Announcement • Dec 31
FLYHT Aerospace Solutions Ltd. Ordinary Shares to Be Deleted from OTC Equity FLYHT Aerospace Solutions Ltd. Ordinary Shares will be deleted from OTC Equity effective December 31, 2024, due to Acquisition /Merger /Amalgamation. Announcement • Dec 21
Firan Technology Group Corporation (TSX:FTG) completed the acquisition of FLYHT Aerospace Solutions Ltd. (TSXV:FLY) from group of shareholders. Firan Technology Group Corporation (TSX:FTG) entered into a definitive arrangement agreement to acquire FLYHT Aerospace Solutions Ltd. (TSXV:FLY) from group of shareholders for CAD 13.3 million on October 21, 2024. Under the terms of the Transaction, FLYHT shareholders may elect to receive in exchange for each FLYHT Share, (i) CAD 0.1103 in cash and 0.0333 of a common share of FTG (each whole such share, an “FTG Share”), (ii) CAD 0.3379 in cash or (iii) 0.0495 FTG Shares, subject to pro-ration (collectively, the “Consideration”). The Consideration will be subject to a total maximum cash consideration of CAD 4.3 million and a total maximum share consideration of 1.3 million FTG Shares. The Consideration implies a price of CAD 0.3379 per FLYHT Share. Upon the completion of the Transaction, FLYHT will become a wholly owned subsidiary of FTG. FLYHT will have to pay a termination fee of CAD 1.2 million in case it terminates the transaction.
The Transaction is structured as an arrangement under the CanadaBusiness Corporations Act and will require the approval of 66 2/3% of the votes cast by FLYHT shareholders at a special meeting to be held to approve the Transaction (the “Special Meeting”). The Transaction is subject to receipt of FLYHT shareholder and court approvals, any required regulatory approvals and consents, approval in respect of the listing of consideration shares on TSX, shareholders shall not have exercised Dissent Rights not more than 5% of the outstanding shares and customary closing conditions. The transaction has been unanimously approved by the Board of Directors of FLYHT based on the recommendation of the special committee and has been unanimously approved by the Board of Directors of Firan. Completion of the Transaction is not subject to any financing condition. The transaction is expected to close in the fourth quarter of 2024.
The Agreement includes customary provisions relating to deal-protection provisions, including a non-solicitation covenant on the part of FLYHT and a right for FTG to match any Superior Proposal (as defined in the Agreement). FLYHT has also agreed to pay a fee to FTG upon the termination of the Agreement in certain circumstances. Officers, directors and certain significant shareholders of FLYHT, holding in the aggregate FLYHT Shares representing in aggregate approximately 24% of the issued and outstanding FLYHT Shares, have entered into voting support agreements with FTG and have agreed to vote in favour of the Transaction at the Special Meeting. As on December 16, 2024, the transaction has been approved by the FLYHT shareholders and is expected to be completed on or about December 20, 2024.
Eric Moncik and Liam Churchill of Blake, Cassels & Graydon LLP acted as legal advisor to Firan. Chris Croteau of Tingle Merrett LLP acted as legal advisor to FLYHT. KSV Advisory Inc. acted as financial advisor and fairness opinion provider to the board of FLYHT. B. Riley Securities, Inc. acted as financial advisor to FLYHT.
Firan Technology Group Corporation (TSX:FTG) completed the acquisition of FLYHT Aerospace Solutions Ltd. (TSXV:FLY) from group of shareholders on December 20, 2024. As a result of the elections made by FLYHT shareholders, all holders of Common Shares who made an election will receive the following pro-ration: FLYHT shareholders who elected to receive the All-Cash Consideration will receive approximately CAD 0.3379 in cash and nil FTG Shares per Common Share; FLYHT shareholders who elected to receive the All-Share Consideration will receive approximately CAD 0.0588 in cash and 0.0409 FTG Shares per Common Share. The Common Shares of FLYHT are expected to be delisted from the TSX Venture Exchange on or about the close of trading on December 30, 2024. Announcement • Oct 25
FLYHT Aerospace Solutions Ltd.'s Common Shares to Be Delisted from the TSX Venture Exchange Following Closing of the Transaction FLYHT Aerospace Solutions Ltd. announced that it has entered into a definitive arrangement agreement (the "Agreement") to be acquired by Firan Technology Group Corporation in a cash and share transaction valued at approximately CAD 13.2 million (the "Transaction"). The consideration is comprised of cash and common shares of FTG ("FTG Shares"). The arm's length Transaction is to be effected by way of a court-approved plan of arrangement (the "Arrangement"). Under the Arrangement, FLYHT shareholders may elect to receive, for each common share of FLYHT held (a "Common Share") (i) CAD 0.1103 in cash and 0.0333 FTG Shares, (ii) CAD 0.3379 in cash or (iii) 0.0495 FTG Shares, in each case subject to pro-ration (collectively, the "Consideration"). The Consideration will be subject to maximum aggregate cash consideration of CAD 4.3 million and 1,300,000 FTG Shares. Shareholders who do not make an election will be deemed to have elected to receive a combination of cash and FTG Shares for their Common Shares. The Consideration implies a price of CAD 0.3379 per Common Share, representing a 41% premium to the closing price of the Common Shares on the TSX Venture Exchange on October 21, 2024 and a 46% premium to the 10-day volume-weighted average price per Common Share for the period ended on October 21, 2024. The Transaction is subject to receipt of FLYHT shareholder and court approvals, any required regulatory approvals and consents, and customary closing conditions and is expected to close in the fourth quarter of 2024. Completion of the Transaction is not subject to any financing condition. Upon the completion of the Transaction, FLYHT will become a wholly owned subsidiary of FTG. It is expected that the Common Shares will be delisted from the TSX Venture Exchange following closing of the Transaction. Announcement • Oct 22
Firan Technology Group Corporation (TSX:FTG) entered into a definitive arrangement agreement to acquire FLYHT Aerospace Solutions Ltd. (TSXV:FLY) for CAD 26.5 million. Firan Technology Group Corporation (TSX:FTG) entered into a definitive arrangement agreement to acquire FLYHT Aerospace Solutions Ltd. (TSXV:FLY) for CAD 26.5 million on October 21, 2024. Under the terms of the Transaction, FLYHT shareholders may elect to receive in exchange for each FLYHT Share, (i) CAD 0.1103 in cash and 0.0333 of a common share of FTG (each whole such share, an “FTG Share”), (ii) CAD 0.3379 in cash or (iii) 0.0495 FTG Shares, subject to pro-ration (collectively, the “Consideration”). The Consideration will be subject to a total maximum cash consideration of CAD 4.3 million and a total maximum share consideration of 1.3 million FTG Shares. The Consideration implies a price of CAD 0.3379 per FLYHT Share, representing a 41% premium to the closing price of the FLYHT Shares on the TSX Venture Exchange on October 21, 2024 and a 46% premium to the 10-day volume-weighted average price per Common Share for the period ended on October 21, 2024. Upon the completion of the Transaction, FLYHT will become a wholly owned subsidiary of FTG.
The Transaction is structured as an arrangement under the CanadaBusiness Corporations Act and will require the approval of 66 2/3% of the votes cast by FLYHT shareholders at a special meeting to be held to approve the Transaction (the “Special Meeting”). The Transaction is subject to receipt of FLYHT shareholder and court approvals, any required regulatory approvals and consents, and customary closing conditions and is expected to close by December 31, 2024. Completion of the Transaction is not subject to any financing condition. The Agreement includes customary provisions relating to deal-protection provisions, including a non-solicitation covenant on the part of FLYHT and a right for FTG to match any Superior Proposal (as defined in the Agreement). FLYHT has also agreed to pay a fee to FTG upon the termination of the Agreement in certain circumstances. Officers, directors and certain significant shareholders of FLYHT, holding in the aggregate FLYHT Shares representing in aggregate approximately 24% of the issued and outstanding FLYHT Shares, have entered into voting support agreements with FTG and have agreed to vote in favour of the Transaction at the Special Meeting. New Risk • Aug 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (CA$11.7m market cap, or US$8.54m). Announcement • Jun 25
FLYHT Aerospace Solutions Ltd. Appoints Lorne Sugarman to Board of Directors FLYHT Aerospace Solutions Ltd. announced that Lorne Sugarman has been elected to its Board of Directors. Mr. Sugarman brings a wealth of experience with technology companies as a C-level operating executive, investment banking professional, and principal investor, which adds further depth and expertise to the Company as it enters the next phase of growth. Mr. Sugarman has 30 years of experience as a tech entrepreneur, financial executive, board member, and advisor at leading Canadian technology companies. He is currently the founder and president of Adielle Group. He is a board member and CEO of EVP Capital Inc. and Iocaste Ventures Inc., both capital pool companies. Sugarman continues to serve as a board member of Tokens.com, an emerging robotics and AI business, where he was previously the president. FLYHT also announces that Michael Brown decided to retire and so did not put forward his name for re-election at the Company's AGM on June 19, 2024. Mike has steadfastly provided his experience and unwavering commitment to FLYHT over many years, and are deeply grateful for the guidance he has provided organization during his time on the board. Mike was one of longest serving board members having joined FLYHT in March of 2003. During his time on the board FLYHT progressed from a small company with big ideas to an organization that supplies the aviation industry with critical, real-time satellite communications and airline operational expertise. FLYHT's recent success of completing the AFIRS Edge 5G product line represents a milestone worthy of his dedication to organization and the airlines serve. The Company wishes him well in his future endeavours. Announcement • Jun 13
FLYHT Aerospace Solutions Ltd. Receives STC Certification for the AFIRS Edge on Boeing 737 NG Aircraft FLYHT Aerospace Solutions Ltd. announced that Transport Canada has issued FLYHT a Supplemental Type Certificate ("STC") for the flange version of the AFIRS Edge, the Company's 5G wireless data communication device, for Boeing 737 NG aircraft. The achievement of this STC enables FLYHT to ship the Edge units to Canadian Boeing 737 NG customers while at the same time familiarizing the Canadian STC into other jurisdictions to enable worldwide distribution. Per the agreement signed in October 2023, Air North has agreed to purchase FLYHT's innovative hardware and software services as part of the Yukon airline's fleet renewal plans. Specifically, FLYHT's AFIRS 228 Iridium SatCom and AFIRS Edge solutions will be installed on Air North's Boeing 737 NG aircraft as it renews its Boeing 737 Classic fleet. The AFIRS Edge is an aircraft interface device (AID), connecting aircraft data with electronic flight bag (EFB) applications and provides airlines with Wireless Quick Access (WQAR) capabilities, all while serving as a gateway on the aircraft for critical real-time information and onboard data storage. The Edge also serves as a data port for FLYHT's actionable intelligence services, such as fuel management, aircraft health monitoring, real-time engine data reporting and airport gate performance monitoring. Further, when coupled with a real-time IP satellite connection, the Edge enables weather data customers to work with airlines to implement FLYHT's weather solutions for enabling enhanced weather forecasting capabilities, providing more accurate and timely warnings of extreme weather, and in the detection and avoidance of contrail generation. New Risk • Jun 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.8m free cash flow). Earnings have declined by 18% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$17.0m market cap, or US$12.4m). Reported Earnings • Jun 04
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: CA$0.02 loss per share (improved from CA$0.043 loss in 1Q 2023). Revenue: CA$4.79m (flat on 1Q 2023). Net loss: CA$794.4k (loss narrowed 52% from 1Q 2023). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CA$0.10 loss per share (further deteriorated from CA$0.026 loss in FY 2022). Revenue: CA$20.1m (down 16% from FY 2022). Net loss: CA$4.05m (loss widened 304% from FY 2022). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 08
FLYHT Aerospace Solutions Ltd., Annual General Meeting, May 09, 2024 FLYHT Aerospace Solutions Ltd., Annual General Meeting, May 09, 2024. New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$1.2m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (CA$17.9m market cap, or US$13.3m). Announcement • Feb 16
FLYHT Aerospace Solutions Ltd. Receives STC Certification for the Afirs Edge(Tm) on Airbus A320 Aircraft FLYHT Aerospace Solutions Ltd. announced that Transport Canada has issued FLYHT a Supplemental Type Certificate ("STC") for the flange version of the AFIRS EdgeTM, the Company's 5G wireless data communication device, for Airbus A320 aircraft. The achievement of this STC enables FLYHT to ship the Edge units to Canadian A320 customers while at the same time familiarizing the Canadian STC into other jurisdictions to enable worldwide distribution. The AFIRS Edge is an aircraft interface device (AID), connecting aircraft data with electronic flight bag (EFB) applications and providing airlines with Wireless Quick Access (WQAR) capabilities, all while serving as a gateway on the aircraft for critical real-time information and onboard data storage. The Edge also serves as a data port for FLYHT's actionable intelligence services, such as fuel management, aircraft health monitoring, real-time engine data reporting and airport gate performance monitoring. Further, when coupled with a real-time IP satellite connection, the Edge enables weather data customers to work with airlines to implement FLYHT's weather solutions for enabling enhanced weather forecasting capabilities, providing more accurate and timely warnings of extreme weather, and in the detection and avoidance of contrail generation. New Risk • Dec 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$1.2m net loss next year). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (CA$26.9m market cap, or US$19.8m). Announcement • Nov 21
FLYHT Aerospace Solutions Ltd. Appoints Mary I. McMillan as Executive Chair FLYHT Aerospace Solutions Ltd. announced that its Board of Directors has named Captain Mary I. McMillan to the new position of Executive Chair, effective immediately. McMillan, who joined the FLYHT board as an independent director in 2019 and was elevated to Non-Executive Chair in April 2023, will support President and Interim CEO Kent Jacobs on the planning and implementation of FLYHT's strategy. Captain McMillan is a highly respected subject matter expert in areas of aviation operations, safety and environmental issues, as well as a commercial pilot with more than 12,000 hours flight time. She is the President of Cashel Aviation. She retired as the Vice President of Aviation Safety and Operational Services for Inmarsat Plc in 2018 following the successful launch of the division within the Inmarsat Aviation Business Unit. Prior to joining Inmarsat, she led the aviation safety and environmental divisions for Washington D.C. based TetraTechAMT and CSSI Inc., respectively. She served as the independent safety advisor to the Airservices Australia Board of Directors in Canberra, Australia. Earlier in her career, Captain McMillan held several operational and managerial roles with United Airlines including pilot, standards captain, Director of Flight Safety (A) and Flight Operations Duty Manager. Captain McMillan began flying in 1982, holds an Airline Transport Pilot's license and is type rated on multiple aircraft including the DC-10, B747, B737, B757/B767 and Airbus 319/320. Major Estimate Revision • Nov 16
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$24.0m to CA$21.1m. Forecast losses increased from -CA$0.05 to -CA$0.08 per share. Aerospace & Defense industry in Canada expected to see average net income growth of 26% next year. Consensus price target of CA$1.75 unchanged from last update. Share price was steady at CA$0.71 over the past week. New Risk • Sep 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$1.4m net loss next year). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (CA$33.1m market cap, or US$24.5m). Price Target Changed • Aug 24
Price target decreased by 30% to CA$1.75 Down from CA$2.50, the current price target is provided by 1 analyst. New target price is 116% above last closing price of CA$0.81. Stock is down 12% over the past year. The company is forecast to post a net loss per share of CA$0.05 next year compared to a net loss per share of CA$0.026 last year. Reported Earnings • Aug 18
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: CA$0.01 loss per share (improved from CA$0.03 loss in 2Q 2022). Revenue: CA$6.04m (up 24% from 2Q 2022). Net loss: CA$168.8k (loss narrowed 85% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Announcement • Jul 28
FLYHT Aerospace Solutions Ltd. Receives STC Certification for Specialized Version of AFIRS(TM) 228 on A319, A320 and A321 Aircraft FLYHT Aerospace Solutions Ltd. announced receipt of a Supplemental Type Certificate ("STC") revision from the U.S. Federal Aviation Administration ("FAA") to install the TSO approved AFIRS™? 228S satcom solution on Airbus A319, A320 and A321 aircraft. This STC allows FLYHT to fulfill its agreement with an existing customer in furtherance of a press release dated December 7, 2021. The TSO unit configuration of AFIRS 228S is a specialized version of the Iridium satcom solution which provides aircraft with reliable safety voice and data communication between the flight deck and air traffic control. Benefits offered include more efficient route structure, reduced flight times, reduced fuel burns, and enhanced communications between air traffic control and the aircraft. Announcement • May 13
FLYHT Aerospace Solutions Ltd. Announces Board Appointments FLYHT Aerospace Solutions Ltd. announced that the Board of Directors has named Nancy N. Young and Pete Large to the Company's Board of Directors. Ms. Young and Dr. Large will serve as independent directors. Ms. Young currently is a globally recognized sustainability and environmental attorney and consultant with over 25 years of experience in climate change, aviation environmental matters, environmental social governance, and sustainable aviation fuels. As the Chief Sustainability Officer at Alder Fuels from April 2022 through January 2023, she established the start-up biocrude company's environmental and sustainability legal, policy, and regulatory programs. Immediately prior to joining Alder, Ms. Young served for 14 years as the VP of Environmental Affairs at Airlines for America (A4A). From 2015 through 2016, she served on the UN Secretary-General's High-Level Advisory Group for Sustainable Transport. Prior to joining A4A, Ms. Young was a Director/Partner at the law firm of Beveridge Diamond, PC. Dr. Large is a senior technology executive with years of experience spanning transportation, aviation, space, civil infrastructure and construction, including specific expertise in transforming how work is done through data-driven digital technologies that provide better business insights, decision making, efficiency, safety, first-time quality and sustainability. He currently serves as Senior Vice President at global industrial technology company Trimble Inc. He previously held positions as a Research Solutions Strategist within Boeing's Digital Solutions and Analytics Business and as a Director at Inmarsat in the Aviation Safety Operational Services business. He holds an Ed.D with the Aviation and Space specialization from Oklahoma State University, an M.S. in Management from the Stanford University Graduate School of Business, and a BSc(Hons) from the University of Newcastle Upon Tyne. Reported Earnings • Apr 15
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: CA$0.026 loss per share (improved from CA$0.19 loss in FY 2021). Revenue: CA$23.9m (up 111% from FY 2021). Net loss: CA$1.00m (loss narrowed 83% from FY 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Brent Rosenthal was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Brent Rosenthal was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: CA$0.03 loss per share (up from CA$0.051 loss in 2Q 2021). Revenue: CA$4.88m (up 67% from 2Q 2021). Net loss: CA$1.14m (loss narrowed 18% from 2Q 2021). Revenue missed analyst estimates by 31%. Earnings per share (EPS) also missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 100%, compared to a 49% growth forecast for the industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Recent Insider Transactions Derivative • Jun 18
President exercised options to buy CA$52k worth of stock. On the 15th of June, Kent Jacobs exercised options to buy 75k shares at a strike price of around CA$0.77, costing a total of CA$58k. This transaction amounted to 98% of their direct individual holding at the time of the trade. Since December 2021, Kent has owned 76.80k shares directly. Company insiders have collectively bought CA$83k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 05
First quarter 2022 earnings released: CA$0.03 loss per share (vs CA$0.033 loss in 1Q 2021) First quarter 2022 results: CA$0.03 loss per share. Revenue: CA$5.03m (up 87% from 1Q 2021). Net loss: CA$1.28m (loss widened 41% from 1Q 2021). Over the next year, revenue is forecast to grow 123%, compared to a 42% growth forecast for the industry in Canada. Breakeven Date Change • Apr 27
Forecast to breakeven in 2023 The analyst covering FLYHT Aerospace Solutions expects the company to break even for the first time. New forecast suggests losses will reduce by 73% to 2022. The company is expected to make a profit of CA$1.93m in 2023. Average annual earnings growth of 125% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 08
Forecast to breakeven in 2023 The analyst covering FLYHT Aerospace Solutions expects the company to break even for the first time. New forecast suggests losses will reduce by 73% to 2022. The company is expected to make a profit of CA$1.93m in 2023. Average annual earnings growth of 125% is required to achieve expected profit on schedule. Announcement • Feb 25
FLYHT Aerospace Solutions Ltd. Appoints Bruce Gowling to Lead Solutions Sales Group as the Director of Digital Transformation & Data Solutions FLYHT Aerospace Solutions Ltd. announced that veteran aviation executive Bruce Gowling has joined FLYHT to lead the Company's solutions sales group as the Director of Digital Transformation & Data Solutions. Bruce brings nearly 30 years of experience in providing high value technical solutions to the airline industry and has the relationships, knowledge and experience required to make FLYHT's Actionable Intelligence products industry leaders. Reported Earnings • Nov 06
Third quarter 2021 earnings released: CA$0.03 loss per share (vs CA$0.062 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: CA$3.17m (up 65% from 3Q 2020). Net loss: CA$1.11m (loss narrowed 33% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Sep 21
FLYHT Aerospace Solutions Ltd. (TSXV:FLY) acquired Water Vapor Sensing System ('WVSS-II') product line from SpectraSensors Inc. for $0.5 million. FLYHT Aerospace Solutions Ltd. (TSXV:FLY) acquired Water Vapor Sensing System ('WVSS-II') product line from SpectraSensors Inc. for $0.5 million on September 20, 2021. The acquisition includes manufacturing assets, inventory, aviation-specific intellectual property, and a license to SpectraSensors' Tunable Diode Laser Absorption Spectroscopy ('TDLAS') technology for use in the weather and aviation markets.
FLYHT Aerospace Solutions Ltd. (TSXV:FLY) completed the acquisition of Water Vapor Sensing System ('WVSS-II') product line from SpectraSensors Inc. on September 20, 2021. Reported Earnings • Aug 06
Second quarter 2021 earnings released: CA$0.05 loss per share (vs CA$0.01 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: CA$2.93m (down 4.4% from 2Q 2020). Net loss: CA$1.40m (loss widened 405% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Jul 24
FLYHT Aerospace Solutions Ltd. announced that it has received CAD 6.621614 million in funding On July 22, 2021, FLYHT Aerospace Solutions Ltd. closed the transaction. The company issued 8,828,818 common shares for gross proceeds of CAD 6,621,614 in the transaction. The transaction included participation from directors, officers and senior employees of the company for 10% of the gross proceeds. The transaction was oversubscribed. Breakeven Date Change • May 23
No longer forecast to breakeven The analyst covering FLYHT Aerospace Solutions no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of CA$3.49m in 2022. New forecast suggests the company will make a loss of CA$480.9k in 2022. Executive Departure • May 12
Executive Chairman Barry Eccleston has left the company On the 6th of May, Barry Eccleston's tenure as Executive Chairman ended after 6.7 years in the role. We don't have any record of a personal shareholding under Barry's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 09
First quarter 2021 earnings released: CA$0.03 loss per share (vs CA$0.026 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: CA$2.69m (down 49% from 1Q 2020). Net loss: CA$912.1k (down 233% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Apr 27
FLYHT Aerospace Solutions Ltd. Executes A Settlement Agreement and Mutual Release in Respect of the Litigation Between Thomas R. Schmutz and the Company FLYHT Aerospace Solutions Ltd. announced that the Company has executed a settlement agreement and mutual release (in respect of any claims between the parties) in respect of the litigation between Thomas R. Schmutz (former CEO of FLYHT) and the Company, as first announced on June 30, 2020. The parties have agreed upon a final settlement whereby FLYHT will pay Mr. Schmutz CAD 225,000 and 250,000 common shares in FLYHT. All of the common shares issued pursuant to the settlement agreement are subject to a 4-month hold period. The settlement is conditional upon final approval for the issuance of the common shares by the TSX Venture Exchange. Reported Earnings • Apr 11
Full year 2020 earnings released: CA$0.12 loss per share (vs CA$0.034 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$13.7m (down 36% from FY 2019). Net loss: CA$3.24m (loss widened 334% from FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Mar 02
FLYHT Aerospace Solutions Ltd., Annual General Meeting, May 06, 2021 FLYHT Aerospace Solutions Ltd., Annual General Meeting, May 06, 2021. Is New 90 Day High Low • Jan 09
New 90-day high: CA$0.82 The company is up 12% from its price of CA$0.73 on 09 October 2020. The Canadian market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Aerospace & Defense industry, which is up 56% over the same period. Announcement • Dec 23
FLYHT Aerospace Solutions Ltd. Announces Ravn Alaska’s Return to Service FLYHT Aerospace Solutions Ltd. announced that Corvus Airlines has signed an agreement with FLYHT to reactivate its fleet of nine DHC-8 aircraft with full AFIRS™ services. As of November 20, 2020, Ravn Alaska obtained route authority from the US Department of Transportation and has resumed scheduled flights to and from Anchorage, Dutch Harbor (Unalaska), Homer, Kenai, Kodiak, and Sand Point. The contract with Ravn is expected to generate revenue of approximately $300,000 to FLYHT, provided that all services are delivered over the 5-year term of the agreement. FLYHT expects to deliver services valued at approximately $130,000 to Environment Canada over the term of the contract extension. The value of the AFIRS kits being delivered in the fourth quarter were previously announced upon signing the respective original agreements. Announcement • Dec 03
Flyht Aerospace Solutions Ltd. Announces Leadership Changes to Accelerate Saas Growth Strategy FLYHT Aerospace Solutions Ltd. announced that it named new leaders as part of the Company’s continued strategy to drive greater growth in SaaS with the deployment of its Actionable Intelligence platform. The Company also announced that Matieu Plamondon, Chief Operating Officer, is leaving to start a new chapter of his career. FLYHT announced the following changes to the executive leadership team: Derek Graham, current Chief Technology Officer, will become VP of Business Development to focus on nurturing strategic partnerships with other suppliers of specialty products and services to the aviation industry. Graham brings significant experience in product development through collaboration which will be instrumental as FLYHT continues to bolster the Actionable Intelligence offering with integration to other sources of critical ground and airport data. Darrel Deane, a key member contributing to the Company’s success since 2012 as an architect of its innovative technology, has been promoted to VP Solutions. In his expanded role, Deane will sharpen the Company’s focus of resources on its SaaS offerings and transform the legacy applications to Actionable Intelligence. Matieu Plamondon leaves FLYHT after six years of increasing operational responsibility, most recently as Chief Operating Officer. During his time at FLYHT, Plamondon fostered a collaborative working environment and developed a deep and strong bench of operational talent. Announcement • Nov 18
Integrated Procurement Technologies Places Hardware Order with FLYHT Aerospace Solutions Ltd FLYHT Aerospace Solutions Ltd. and Integrated Procurement Technologies (“IPT”) of Goleta CA announced that IPT has made an additional order for AFIRS technologies. The total contract is for $282,000 with delivery of the units in fourth quarter of 2020. FLYHT also received a purchase order for $128,000 from an international aircraft manufacturer for AFIRS to provide software improvements, ensuring continued future delivery of licensing revenue. Reported Earnings • Nov 08
Third quarter 2020 earnings released: CA$0.06 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: CA$1.92m (down 63% from 3Q 2019). Net loss: CA$1.65m (loss widened 112% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • Oct 31
FLYHT Aerospace Solutions Ltd. to Report Q3, 2020 Results on Nov 05, 2020 FLYHT Aerospace Solutions Ltd. announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 05, 2020 Is New 90 Day High Low • Oct 06
New 90-day high: CA$0.56 The company is up 6.0% from its price of CA$0.53 on 08 July 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is down 3.0% over the same period.