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FLYHT Reviews Fourth Quarter and Full Yr 2020 Outcomes, Offers Company Replace

FLYHT Reports Fourth Quarter and Full Year 2020 Results, Provides Corporate Update


— Sturdy Value Management Contributes to Enhance in Money Steadiness —

— SaaS Represented 54% of 2020 Income, Driving Gross Margin Growth to 68% —

— Firm Expects Launch Companions to Deploy Actionable Intelligence Software program in Q2 —

CALGARY, Alberta, April 07, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Options Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Firm” or “FLYHT”) at the moment reported monetary outcomes for the fourth quarter and full 12 months ended December 31, 2020.

“We’re inspired by current traits for short-haul journey and cargo exercise within the present atmosphere and are relieved to have 2020 behind us,” mentioned Invoice Tempany, CEO. “Whereas it was a difficult 12 months for FLYHT and the business aviation trade, we really feel that we have now weathered the storm comparatively properly. Provided that we serve a shopper base that has seen a 40% to 75% discount in income, unprecedented monetary losses and workers reductions, the income slip skilled by FLYHT is best than the trade as a complete and testomony to the crucial worth that our options deliver to airline operations.”

Tempany continued, “In the course of the fourth quarter, we began to see indicators of restoration throughout our enterprise. We’ve seen shoppers that had skilled monetary misery early within the pandemic return to the skies with outfitted with FLYHT options. Moreover, we shipped 24 AFIRS {hardware} kits within the fourth quarter which was up from just one within the third quarter, and have a stable pipeline of extra models dedicated for deliveries in 2021. Whereas nonetheless down on a 12 months over 12 months foundation, general income elevated 76% sequentially from the third quarter of 2020.”

“We enter 2021 with an expanded suite of options that leverage FLYHT’s historic core energy in real-time plane information with extra insights and actions from our Actionable Intelligence suite of SaaS functions. We anticipate to have at the very least three shoppers utilizing the AI software program suite within the second quarter of 2021 and to begin producing incremental income from these providers starting within the third quarter.”

Concluded Tempany, “We’re well-positioned, given our money reserves and present restoration traits, to see a major enchancment in our working ends in 2021 and 2022 because the vaccination rollout continues and pandemic associated journey restrictions dissipate.”

Fourth Quarter 2020 Outcomes

  • Income decreased 21% to $3,379,186 in comparison with the fourth quarter of 2019. This included:
    • SaaS income of $1,627,421, a lower of 40% from This autumn 2019;
    • {Hardware} income of $1,490,709, a rise of 127% from This autumn 2019;
    • Licensing income of $48,068, down 94% from 4Q 2019; and
    • Technical Providers of $212,988, a rise of 52% from This autumn 2019.
  • Gross margin was 56% of income in comparison with 63.0% within the fourth quarter of 2019.
  • Working bills decreased 12% from the fourth quarter of 2019. Distribution bills decreased by 23%, Administration bills elevated by 11%, and Analysis and Growth and certification engineering bills decreased by 13%.
  • Detrimental EBITDA was $1,657,110 within the quarter in comparison with unfavourable EBITDA of $711,486 within the fourth quarter of 2019.
  • Web loss was $1,999,715, in comparison with a internet lack of $1,212,971 in This autumn 2019.

Full Yr 2020 Outcomes

  • Income for the complete 12 months was $13,652,985, representing a lower of 36% in comparison with full 12 months 2019 income of $21,171,159. This included:
    • SaaS income of $7,323,125, a 29% lower year-over-year;
    • {Hardware} income of $2,306,371, a 65% lower year-over-year;
    • Licensing income of $3,630,874, a rise of 12% year-over-year; and
    • Technical Providers of $392,615, a 62% lower in comparison with 2019.
  • Gross margin of $9,257,099 was a 25% lower from $12,326,802 in 2019.
  • Working bills decreased 21% year-over-year to $12,786,742. This included decreases in all expense classes: 35% in Distribution, 4% in Administration, and 11% in Analysis & Growth.
  • The complete 12 months EBITDA loss was $1,854,413 in 2020, which compares to an EBITDA acquire of $1,015,591 for the complete 12 months of 2019.
  • Web loss for the 12 months elevated to $3,237,457 from a 2019 internet lack of $746,635.

FLYHT’s steadiness sheet ended the 12 months with:

  • Money and short-term investments balances of $5,127,963, a rise from 2019’s ending steadiness of $4,127,648;
  • Commerce and Different Receivables decreased 68% year-over-year, partially as a result of reserves for dangerous money owed;
  • Will increase in each Property and Gear and Non-current lease liabilities, reflecting the addition of a brand new leased workplace house for the corporate’s headquarters in Calgary; and
  • Motion of the debenture due in July 2021 to Present from Non-Present Loans and Borrowings.

Convention Name

FLYHT will host a reside convention name to debate its fourth quarter and full 12 months 2020 monetary outcomes on Thursday, April 8, 2021 at 7 am MT (9 am ET, 6 am PT). The convention name will embody a short presentation about FLYHT’s fourth quarter and full 12 months monetary outcomes adopted by a query and reply interval with Invoice Tempany, Interim CEO and Alana Forbes, CFO.

To entry the convention name by telephone inside Canada and the U.S., dial 1-800-319-4610 (toll free). Outdoors Canada and the U.S., dial 1-604-638-5340. (Callers ought to dial in 5 to 10 minutes previous to the scheduled begin time).

Administration will settle for questions by phone and e-mail. People wishing to ask a query throughout the name, can achieve this by urgent *1. Questions may be emailed prematurely or throughout the convention name to traders@flyht.com.

An archive of the convention name can be posted on the Investor Communications part of FLYHT’s web site as quickly as it’s out there from the convention name supplier.

Further Data

FLYHT’s 2020 Annual Report, which accommodates extra detailed data together with the CEO’s Letter to Shareholders, Administration Dialogue and Evaluation and Monetary Statements, may be accessed on the Firm’s web site. The MD&A and Monetary Statements have additionally been filed with SEDAR and can be accessible at www.sedar.com.

Company Replace

Barry Eccleston, Government Chairman of FLYHT, has determined to not run for re-election on the AGM. Barry says, “It has been a pleasure working with the board and workers at FLYHT and that I really feel assured that the current adjustments in administration have the corporate on a robust course to thrive because the airline enterprise recovers from the pandemic. I’ve all the time believed within the FLYHT expertise and the necessity the trade has for it and the present path with Actionable Intelligence, utilizing JetBridge expertise, will serve the corporate’s clients and prospects properly to emerge more healthy and extra agile than pre-pandemic. It has been a pleasure to serve the shareholders of FLYHT and I want the corporate, its workers, clients and shareholders each success within the coming years.”

Invoice Tempany, Interim CEO acknowledged, “It has been a pleasure to work with and get to know Barry during the last 7 years. For him to have the ability to carve out the time and vitality to present a small firm like ours the insights he has of the trade, enterprise and traits has been an immeasurable assist to me and to the workers, and has given us a basis to construct on. We’ll all miss having Barry’s insights, humour and steerage but in addition perceive that after 5 plus a long time of arduous work, retirement is meant to imply taking time in your personal passions and household. We want Barry many days of clear skies whereas he perfects his flying strategies, zero IROP points whereas he and Valerie take pleasure in their many deliberate actions as soon as the COVID beast is defeated and a few years to reap the benefits of the time properly earned whereas serving to aviation on the whole turn out to be a secure, clear, nice trade.”

The board will depart the emptiness unfilled and a boss can be elected from among the many elected administrators after FLYHT’s AGM in Could.

About FLYHT Aerospace Options Ltd.

FLYHT supplies airways with Actionable Intelligence to rework operational perception into instant, quantifiable motion, delivering trade main options to enhance aviation security, effectivity and profitability. This distinctive functionality is pushed by FLYHT’s patented plane licensed {hardware} merchandise together with AFIRS™, a satcom plane interface system which permits real-time streaming of flight data, cockpit voice and black field information streaming and TAMDAR™, which aggregates and streams airborne climate information in real-time. FLYHT is headquartered in Calgary, Canada with an workplace in Littleton, Colorado, and is an AS9100 High quality registered firm. For extra data, view our newest presentation right here, or go to www.flyht.com.

Cautionary Be aware Relating to Ahead-Wanting Statements

Aside from statements of historic truth, this information launch accommodates sure “forward-looking data” throughout the which means of relevant securities legislation. Ahead-looking data is regularly characterised by phrases equivalent to “plan”, “anticipate”, “undertaking”, “intend”, “imagine”, “anticipate”, “estimate” and different comparable phrases, or statements that sure occasions or circumstances “might” or “will” happen. Particularly, forward-looking data on this press launch contains, however is just not restricted to, statements with respect to the anticipated/projected revenues and associated issues. Though we imagine that the expectations mirrored within the forward-looking data are cheap, there may be no assurance that such expectations will show to be appropriate. We can not assure future outcomes, efficiency or achievements. Consequently, there isn’t a illustration that the precise outcomes achieved would be the identical, in complete or partially, as these set out within the forward-looking data.

Ahead-looking data relies on the opinions and estimates of administration on the date the statements are made and are based on the premise of expectations, assumptions and hypotheses made by the Firm, together with, however not restricted to projected revenues. Such forward-looking data is topic to a wide range of dangers and uncertainties and different components that might trigger precise occasions or outcomes to vary materially from these anticipated within the forward-looking data. A number of the dangers and different components that might trigger the outcomes to vary materially from these expressed within the forward-looking data embody, however aren’t restricted to: common financial circumstances in Canada, the US and globally; trade circumstances, and provide chain delays. Readers are cautioned that this record of danger components shouldn’t be construed as exhaustive. 

The forward-looking data contained on this information launch is expressly certified by this cautionary assertion. We undertake no responsibility to replace any of the forward-looking data to adapt such data to precise outcomes or to adjustments in our expectations besides as in any other case required by relevant securities laws. Readers are cautioned to not place undue reliance on forward-looking data.

Contact Data:

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Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

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