Proven Aviation, Transportation and Sustainability Executives Join Board as Independent Directors

Calgary, Alberta – May 11, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Board of Directors has named Nancy N. Young and Pete Large to the Company’s Board of Directors. Ms. Young and Dr. Large will serve as independent directors.

Ms. Young currently is a globally recognized sustainability and environmental attorney and consultant with over 25 years of experience in climate change, aviation environmental matters, environmental social governance, and sustainable aviation fuels. As the Chief Sustainability Officer at Alder Fuels from April 2022 through January 2023, she established the start-up biocrude company’s environmental and sustainability legal, policy, and regulatory programs. Immediately prior to joining Alder, Ms. Young served for 14 years as the VP of Environmental Affairs at Airlines for America (A4A). From 2015 through 2016, she served on the UN Secretary-General’s High-Level Advisory Group for Sustainable Transport. Prior to joining A4A, Ms. Young was a Director/Partner at the law firm of Beveridge & Diamond, PC.

Dr. Large is a senior technology executive with years of experience spanning transportation, aviation, space, civil infrastructure and construction, including specific expertise in transforming how work is done through data-driven digital technologies that provide better business insights, decision making, efficiency, safety, first-time quality and sustainability. He currently serves as Senior Vice President at global industrial technology company Trimble Inc. He previously held positions as a Research Solutions Strategist within Boeing’s Digital Solutions and Analytics Business and as a Director at Inmarsat in the Aviation Safety & Operational Services business. He holds an Ed.D with the Aviation and Space specialization from Oklahoma State University, an M.S. in Management from the Stanford University Graduate School of Business, and a BSc(Hons) from the University of Newcastle Upon Tyne.

“Adding proven transportation and sustainability expertise to FLYHT’s Board helps validate the progress we have made in establishing our company as a leader in using real-time data and insights to improve aviation and the world around us,” commented Captain Mary I. McMillan, FLYHT’s non-executive Chairman of the Board. “With Nancy and Pete on our team, we are well positioned to address the important and complex issues of technological change in avionics, operational efficiencies, and environmental necessities. We extend a warm welcome to Nancy and Peter and look forward to working with them.”

Following today’s AGM, FLYHT granted incentive stock options for an aggregate of 449,400 common shares, subject to regulatory approval, to employees, officers, and directors under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. The stock options are exercisable at a price of $0.94 per share. The options will vest 1/3 on each of May 11, 2024, 2025 and 2026, and will expire on May 11, 2027.

Incentive stock options were also granted for an aggregate of 9,000 common shares to Satichi Consulting Inc. and 17,500 to FNK IR LLC, both of whom are engaged as investor relations consultants with FLYHT. These incentive stock options are also subject to regulatory approval and were issued under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. These stock options are exercisable at a price of $0.94 per share. The options will vest ¼ on each of August 11, 2023, November 11, 2023, February 11, 2024, and May 11, 2024, and will expire on May 11, 2027.

A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan. The options are subject to a four-month resale restriction.

The Company previously announced that it would be participating in the upcoming MicroCap Rodeo investor conference in New York City on May 16 and 17. The organizer has informed all participants that it has postponed the event to a later date due to challenges that it is experiencing with the hotel venue.

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.

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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 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

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.

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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 – May 4, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it 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.

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:

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.

Calgary, Alberta – May 3, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that its leadership team will participate in the following investor conferences in May 2023.

• Jefferies Airline Summit, taking place virtually on May 16. President & Interim CEO Kent Jacobs will participate in a fireside chat at 10:00 a.m. ET (8:00 a.m. MT) and will participate in investor meetings. Click here to watch the presentation.
• The MicroCap Rodeo: Lassoing the Big Apple, taking place in New York City on May 16 and 17. President & Interim CEO Kent Jacobs will present at the conference and will host investor meetings. Click here to watch the presentation.

For more information about either conference or to schedule a meeting with the FLYHT management team, please contact FLYHT’s investor relations 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 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:

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.

Nina Jonsson and Jack Olcott Not Seeking Re-Election

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.

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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.

Financial Summary

Management Commentary

“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.

Fourth Quarter 2022 Operating Results

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.

Full Year 2022 Operating Results

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.

Balance Sheet and Liquidity 

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.

Conference Call Information

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.

Additional Information

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.

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 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.

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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.

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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.

High Profile Conference Elevates Both FLYHT and Calgary in Aviation Industry

Calgary, Alberta – April 10, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it will host the Spring AEEC/IATA Electronic Flight Bag (“EFB”) Users Forum in Calgary, Alberta, Canada, on June 20-22, 2023.

The EFB Users Forum is a joint activity with AEEC/IATA that provides a unified forum for airlines, system integrators, hardware and software providers, regulators, and other interested parties to present and discuss topics of interest to the EFB user community. The EFB Users Forum attracts airlines, suppliers, and regulators to discuss operational and technical trends. Speakers are invited to share their experiences and exchange information to identify issues and their potential solutions. The Fall 2022 EFB Forum was held in Barcelona, Spain and hosted by Rockwell Collins.

“FLYHT is honored to host the upcoming semi-annual EFB Users Forum in Calgary, an emerging tech hub increasingly recognized for its innovation in the global aviation industry,” said Kent Jacobs, President & Interim CEO of FLYHT. “We are excited to help put our hometown on the industry map and to showcase FLYHT’s innovative solutions at the conference, engineered with a long-term vision of providing global 5G connectivity and cutting-edge application hosting.”

Added Scott Chambers, VP, Sales & Marketing at FLYHT, “In hosting the Spring EFB Users Forum, FLYHT is taking the next step in garnering more visibility for our company and this dynamic city. We look forward to hosting hundreds of our industry peers this coming June.”

“The Electronic Flight Bag (EFB) has revolutionized commercial aviation by bringing modern graphics and computing power to the flight deck. These new capabilities are saving air carriers millions of dollars every year through the introduction of highly specialized applications, increased operational efficiency, pilot productivity, and safety. The EFB Users Forum fosters open exchange of ideas and encourages regulator-operator-manufacturer engagement,” said Peter Grau, Lead Principal Engineer at SAE-ITC’s ARINC Industry Activities. “We anticipate a strong turnout in Calgary and are privileged to be hosted by FLYHT at this event.”

The spring forum will take place at the Best Western Premier Calgary Plaza Hotel & Conference Centre and will be preceded on June 20 by the EFB EXPO where EFB suppliers, system integrators, and others will have an opportunity to demonstrate their EFB products and services to the user community. For more information visit the https://aviation-ia.sae-itc.com/events/electronic-flight-bag-efb-users-forum.

About EFB Users Forum

The EFB Users Forum is a joint activity with IATA that enables airlines and other aircraft operators to state their preferences in the evolution of EFB hardware, software applications, and connectivity to the ground. This ensures operational benefit to the flight deck crew and the economic benefit to the airlines. Flight operations, information technology, engineering, and maintenance disciplines are represented among the participants of the EFB Users Forum.

About ARINC Industry Activities and SAE ITC

ARINC Industry Activities (ARINC IA℠) is an SAE Industry Technologies Consortia (SAE ITC®) program. ARINC IA consists of three committees working toward common goals in Engineering, Maintenance and Flight Simulation to benefit the aviation industry and flying public. More at: https://aviation-ia.sae-itc.com.

SAE Industry Technologies Consortia (SAE ITC) is an affiliate of SAE International. The SAE ITC team specializes in establishing and managing consortia by providing proven processes, tools and resources. ITC enables public, private, academic and government organizations to connect and collaborate in neutral, pre-competitive forums thus empowering the setting and implementation of strategic business improvements in highly engineered industries globally. More at: https://www.sae-itc.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 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.

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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.