AgEagle Aerial Systems, Inc. (UAVS) Q1 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and thank you for logging into AgEagle's Corporate Update webcast. Joining us from AgEagle is Chief Executive Officer and Chairman of the Board, Barrett Mooney. Before I turn it over to Barrett, I would like to remind you that during today's call, including the question and answer session, statements that are not historical facts, including any projections, statements regarding future events or future financial performance or statements of intent or belief, are forward-looking statements and are covered by the safe harbor disclaimers contained in the company's public filings with the SEC. Actual outcome and results may differ materially from what is expressed in or implied by these forward-looking statements. With that said, I would now like to introduce AgEagle's CEO, Barrett Mooney. Barrett, the floor is yours. Thank you, Kat, and good afternoon, everyone. Since we just hosted our year-end call early last month, For today's call, I'll be keeping this brief. In the first quarter, we remain committed to continue building a robust foundation across our core business units. We dedicated our efforts to optimizing and streamlining our cost structure. What I mean by that is reducing our burn while growing our top line. On our last call, I outlined our priority to deliberately pursue profitable growth, and we've made significant progress towards that goal. During the quarter, we generated a total revenue of $4.1 million. marking a 5.6% increase from $3.8 million in the first quarter of 2022, while significantly reducing our cash burn compared to the same quarter a year ago. The increase in our top line performance was driven predominantly by strong demand for sensors during the quarter. Over the past several quarters, we've been working diligently to im...