WICHITA, Kan., March 07, 2024 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class full stack unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, today announces the appointment of retired U.S. Army Major General Malcolm Frost to its Board of Directors, effective March 1, 2024.

Major General Malcolm B. Frost (Ret) has 31 years of leadership experience in the U.S. Army having provided large-scale strategic and operational oversight in the Indo-Asia-Pacific, Middle East, Europe, and the United States. Frost served as the Chief (Director) of Public Affairs where he developed and led all strategic communications plans and rollouts, national media relations initiatives, and community engagement for the Army. As Deputy Director for Operations, he led planning and operations of the U.S. Dept. of Defense and Joint Staff National Military Command Center performing worldwide monitoring, crisis action, and strategic nuclear and current operations functions. As Director of Operations, U.S. Army Pacific, he led operations, training, and development of operational war and contingency plans, theater campaign and security cooperation plans, and exercise development with other Armies in the Indo-Asia-Pacific region.

Maj. Gen. (Ret) Frost successfully led the evolution of soldier training programs in peace and war from platoon through 2-star command and leadership level. In his last military assignment, he spearheaded the Army’s initial entry training enterprise and was responsible for annually transforming 130K civilian volunteers into soldiers who are disciplined, fit, skilled, and imbued with values. He also led the Army’s $350M holistic health and fitness revolution including the Army’s first new fitness test in 40 years. As commander of Fort Eustis, VA, he led and was responsible for all operations, training, sustainment, life support and welfare of 22K residents and workers.

Maj. Gen. (Ret) Frost has been deployed to combat several times in a variety of leadership and command positions. He deployed to Bosnia-Hercegovina as a company commander in 1995 and deployed twice to Iraq as commander of an 800-person Cavalry Squadron operating in Tal Afar during the Surge in 2006-7, and as commander of a 5K-person Stryker Brigade Combat Team operating in northern Iraq in 2010-11. Additionally, he deployed as Director of Operations of a 4K-person airborne brigade task force in Afghanistan in 2002-3.

In addition to a Bachelor of Science Degree in Human Resources Management from the United States Military Academy at West Point, Maj. Gen. (Ret) Frost holds advanced degrees from Webster University and the U.S. Army War College in Human Resources Development and National Security Strategy, respectively. He is the recipient of the Distinguished Service Medal x2, Defense Superior Service Medal, Legion of Merit x3, Bronze Star Medal x3, Air Medal, Army Commendation Medal x6 including one for Valor, Combat Infantryman Badge, Master Parachutist Badge and Ranger Tab. He is also the recipient of the U.S. Department of State Meritorious Honor Award for reconstruction, civic and humanitarian achievements while serving in Iraq.

AgEagle’s Chairman, Grant Begley, commented, “Major General Frost brings a significant demonstrated track record of senior leadership specifically within operations technology and military defense industries to AgEagle. We believe that his strong experience and unique business perspectives will be an asset to the Company as we continue to expand our market footprint and focus on building sustainable shareholder value.”

About AgEagle Aerial Systems Inc.:

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack UAS, sensors and software solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:
Investor Relations:
Email: UAVS@ageagle.com

Media:
Email: media@ageagle.com

WICHITA, Kan., Feb. 23, 2024 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government use has been awarded a contract from ADS, Inc., a leading solutions provider to the Department of Defense (“DOD”), for the purchase of Altum-PT multispectral cameras from AgEagle for use by the DOD customer.

The Altum-PT is among AgEagle’s most pioneering drone sensor innovations, which seamlessly integrates an ultra-high resolution panchromatic imagery, a built-in 320X256 radiometric thermal imager and five discrete spectral bands to produce synchronized outputs such as RGB color, crop vigor, heat maps and high resolution panchromatic in just one flight.

The Altum-PT Multispectral Imagery (MSI) sensor will be employed by multiple Military Occupational Specialties (MOS’s) to fill voids in geospatial information and aid in categorizing military aspects of the terrain.

Bill Irby, AgEagle President, commented, “We are very proud to support ADS in its efforts to supply the Department of Defense customer with highly advanced aerial imagery solutions capable of meeting its mission critical needs and requirements.”

About ADS, Inc.
ADS, Inc. is a leading solutions provider proudly serving all branches of the U.S. Military, federal, state, and local government organizations, law enforcement, first responders, foreign governments and the defense industry. ADS is focused on solving its customer’s challenges through the largest product and service selection, the broadest array of procurement and contract options, world-class support and logistics solutions, and renowned customer service. ADS provide a single source solution that helps its customers meet their mission requirements as cost-effectively as possible, reduce their cost of readiness, and enhance their acquisition strategy. ADS equipment and support solutions include C5ISR, Combat Support, Medical, Operational Clothing and Individual Equipment, Weapons, and Optics as well as Special Missions such as CWMD, EOD, First Responders, and Maritime.

About AgEagle Aerial Systems Inc.
Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

ADS, INC.
Media Email: marketing@adsinc.com

AgEagle Aerial Systems Contacts:
Investor Relations Email: UAVS@ageagle.com
Media Email: media@ageagle.com

Established leader in the Unmanned Aerial System (UAS) sector to focus on driving sustainable growth

WICHITA, Kan., Feb. 15, 2024 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class full stack unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, today announces the appointment of William “Bill” Irby as President, effective February 12, 2024.

AgEagle’s Chairman and Interim CEO, Grant Begley, commented, “Bill is a timely and exciting addition to AgEagle’s leadership team. His significant defense industry experience — particularly in scaling unmanned technology, product development, and business operations — will be transformative for AgEagle as we enter our next stage of growth. We believe Bill’s deep domain UAS professional successes and industry foresight will contribute as we continue to expand our market footprint and focus on building sustainable shareholder value.”

Irby, a United States Naval Academy alum, has more than 25 years of senior management experience in uncrewed air and maritime systems, actuation hardware, ISR systems, and communication systems. He served as a Vice President at Northrop Grumman, one of the world’s largest weapons manufacturers and military technology providers, generating $30 billion annually. Most recently Bill was President of MTI and Steel Partners Holdings L.P., a diversified global holding company with operations in industrial products, energy, defense, supply chain management and logistics.

An active Board member of Ghost Robotics and Chairman of the Association for Uncrewed Vehicle Systems International (AUVSI), Irby also served as President of VBAT, leading the former Martin UAS business after Shield AI’s acquisition, and L3 Harris Technologies, directing the Reconnaissance Mission Systems division providing world-class complex systems development and integration, ISR capabilities, senior leader communications systems and aircraft modification services/sustainment.

He holds a Master’s degree in Technical Management from Johns Hopkins University and a Bachelor’s degree in Engineering from the United States Naval Academy. He also serves as a Board member of Secmation and LaunchPoint Electric Propulsion Solutions.

Irby commented, “The escalating interest from government and military agencies worldwide in AgEagle’s best-in-class eBee VISION and TAC UAS, sensors and software presents a significant inflection point for the Company. I am eager to leverage my expertise in scaling operations within the global defense and security industry to help drive long-term value for all our stakeholders.”

About AgEagle Aerial Systems Inc.:

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack UAS, sensors and software solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:

Investor Relations:
Email: UAVS@ageagle.com
Media:
Email: media@ageagle.com

WICHITA, Kan., Feb. 09, 2024 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (the “Company”), a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, today announced that, on February 8, 2024, AgEagle Aerial Systems Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation, as amended to date, (the “Charter Amendment”) effecting a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the primary purpose of increasing the per share price of the Company’s Common Stock in order to maintain the listing of its Common Stock on the NYSE American. The Reverse Stock Split was previously approved by the Company’s stockholders and the Board of the Directors of the Company and became effective on February 9, 2024.

As a result of the Reverse Stock Split, every twenty (20) shares of the Company’s issued and outstanding common stock were converted into one (1) share of issued and outstanding common stock. The number of authorized shares remains unchanged. The Reverse Stock Split was effected simultaneously for all of the Company’s outstanding Common Stock and the exchange ratio will be the same for all of the Company’s outstanding Common Stock. The Reverse Stock Split will affect all of the Company’s shareholders uniformly and will not affect any shareholder’s percentage ownership interests in the Company, except to the extent that the Reverse Stock Split results in any of the Company’s shareholders owning a fractional share. Each stockholder and holders of options and warrants otherwise entitled to a fractional share resulting from the Reverse Stock Split will receive such additional fractions of a share to round up to a full share. It will not be necessary for stockholders to exchange their existing stock certificates for new stock certificates in connection with the Reverse Stock Split. Stockholders who hold their shares in brokerage accounts are not required to take any action to exchange their shares. The Reverse Stock Split will have no impact on shareholders’ proportionate equity interests or voting rights in the Company or the par value of the Company’s common stock, which remains unchanged.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. For more detailed information relating to this transaction, please refer to the related Form 8-K to be filed with the U.S. Securities and Exchange Commission.

About AgEagle Aerial Systems Inc.

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contacts:

Investor Relations:
Email: UAVS@ageagle.com

Media:
Email: media@ageagle.com

Leading drone solutions chosen for operational excellence, NDAA compliance, FAA-approved Operations Over People, and Blue UAS accreditation

WICHITA (Kan.), Feb. 08, 2024 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, announces the procurement of a fleet of eBee X and eBee TAC drones by UT-Battelle, LLC, which manages and operates the Oak Ridge National Laboratory (ORNL) on behalf of the U.S. Department of Energy (DOE).

In addition to the operational capabilities of both drones and their NDAA compliance, a crucial factor for this purchase was that the eBee TAC is approved under the Blue UAS Cleared List program for U.S. government procurement, and the eBee X is the only FAA-approved drone for Operations Over People (OOP) without the need for a waiver in the United States.

The Blue UAS Cleared List is an index of U.S. Department of Defense (DoD) approved drones providing options for the evolving mission needs of government users. These drones are section 848 FY20 NDAA and section 817 FY23 NDAA compliant, validated as cyber-secure and safe to fly, and are available for government purchase and operation.

ORNL is the largest science and energy laboratory of the U.S. DOE, and it engages in diverse research activities that ensures America’s security and prosperity by addressing its energy, environmental and security challenges. AgEagle’s eBee drones will support the United States Department of Energy in their national security and emergency response efforts.

“We believe that the U.S. Department of Energy’s choice to utilize our eBee X and eBee TAC systems underscores the value that our U.S. Government-certified drones bring to critical areas, such as research, security and emergency response. We are honored to be a trusted partner, and this recognition further motivates us to continue providing cutting-edge, certified security solutions that make a meaningful impact,” stated Grant Begley, AgEagle’s Interim CEO.

About AgEagle Aerial Systems Inc.

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

About Oak Ridge National Laboratory

Oak Ridge National Laboratory delivers scientific discoveries and technical breakthroughs needed to realize solutions in energy and national security and provide economic benefit to the nation. Conducting world-leading research, ORNL translates science into solutions for global challenges, playing a pivotal role in America’s transition to a clean, efficient, flexible, and secure energy future. The laboratory also advances the science behind national security. Website: https://www.ornl.gov

AgEagle Aerial Systems Contacts:

Investor Relations:
Email: UAVS@ageagle.com
Media:
Email: media@ageagle.com

FEDS initial purchase of eBee VISION represents a first in the Middle East

WICHITA (Kan.), Feb. 01, 2024 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, today announced the Company recently attended the UMEX 2024 Unmanned System Exhibition and Conference January 23-24, 2024 together with FEDS Drone-powered Solutions, a leading drone services and value-added distributor of AgEagle’s high performance unmanned aerial systems.

AgEagle interim CEO, Grant Begley, commented, “Opportunities to educate the public safety and security market on the unique value propositions of AgEagle’s leading edge UAS solutions are invaluable. Attending UMEX 2024 alongside FEDS, our trusted partner and customer, denotes a key milestone in the advancement of our growth strategy as their recent purchase of the eBee VISION marks our first sale in the Middle East, opening a robust new market for our drone systems. We will continue to leverage significant industry events to forge new relationships with potential customers and strategic counterparts as part of our commitment to building long-term shareholder value.”

UMEX 2024 is the only event in the Middle East dedicated to drones, robotics, components, and unmanned systems. Over 500 delegates took part in the first day conference, while over 130 exhibitors from 35 countries showcased their products in the three following days, attracting more than 30,000 visitors in total. The conference featured live demonstrations of flying, land, and naval systems.

Rabih Bou Rached, CEO of FEDS Drone-powered Solutions, commented, “At UMEX 2024, our collaboration with AgEagle spotlights a shared vision to advance public safety and security. Through the integration of the eBee VISION and eBee TAC drones, we’re offering solutions that transform how emergencies are managed and security is maintained. We’re equipping public safety and security professionals with the tools for effective oversight and response, enabling them with quicker and more informed decision-making in critical situations and enhanced response and situational awareness. Our goal is to contribute meaningfully to the sector’s evolution, ensuring safer communities through innovative unmanned technology.”

eBee VISION and eBee TAC units are lightweight fixed-wing drones, operated by one person, and deployed in 3 minutes. eBee VISION delivers HD live video insights into rapidly changing environments, even in GNSS-denied conditions, to ensure the success of professional intelligence, surveillance, and reconnaissance (ISR) missions. eBee TAC Public Safety is a photogrammetry drone that provides 2D, 3D and thermal aerial data over large areas enabling law enforcement, firefighters and emergency services teams to rapidly deploy from a safe distance, capture the scene and make informed decisions on coordinating resources. AgEagle will complete product training with FEDS in Dubai and the desert in Q1 2024.

About AgEagle Aerial Systems

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

About FEDS Drone-powered Solutions

Based in Dubai, UAE, FEDS revolutionized the Middle East’s commercial space with the introduction of Drones-as-a-service. As the leading drone service provider in the world, FEDS utilizes their DT3 (Drone Tech, Data Tech & Digital Transformation) approach to provide comprehensive drone solutions across all industries that are faster, more accurate and safer. Partnered with Aerodyne, FEDS now acts as a leader in drone and data technology at a global level serving over 35 countries.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:
Investor Relations:
Email: UAVS@ageagle.com

Media:
Email: media@ageagle.com

Retired Navy Tactical Officer and UAVS Director to lead company into next chapter of growth

WICHITA (Kan.), Jan. 16, 2024 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, today announced the appointment of Company Chairman Grant Begley to Interim Chief Executive Officer position, effective January 1, 2024.

Commenting on the appointment, Begley stated, “I am honored to lead the Company marked by its deep Unmanned Aerial System (“UAS”) technology heritage. I look forward to working closely with the Board, senior leadership, and the many talented employees of AgEagle to usher a new chapter of growth for all our stakeholders. Together, we will capitalize on the growing interest from government and military agencies worldwide in AgEagle’s eBee VISION as well as increasing investments in leading UAS solutions by military and public safety organizations worldwide. I am eager to build upon the success of previous management as I leverage my industry expertise and longstanding relationships within the global defense industry to help build long-term shareholder value.”

Grant has served as a member of the Board since June 2016 and was elected Chairman in October 2023. He is an accomplished and globally recognized expert in Aerospace, Unmanned Systems and Robotics, currently serving as President of Concepts to Capabilities Consulting, LLC, a specialty consulting firm he founded in 2011 to help lead and guide development of new capabilities in Aerospace and Unmanned Aerial System (“UAS”) technologies for government/defense and commercial clients.

An active Board member of Vaya Space since 2015, Grant also served as the vortex-hybrid rocket company’s CEO from 2018 through 2022. Previous senior leadership roles have included Chief Business Development Officer and SVP of Alion Science and Technology, where he helped develop Alion’s $1 billion annual revenue Business Development Enterprise; Pentagon Senior Advisor for Unmanned Systems at the U.S. Department of Defense; Senior Director of Mission Systems Integration at Raytheon, where he led the Company’s cross-functional and cross-organizational integration of Digital Systems, Avionics, Electronics and Software operations; and Director of Advanced Concepts at Lockheed Martin, where he architected and steered development programs in the areas of UAS, Advanced Energetics and future generation weapon systems.

Retiring from the United States Navy after 26 years of service as an officer, Grant led operational assignments flying fighter aircraft, designated Top Gun, followed by assignments relating to development and management of next generation manned and unmanned aerial systems, weapon systems and joint executive acquisitions. During his distinguished military career, he also served as Director of Stealth, Counter Stealth Technology, Policy and Advance Programs; as well as and Joint and Navy Director of Tactical Aircraft, Missiles and UAS, managing and directing operations with an annual budget of $4 billion and a $30 billion future year budget plan.

Grant holds Master’s degrees in Aerospace and Aeronautic Engineering from the Naval Post-Graduate School and a Bachelor’s degree in General Engineering from the U.S. Naval Academy. From March 2011 to December 2021, he served as a member of the Board of Directors for the Association for Uncrewed Vehicle Systems International (“AUVSI”). AUVSI is the global leader for enhancing the advancement of uncrewed, robotic and autonomous systems for the benefit of humanity, the environment and economy.

About AgEagle Aerial Systems Inc.:

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:
Investor Relations:
Email: UAVS@ageagle.com
Media:
Email: media@ageagle.com

WICHITA (Kan.), Nov. 20, 2023 — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, and SEALSQ Corp (Nasdaq: LAES) (“SEALSQ”) a company that focuses on developing and selling Semiconductors, PKI and Post-Quantum technology hardware and software products, today announced their partnership to provide secure surveillance drones for public safety, government and defense applications.

In September 2023, AgEagle launched the eBee VISION, a cyber secure Unmanned Aerial System (UAS) designed for Intelligence Surveillance and Reconnaissance (ISR) missions. The eBee VISION embeds a SEALSQ Secure Element which is NIST FIPS140-2 Level 3 compliant and Common Criteria EAL5+ certified. Each chip is personalized with a unique Trusted Identity. This setup protects the drone from any takeover attempt, enables the drone to encrypt all data, protects the integrity of the embedded software, and provides a unique identity to the drone for GCS pairing and strong authentication.

These robust cybersecurity features, added to its unique operational capabilities, make the eBee VISION perfectly suitable to conduct public safety and defense applications. Indeed, the eBee VISION UAS is part of the U.S. Department of Defense (DoD)’s Defense Innovation Unit (DIU) project to develop a customized command and control software that is compatible and fully compliant with the DoD Robotic and Autonomous System-Air Interoperability Profile (RAS-A IOP), within the scope of the Blue UAS program.

The global commercial drone market is projected to reach the size of around $38 billion in 2027 and the market is expected to grow at a CAGR of 7.9 percent between 2022 and 2027 according to Statista. Key sectors such as public safety, security, defense, and inspection are at the forefront of this growth, most of them demanding robust privacy, encryption and security features.

eBee VISION delivers high-resolution video imagery made possible by its 32x zoom and powerful thermal observation capabilities, providing real-time situational awareness. Weighing only 3.5 pounds, the NDAA-compliant fixed-wing features live HD video feed, up to 90 minutes of flight time, and wireless coverage of up to 12 miles. eBee VISION can be deployed in just three minutes by a single operator and is controlled with a Ground Control System (GCS) developed with feedback from U.S. and European special forces to meet defense and public safety requirements.

“With an established track record in supplying leaders of the Commercial Drone Industry, SEALSQ is perfectly positioned to support manufacturers build cybersecure UAVs and achieve fast and cost-effective compliance with the most rigorous agencies standards,” said Carlos Moreira, CEO of SEALSQ.

AgEagle CEO, Barrett Mooney, added, “With the launch of our latest drone technology, the eBee VISION, we are dedicated to ensuring it integrates a certified secure element-a critical feature for safeguarding the data managed by our valued partners in public safety, government, and defense. Our partnership with industry leader SEALSQ underscores our commitment to protecting privacy and security.”

About AgEagle Aerial Systems Inc.:

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com

About SEALSQ:

SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.

Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.
For more information, please visit www.sealsq.com

AgEagle Aerial Systems Contacts: Investor Relations: Email: UAVS@ageagle.com Media: Email: media@ageagle.com

WICHITA, Kan., Nov. 14, 2023 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government use, today announces its financial results for the three and nine months ended September 30, 2023.

Third Quarter 2023 Financial Highlights

• Revenues totaled $3.48 million for the three months ended September 30, 2023, decreasing 37% from $5.49 million reported for the same three-month period in the prior year. Nine-month revenues totaled $10.81 million in 2023, which were down 26% from $14.62 million for the first nine months of 2022.
  • The decrease in revenues was largely due to lower sales of the Company’s eBee^™ series of drones – a decline that was expected in conjunction with the commercial launch of AgEagle’s new eBee VISION in September 2023.
• Total operating expenses increased minimally to $7.20 million from $7.23 million for the three-month reporting periods ended September 30, 2023 and 2022. They were reduced by 28% to $19.24 million from $24.01 million for the comparable nine-month reporting periods.
• Loss from operations increased 14% to $5.99 million from $5.15 million for the three months ended September 30, 2023 and 2022, respectively; and were reduced 17% to $15.02 million from $18.02 million for the nine months ended September 30, 2023 and 2022, respectively.
• As of June 30, 2023, AgEagle’s cash position was $1.6 million, which compared to cash of $4.35 million as of December 31, 2022.

For more detailed information relating to the Company’s second quarter financial performance, please refer to the Interim Report on Form 10-Q filed yesterday afternoon with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on AgEagle’s website at www.ageagle.com.

Third Quarter 2023 Operational Highlights

• The Company announced that DeltaQuad, a global leader in the development, design and production of electrical, long range Vertical Take-Off and Landing (“VTOL”) drones, is the first to fully integrate AgEagle’s latest sensor innovation, the RedEdge-P^™ dual, in its new DeltaQuad EVO.
• Commercial production of the Company’s next generation fixed-wing unmanned aerial system, the eBee^™ VISION commenced and orders for the systems are now being accepted.
• Kelluu Ltd., a privately-owned Finnish company engaged in the design, manufacture and operation of autonomous airships for aerial environmental and critical infrastructure monitoring and surveillance announced it has chosen to equip its growing fleet of unmanned airships with AgEagle’s high performance RedEdge-P^™ multispectral cameras for collection of high-quality images and sensor data.
• AgEagle completed an offering of 16,720,000 shares of common stock and 25,080,000 common stock purchase warrants (the “common warrant”) to purchase 25,080,000 shares of common stock at a combined price of $0.25 per share and accompanying common warrants for aggregate gross proceeds of approximately $4.2 million, before deducting placement agent fees and other offering expenses.

Barrett Mooney, AgEagle’s Chairman and CEO, stated, “We enter the fourth quarter of 2023 optimistic about the Company’s long-term growth potential following the commercial release of our new eBee VISION drone. Given the rise in geopolitical conflicts and correlating increase in drone usage, we believe that AgEagle is well-positioned to support the increasing demand while remaining committed to achieving cost and productivity efficiencies and executing ongoing product innovation and our global marketing strategies.”

About AgEagle Aerial Systems Inc.

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:

Investor Relations:
Email: UAVS@ageagle.com
Media:
Email: media@ageagle.com

SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

		As of
		September 30, 2023					December 31, 2022
		(unaudited)
ASSETS
CURRENT ASSETS:
Cash		$	1,600,143				$	4,349,837
Accounts receivable, net			2,015,045					2,213,040
Inventories, net			6,063,935					6,685,847
Prepaid and other current assets			832,188					1,029,548
Notes receivable			185,000					185,000
Total current assets			10,696,311					14,463,272
Property and equipment, net			597,964					791,155
Right of use assets			3,498,051					3,952,317
Intangible assets, net			9,242,659					11,507,653
Goodwill			21,679,411					23,179,411
Other assets			336,091					291,066
Total assets		$	46,050,487				$	54,184,874
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	2,125,689				$	1,845,135
Accrued liabilities			1,650,609					1,680,706
Promissory note			2,625,000					287,381
Contract liabilities			329,536					496,390
Current portion of lease liabilities			840,535					628,113
Current portion of COVID loans			306,722					446,456
Total current liabilities			7,878,091					5,384,181
Long term portion of lease liabilities			2,756,056					3,161,703
Long term portion of COVID loans			509,184					446,813
Defined benefit plan obligation			–					106,163
Long term portion of promissory note			1,470,000					1,861,539
Total liabilities			12,613,331					10,960,399
COMMITMENTS AND CONTINGENCIES (SEE NOTE 10)
STOCKHOLDERS’ EQUITY:
Preferred Stock, $0.001 par value, 25,000,000 shares authorized:
Preferred Stock, Series F Convertible, $0.001 par value, 35,000 shares authorized, 6,275 shares issued and outstanding as of September 30, 2023, and 5,863 shares issued and outstanding as of December 31, 2022, respectively			6					6
Common Stock, $0.001 par value, 250,000,000 shares authorized, 117,878,831 and 88,466,613 shares issued and outstanding as of September 30, 2023, and December 31, 2022, respectively			117,880					88,467
Additional paid-in capital			167,523,676					154,679,363
Accumulated deficit			(134,374,548	)				(111,553,444	)
Accumulated other comprehensive income			170,142					10,083
Total stockholders’ equity			33,437,156					43,224,475
Total liabilities and stockholders’ equity		$	46,050,487				$	54,184,874

See accompanying notes to these condensed consolidated financial statements.

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022
Revenues		$	3,483,932			$	5,490,714			$	10,819,213			$	14,620,565
Cost of sales			2,269,858				3,407,573				6,594,973				8,622,436
Gross Profit			1,214,074				2,083,141				4,224,240				5,998,129
Operating Expenses:
General and administrative			3,357,550				4,175,090				10,435,834				14,093,655
Research and development			1,368,394				1,818,540				4,320,216				6,185,777
Sales and marketing			978,243				1,236,841				2,911,963				3,736,548
Impairment			1,500,000				–				1,579,287				–
Total Operating Expenses			7,204,187				7,230,471				19,247,300				24,015,980
Loss from Operations			(5,990,113	)			(5,147,330	)			(15,023,060	)			(18,017,851	)
Other Income (Expense):
Interest expense, net			(399,651	)			(6,727	)			(994,751	)			(29,776	)
Gain (loss) on debt extinguishment			(1,523,867	)			6,486,899				(1,523,867	)			6,486,899
Other income (expense), net			(106,497	)			332,110				(368,532	)			27,372
Total Other Income (Expense), net			(2,030,015	)			6,812,282				(2,887,150	)			6,484,495
Net Income (Loss) Before Income Taxes			(8,020,128	)			1,664,952				(17,910,210	)			(11,533,356	)
Provision for income taxes			–				–				–				–
Net Income (Loss)		$	(8,020,128	)		$	1,664,952			$	(17,910,210	)		$	(11,533,356	)
Net Income (Loss) Per Common Share – Basic		$	(0.07	)		$	0.02			$	(0.18	)		$	(0.14	)
Net Income (Loss) Per Common Share – Diluted		$	(0.07	)		$	0.01			$	(0.18	)		$	(0.14	)
Weighted Average Number of Shares Outstanding During the Period – Basic			111,083,155				85,966,687				98,976,085				81,004,011
Weighted Average Number of Shares Outstanding During the Period – Diluted			111,083,155				113,623,789				98,976,085				81,004,011
Comprehensive Income (Loss):
Net Income (Loss) attributable to common stockholders		$	(8,020,128	)		$	1,664,952			$	(17,910,210	)		$	(11,533,356	)
Amortization of unrecognized periodic pension costs			(742	)			97,846				43,302				100,487
Foreign currency cumulative translation adjustment			(7,027	)			(372,368	)			116,757				(220,060	)
Total comprehensive income (loss), net of tax			(8,027,897	)			1,390,430				(17,750,151	)			(11,652,929	)
Accrued dividends on Series F Preferred Stock			(49,122	)			(94,694	)			(170,277	)			(94,694	)
Deemed dividend on Series F Preferred Stock and warrants			–				–				(4,910,894	)			–
Total comprehensive income (loss) available to common stockholders		$	(8,077,019	)		$	1,295,736			$	(22,831,322	)		$	(11,747,623	)

See accompanying notes to these condensed consolidated financial statements.

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

		For the Nine Months Ended September 30,
		2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(17,910,210	)		$	(11,533,356	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			1,125,209				3,058,741
Depreciation and amortization			3,027,644				2,887,244
Defined benefit plan obligation and other			(188,653	)			(148,851	)
Amortization of debt discount and warrant modification			612,712				–
(Loss) gain on debt extinguishment			1,523,867				(6,486,899	)
Goodwill impairment			1,500,000				–
Lease impairment charge			79,287
Changes in assets and liabilities:
Accounts receivable, net			223,208				(396,617	)
Inventories, net			660,208				(2,221,569	)
Prepaid expenses and other assets			237,815				22,579
Accounts payable			264,123				(281,937	)
Accrued expenses and other liabilities			(28,133	)			(193,818	)
Contract liabilities			(169,352	)			(307,610	)
Other			212,606				433,357
Net cash used in operating activities			(8,829,669	)			(15,168,736	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(95,004	)			(250,379	)
Payment of acquisition-related liabilities			–				(6,610,900	)
Capitalization of platform development costs			(297,596	)			(635,568	)
Capitalization of internal use software costs			(171,516	)			(565,894	)
Net cash used in investing activities			(564,116	)			(8,062,741	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sales of Common Stock, net of issuance costs			3,817,400				4,583,341
Sale of Preferred Stock, Series F Convertible, net of issuance costs			3,000,000				9,920,000
Exercise of stock options			–				74,350
Repayments on COVID loans			(87,052	)			(173,313	)
Net cash provided by financing activities			6,730,348				14,404,378
Effects of foreign exchange rates on cash flows			(86,257	)			(460,980	)
Net decrease in cash			(2,749,694	)			(9,288,079	)
Cash at beginning of period			4,349,837				14,590,566
Cash at end of period		$	1,600,143			$	5,302,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest cash paid		$	–			$	–
Income taxes paid		$	–			$	–
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Preferred Stock, Series F Convertible to Common Stock		$	7,305			$	5,950
Issuance of Restricted Common Stock		$	388			$	316
Dividends on Series F Preferred Stock		$	170,277			$	94,694
Deemed dividend on Series F Preferred stock and warrant		$	4,910,894			$	–
Stock consideration for senseFly Acquisition		$	–			$	3,000,000
Settlement of Common Stock from contingent liability related to Measure		$	–			$	2,812,500

See accompanying notes to condensed consolidated financial statements.

WICHITA, Kan., Nov. 09, 2023 — AgEagle Aerials Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full stack flight hardware, sensors and software for commercial and government use, announces that the Company will be exhibiting at the Milipol Homeland Security and Safety event in Paris from November 14-17, 2023, and during Modern Warfare Week November 13-16, 2023 in the Fayetteville, NC area.

“These international industry events help to shape new relationships with potential customers and strategic counterparts, as well as strengthen our relationships with existing customers and other AgEagle stakeholders. Events of this stature are invaluable to educating the industry on the competitive differentiation and value propositions of AgEagle’s leading edge UAS solutions. Importantly, they provide the opportunity to shine a spotlight on our latest drone innovations, including our new eBee VISION,” stated Barrett Mooney, AgEagle’s Chairman and CEO.

Milipol Paris 2023 is the leading event dedicated to homeland security and safety. The 23rd edition will be held at Paris-Nord Villepinte Exhibition Centre. Its last event welcomed about 800 exhibitors from 65 countries and 21,238 visitors from 138 countries. The Company will exhibit alongside its UK distributor Brigantes, an on-the-man tactical apparel and equipment procurement specialist offering state of the art soldier systems, in Booth H5 N118.

AgEagle will also be featured in Booth H5 L085 as part of the integration with Fischer Connectors’ hub. Fischer Connectors manufactures a next-generation hub military accessory, Fischer KEYSTONE, which is compatible with AgEagle’s eBee VISION UAS and the Nett Warrior ecosystem. Designed to US Army Next Generation Hub (NGH) standards, Fischer KEYSTONE gives dismounted soldiers an easy way to manage the flows of data (USB 2.0 and SMBus) and power (100 W – 5 A max) between sights, sensors, night vision devices, radios, and digital equipment.

“Reliable, simple, does what it’s expected to do: that’s the feedback we receive from customers who have field-tested Fischer KEYSTONE,” stated Olivier Thormann, Product Manager for Fischer KEYSTONE. “Soldiers already know how to use it – they clip it on, plug it in, and it just works.”

Modern Warfare Week 2023 convenes the Special Operations Forces (SOF) community to both educate and connect through discussions about the future of warfare from a SOF perspective. The event is jointly sponsored by GSOF and USASOC. On November 16, 2023, 10:00AM-6:00PM EST at The Range Complex in nearby Autryville, NC the AgEagle team will demonstrate the eBee VISION UAS, a real-time situational awareness system for security and defense professionals. This 3.5 lbs drone can be easily carried, deployed in 3 minutes, hand-launched, and operated by a single pilot. The team will showcase object detection, tracking and geo-location capabilities in both RGB and thermal views for ISR operation.

Also, for the duration of the event, both the eBee TAC and eBee VISION will be displayed in the exhibitor hall at the Company’s partner Tough Stump Technologies’ booth #417.

About AgEagle Aerial Systems Inc.

Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

AgEagle Aerial Systems Contacts:

Investor Relations:
Email: UAVS@ageagle.com

Media:
Email: media@ageagle.com