AgEagle sells two more eBee X drones to South Korea, surpassing 100 units

WICHITA, Kan. - AgEagle Aerial Systems Inc. (NYSE:UAVS), currently trading at $1.06 and showing impressive gross profit margins of 49.2% according to InvestingPro data, has sold two additional eBee X drones to South Korea, bringing the country’s total fleet to more than 100 units, the company announced Wednesday.

The fixed-wing mapping drones are designed for high-precision geospatial data collection with applications in surveying, mapping, and photogrammetry. The eBee X can fly for up to 90 minutes and cover nearly 2,500 acres at 400 feet altitude.

"Achieving our 100th eBee drone sale in South Korea represents a key growth milestone," said AgEagle CEO Bill Irby. "It reflects the growing global demand for our advanced aerial solutions."

The drones support various applications including precision agriculture, environmental monitoring, urban planning, and disaster response. The systems have received approvals for Operations Over People (OOP) in multiple countries and can operate Beyond Visual Line of Sight (BVLOS) in certain jurisdictions.

According to data cited in the company’s press release, the Asia-Pacific consumer drone market is projected to grow at a 15% compound annual growth rate through 2030, potentially reaching $4.1 billion in value.

AgEagle, founded in 2010, initially focused on drones for the agriculture industry but has since expanded to serve customers in energy, construction, and government sectors.

The announcement comes as AgEagle seeks to strengthen its position in the Asia-Pacific drone market, where the company has established a significant presence through its continued partnership with South Korea.

In other recent news, AgEagle Aerial Systems Inc. has made several notable announcements. The company has issued new preferred stock, entering an agreement with Alpha Capital Anstalt to sell Series F Convertible Preferred Stock and accompanying warrants, totaling up to $25 million. This transaction was disclosed in a recent SEC filing, highlighting AgEagle’s latest financial developments. Additionally, AgEagle has sold two eBee VISION drones to the Government of Paraguay, marking an expansion of its reach in the Latin American government market.

AgEagle has also formed a strategic partnership with Vyom Drones to manufacture and distribute its eBee X drones in India, aiming to tap into the country’s agricultural and surveying sectors. Moreover, AgEagle participated in a White House policy meeting discussing FAA Rule Part 108, which could impact drone operations in the United States. The company also announced that JEPICO Corporation in Japan acquired its RedEdge-P multispectral sensor to address red tide pollution.

These recent developments underscore AgEagle’s ongoing efforts to expand its global influence and engage in high-level policy discussions.

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