Ageagle Aerial Systems Inc. (UAVS) Stock soared in the after-market on Wednesday, March 31, 2021. UAVS stock gained 25.40% in the extended trading session on Wednesday.
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Let’s have a look at all the latest news about UAVS.
Financial results announcement
Yesterday March 31, UAVS announced its 2020 financial results for the year ended December 31, 2020. The significant revenue numbers took the stock price up in the extended trading session.
Key Financial Highlights
UAVS revenue for the year 2020 increased significantly 333% to approximately $1.3 million from $297,000 for the previous year.
It suffered a net loss of approximately $4.9 million compared to a net loss of approximately $2.5 million for the prior year.
For the year 2020, net loss attributable to common stockholders was $14.0 million, or $0.35per share, compared to a net loss attributable to common stockholders of $2.7 million, or $0.17 per share in 2019.
UAVS stock had approximately $23.9 million in cash on its balance sheet as of December 31, 2020, compared to $718,000 at the end of 2019.
claims against AgEagle Aerial Systems.
on March 31, 2021,Faruqi&Faruqi, LLP said that the firm is investigating claims against AgEagle Aerial Systems, Inc and remind the investors or customers who suffered a loss of $50,000 or to contact the firm before the 27 April 2021 deadline to discuss their legal rights.
April 27, 2021, is the deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against UAVS stock.
What’s the background of class action
securities fraud class action lawsuit has been on behalf of those who purchased or acquired AgEagle securities between September 3, 2019, and February 18, 2021.
During the class period, AgEagle said that UAVS stock is manufacturing and assembling the drones in partnership with Amazon.com, which was not the case.
On October 14, 2020, news broke that Amazon did not have a partnership agreement with AgEagle.
About UAVS stock:
AgEagle is a commercial drone company that is engaged in the design, engineering, and manufacturing of commercial drones, as well as in providing drone services and solutions to the agriculture industry. UAVS stock was founded in 2010 and is one of the leading commercial drone technology, services, and solutions provider.J. Michael Drozd is leading UAVS stock as Chief Executive Officer since May 18, 2020.