The company's top-line performance remains under pressure, with 2026Q1 revenue contracting by 61.6% year-over-year while SG&A expenses of $3.9M continue to significantly outweigh the $1.4M in quarterly revenue.
AgEagle Aerial Systems, Inc. (UAVS) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 |
|---|
| Sales/Revenue | 9.05M | 12.81M | 13.39M | 13.74M | 19.09M | 9.76M | 1.29M | 296.68K | 107.81K | 1.33M | 2.46M | 4.88M | 14.29M | 10.94M | 8.5M | 6.29M | 4.86M | 6.44M | 3.6M | 90.8K | 0 | 250K | 10K |
| Revenue Growth % | -35.13% | -4.34% | -2.54% | -28.03% | 95.62% | 659.38% | 333.26% | 175.18% | -91.89% | -46.01% | -49.54% | -65.87% | 30.63% | 28.79% | 35.18% | 29.44% | -24.56% | 78.66% | 3867.84% | - | -100% | 2400% | - |
| Cost of Goods Sold | 4.94M | 6.17M | 7.1M | 8.28M | 10.88M | 5.5M | 711.65K | 202.05K | 61.68K | 1.36M | 2.66M | 4.5M | 6.76M | 4.1M | 3.1M | 3.44M | 1.83M | 2.64M | 1.8M | 611.98K | 0 | 210K | 10K |
| COGS % of Revenue | - | 48.17% | 53.04% | 60.24% | 56.96% | 56.4% | 55.36% | 68.1% | 57.21% | 102.63% | 108.11% | 92.28% | 47.31% | 37.43% | 36.51% | 54.73% | 37.75% | 40.97% | 49.83% | 673.99% | - | 84% | 100% |
| Gross Profit | 4.11M | 6.64M | 6.29M | 5.46M | 8.22M | 4.26M | 573.73K | 94.63K | 46.13K | -34.94K | -199.53K | 376.78K | 7.53M | 6.85M | 5.39M | 2.85M | 3.02M | 3.8M | 1.81M | -521.18K | 0 | 40K | 0 |
| Gross Margin % | 45.42% | 51.83% | 46.96% | 39.76% | 43.04% | 43.6% | 44.64% | 31.9% | 42.79% | -2.63% | -8.11% | 7.72% | 52.69% | 62.57% | 63.49% | 45.27% | 62.25% | 59.03% | 50.17% | -573.99% | - | 16% | - |
| Gross Profit Growth % | - | 5.59% | 15.11% | -33.52% | 93.08% | 641.85% | 506.3% | 105.12% | 232.03% | 82.49% | -152.96% | -95% | 10% | 26.92% | 89.59% | -5.88% | -20.44% | 110.19% | 446.83% | - | -100% | - | - |
| Operating Expenses | 20.68M | 15.58M | 18.92M | 44.61M | 72.49M | 34.55M | 5.51M | 2.62M | 2.11M | 2.63M | 2.91M | 4.56M | 6.81M | 5.16M | 4.53M | 4.05M | 3.25M | 4.47M | 6.55M | 2.09M | 30K | 30K | 10K |
| OpEx % of Revenue | - | 121.6% | 141.3% | 324.66% | 379.67% | 353.95% | 428.28% | 882.04% | 1954.06% | 198.11% | 118.07% | 93.39% | 47.62% | 47.15% | 53.29% | 64.37% | 66.93% | 69.5% | 181.76% | 2297.16% | - | 12% | 100% |
| Selling, General & Admin | 14.87M | 11.97M | 12.01M | 17.33M | 22.69M | 18.11M | 5.48M | 2.58M | 2.11M | 2.29M | 2.49M | 3.24M | 3.26M | 3.3M | 2.89M | 2.92M | 2.41M | 3.56M | 3.82M | 1.89M | 30K | 30K | 10K |
| SG&A % of Revenue | - | 93.4% | 89.69% | 126.15% | 118.85% | 185.52% | 425.99% | 868.92% | 1954.06% | 172.06% | 101.26% | 66.51% | 22.79% | 30.18% | 34.06% | 46.41% | 49.7% | 55.34% | 105.97% | 2080.86% | - | 12% | 100% |
| Research & Development | 5.81M | 3.61M | 3.97M | 5.52M | 8.11M | 4.08M | 29.39K | 38.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 28.2% | 29.64% | 40.2% | 42.49% | 41.83% | 2.29% | 13.13% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 2.94M | 21.76M | 41.69M | 12.36M | 0 | 0 | 13.33K | 12.2M | 24.12K | 27.11K | 161.17K | 1.12M | 121.13K | 1.13M | 836.54K | 911.29K | 2.73M | 196.4K | 0 | 0 | 0 |
| Operating Income | -16.57M | -8.94M | -12.64M | -39.15M | -64.28M | -30.29M | -4.93M | -2.52M | -2.06M | -2.67M | -11.14M | -53.11M | 724.38K | 1.69M | 866.64K | -1.2M | -227.3K | -5.45M | -2.95M | -2M | -30K | 10K | -10K |
| Operating Margin % | -183.08% | -69.77% | -94.34% | -284.91% | -336.63% | -310.35% | -383.65% | -850.15% | -1911.27% | -200.74% | -452.48% | -1088.6% | 5.07% | 15.42% | 10.2% | -19.1% | -4.68% | -84.7% | -81.76% | -2197.16% | - | 4% | -100% |
| Operating Income Growth % | - | 29.26% | 67.73% | 39.09% | -112.19% | -514.29% | -95.52% | -22.4% | 22.76% | 76.05% | 79.03% | -7431.68% | -57.07% | 94.72% | 172.19% | -428.19% | 95.83% | -85.08% | -47.65% | -6550.06% | -400% | 200% | - |
| EBITDA | -16.18M | -8.13M | -11.56M | -35.34M | -60.34M | -28.79M | -4.76M | -2.35M | -2M | -2.43M | -10.72M | -51.8M | 4.27M | 3.54M | 2.5M | -71.87K | 687.88K | -4.34M | -2.01M | -1.79M | -70K | -30K | -50K |
| EBITDA Margin % | -178.8% | -63.45% | -86.31% | -257.17% | -316% | -294.96% | -370.13% | -792.31% | -1850.65% | -183.12% | -435.66% | -1061.72% | 29.9% | 32.39% | 29.43% | -1.14% | 14.17% | -67.49% | -55.8% | -1967.07% | - | -12% | -500% |
| EBITDA Growth % | -65.71% | 29.68% | 67.29% | 41.43% | -109.57% | -505.15% | -102.4% | -17.81% | 18.01% | 77.31% | 79.3% | -1312.04% | 20.58% | 41.76% | 3578.61% | -110.45% | 115.83% | -116.1% | -12.56% | -2451.57% | -133.33% | 40% | - |
| D&A (Non-Cash Add-back) | 387.46K | 809.73K | 1.08M | 3.81M | 3.94M | 1.5M | 173.66K | 171.59K | 65.36K | 234.13K | 413.97K | 1.31M | 3.55M | 1.86M | 1.63M | 1.13M | 915.18K | 1.11M | 935.33K | 208.92K | -40K | -40K | -40K |
| EBIT | -24.89M | -5.27M | -26.65M | -41.47M | -58.19M | -30.1M | -4.93M | -2.52M | -2.05M | -654.4K | -11.26M | -50.63M | 5.88M | 2.06M | 1.04M | -1.55M | -2.25M | -3.4M | -674.14K | 3.6M | 90.8K | -592.83K | -51.36K |
| Net Interest Income | -137.14K | -9.59K | -8.39M | -948.56K | -59.78K | -7.85K | -549 | -501 | -32.42K | -142.81K | -1.91M | -1.29M | -1.3M | -772.47K | -302.36K | -463.02K | 0 | -1.35M | -3.7M | -1.88M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32 | 398 | 901 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 137.14K | 9.59K | 8.39M | 948.56K | 59.78K | 7.85K | 549 | 501 | 32.42K | 142.81K | 1.91M | 1.29M | 1.31M | 772.47K | 302.36K | 463.02K | 1.35M | 3.7M | 1.88M | 1.88M | 0 | -20K | -20K |
| Other Income/Expense | -8.45M | 3.66M | -22.41M | -3.27M | 6.02M | 184.09K | -1.14K | -501 | -19.08K | -130.35K | -11.54M | -50.85M | 3.85M | -397.03K | -125.52K | -816.68K | -4.72M | -4.72M | 144.79K | -2.83M | -8.09K | -20K | -4.37K |
| Pretax Income | -25.03M | -5.28M | -35.04M | -42.42M | -58.25M | -30.11M | -4.93M | -2.52M | -2.08M | 8.28M | -13.18M | -51.92M | 4.57M | 1.29M | 741.12K | -2.02M | -4.95M | -5.31M | -4.83M | -2M | -50K | -10K | -30K |
| Pretax Margin % | -276.49% | -41.21% | -261.65% | -308.71% | -305.08% | -308.46% | -383.73% | -850.32% | -1928.97% | 622.65% | -535.22% | -1064.25% | 32% | 11.79% | 8.72% | -32.09% | -101.9% | -82.45% | -134.01% | -2206.06% | - | -4% | -300% |
| Income Tax | 9.22M | 7.78M | 0 | 0 | 0 | 0 | 0 | 0 | 19.08K | -10.94M | 2.04M | 47.74M | 0 | 0 | 0 | 0 | 0 | 5.31M | 4.83M | 2M | 40K | 40K | 40K |
| Effective Tax Rate % | -36.85% | -147.27% | 0% | 0% | 0% | 0% | 0% | 0% | -0.92% | -132.24% | -15.46% | -91.95% | 0% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -80% | -400% | -133.33% |
| Net Income | -34.25M | -13.06M | -35.04M | -42.42M | -58.25M | -30.11M | -4.93M | -2.52M | -2.08M | 8.28M | -13.18M | -51.92M | 4.57M | 1.29M | 345.99K | -2.04M | -4.95M | -5.31M | -4.83M | -2M | -90K | -50K | -70K |
| Net Margin % | -378.37% | -101.91% | -261.65% | -308.71% | -305.08% | -308.46% | -383.78% | -850.49% | -1928.97% | 622.65% | -535.22% | -1064.25% | 32% | 11.79% | 4.07% | -32.43% | -101.9% | -82.45% | -134.01% | -2206.06% | - | -20% | -700% |
| Net Income Growth % | -71.09% | 62.74% | 17.4% | 27.18% | -93.48% | -510.35% | -95.51% | -21.33% | -125.13% | 162.8% | 74.62% | -1235.25% | 254.42% | 272.97% | 116.97% | 58.8% | 6.76% | -9.92% | -141.02% | -2125.67% | -80% | 28.57% | - |
| Net Income (Continuing) | -34.25M | -13.06M | -35.04M | -42.42M | -58.25M | -30.11M | -4.93M | -2.52M | -2.08M | -797.22K | -13.18M | -51.92M | 4.57M | 1.29M | 741.12K | -2.02M | -4.95M | -4.75M | -5.31M | -4.83M | -2M | -592.87K | -70K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 565.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.61 | -0.52 | -46.24 | -8.04 | -728.00 | -8.62 | -2.42 | -3.43 | -0.25 | -0.19 | -39.10 | -157.04 | 10.50 | 1.00 | -1.41 | -11.07 | -391.15 | -447.93 | -422.61 | -306.85 | -4.50 | -2.50 | -3.50 |
| EPS Growth % | 99.17% | 98.88% | -475.12% | 98.9% | -8345.48% | -256.2% | 29.45% | -1272% | -31.58% | 99.51% | 75.1% | -1595.62% | 950% | 170.92% | 87.26% | 97.17% | 12.68% | -5.99% | -37.73% | -6718.89% | -80% | 28.57% | - |
| EPS (Basic) | - | -0.52 | -46.24 | -8.04 | -728.00 | -8.62 | -2.42 | -3.43 | -0.25 | -0.19 | -39.10 | -157.04 | 10.50 | 1.00 | -1.41 | -11.07 | -391.15 | -447.93 | -422.61 | -306.85 | -4.50 | -2.50 | -3.50 |
| Diluted Shares Outstanding | 56.38M | 25.05M | 1.15M | 5.28M | 83.37K | 3.5M | 2.03M | 735.73K | 8.18M | 4.2M | 336.96K | 330.63K | 299.68K | 223.84K | 185.91K | 184.08K | 12.65K | 11.85K | 11.42K | 6.53K | 20K | 20K | 20K |
| Basic Shares Outstanding | 56.38M | 25.05M | 1.15M | 5.28M | 83.37K | 3.5M | 2.03M | 735.73K | 8.18M | 4.2M | 336.96K | 330.63K | 299.68K | 223.84K | 185.91K | 184.08K | 12.65K | 11.85K | 11.42K | 6.53K | 20K | 20K | 20K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 0.73% | - | 125.35% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying UAVS stock.
For fiscal year 2025, AgEagle Aerial Systems, Inc. (UAVS) reported total revenue of $12.8M. This represents a 128010.8% increase compared to $0.0M in 2004.
AgEagle Aerial Systems, Inc. (UAVS) reported a net loss of $13.1M for the fiscal year ending 2025.
AgEagle Aerial Systems, Inc. (UAVS) reported an operating income of $-8.9M, resulting in an operating profit margin of -69.8%. This margin reflects the operational efficiency of the business before interest and taxes.
AgEagle Aerial Systems, Inc. (UAVS) generated $6.6M in gross profit for the year, representing a gross profit margin of 51.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cash burn rate
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As evidenced by the quarterly financial data, AgEagle's top-line performance remains under pressure, with revenue declining to $1.4M in 2026Q1, representing a significant -61.6% year-over-year contraction that highlights the company's ongoing struggle to achieve consistent market penetration despite its specialized product portfolio and regulatory tailwinds.
The volatility in quarterly revenue suggests that the company's reliance on lumpy government procurement and agricultural seasonality creates significant top-line instability. Investors should monitor whether the recent decline reflects a structural loss of market share or merely the timing of contract recognition, as the current trajectory fails to demonstrate the growth durability required for a technology-focused hardware firm.
Gross Margin Resilience Amidst Volatility
According to the reported income statements, AgEagle has maintained a gross margin profile that fluctuated between 38.5% and 58.5% over the last ten quarters, suggesting that the firm retains some pricing power for its specialized sensor and drone hardware despite the broader challenges in scaling its operations.
The ability to sustain gross margins above 40% in most periods indicates that the MicaSense sensor technology and eBee platforms command a premium in the market. However, the inconsistency in these margins warrants further investigation into whether product mix shifts or inventory write-downs are driving the periodic compression observed in recent quarters.
Operating Leverage Remains Severely Constrained
Based on the provided financial figures, AgEagle continues to exhibit a lack of operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that reached -$5.1M in 2026Q1 and underscore the difficulty of scaling the current cost structure against a shrinking revenue base.
The company's inability to achieve operating break-even suggests that the overhead burden from its acquisition-heavy strategy remains excessive relative to current output. Unless management can significantly reduce SG&A or drive a substantial increase in high-margin SaaS revenue, the current operating model appears unsustainable without further external financing.
Earnings Quality Obscured by Volatility
As reported in the financial statements, net income has been highly erratic, swinging from a $7.1M gain in 2025Q1 to a $24.5M loss in 2023Q4, which suggests that headline earnings are heavily influenced by non-operating items, acquisition-related adjustments, and potential tax anomalies rather than core operational performance.
The wide variance in net income makes it difficult to assess the underlying profitability of the business, as non-cash charges and one-time items appear to dominate the bottom line. Analysts should focus on operating cash flow and EBITDA metrics to strip away these distortions and determine if the company is moving toward a sustainable path to profitability.
High Fixed Costs Burdening Operations
Analysis of the cost structure reveals that R&D and SG&A expenses remain disproportionately high, with SG&A alone consuming $3.9M in 2026Q1, a figure that significantly outweighs the $1.4M in total revenue and highlights a fundamental misalignment between the company's current scale and its operational expense base.
The persistent high level of R&D spending may be necessary to maintain NDAA compliance and technological relevance, but it places immense pressure on the company's limited cash reserves. Management's expense discipline appears insufficient to offset the revenue decline, suggesting that the current cost structure may require a more aggressive consolidation to preserve liquidity.