Benzinga | Aug 16, 2021 12:01PM EDT

AgEagle Aerial Systems Shines In Q2

* AgEagle Aerial Systems Inc (NYSE:UAVS) reported second-quarter FY21 revenue growth of 120.3% year-on-year to $1.94 million.

* MicaSense and Measure Global drove the growth, also impacted by increased sales of its HempOverview platform to Iowa and Florida.

* Segments: Sensor sales totaled $1.71 million, Software subscription sales totaled $0.17 million, and Drone and custom manufacturing sales totaled $0.06 million.

* Margin: The gross margin expanded by 4,200 bps to 50% due to increasing its mix of product offerings through the acquisitions of MicaSense and Measure.

* AgEagle held $39.2 million in cash and equivalents, and its EPS loss was $(0.07).

* AgEagle continues investing in the design and development of accurate leading-edge drones, sensors, and software solutions capable of providing customers with material cost-saving efficiencies, data-backed actionable intelligence, and enhanced safety and security for their workforces and worksites.

* Price Action: UAVS shares traded lower by 0.26% at $3.80 in the market session on the last check Monday.