) | (728,655) | 703,765 | NM | (2,554,576) | (1,715,554) | NM | |
| EPS – Basic & Diluted | (0.02) | 0.02 | (0.04) | (0.07) | (0.05) | (0.02) | |
Management Commentary
“FLYHT delivered solid results in Q3 2023, as demonstrated by our double-digit growth in SaaS and Technical Services and triple-digit growth in Hardware,” said Kent Jacobs, President and Interim CEO of FLYHT. “The reported licensing revenue decline is due to last year’s large OEM order not being repeated. These results affirm that our solutions are in demand as the aviation industry recognizes the need for improved efficiency, profitability and a more sustainable environment.”
Continued Jacobs, “We continue to make significant progress on our two main strategic growth initiatives, the AFIRS EdgeTM and weather. As announced in the quarter, we have signed up airline partners to help launch the AFIRS Edge on both the Boeing 737 and A320 aircraft types, and just last week completed the installation and engineering tests on the A320. We are now working through certification testing before we submit our final package to Transport Canada as we seek the Supplemental Type Certificate (“STC”). In our weather business, during the quarter we signed agreements with the world’s two largest meteorological agencies, the UK Met Office and NOAA, to collaborate and improve weather forecasting, which leverages the FLYHT-WVSS-II water vapor sensor system in conjunction with the AFIRS Edge.”
“At the same time, we are realizing the contributions of our MRO systems business CrossConsense, which landed a significant data management migration for a large flag carrier in Europe. This is the largest win for CrossConsense since we acquired the business last year.”
Concluded Jacobs, “The entire FLYHT organization is laser focused on delivering on the AFIRS Edge and Weather opportunities ahead of what we expect to be an exciting 2024. We are making great progress and will continue to source opportunities for growth to further scale the business.”
Operating Results
Revenue decreased by 24% to $5,099,019 in Q3 2023 compared to Q3 2022. Excluding licensing, revenue would have increased 44% year-over-year driven by growth in SaaS, Hardware and Technical Services.
SaaS revenue increased by 34% to $2,787,664, driven by an increase in customers’ flights and flight hours, as well as growth in weather-related software services. Licensing revenue decreased by 86% to $494,573 due to a large order from a long-term OEM customer that was not replicated in Q3 2023. Hardware revenue increased by 109% to $1,001,817, with a total of 18 installation kits shipped in Q3 2023. Technical Services revenue increased by 28% to $814,965 as a result of data migration work delivered and an increase in customer requests for certification services.
Gross margin was 59% of revenue in Q3 2023 compared to 72% in Q3 2022. The decrease in gross margin was due primarily to changes in the mix of revenue sources during the quarter.
Operating expenses decreased by 11% from Q3 2022, driven by a 25% decrease in Administration expenses, a 14% decrease in Research and Development and certification engineering expenses and a 1% increase in Distribution expenses.
EBITDA[1] loss totaled $430,865 in Q3 2023 compared to positive EBITDA of $924,680 in Q3 2022.
Net loss was $728,655 in Q3 2023 compared to a Net Income of $703,765 in Q3 2022.
Balance Sheet and Liquidity
Cash and short-term investments totalled $1,939,959 at September 30, 2023, compared to $2,647,650 at December 31, 2022. When compared to Q2 2023, cash and short-term investments of $1,719,904, our cash position increased by $220,055 quarter-over-quarter.
Trade and other receivables decreased by 26% to $3,751,129 compared to YE 2022, and Trade payables and accrued liabilities increased by 0.9% to $2,759,864 compared to YE 2022.
Conference Call Information
FLYHT will host a conference call to discuss its financial results for Q3 2023 on Friday, November 10, 2023, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include prepared remarks followed by a question-and-answer session with FLYHT’s President & Interim CEO Kent Jacobs and CFO Alana Forbes. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.
Additional Information
FLYHT’s Q3 2023 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues and related matters. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Join us on social media!
https://www.linkedin.com/company/flyht/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
[1] EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure). EBITDA is provided to aid in analysis and profitability comparisons among companies and industries, by segregating operating results from the effects of financing and capital expenditures.
Calgary, Alberta – November 2, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it will host a conference call to discuss the results for its third quarter ended September 30, 2023 on Friday, November 10, 2023 at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include prepared remarks followed by a question-and-answer session with Kent Jacobs, President & Interim CEO and Alana Forbes, CFO.
To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340. Callers should dial in five to ten minutes prior to the scheduled start time. Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com.
An archive of the conference call will be posted on the Investor Relations section of FLYHT’s website as soon as it is available from the conference call provider.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company.
CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Air North, Yukon’s Airline Orders Hardware and Software Services from FLYHT, Including the AFIRS 228 & Edge, for its Fleet of Boeing 737 NG Aircraft
Calgary, Alberta – October 31, 2023 – FLYHT Aerospace Solutions Ltd. (“FLYHT”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that Air North, Yukon’s Airline (“Air North”) has agreed to purchase FLYHT’s innovative hardware and software services as part of the Yukon airline’s fleet renewal plans. The adoption of these solutions will provide Air North with enhanced aircraft communications and maximum operational efficiency and safety.
Per the agreement, FLYHT’s AFIRS 228 Iridium SatCom and AFIRS EdgeTM solutions will be installed on Air North’s Boeing 737 NG aircraft as it renews its B737 Classic fleet. The AFIRS 228S solution will provide rapid and reliable two-way voice and text messaging communications between the crew and the OCC, automate the collection and reporting of block and flight times, and collect applicable engine data for real-time engine trending services and real-time flight tracking for their remote northern operational environment. The AFIRS Edge’s high bandwidth 5G wireless quick access recorder (WQAR) and enhanced aircraft interface device (AID) capabilities will empower Air North to automatically download and feed QAR data to their Flight Data Management (FDM) program. The AID capability will provide key aircraft data to Crew iPad apps and Power over Ethernet to charge iPads to enhance cockpit crew operations. Air North will also have real-time access to FLYHT’s suite of software services, including FLYHTHealth™, FLYHTLog™ and AFIRS Gateway, which will provide reports on aircraft system health, engine and airframe exceedances, engine trends, as well as aircraft tracking and voice services.
“As we modernize our B737 Classic fleet with B737 NG aircraft, we want to ensure that we take to the skies with the latest in avionics that provide the most comprehensive coverage of remote regions, and that meant upgrading to FLYHT,” said Joe Sparling, Air North’s President and CEO. “We look forward to integrating FLYHT’s solutions to help improve connectivity and realize greater operational efficiencies.”
“We’re excited to support Air North’s fleet renewal with a broad offering of hardware and software solutions, including our 5G-enabled AFIRS Edge.” said Kent Jacobs, President and Interim CEO of FLYHT. “This new relationship is another example of the growing demand for FLYHT’s Actionable Intelligence offerings and the close partnership we forge with our many customers.”
The contract is valued at approximately $700,000 USD, provided that all products and services are delivered over the term of the five-year agreement. Installations are expected to commence in early 2024.
About Air North, Yukon’s Airline
Based out of Whitehorse, Yukon, Canada, Air North operates a fleet of Boeing 737 jets and ATR 42 turboprops on routes throughout the Yukon, Northwest Territories and to British Columbia, Alberta, and seasonally to Ontario. The airline was founded in 1977 and is 49% owned by the Vuntut Gwitchin First Nation, with one in 15 Yukoners having an equity or employment stake in the airline. In 2020, Air North received the Travellers’ Choice Award for Best Airline in Canada and Best Airline (Specialty and Leisure) in North America based upon passenger reviews.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Canada Jetlines Orders Hardware and Software and Agrees to Serve as STC partner for the AFIRS EdgeTM on Airbus A320 Aircraft
Calgary, Alberta – October 4, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (“FLYHT”), an aerospace technology company, and Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines”), a Canadian value-oriented leisure airline, announced an agreement for the purchase of FLYHT’s innovative hardware and software solutions. The adoption of these solutions will help enable Canada Jetlines to optimize its long range communications, flight and turn management operations, and provide an expandable platform for Canada Jetlines to grow its automated data collection, communications and connectivity strategies for its fleet of Airbus A320 aircraft.
FLYHT’s AFIRS 228 Iridium SatCom and AFIRS EdgeTM 5G solutions will be installed on Canada Jetlines A320 aircraft, and as part of the collaboration, Canada Jetlines will serve as FLYHT’s A320 Supplemental Type Certificate (STC) partner for the aircraft type. While the AFIRS 228 solution has been an industry leading real-time data communication solution, providing global data and voice for over a decade, the AFIRS Edge is an industry-first, 5G-enabled, wireless quick access recorder, which transmits data on the ground through cellular networks. The AFIRS Edge also provides Aircraft Interface Device (AID) functionality and allows for remote system configuration and health management to minimize Maintenance involvement and costs.
Canada Jetlines will have real-time access to FLYHT’s suite of software services, including ClearPort, FuelSense, and AFIRS Gateway. ClearPort is a turn management optimizer that helps improve on time performance and provides Auxiliary Power Unit fuel burn management. By maximizing the efficiency of turns, aircraft utilization can be increased, and continual improvement opportunities can be identified. FuelSense provides insight into how airlines are performing against their operational standards, providing additional guidance towards fuel efficiency and emissions reductions. Finally, the AFIRS Gateway system provides a portal for data and device configuration, distribution, and management that will automate and enhance the collection of data downloads to streamline their existing Flight Data Monitoring (FDM) program.
“As we execute on our fleet growth plan and schedule service expansion to new leisure destinations, we see FLYHT’s suite of products as an important part of our plan,” said Brad Warren, COO and Colin Ethier, Director of Maintenance of Canada Jetlines. “We look forward to integrating FLYHT’s solutions to help our growing airline to achieve the highest levels of customer satisfaction, realize overall operational efficiencies and environmental goals, and provide global tracking of our aircraft.”
“We’re excited to support Canada Jetlines as they leverage the power of our real-time data solutions,” said Kent Jacobs, President and Interim CEO of FLYHT. “We pride ourselves on providing Actionable Intelligence to our customers to enhance operations, and look forward to working closely with Canada Jetlines as they continue to grow. “
The contract is valued at approximately US$3.2 million, provided that all products and services are delivered over the term of the agreement. Installations are expected to commence in October 2023.
About Canada Jetlines Operations, Ltd.
Canada Jetlines Operations, Ltd. (NEO: CJET) is a value-focused leisure airline that flies to high-demand sunny destinations. Canada Jetlines’ three revenue streams offer diversified growth potential: passenger revenue, chartered/ACMI flights, and Jetlines vacations. Canada Jetlines vacations expand cash flow through ancillary revenue streams, including hotels, land, cruise transfer and insurance plus destination co-operative marketing support. Currently operating three Airbus A320s, Canada Jetlines is targeting to reach a fleet of 15 aircrafts by 2025. For more information about Canada Jetlines, including its growing list of destinations, please visit www.jetlines.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CrossConsense to provide data migration to AMOS
Calgary, Alberta – September 28, 2023 – FLYHT Aerospace Solutions Ltd. (“FLYHT”) (TSX-V: FLY) (OTCQX: FLYLF), today announced that its wholly owned subsidiary, CrossConsense GmbH & Co. KG (“CrossConsense”), has been engaged by a leading management consultancy with a deep European heritage and strong international footprint to manage an aircraft data migration project for one of its airline clients, a large flag carrier in Europe. As part of the collaboration, CrossConsense’s aircraft data management solution will play a key role in the migration of aircraft data from a legacy MRO system to AMOS.
“Having a global consultancy of this calibre select CrossConsense for this highly complex data migration project is a major honour and recognizes that the best and brightest in the industry turn to us when unusual complexity and connected systems require specialized knowledge,” commented Axel Christ, Managing Director at CrossConsense. “We are looking forward to the successful execution of this project over the coming months and to additional collaborations in the future.”
This contract will commence in October and is valued at approximately €662,000, provided that all services are delivered over the two-year term of the agreement.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
| Alana Forbes | Matt Chesler, CFA |
| Chief Financial Officer | Investor Relations |
| 403.291.7437 | 646.809.2183 |
| investors@flyht.com | flyht@fnkir.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOAA Signs Multi-year Agreement with FLYHT to Expand its Observational Network with FLYHT’s Aircraft-based Weather Technology, Providing Critical Real-Time Humidity Data.
Calgary, Alberta – September 12, 2023 – FLYHT Aerospace Solutions Ltd. (“FLYHT”) (TSX-V: FLY) (OTCQX: FLYLF), today announced that it was awarded, through FLYHT’s wholly owned U.S. subsidiary, FLYHT, Inc. contracts valued at US$500,000, with an additional US$2.8 million in options, by the National Oceanic and Atmospheric Administration (NOAA) to provide its water vapour sensor technology to help the U.S. National Weather Service (NWS) improve weather forecasting and warnings. The agreement is an expansion of FLYHT’s long-standing relationship with NOAA and a recognition of the important role that aircraft-based observations (“ABOs”) play in improving weather forecasting and warning models.
The agreement provides NOAA with an initial package of FLYHT-WVSS-II sensors that will be fully integrated with FLYHT’s Certus SatCom and AFIRS Edge multi-channel WQAR for real-time data transmission. In addition to the hardware, FLYHT will provide ABOs throughout flight, including during ascent, descent, and while en route. The initial hardware, funded with FY2023 appropriations, is expected to be installed before the end of summer 2024.
NOAA is particularly interested in obtaining aircraft data to fill in gaps in data provided by other observing systems. One such gap is the geographical region off the West Coast of the United States and extending westward and southward into the central tropical Pacific Ocean – an area well-known for the “Atmospheric River” phenomena which can occasionally result in flooding rainfalls and heavy mountain snows in the Western U.S. Quantifying the amount of moisture in the atmosphere will result in better forecasts that will be of great value for public safety and water resources communities. To provide NOAA with additional humidity observations in this area of interest, FLYHT is partnering with an airline that flies routes and provides service in this data sparse region.
“We are privileged to have been chosen by NOAA to provide our weather technology to help it expand its observation network, especially in data sparse regions over the Pacific,” commented Kent Jacobs, President & Interim CEO at FLYHT. “This win further validates the value of aircraft-based observations data and FLYHT’s technology solution. We are fully committed to the weather business and to supporting the NWS in its mission to improve weather forecasting.”
Said Curtis Marshall, Ph.D., Program Manager: National Mesonet, Aircraft-Based Observations, MADIS Chair, WMO Joint Expert Team on Aircraft Based Observations, “The NWS Commercial Data Buy Program is pleased to enter into this agreement with FLYHT for new installations of FLYHT-WVSS-II sensors on aircraft that supply vertical profiles of wind, temperature and moisture. It has been almost a decade since new water vapour capabilities were added to the existing global network of aircraft that provide meteorological observations. Numerous studies have shown aircraft-based meteorological observations are among the most important sources of data for improving the performance of numerical weather prediction, and the full suite of wind, temperature, and moisture provides the most critical impact to model performance. We would expect these new installations to result in ongoing improvements to numerical weather prediction and the warning and forecast mission of the NWS.”
Real-time ABOs consistently rank as one of the most important observation sources for both long-range and rapidly updating short-range weather models that are used by a wide range of government and commercial users. Adverse weather presents one of the biggest risks and safety factors for aircraft operations and can impact flights as well as ground-crew operations and maintenance tasks, thereby creating scheduling and planning issues and safety risks. The FLYHT-WVSS-II sensor can provide better ABOs that can then be used to better predict extreme weather events and help to protect lives and property.
About NOAA
NOAA is an agency that enriches life through science. Our reach goes from the surface of the sun to the depths of the ocean floor as we work to keep the public informed of the changing environment around them. From daily weather forecasts, severe storm warnings, and climate monitoring to fisheries management, coastal restoration and supporting marine commerce, NOAA’s products and services support economic vitality and affect more than one-third of America’s gross domestic product. NOAA’s dedicated scientists use cutting-edge research and high-tech instrumentation to provide citizens, planners, emergency managers and other decision makers with reliable information they need, when they need it. NOAA’s mission to better understand our natural world and help protect its precious resources extends beyond national borders to monitor global weather and climate, and work with partners around the world. More information is available at www.noaa.gov and on X, Facebook, Instagram and YouTube.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC | Satichi Consulting Inc. |
| Alana Forbes | Matt Chesler, CFA | Daniel Kim |
| Chief Financial Officer | Investor Relations | Corporate Development |
| 403.291.7437 | 646.809.2183 | 416.728.5630 |
| investors@flyht.com | flyht@fnkir.com | dkim@flyht.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calgary, Alberta – August 30, 2023 – A collaboration between the Met Office, FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) and Loganair, aims to improve the accuracy of weather forecasts and the prediction of localised severe weather in the UK, with expected benefits for the aviation industry such as more efficient route planning and supporting aims to reduce CO2 emissions.
The partnership provides the Met Office with FLYHT-WVSS-II atmospheric water vapour sensors to be installed on Loganair Embraer 145 aircraft flying across the UK. The sensors will continuously monitor environmental conditions around the aircraft during flight.
The Met Office is particularly interested in data collected during the ascent and descent phases of flight as this will provide a view of humidity, temperature, and wind measurements throughout the atmosphere. The use of this increase in observational data, is only possible because of the new Met Office supercomputer, which is coming online early in 2024. It will ultimately improve the forecasting of local scale weather. The relative humidity sensors will be fully integrated with FLYHT’s Certus SatCom and AFIRS Edge multi-channel WQAR for real-time data transmission of aircraft-based observations.
These readings will help to better predict extreme weather such as the Cumbrian storms of 2015, as well as improve local forecasting of, conditions such as thunderstorms, fog, and showers. Adverse weather presents one of the biggest risks and safety factors for aircraft operations and can impact flights as well as ground-crew operations and maintenance tasks, further affecting scheduling and planning issues and adding to flight safety risks. Across Europe, weather is one of the largest contributing factors to aviation delays. It exacerbates the volatility of an already disrupted network at capacity. Better weather observations will greatly improve weather-based flight planning and real-time updates, thereby enabling more efficient avoidance of severe weather and turbulence. This initiative will also help airlines understand the formation of contrails, and potentially enable a reduction in contrail formation, which has been identified as a sustainability goal within the airline industry.
Met Office Associate Director of Technical Services, Bruce Truscott, said: “I am delighted to be working with FLYHT and Loganair to further improve our ability to observe and forecast the weather. Humidity measurements from aircraft will provide a much-valued addition to our observations capability, helping us to better define the 3-dimensional structure of the atmosphere which in turn is expected to support improvements in forecast accuracy.”
Jonathan Hinkles, CEO at Loganair, said: “This collaboration recognizes the important, positive role that airlines can play in understanding weather and the environment, and as a strategic partner, we are honoured to do our part.”
“We are confident that real-time aircraft data from FLYHT’s sensors will contribute to reduced delays and cancellations, resulting in net benefits to our customers and the financial performance of our airline. Additionally, we see this collaboration as a major step towards helping us achieve our sustainability goals.”
“It’s a privilege to support two forward thinking organizations like the Met Office and Loganair to help address our shared interest in weather and the environment,” said Kent Jacobs, President & Interim CEO at FLYHT. “FLYHT is pleased to be incorporating relative humidity data from our FLYHT-WVSS-II sensors into our aircraft-based observations knowing this will have a significant, positive effect on weather modelling.”
Murray Skelton, FLYHT’s VP Business Development and Weather, added, “Having these two leaders as partners validates our weather technology and our growing suite of actionable intelligence solutions. We look forward to installing our FLYHT-WVSS-ll hardware on Loganair’s aircraft over the coming months and to providing end-to-end program project maintenance and support for this innovative program.”
The contract is valued at approximately USD$6.9 million provided that all goods and services are delivered over the eight year term of the agreement, which could extend to 2037 that would bring the value to £7 million. Installations on Loganair’s fleet of Embraer aircraft are expected to commence during the first half of 2024.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
About the Met Office
The Met Office is the UK’s National Weather Service, providing 24×7 world-renowned scientific excellence in weather, climate and environmental forecasts and severe weather warnings for the protection of life and property. www.metoffice.gov.uk
As the national meteorological service for the UK the Met Office provides critical weather services that help the public, businesses and policymakers make better decisions and stay safe and thrive. We integrate our expert weather and climate knowledge with your industry expertise, supporting safe efficient operations, while planning for extreme weather impacts and climate change adaptation. Follow us on Twitter, Facebook and LinkedIn.
About Loganair
Loganair is a Scottish airline based at Glasgow Airport near Paisley, Scotland. It is the largest regional airline in the UK by passenger numbers and fleet size. In addition to its main base at Glasgow, it has hubs at Aberdeen, Edinburgh, Inverness and Newcastle airports.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC | Satichi Consulting Inc. |
| Alana Forbes | Matt Chesler, CFA | Daniel Kim |
| Chief Financial Officer | Investor Relations | Corporate Development |
| 403.291.7437 | 646.809.2183 | 416.728.5630 |
| investors@flyht.com | flyht@fnkir.com | dkim@flyht.com |
Met Office Press Office 0330 135 0005 or email pressoffice@metoffice.gov.uk
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calgary, Alberta – August 29, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that management will participate in the Planet MicroCap Showcase 2023 in Vancouver, BC, on September 6-7, 2023. Kent Jacobs, President and Interim CEO, and Alana Forbes, CFO, are scheduled to host a presentation on Wednesday, September 6, 2023 at 10:30 AM PT (11:30 AM MT), followed by a Q&A session. Management will also host one-on-one meetings with investors on Thursday, September 7, 2023. All existing and prospective shareholders are invited to attend the conference or listen to the webcast to learn more about the Company.
DATE: Wednesday, September 6, 2023
TIME: 10:30 AM PT (11:30 AM MT)
LINK: https://www.webcaster4.com/Webcast/Page/2986/48999
A live audio webcast and archive of the presentation will be available using the dedicated link above and in the Investors section of the FLYHT website at www.flyht.com/investors.
If you would like to attend the Planet MicroCap Showcase 2023 and book a one-on-one meeting with management, registration can be found at https://planetmicrocapshowcase.com/signup, in the Investors section of the FLYHT website, or by contacting FLYHT’s IR team at flyht@fnkir.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC | Satichi Consulting Inc. |
| Alana Forbes | Matt Chesler, CFA | Daniel Kim |
| Chief Financial Officer | Investor Relations | Corporate Development |
| 403.291.7437 | 646.809.2183 | 416.728.5630 |
| investors@flyht.com | flyht@fnkir.com | dkim@flyht.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calgary, Alberta – August 16, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the second quarter ended June 30, 2023 (“Q2 2023”). All figures are Canadian dollars unless otherwise stated.
Financial Summary
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||
| 2023 | 2022 | Inc./ Dec. | 2023 | 2022 | Inc./ Dec. | ||
| Revenue | $6,043,543 | $4,881,372 | 24% | $10,800,773 | $9,912,029 | 9% | |
| SaaS | 2,690,573 | 2,155,912 | 25% | 5,103,773 | 3,830,984 | 33% | |
| Hardware | 1,172,261 | 912,682 | 28% | 2,943,706 | 3,022,280 | -3% | |
| Licensing | 1,433,264 | 1,399,903 | 2% | 1,442,001 | 2,534,609 | -43% | |
| Technical Services | 747,445 | 412,875 | 81% | 1,311,293 | 524,156 | 150% | |
| Gross Margin | 59.6% | 55.8% | 380bps | 58.6% | 55.2% | 340bps | |
| EBITDA | 168,045 | (905,780) | NM | (1,175,869) | (1,843,412) | NM | |
| Net Income (Loss) | (168,807) | (1,141,140) | NM | (1,825,921) | (2,425,487) | NM | |
| EPS – Basic & Diluted | (0.01) | (0.03) | 0.02 | (0.05) | (0.07) | 0.02 | |
Management Commentary
“FLYHT delivered strong results in Q2 2023,” said Kent Jacobs, President and Interim CEO of FLYHT. “Revenue increased 24% year-over-year, with growth in all four categories – SaaS, Hardware, Licensing and Technical Services. Our gross margins expanded by 380 basis points to 59.6% and we generated positive EBITDA of $168,045.”
Continued Jacobs, “FLYHT is benefitting from solid global demand for passenger travel and air cargo activity and is also executing well against our strategic growth initiatives. There is a long runway of growth for existing solutions such as AFIRS 228 with customers continuing to renew for multi-year commitments, and for which we received an additional sizeable order from our long-term OEM partner. This quarter we reached a major milestone – over 5 million flight hours with our AFIRS hardware onboard our customers’ aircraft. It’s a simple measure of the longevity of our solutions amassed from over 20 years of experience supporting the global aviation industry.”
Concluded Jacobs, “Looking to the second half of the year, we are on the cusp of delivering on two of our most promising incremental growth initiatives – the AFIRS EdgeTM and weather. We have received the first order to install the AFIRS Edge on a Boeing 737 Max aircraft and are working diligently to receive a Supplemental Type Certificate (“STC”). Meanwhile, our conversations with the UK Met Office continue to advance in a positive direction, as we leverage our WVSS-II water vapor sensor system in conjunction with the AFIRS Edge to address critical environmental imperatives for both the aviation industry and broader weather community. We are continuing to look for ways to further scale the business to accelerate these significant and exciting opportunities.”
Operating Results
Revenue increased by 24% to $6,043,543 in Q2 2023 compared to Q2 2022, driven by growth in all four revenue categories: SaaS, Hardware, Licensing and Technical Services.
SaaS revenue increased by 25% to $2,690,573, driven by an increase in customers’ flights and flight hours, as well as growth in weather-related software services. Licensing revenue increased by 2% to $1,433,264 due to increases in the number of modems and associated license fees generated from our long-term OEM customer. Hardware revenue increased by 28% to $1,172,261, although a total of 15 installation kits were shipped in Q2 2023, matching the15 shipped in Q2 2022. Technical Services revenue increased by 81% to $747,445.
Gross margin was 59.6% of revenue in Q2 2023 compared to 55.8% in Q2 2022. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.
Operating expenses decreased by 4% from Q2 2022, driven by a 22% decrease in Administration expenses and a 9% decrease in Research and Development and certification engineering expenses, partially offset by a 19% increase in Distribution expenses.
Positive EBITDA[1] totaled $168,045 in Q2 2023 compared to an EBITDA loss of $905,780 in Q2 2022.
Net loss was $168,807 in Q2 2023 compared to a Net loss of $1,141,140 in Q2 2022.
Balance Sheet and Liquidity
Cash and short-term investments totalled $1,719,904 at June 30, 2023, compared to $2,647,650 at December 31, 2022.
Trade and other receivables decreased by 17% to $4,231,078 compared to YE 2022, and Trade payables and accrued liabilities increased by 2% to $2,778,884 compared to YE 2022.
Conference Call Information
FLYHT will host a conference call to discuss its financial results for Q2 2023 on Thursday, August 17, 2023, at 7:00 a.m. MT (9:00 a.m. ET). The conference call will include a brief presentation from FLYHT’s President & Interim CEO Kent Jacobs and CFO Alana Forbes followed by a question-and-answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.
Additional Information
FLYHT’s Q2 2023 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues and related matters. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
| FLYHT Aerospace Solutions Ltd. | FNK IR LLC | Satichi Consulting Inc. |
| Alana Forbes | Matt Chesler, CFA | Daniel Kim |
| Chief Financial Officer | Investor Relations | Corporate Development |
| 403.291.7437 | 646.809.2183 | 416.728.5630 |
| aforbes@flyht.com | mchesler@flyht.com | dkim@flyht.com |
| investors@flyht.com |
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[1] EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure). EBITDA is provided to aid in analysis and profitability comparisons among companies and industries, by segregating operating results from the effects of financing and capital expenditures.
