XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 10 – Segment Information

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented by operating segment in making operating decisions, allocating resources, and evaluating financial performance.

 

During the three months ended March 31, 2025, the Company conducted the business through two primary operating segments: Drones and Sensors. During the year ended December 31, 2024, our SaaS segment ceased operations and did not renew any of its software subscription. Transactions in this segment during 2025 will consist of run off related expenses until this segment is fully shut down.

 

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, right-of-use asset and other assets.

 

As of March 31, 2025 and December 31, 2024 and for the years then ended, operating information about the Company’s reportable segments consisted of the following:

 

 

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED)

 

Goodwill and Assets

 

   Corporate   Drones   Sensors   SaaS   Total 
As of March 31, 2025                         
Goodwill  $—   $—   $4,459,644   $—   $4,459,644 
Assets  $3,997,838   $6,684,693   $9,539,733   $—   $20,222,264 
                          
As of December 31, 2024                         
Goodwill  $—   $—   $4,459,644   $—   $4,459,644 
Assets  $3,804,628   $7,028,158   $9,744,152   $4,616   $20,581,554 

 

Net Income (Loss)

 

   Corporate   Drones   Sensors   SaaS   Total 
Three months ended March 31, 2025                         
Revenues  $—   $2,233,409   $1,416,001   $—   $3,649,410 
Cost of sales   —    847,202    668,390    —    1,515,592 
Compensation and related expenses   299,012    959,694    321,400    —    1,580,106 
Professional fees   83,938    115,847    64,213    —    263,998 
Other operating expenses   548,002    476,942    241,837    25,478    1,292,259 
Income (loss) from operations  $(930,952)  $(166,276)  $120,161   $(25,478)  $(1,002,545)
Other income (expense), net   7,885,614    (9,195)   186,165    —    8,062,584 
Net income (loss)  $6,954,662   $(175,471)  $306,326   $(25,478)  $7,060,039 
                          
Three months ended March 31, 2024                         
Revenues  $—   $1,146,612   $2,633,540   $114,295   $3,894,447 
Cost of sales   —    687,231    1,189,328    63,466    1,940,025 
Compensation and related expenses   266,754    1,339,689    189,951    148,410    1,944,804 
Professional fees   172,324    263,769    92,698    130,612    659,403 
Other operating expenses   446,506    835,685    269,066    192,846    1,744,103 
Income (loss) from operations  $(885,584)  $(1,979,762)  $892,497   $(421,039)  $(2,393,888)
Other income (expense), net   (3,961,907)   54,197    (13,989)   —    (3,921,699)
Net income (loss)  $(4,847,491)  $(1,925,565)  $878,508   $(421,039)  $(6,315,587)

 

Note 10 – Segment Information– Continued

 

Revenues by Geographic Area

 

   Drones   Sensors   SaaS   Total 
Three Months Ended March 31, 2025                    
North America  $380,940   $419,091   $—   $800,031 
Latin America   330,690    43,934    —    374,624 
Europe, Middle East and Africa   1,484,547    750,191    —    2,234,738 
Asia Pacific   37,232    149,992    —    187,224 
Other   —    52,793    —    52,793 
Total  $2,233,409   $1,416,001   $—   $3,649,410 

 

   Drones   Sensors   SaaS   Total 
Three Months Ended March 31, 2024                    
North America  $575,143    799,551    106,745    1,481,439 
Latin America   225,834    126,438    5,185    357,457 
Europe, Middle East and Africa   331,443    1,360,879    247    1,692,569 
Asia Pacific   14,192    321,279    1,870    337,341 
Other   —    25,393    248    25,641 
Total  $1,146,612    2,633,540    114,295    3,894,447 

 

 

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(UNAUDITED)