Calgary, Alberta – May 10, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the first quarter ended March 31, 2023 (“Q1 2023”). All figures are Canadian dollars unless otherwise stated.
Financial Summary
| Three Months Ended March 31 | ||||
| 2023 | 2022 | Variance | ||
| Revenue | 4,757,230 | 5,030,657 | -5% | |
| SaaS | 2,413,200 | 1,675,072 | 44% | |
| Hardware | 1,771,445 | 2,109,598 | -16% | |
| Licensing | 8,737 | 1,134,706 | -99% | |
| Technical Services | 563,848 | 111,281 | 407% | |
| Gross Margin | 57.3% | 54.7% | +260 bps | |
| EBITDA | (1,343,914) | (937,630) | NM | |
| Net Income (Loss) | (1,657,114) | (1,284,347) | NM | |
| EPS – Basic & Diluted | (0.04) | (0.03) | (0.01) | |
Management Commentary
“We start 2023 in a strong position,” said Kent Jacobs, President and Interim CEO. “FLYHT’s strategic transformation into a provider of Actionable Intelligence (AI) over the past three years is enabling us to offer the aviation industry the tools and solutions increasingly demanded as the industry undergoes its own transformation. Our pipeline of potential business continues to increase and currently stands at the highest level in company history. In addition to a tailwind from the ongoing recovery of global passenger traffic, there is sustained demand for our legacy flagship products anchored by AFIRS™ 228 and surging interest in our new and innovative solutions built around our AFIRS Edge technology and SaaS solutions.”
Continued Jacobs, “We achieved milestones on both fronts in the quarter as well as our weather business. Transport Canada awarded us a supplemental type certificate (STC) to install the AFIRS 228 on Boeing 737 MAX-8 aircraft, one of the world’s most popular aircraft types, enabling airlines to now request that their new aircraft come off the factory line with Iridium satcom provisions which accommodate the AFIRS 228. We also received DO-160 environmental testing certification for the AFIRS Edge which means our 5G enabled device is ready for installation on commercial aircraft as we simultaneously work toward obtaining STCs for the product on multiple aircraft platforms. Finally, in weather, which is fast becoming another driver of potential growth for FLYHT, we are in active negotiations with the UKMet for an initial order to install our WVSS-II water vapor sensor system on aircraft for Aircraft Based Observations (ABOs) in Europe, and believe that there are many other governmental agencies and commercial entities that would benefit from our environmental solutions.”
Continued Jacobs, “Financially, we delivered expected results in Q1 2023 especially considering we just completed two of the strongest quarters in years in the back half of 2022. SaaS revenue increased by 44%, and overall revenue growth would have been positive when adjusting for last year’s large licensing orders. Our gross margins remain robust at 57.3%, and I am particularly pleased that our cash balance increased by $564,000 to $3.2 million as we collected on the large OEM order that we fulfilled last year.”
Operating Results
Revenue decreased by 5% to $4,757,230 in Q1 2023 compared to Q1 2022, driven by growth in SaaS and Technical Services offset by decreases in Hardware and Licensing.
SaaS revenue increased by 44% to $2,413,200 in Q1 2023 due to the post-pandemic recovery of the Company’s customer base and contribution of CrossConsense. Technical Services revenue increased by 407% to $563,848 with contributions from CrossConsense services offsetting a decrease of 57% from traditional services. Licensing revenue decreased by 99% due to decreases in the number of modems and associated license fees ordered for delivery as compared to the first quarter of 2022. Revenue in this category can be expected to vary quarter to quarter. Hardware revenue decreased by 16% to $1,771,445, as a total of 32 installation kits were shipped in Q1 2023 compared to 34 in Q1 2022.
Gross margin was 57.3% of revenue in Q1 2023 compared to 54.7% in Q1 2022. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.
Operating expenses increased by 9.8% from Q1 2022, driven by a 27.5% increase in Distribution expenses and a 21.2% increase in Research and Development and certification engineering expenses, offset by a 19.0% decrease in Administrative expenses. The increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.
EBITDA[1] loss totaled $1,343,914 in Q1 2023 compared to an EBITDA loss of $937,630 in Q1 2022, due to higher operating expenses in Q1 2023 as compared to Q1 2022 with an increase in sales and marketing costs together with Edge development costs.
Net loss was $1,657,114 in Q1 2023 compared to a Net loss of $1,284,347 in Q1 2022.
Balance Sheet and Liquidity
Cash and short-term investments were $3,211,944 at March 31, 2023, compared to $2,647,650 at December 31, 2022.
Trade and other receivables decreased by 36% to $3,258,347 compared to YE 2022 as the Company collected on the large OEM order received in 2022. Trade payables and accrued liabilities decreased by 9% to $2,487,551 compared to YE 2022.
Conference Call Information
FLYHT will discuss its first quarter 2023 financial results at its Annual General Meeting to be held virtually via webinar at 2:00 pm MT (4:00 pm ET) on Thursday, May 11, 2023. The webinar will include a brief presentation followed by a question-and-answer session. Questions can be emailed in advance to investors@flyht.com.
The meeting and earnings discussion will be held online, accessible at:
https://incommconferencing.zoom.us/webinar/register/WN_2WozVtgTTWCthSc9baLjrw
The meeting will also be accessible by phone. The listen-only toll-free number is 1-800-319-4610 in Canada and the U.S. and 1-604-638-5340 outside of Canada and the U.S.
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.
Additional Information
FLYHT’s Q1 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 |
| investors@flyht.com | flyht@fnkir.com | dkim@flyht.com |
Join us on social media!
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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.
Calgary, Alberta – April 13, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Board of Directors has named Captain Mary I. McMillan, a current independent director on the Board, to non-executive Chairman of the Board. Captain McMillan succeeds Nina Jonsson, who will not seek re-election at the Company’s upcoming Annual and Special Meeting of the shareholders of FLYHT on May 11, 2023 (the “AGM”) and will leave the Board after four years of service at the conclusion of the AGM. Nina Jonsson notes “I am delighted to hand over the chairmanship to my esteemed long-time colleague Mary McMillan. Mary’s competent leadership and extensive expertise in our space will help guide FLYHT to even greater heights. I wish her much success in her new role.”
Captain McMillan is a highly regarded subject matter expert in areas of aviation 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. Before joining the industry, 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.
“I am honored to ascend to Board Chair to help FLYHT continue to pursue its vision of being a global force in innovative data solutions for the aviation industry,” commented Captain McMillan. “Airline safety is my life’s work. FLYHT is uniquely positioned to help the industry achieve improved safety, increased operational and commercial efficiency, and higher profitability, through its suite of Actionable Intelligence software. Increasingly, we are also aggressively aligning our products and services to assist the industry in achieving its 2050 ‘Net-Zero emissions’ environmental goals. I look forward to providing my insight and expertise to further the Company’s growth.”
Additionally, the Company announced that Jack Olcott has resigned from the Board of Directors (and as a result will not stand for re-election at the AGM). He joined the Board of Directors of FLYHT in 2008.
Kent Jacobs, President and Interim CEO, said, “Jack’s contributions to our Company over the last 15 years have been remarkable. His deep understanding of business aviation and steady guidance through years of growth and challenges have helped to build FLYHT into the leader that it is today. On behalf of our shareholders, the management team and the Board, I would like to personally thank Jack for his impact and service and wish him a wonderful retirement.”
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 | 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.
Company Delivers Record Revenue and Positive EBITDA for the Quarter and Year
Calgary, Alberta – April 12, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the fourth quarter ended December 31, 2022 (“Q4 2022”). All figures are Canadian dollars unless otherwise stated.
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||
| 2022 | 2021 | Inc./Dec. | 2022 | 2021 | Inc./Dec. | |
| Revenue | $7,241,758 | $2,527,961 | 186.50% | $23,879,160 | $11,318,689 | 111.00% |
| SaaS | 2,253,618 | 1,500,110 | 50.20% | 8,157,886 | 5,993,521 | 36.10% |
| Hardware | 1,217,860 | 590,975 | 106.10% | 4,720,204 | 3,394,228 | 39.10% |
| Licensing | 3,030,368 | 356,197 | 750.80% | 9,101,130 | 1,551,000 | 486.80% |
| Technical Services | 739,912 | 80,679 | 817.10% | 1,899,940 | 379,940 | 400.10% |
| Gross Margin | 67.10% | 49.50% | 1760bps | 63.70% | 57.20% | 650bps |
| EBITDA | 1,170,183 | (1,745,000) | NM | 251,453 | (4,538,193) | NM |
| Net Income (Loss) | 718,689 | (2,444,054) | NM | (1,003,033) | (5,859,206) | NM |
| EPS – Basic & Diluted | 0.01 | (0.08) | 0.09 | (0.03) | (0.19) | 0.16 |
“With the strong execution of our strategy, FLYHT delivered record revenue of nearly $24 million in 2022, a doubling over 2021, while also generating positive EBITDA1 in the second half of the year and on a full year basis,” said Kent Jacobs, President and Interim CEO. “The continued recovery of the airline industry coupled with FLYHT’s innovative approach positions us to benefit from the ongoing robust demand for our legacy products and surging interest for our new solutions.”
Continued Jacobs, “FLYHT exited the year with one of its strongest quarters ever in Q4 2022. Revenue was $7.2 million, up 186% over last year, driven by continued SaaS growth and fulfilment of the 2022 purchase order of modems from our long-time OEM partner. EBITDA was positive $1.2 million and net income was positive $719 thousand, the highest in over three years.”
Concluded Jacobs, “In 2023, we are focused on fulfilling Bill Tempany’s vision to become a global force in providing innovative aviation and environmental solutions for our customers. We are on the verge of obtaining the initial Supplemental Type Certificates (“STCs”) of our newest innovation, the AFIRS Edge™, which opens up a significant incremental growth opportunity as we target the ~25,000 aircraft that will ultimately require 5G enabled connectivity. Meanwhile, demand for the complementary AFIRS 228™ Satcom product remains at an all time high, highlighted in 2022 by our single largest licencing order ever of more than $7 million. These products and services are complemented by additional standalone SaaS offerings as part of our recurring revenue strategy, including our recently introduced ClearPort aircraft turn management tool. As we expand into Artificial Intelligence and Machine Learning models, and further develop our Data Warehouse capabilities, we look forward to reaching our full SaaS revenue potential.”
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.
Revenue increased by 187% to $7,241,758 in Q4 2022 compared to Q4 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.
SaaS revenue increased by 50% to $2,253,618 in Q4 2022. The addition of CrossConsense SaaS revenues further supported a 2.6% increase in AFIRS SaaS revenues. Licensing revenue increased by 751% to $3,030,368 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 817% to $739,912, including contributions from CrossConsense services. Hardware revenue increased by 106% to $1,217,860 due to a higher number of shipments in the quarter. A total of 16 installation kits were shipped in Q4 2022 compared with 9 shipped in Q4 2021.
Gross margin was 67.1% of revenue in Q4 2022 compared to 49.5% in Q4 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.
Operating expenses increased by 24% from Q4 2021, driven by a 71% increase in Distribution expenses and a 11% increase in Administration expenses. Research and Development and certification engineering expenses decreased by 4% compared to Q4 2021. These increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.
Positive EBITDA totaled $1,170,183 in Q4 2022 compared to an EBITDA loss of $1,745,000 in Q4 2021.
Net income was $718,689 in Q4 2022 compared to a net loss of $2,444,054 in Q4 2021.
Revenue increased by 111% to $23,879,160 in 2022 compared to 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.
SaaS revenue increased by 36% to $8,157,886 in Q4 2022. The addition of CrossConsense SaaS revenues more than offset a decrease of 1.6% in AFIRS SaaS revenues resulting from a drop in customers’ flight hours and active aircraft in some geographies in the first half of the year. Licensing revenue increased by 487% to $9,101,130 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 400% to $1,899,940 including contributions from CrossConsense services. Hardware revenue increased by 39% to $4,720,204 due to a higher number of shipments. A total of 69 installation kits were shipped in 2022 compared with 54 shipped in 2021.
Gross margin was 63.7% of revenue in 2022 compared to 57.2% in 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the year.
Operating expenses increased by 33% from 2021, driven by a 53% increase in Distribution expenses, a 50% increase in Administration expenses, and a 4% increase in Research and Development and certification engineering expenses. These increases were largely driven by the addition of personnel and expenses associated with the acquisition of CrossConsense.
Positive EBITDA totaled $251,453 in 2022 compared to an EBITDA loss of $4,538,193 in 2021. Net loss was $1,003,033 in 2022 compared to a net loss of $5,859,206 in 2021.
Cash and short-term investments were $2,647,650 at December 31, 2022, compared to $4,520,591 at December 31, 2021.
Trade and other receivables increased by 222% to $5,127,338 compared to YE 2021, and Trade payables and accrued liabilities increased by 61% to $2,736,269 compared to YE 2021. The increased sales in Q4 2022 and associated costs resulted in an increase in both the receivables and payables balances.
FLYHT will host a conference call to discuss its financial results for Q4 2022 on Thursday, April 13, 2023, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation from FLYHT’s President and 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.
FLYHT’s Q4 2022 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.
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 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.
| 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 | flyht@fnkir.com | dkim@flyht.com |
| investors@flyht.com |
Join us on social media! www.twitter.com/flyhtcorp 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.
AFIRS Edge Now Available for Aircraft Installation
Calgary, Alberta – April 11, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that its AFIRS Edge 5G-enabled wireless quick access recorder (WQAR) has received DO-160 certification, which is the standard for the environmental testing of avionics hardware. With this certification in hand, the AFIRS Edge is ready for installation on commercial aircraft and FLYHT is currently in the process of obtaining Supplemental Type Certificates (STC) for the product on multiple aircraft platforms.
Kent Jacobs, President and Interim CEO of FLYHT, stated, “Receiving DO-160 certification is the culmination of a lot of hard work and development over the past year, and we are thrilled to be able to provide this revolutionary technology to the industry. The AFIRS Edge brings state of the art secure cloud and industrial Internet of Things (IoT) technology on to the aircraft in a light weight, powerful avionics product that can be quickly installed, providing airlines, military aircraft and business jet operators capabilities that will help improve their operational efficiency.”
The AFIRS Edge is an enhanced Aircraft Interface Device (eAID), connecting aircraft data with EFB applications, providing airlines with enhanced Wireless Quick Access (eWQAR) capabilities, all while serving as an application server and gateway on the aircraft for critical real-time analytics, onboard data storage and least cost routing off the aircraft. The Edge also serves as an operational network node on the aircraft enabling Actionable Intelligence services such as fuel management, aircraft health monitoring, real-time engine data reporting and aircraft turnaround performance monitoring. Furthermore, when coupled with the Iridium Certus service, the Edge enables FLYHT’s weather data customers to work with airlines to implement weather data Aircraft Based Observations (ABO) reporting, uniquely including water vapor humidity data that powers enhanced weather forecasting capabilities in support of IATA and WMO initiatives.
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:
Sales
| FLYHT Aerospace Solutions Ltd. |
| Scott Chambers |
| Vice President Sales & Marketing |
| 720.379.0200 |
| sales@flyht.com |
Investor Relations
| 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 – February 21, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Company has been named to the 2023 TSX Venture 50, an annual ranking of the top performers on the TSX Venture Exchange (the “Exchange”).
Kent Jacobs, Interim CEO commented, “FLYHT is thrilled to be recognized as a Top 50 performer of the 1,700 TSX listed companies for superior market capitalization growth, share price appreciation, and shareholder returns. With our continued focus on transitioning to SaaS and rolling out the 5G enabled AFIRS Edge, we look forward to further driving operational excellence in the aviation industry and expanding our weather products with sustainable environmental solutions.”
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 growth, shareholder returns, 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.
Aerospace Tech REVIEW AUTUMN issue is published. Don’t miss the Q&A with FLYHT’s Willie Cecil on page 54.
Calgary, Alberta, Canada – June 7, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that successful installation and testing has been completed for the first of 20 AFIRS 228S units on ARJ21 aircraft ordered by China Express Airlines Co. Ltd., China’s first private regional airline. All tests have been completed and the aircraft is planned to enter commercial service today. As communicated in September 2020, China Express will take delivery of 20 ARJ21 aircraft, with an expected commitment up to 100 aircraft to be delivered over the next several years. The ARJ21 is the newest Chinese developed and built aircraft.
Bill Tempany, CEO of FLYHT, stated, “It has been a long time in the making, but today I am proud to say that we have successfully completed this first installation of AFIRS on the ARJ21 and that our technology will be operational on this new aircraft type. We see the introduction of the ARJ21 into service with China Express as a continuing step in our relationship as we provide consistent reporting across the different aircraft types in their fleet. FLYHT remains committed to our customers in China and to working with COMAC on the CAAC STC installation of AFIRS.”
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 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
aforbes@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.
Calgary, Alberta, Canada and Bermuda – May 31, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) and Coral Jet, a startup airline that will service the Caribbean, United States and Canada, today announced that Coral Jet has placed an initial order to become the launch customer for the AFIRS Edge™. The Edge will be added to Coral Jet’s existing AFIRS™ satcom products, as previously announced on January 11, 2022.
The AFIRS Edge is an aircraft interface device (“AID”), pushing aircraft data to EFB applications, providing 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. With powerful onboard analytics capabilities, the Edge leverages innovative technology to allow complex analytics to be developed and deployed more efficiently than conventional updates. The Edge also serves as a data port for the Actionable Intelligence services such as fuel management, aircraft health monitoring and real-time engine data reporting. These tools will help airlines recover from the pandemic while monitoring and reducing fuel burn and thereby greenhouse gas emissions.
FLYHT’s development of the Edge as well as its suite of Actionable Intelligence tools was developed with repayable funding support from PrairiesCan through its Western Innovation Initiative.
Kent Jacobs, President of FLYHT stated, “We are very excited to have a launch customer for the Edge product line and plan to complete the STC process for the A319/320/321 and the B737NG this year. Our AFIRS Edge is a light weight, powerful avionics product that provides airlines with a wireless QAR (Quick Access Recorder), AID functions, and ACMS capabilities that will help airlines improve their operational efficiency. Completing these two STCs this year will allow us to meet the demand we are seeing in the marketplace. We see this as a significant step forward in the rollout of this product.”
Wes Gardner, Director of Flight Operations of Coral Jet said, “FLYHT products have always been ahead of their time, and we see the Edge product line solving most of our data and pilot communication needs. We look forward to the new products being developed for the Edge to help us run an efficient and environmentally friendly airline.”
This contract is valued at approximately $100,000 USD over the five-year contract term, with potential for increase as Coral Jet’s fleet grows.
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 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
aforbes@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.
