Calgary, Alberta – August 12, 2024 – 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 the second quarter of 2024, the period ended June 30, 2024, on Thursday, August 29, 2024 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 1-844-763-8274. Outside Canada and the U.S., dial 1-647-484-8814. 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.

In addition, at FLYHT’s Annual & Special Meeting of Shareholders held on June 19, 2024, shareholders of the Company approved the 2024 Omnibus Equity Incentive Compensation Plan (the “Omnibus Incentive Plan”) to replace the existing stock option plan. The Omnibus Incentive Plan is a “rolling up to 10% and fixed up to 10%” share-based compensation plan pursuant to which up to an aggregate of 10% of the Common Shares issued and outstanding may be reserved for issuance under it and any other security-based compensation plans of the Corporation, in the form of stock options, restricted share units (“RSUs”), deferred share units (“DSUs”) and performance share units (“PSUs”). A copy of the Omnibus Incentive Plan and further details are included in the Company’s management information circular regarding the meeting dated May 29, 2024, and available on SEDAR at www.sedarplus.com. The Omnibus Incentive Plan has received the final approval of the TSXV and has subsequently been implemented.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.

Contact 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.

Calgary, Alberta – July 18, 2024 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that its wholly owned subsidiary, CrossConsense GmbH & Co. KG (“CrossConsense”) has secured two new contracts, demonstrating the growing demand for its MRO services offering.

The first contract is an expansion of CrossConsense’s relationship with a leading management consultancy, first announced in September 2023, in which CrossConsense is managing an aircraft data migration project for one of the consultancy’s airline clients, a large flag carrier in Europe.

The second contract is with a global leader in the logistics industry, specializing in international shipping, courier services and transportation. CrossConsense has been chosen to collaborate on the design phase of a large data migration project for the company, which may evolve to future phases, implementation and other services.

“While we often focus on FLYHT’s large opportunities in 5G aviation and weather solutions, these recent contract wins by CrossConsense highlight that AMOS support and data migration are additional important growth levers for our company,” said Kent Jacobs, President and Interim CEO. “We are proud of CrossConsense’s accomplishments, which are a testament to the hard work and dedication of Axel and the entire CrossConsense team.”

Added Axel Christ, Managing Director of CrossConsense, “Handling complex data processes with precision and efficiency is at the heart of what we do and what sets us apart in the competitive aviation market. We are grateful that existing and new customers are increasingly recognizing our deep industry knowledge, innovative approach, and unparalleled customer support.”

CrossConsense supports the aviation industry with its expertise in the application and utilization of SWISS AviationSoftware’s comprehensive Aircraft Maintenance and Engineering Operating System (“AMOS”) software solution. With a profound understanding of airline maintenance operations and supporting Maintenance, Repair, and Overhaul (“MRO”) products, the company offers a range of solutions in this market including maintenance, engineering, and logistics solutions, as well as data migration, business intelligence, customization, and consulting services. Core offerings include: AMOS Support, AMOS Hosting & Operation, Aircraft Fleet View (app for real-time insights into an airline’s fleet status), Aircraft Condition and Status Information System (ACSIS), and Aviation Data Warehouse (Aviation DW).

The combination of these two contracts is valued at approximately €300,000, expected to be delivered by the end of 2024.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. 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:

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 – June 24, 2024 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that Lorne Sugarman has been elected to its Board of Directors. Mr. Sugarman brings a wealth of experience with technology companies as a C-level operating executive, investment banking professional, and principal investor, which adds further depth and expertise to the Company as it enters the next phase of growth.

“Lorne’s breadth of experience operating, advising and investing in leading Canadian technology companies will be a great asset to FLYHT as we bring our innovative 5G aviation and weather solutions to market and march toward profitable growth,” said Mary McMillan, Executive Chair of the Board. “With his proven track record of transforming corporate objectives to profitable growth and creating shareholder value, Lorne is an excellent addition to the FLYHT board.”

“FLYHT has distinguished itself for over two decades is an innovator in communications and data solutions for global commercial aviation customers, and I am thrilled to begin working with a board of directors and management team that lead such an important Canadian company,” said Sugarman. “I look forward to collaborating with the board and management team as we move briskly to capitalize on the large opportunities for profitable rapid growth that lie ahead of FLYHT.”

Mr. Sugarman has 30 years of experience as a tech entrepreneur, financial executive, board member, and advisor at leading Canadian technology companies. He is currently the founder and president of Adielle Group. He is a board member and CEO of EVP Capital Inc. and Iocaste Ventures Inc., both capital pool companies. Sugarman continues to serve as a board member of Tokens.com, an emerging robotics and AI business, where he was previously the president.

FLYHT also announces today that Michael Brown decided to retire and so did not put forward his name for re-election at the Company’s AGM on June 19, 2024. Mike has steadfastly provided his experience and unwavering commitment to FLYHT over many years, and we are deeply grateful for the guidance he has provided our organization during his time on the board. Mike was one of our longest serving board members having joined FLYHT in March of 2003. During his time on the board FLYHT progressed from a small company with big ideas to an organization that supplies the aviation industry with critical, real-time satellite communications and airline operational expertise. FLYHT’s recent success of completing the AFIRS Edge 5G product line represents a milestone worthy of his dedication to our organization and the airlines we serve. The Company wishes him well in his future endeavours.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.

Contact 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.

Calgary, Alberta – June 13, 2024 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that Board Member Nancy Young will participate in a fireside chat at the Jefferies Virtual Aerospace ESG Summit on Thursday, June 20, 2024 beginning at 8:55 a.m. MT (10:55 a.m. ET). The Company will also host meetings with institutional investors which can be arranged by contacting your Jefferies representative or the FLYHT investor relations team at investors@flyht.com.

A live and archived webcast of the fireside chat will be available on the FLYHT investor relations website at https://flyht.com/investors/.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.

Contact 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.

Air North Served as the Certification Partner and Will Adopt FLYHT’s Solutions to Provide Enhanced Aircraft Communications and Maximum Operational Efficiency and Safety

 Calgary, Alberta – June 11, 2024 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that Transport Canada has issued FLYHT a Supplemental Type Certificate (“STC”) for the flange version of the AFIRS Edge^TM, the Company’s 5G wireless data communication device, for Boeing 737 NG aircraft. The achievement of this STC enables FLYHT to ship the Edge units to Canadian Boeing 737 NG customers while at the same time familiarizing the Canadian STC into other jurisdictions to enable worldwide distribution.

“Today marks another milestone achievement for FLYHT as we announce Transport Canada’s issuance of an STC for the Edge on a second aircraft type,” said Kent Jacobs, President and Interim CEO of FLYHT. “This represents the second STC approval for the flange version of the AFIRS Edge this year. I continue to be proud of our entire team and grateful to our airline partner, Air North, and Transport Canada for their efforts to complete a comprehensive and robust certification process.”

Jacobs added, “We are now in a leadership position to provide the aviation industry’s first wireless data and communications device with 5G capability on the two most popular aircraft types, the Airbus A320 and Boeing 737 NG.”

“We are excited to partner with FLYHT on the STC certification process using their innovative 5G wireless data on our Boeing 737 NG aircraft,” commented Joe Sparling, President and CEO of Air North. “We are an innovative airline and recognize the value proposition that the AFIRS Edge provides with its next generation technology.”

Per the agreement signed in October 2023, Air North has agreed to purchase FLYHT’s innovative hardware and software services as part of the Yukon airline’s fleet renewal plans. Specifically, FLYHT’s AFIRS 228 Iridium SatCom and AFIRS Edge solutions will be installed on Air North’s Boeing 737 NG aircraft as it renews its Boeing 737 Classic fleet.

The AFIRS Edge is an aircraft interface device (AID), connecting aircraft data with electronic flight bag (EFB) applications and provides airlines with Wireless Quick Access (WQAR) capabilities, all while serving as a gateway on the aircraft for critical real-time information and onboard data storage. The Edge also serves as a data port for FLYHT’s actionable intelligence services, such as fuel management, aircraft health monitoring, real-time engine data reporting and airport gate performance monitoring. Further, when coupled with a real-time IP satellite connection, the Edge enables weather data customers to work with airlines to implement FLYHT’s weather solutions for enabling enhanced weather forecasting capabilities, providing more accurate and timely warnings of extreme weather, and in the detection and avoidance of contrail generation.

Find out more about AFIRS Edge here: https://flyht.com/airborne-hardware/afirs-edge/.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. 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:

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 – June 10, 2024 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce that the Company has closed its previously announced unsecured debenture in the principal amount of $5,000,000 (the “Debenture”) with Pinnacle Island II LP (the “Lender”), an unrelated third-party lender (see press release dated May 29, 2024).

The Debenture carries a term of three years, with annual interest of 12% payable on a quarterly basis. Proceeds are discounted by 5% (with such discount fee for the benefit of the Lender). As additional consideration for the loan, the Company has issued to the Lender 2,000,000 common share purchase warrants (the “Warrants”), with each Warrant exercisable for a period of three (3) years into one common share with an exercise price equal to $0.4839.

Paradigm Capital Inc. acted as a financial advisor to FLYHT on this transaction and was paid a cash commission equal to 4% of the Debenture principal amount.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.

Contact 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.

Calgary, Alberta – May 29, 2024 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce that the Company has executed an unsecured debenture in the principal amount of $5,000,000 (the “Debenture”) with Pinnacle Island II LP (the “Lender”), an unrelated third-party lender. The additional capital is expected to provide significant financial resources for the Company to pursue additional Supplemental Type (STC) certifications and to accelerate the commercialization efforts of its 5G aviation and weather solutions product lines.

“This loan arrangement raises significant capital for FLYHT to support our growth plans,” said Kent Jacobs, President and Interim CEO. “Our team is pursuing a number of attractive large deals for Edge, Edge+, FLYHT-WVSS-II hardware and recurring software services. We will use the incremental capital to move swiftly to seize these opportunities and support their working capital requirements, while continuing to adhere to the strict cost discipline that has been producing year-over-year decreases in G&A across the rest of the organization. We appreciate the confidence in our future, and in particular the potential value of our AFIRS Edge product line.”

The Debenture will carry a term of three years, with annual interest of 12% payable on a quarterly basis. Proceeds will be discounted by 5% (with such discount fee for the benefit of the Lender). On the closing date of the Debenture, as additional consideration for the loan, the Company will issue 2,000,000 common share purchase warrants (the “Warrants”), with each Warrant exercisable for a period of three (3) years into one common share for the exercise price equal to the higher of: (i) a 12.5% premium to the 20-day volume weighted average price at issuance on the Debenture closing date; or (ii) the closing price of the Company’s common shares on the trading day immediately preceding the Debenture closing date.

Paradigm Capital Inc. acted as a financial advisor to FLYHT on this transaction and was paid a cash commission equal to 4% of the total loan amount.

The delivery of the Debenture and the issuance of the Warrants are subject to the final approval and acceptance of the TSX Venture Exchange. It is anticipated that closing will occur as soon as practical after the TSX Venture Exchange has approved the Debenture and its terms.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. 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 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:

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.

Returns to Topline Growth, Completes Financing of $5,000,000

Calgary, Alberta – May 29, 2024 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the first quarter ended March 31, 2024 (“Q1 2024”). All figures are Canadian dollars unless otherwise stated.

Financial Summary

 Management Commentary

“FLYHT is off to a good start in 2024 as we returned to growth in the first quarter,” said Kent Jacobs, President and Interim CEO. “Our SaaS revenues are continuing to increase at double-digit rates, representing over half of the company revenue, and earning attractive 60%+ gross margins. Additionally, growing traction by CrossConsense drove continued strength in Technical Services revenue, which increased 128% to $1.3 million making it our highest ever quarter for that revenue category. We significantly narrowed our EBITDA loss to $594,000 despite investing behind development and commercialization of our new products, demonstrating the operating leverage potential of our revenue model as we bring these products to market.”

Jacobs added, “With the receipt of the Supplemental Type Certificate (“STC”) for the AFIRS Edge™ on Airbus A320 aircraft during the first quarter, the flange version Edge is now being installed on our customer’s fleet. Our expanded relationship with Once Stop Systems, Inc. (Nasdaq: OSS) to manufacture our 5G enabled AFIRS Edge solution, including the new AFIRS Edge+, ensures that FLYHT can meet the market demand for this solution.”

Continued Jacobs, “FLYHT moves into the commercialization phase of our newest product set with a large pipeline of opportunity, and, per the loan agreement announced today, expanded financial resources to support our growth plans. Both Captain Mary Millian, who has been working by my side on optimizing our go to market strategy and execution path since assuming the Executive Chairman position last fall, and myself are confident in our strategy and our ability to bring our innovative aviation and weather solutions to market – so that we can generate value for our customers, our team and our loyal shareholders.”

Operating Results

Revenue increased by 1% to $4,790,594 in Q1 2024 compared to Q1 2023, driven by growth in SaaS, Licensing and Technical Services. Excluding hardware, revenue would have increased 38% during the quarter.

SaaS revenue increased by 15% to $2,763,716 in Q1 2024, driven by an increase in key customers’ fleet size, as well as growth in weather related software services. Licensing revenue increased by 806% to $79,159 due to the differences in the associated license fees realized in comparative periods. Hardware revenue decreased by 63% to $663,532, with a total of 6 installation kits shipped in Q1 2024 compared to 32 kits shipped in Q1 2023. Technical Services revenue increased by 128% to $1,284,187 as a result of AMOS data migration work delivered and an increase in customer requests for certification services.

Gross margin was 64% of revenue in Q1 2024 compared to 57.3% in Q1 2023. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.

Operating expenses decreased by 10% from Q1 2023, driven by a 15% decrease in Research and Development and Certification Engineering expenses, an 11% decrease in Distribution expenses and a 1% decrease in Administration expenses. The decreases were largely driven by lower staffing costs across all three expense categories.

EBITDA[1] loss totaled $594,005 in Q1 2024 compared to an EBITDA loss of $1,343,914 in Q1 2023, due to lower operating expenses in Q1 2024 as compared to Q1 2023.

Net loss was $794,382 in Q1 2024 compared to a Net loss of $1,657,114 in Q1 2023.

Balance Sheet and Liquidity

Cash and short-term investments were $1,482,457 at March 31, 2024, compared to $2,042,203 at December 31, 2023.

Trade and other receivables increased by 5% to $3,050,224 compared to YE 2023. Trade payables and accrued liabilities decreased by 3% to $2,994,744 compared to YE 2023. During the quarter, the Company used $1,175,000 of its credit facility for working capital purposes.

Conference Call Information

FLYHT will host a conference call to discuss its financial results for Q1 2024 on Thursday, May 30, 2024, at 7:30 a.m. MT (9:30 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 1-844-763-8274. Outside Canada and the U.S., dial 1-647-484-8814.

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.

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, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT’s hardware products can also be interfaced with FLYHT’s proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.

Contact 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.

[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.