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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 16 – Segment Information

 

The Company conducts the business through the following three operating segments: Drones, Sensors and SaaS.

 

The accounting policies of the operating segments are the same as those described in Note 2. Non-allocated administrative and other expenses are reflected in Corporate. Corporate assets include cash, prepaid expenses, notes receivable, right of use asset and other assets.

 

As of December 31, 2023 and 2022 and for the years then ended, operating information about the Company’s reportable segments consisted of the following:

 

Goodwill and Assets

 

   Corporate   Drones   Sensors   SaaS   Total 
As of December 31, 2023                         
Goodwill  $—   $—   $7,402,644   $—   $7,402,644 
Assets  $1,148,638   $8,666,641   $15,260,263   $80,359   $25,155,901 
                          
As of December 31, 2022                         
Goodwill  $—   $—   $18,972,896   $4,206,515   $23,179,411 
Assets  $4,785,643   $14,930,789   $26,081,788   $8,386,654   $54,184,874 

 

 

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

 

Note 16 – Segment Information- Continued

 

Net (Loss) Income

 

   Corporate   Drones   Sensors   SaaS   Total 
Year ended December 31, 2023                         
Revenues  $—   $6,197,049   $7,100,419   $443,930   $13,741,398 
Cost of sales   —    3,770,886    3,439,350    1,067,922    8,278,158 
Loss from operations (1)(2)  $(7,429,783)  $(9,287,814)  $(15,487,428)  $(6,945,087)  $(39,150,112)
Other income (expense), net   (2,060,844)   (211,698)   (998,580)   (503)   (3,271,625)
Net loss  $(9,490,627)  $(9,499,512)  $(16,486,008)  $(6,945,590)  $(42,421,737)
                          
Year ended December 31, 2022                         
Revenues  $—   $9,840,321   $8,655,434   $598,670   $19,094,425 
Cost of sales   —    4,762,888    5,086,993    1,026,427    10,876,308 
Loss from operations (3)  $(10,177,362)  $(22,004,223)  $10,958   $(32,106,210)  $(64,276,837)
Other income (expense), net   6,416,717    (356,095)   (30,893)   (6,615)   6,023,114 
Net loss  $(3,760,645)  $(22,360,318)  $(19,935)  $(32,112,825)  $(58,253,723)

 

(1)Includes goodwill impairment $15,776,767 for the Sensor and SaaS reporting segments.
(2)Includes intangible impairment $5,899,307 for the Drones and SaaS reporting segments.
(3)Includes goodwill impairment $41,687,871 for the Drones and SaaS reporting segments.

 

Revenues by Geographic Area

 

   Drones   Sensors   SaaS   Total 
Year ended December 31, 2023                    
North America  $2,169,983   $2,655,443   $407,490   $5,232,916 
Latin America   1,571,956    256,524    28,671    1,857,151 
Europe, Middle East and Africa   2,183,763    2,957,644    1,254    5,142,661 
Asia Pacific   271,347    1,117,485    6,515    1,395,347 
Other   —    113,323    —    113,323 
Total  $6,197,049   $7,100,419   $443,930   $13,741,398 
                     
Year ended December 31, 2022                    
North America  $5,320,034   $3,173,347   $598,670   $9,092,051 
Europe, Middle East and Africa   3,537,463    3,309,039    —    6,846,502 
Asia Pacific   982,824    1,756,253    —    2,739,077 
Other   —    416,795    —    416,795 
Total  $9,840,321   $8,655,434   $598,670   $19,094,425 

 

 

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022