On October 27, 2022, penny stock Ageagle Aerial Systems $UAVS announced that it has the first and only UAV to be approved by the FAA for operations over people. The stock rose 12.5% on the news.
AgEagle’s eBee X Series Drones Are the First and Only UAVs to be Approved by the FAA for Operations Over People
On October 27, 2022, AgEagle Aerial Systems (NYSE American:UAVS) announced that the Company’s eBee X series of fixed wing unmanned aircraft systems (“UAS”), including the eBee X, eBee GEO and eBee TAC, are the first and only drones on the market to comply with Category 3 of the Operations of Small Unmanned Aircraft System (“sUAS”) Over People rules published in the Federal Register by the U.S. Federal Aviation Administration (“FAA”) in March 2021.
Barrett Mooney, Chairman and CEO of AgEagle, stated, “Becoming the first and only UAS approved for OOP in the United States is expected to have material impact on AgEagle’s growth and standing as a recognized leader in the industry. It is another important testament of our commitment to providing best-in-class solutions to our commercial partners, and we are confident that this will serve as a key driver in the growth of eBee utilization in the United States. We believe it will further improve the business applications made possible by our drone platform for a wide range of commercial enterprises which stand to benefit from adoption of drones in their businesses – particularly those in industries such as insurance for assessment of storm damage, telecommunications for network coverage mapping and energy for powerline and pipeline inspections, just to name a few.”
Securing a Part 107 certificate of waiver from the FAA is a long, arduous and costly process for sUAS users. Now that the eBee has proven compliant with Category 3 of the rules, eBee drone operators no longer require an FAA waiver for OOP or Operations Over Moving Vehicles. This major milestone has been achieved by AgEagle following months of work, historic reliability review and extensive testing conducted by Virginia Tech Mid-Atlantic Aviation Partnership (“MAAP”) based on the Means of Compliance MAAP has developed, and which is accepted as proof of compliance by the FAA.
“Having an aircraft approved to operate over people will fundamentally change the way drone operations can be planned and conducted in the U.S.,” said Tombo Jones, director of the Virginia Tech Mid-Atlantic Aviation Partnership. “When the FAA published the rule, it identified a clear-cut pathway to a goal that all of us in drone integration have been working towards for a long time; this approval demonstrates that pathway is viable. Our testing reflects years of expertise that we’ve built in evaluating the risk of drone operations, and we’re proud that it could play a role in making this milestone possible.”
This compliance demonstrates yet again that eBees are the drone of choice to conduct advanced operations involving flying Beyond Visual Line of Sight (“BVLOS”) or Operations Over People (“OOP”). The eBee is currently approved for use by the U.S. Department Of Defense pursuant to the Blue sUAS 2.0 program; for BVLOS operations in Brazil; and OOP and BVLOS operations in Canada. It is also the first drone to receive European Union Aviation Safety Agency (“EASA”) C2 certification and a Design Verification essential for this kind of operations from EASA.
Ageagle Aerial Systems Reported Q2 Financials
On August 16, 2022, Ageagle Aerial Systems reported Q2 EPS of (7c) versus (7c) last year. The company reported Q2 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $5.29M versus $1.94M last year.
Barrett Mooney, Chairman and CEO of AgEagle, said, “We posted another solid quarter for Q2, building on our momentum from the start of the year. Looking forward, we expect another strong quarter in Q3, wherein we remain focused on clearing backlog for our sensors, pursuing large sales opportunities for our eBees and sensors and pressing hard on our new innovations program with a goal of introducing next generation products to market later this year. We remain committed to our goal of becoming cash flowThe cash flow statement provides a detailed overview of the cash inflows and outflows of a company over a specified period of time. It includes cash received from operations, inves... breakeven, while continuing to prudently invest in our products and capabilities to drive profitable growth opportunities on a global scale. “
The Droning Company Interviews AgEagle Aerial Systems UAV Expo 2022
Ageagle Aerial Systems $UAVS Stock Technical Analysis
Ageagle Aerial Systems $UAVS stock is in a technical downtrend. Long-term indicators suggest a continuation of the downtrend.
What I don’t like to see on a stock chart is massive dumping into a press release. Notice that on the 5-minute chart, heavy profit taking occurred as existing investors sold into the upward move, leaving press release chasers holding the bag. I would avoid this stock as of October 27, 2022, until we see the selling into an upward move end. My guess is that a deep pocketed investor is down big in the stock and so he is using upward moves to reduce his position. Until distribution in the stock ends, it’s best to avoid IMO.
