FLYHT Aerospace Solutions Reports Q3 2024 Financial Results

FLYHT Aerospace Solutions Ltd. announced its financial results for Q3 2024, revealing a 14% decrease in revenue to $4.4 million compared to Q3 2023. The decline was mainly due to reduced SaaS and Licensing revenue, which offset gains in Hardware and Technical Services. SaaS revenue fell 22% to $2.2 million, and Licensing dropped 95% to $22,889. Hardware revenues rose 6% to $1.06 million, while Technical Services increased 41% to $1.15 million.

The gross margin decreased to 56.8% from 58.7% in Q3 2023. Operating expenses rose by 24%, including a one-time restructuring cost of $719,508. Excluding these, expenses were up by 4%. The negative Adjusted EBITDA was $1,034,678, excluding restructuring costs.

FLYHT reported a net loss of $2,244,504 compared to a $728,655 loss in Q3 2023. As of September 30, 2024, cash and short-term investments stood at $1,289,217, with trade receivables dropping by 25% and payables increasing by 13%.