Management Commentary
'We start 2023 in a strong position,' said
Continued Jacobs, 'We achieved milestones on both fronts in the quarter as well as our weather business.
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
Operating Results
Revenue decreased by 5% to
SaaS revenue increased by 44% to
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
EBITDA[1] loss totaled
Net loss was
Balance Sheet and Liquidity
Cash and short-term investments were
Trade and other receivables decreased by 36% to
Conference Call Information
FLYHT will discuss its first quarter 2023 financial results at its Annual General Meeting to be held virtually via webinar at
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
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 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
FLYHT is headquartered in
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
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:
Chief Financial Officer
T: 403.291.7437
E: flyht@fnkir.com
Investor Relations
T: 646.809.2183
E: investors@flyht.com
Corporate Development
T: 416.728.5630
E: dkim@flyht.com
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