olivLaw · US equity research
AgEagle Aerial Systems Inc. UAVS
Aircraft · SIC 3721 · Vertical: Aircraft (SIC 3721)
AgEagle Aerial Systems (EagleNXT, UAVS) builds drones, multispectral sensors and, from 2026, counter-drone systems for defense and commercial use. In the second quarter of 2026 revenue rose to 2.7 million USD from 1.4 million USD in the prior quarter, helped by domestic production in Allen, Texas. The company still posts losses and needs funding, so its progress is worth following closely.
At the close of 04 Nov 2026, AgEagle Aerial Systems Inc. (UAVS) stock was 0.35 USD (−15.61% on the day), with market capitalisation 21.8 m USD, beta 2.04, 52-week range 0.35–1.76 USD. Latest reported quarter (Q2 2026): revenue of 2.7 m USD (−36.0% YoY), net income of -15.4 m USD, diluted EPS -0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 14.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.35 – 0.89
- below the lower band · %B -0.01 · band width 87.4%
- SMA 50 / 200
- 0.85 / 0.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −60.7% | −1.1% | −59.6 pp | — |
| 3 months | −51.9% | −0.5% | −51.5 pp | — |
| 6 months | −69.1% | +4.4% | −73.5 pp | — |
| Year to date | −57.3% | +12.3% | −69.6 pp | — |
| 1 year | −78.9% | +13.5% | −92.4 pp | −42.2% |
| 3 years | −99.7% | +76.4% | −176.1 pp | −16.5% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 m | 2.8 m | 3.6 m | 4.2 m | 2.0 m | 3.0 m | 1.4 m | 2.7 m |
| Cost of revenue | 1.7 m | 1.7 m | 1.5 m | 1.9 m | 1.2 m | 1.6 m | 816.3 k | 1.3 m |
| Gross profit | 1.6 m | 1.1 m | 2.1 m | 2.3 m | 759.0 k | 1.4 m | 584.9 k | 1.4 m |
| Research & development | 969.4 k | 787.9 k | 736.4 k | 811.0 k | 1.0 m | 1.1 m | 1.8 m | 2.0 m |
| Operating income | -1.9 m | -5.8 m | -1.0 m | -2.1 m | -3.2 m | -8.5 m | -5.1 m | -5.6 m |
| Depreciation & amortisation | 139.7 k ≈ | 260.8 k | 246.7 k | 327.4 k ≈ | 242.5 k ≈ | -6.8 k | 76.0 k | 75.7 k ≈ |
| Interest expense | 1.6 m | -4.8 m | 18.8 k | 49.9 k | 27.5 k | -125.3 k | -152.5 k | — |
| Pre-tax income | -3.5 m | -22.3 m | 7.1 m | -1.3 m | -2.6 m | -8.4 m | 1.4 m | -15.4 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -3.5 m | -22.3 m | 7.1 m | -1.3 m | -2.6 m | -8.4 m | 1.4 m | -15.4 m |
| Diluted EPS | -16.03 | -5.81 ≈ | -0.09 | -0.32 | -0.09 | — | 0.00 | -0.26 |
| Operating cash flow | -1.1 m ≈ | -2.5 m | -1.3 m | -2.7 m ≈ | -3.3 m ≈ | -2.6 m | -2.4 m | -6.0 m ≈ |
| Capex | 293 ≈ | 14.5 k | 10.4 k | 13.5 k ≈ | 14.5 k ≈ | 36.3 k | 357.0 k | 198.1 k ≈ |
| Dividends paid | — | — | 0 | 0 ≈ | — | — | 853.7 k | 51.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107.8 k | 296.7 k | 1.3 m | 9.8 m | 19.1 m | 13.7 m | 13.4 m | 12.8 m |
| Revenue YoY | −7.1% | +175.2% | +333.3% | +659.4% | +95.6% | −28.0% | −2.5% | −4.3% |
| Net income | -2.1 m | -2.5 m | -4.9 m | -30.1 m | -58.3 m | -42.4 m | -35.0 m | -5.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | -14.56 | -514.90 | -46.24 | -0.52 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1,929.0% | -850.3% | -383.7% | -308.5% | -305.1% | -308.7% | -261.6% | -41.2% |
| Free cash flow | -1.8 m | -1.8 m | -2.4 m | -13.0 m | -20.1 m | -11.2 m | -6.6 m | -10.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 209.6 k USD
- Net debt
- unavailable USD
- Equity
- 35.7 m USD
- Total assets
- 42.2 m USD
- Debt / equity
- 0.01x
- Current ratio
- 7.92x
- ROE
- unavailable
- ROA
- -16.8%
- FCF margin
- -78.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 m | 9.8 m | 19.1 m | 13.7 m | 13.4 m | 12.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 711.7 k | 5.5 m | 10.9 m | 8.3 m | 7.1 m | 6.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 573.7 k | 4.3 m | 8.2 m | 5.5 m | 6.3 m | 6.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 29.4 k | 4.1 m | 8.1 m | 5.5 m | 4.0 m | 3.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -4.9 m | -30.3 m | -64.3 m | -39.2 m | -12.6 m | -14.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 0 | 55.6 k | 3.9 m | 3.8 m | 1.1 m | 809.7 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -4.9 m ≈ | -30.2 m ≈ | -60.3 m ≈ | -35.3 m ≈ | -11.6 m ≈ | -13.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 549 | 7.9 k | 59.8 k | 326.9 k | 884.8 k | 9.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -4.9 m | -30.1 m | -58.3 m | -42.4 m | -35.0 m | -5.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | — | 0 | 0 | — | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -4.9 m | -30.1 m | -58.3 m | -42.4 m | -35.0 m | -5.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | — | -14.56 | -514.90 | -46.24 | -0.52 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | — | — | 4.2 m | 105.6 k | 1.1 m | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 23.9 m | 14.6 m | 4.3 m | 819.0 k | 3.6 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Receivables | — | 2.9 m | 2.2 m | 2.1 m | 1.4 m | 3.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 135.6 k | 4.0 m | 6.7 m | 6.9 m | 5.5 m | 5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 24.8 m | 23.0 m | 14.5 m | 10.5 m | 10.9 m | 39.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 122.6 k | 952.1 k | 791.2 k | 799.9 k | 455.6 k | 331.8 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 3.1 m | 64.9 m | 23.2 m | 7.4 m | 4.5 m | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 440.5 k | 13.6 m | 11.5 m | 2.6 m | 2.0 m | 56.9 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 28.7 m | 104.7 m | 54.2 m | 25.2 m | 20.6 m | 42.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 159.8 k | 2.5 m | 1.8 m | 3.1 m | 2.8 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | — | — | — | 99.7 k | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 17.9 k | 808.0 k | 446.8 k | 489.0 k | 274.4 k | 209.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 2.2 m | 17.1 m | 5.4 m | 11.0 m | 7.9 m | 5.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 2.4 m | 28.1 m | 11.0 m | 14.5 m | 26.3 m | 6.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 26.4 m † | 76.6 m † | 43.2 m † | 10.7 m † | -5.7 m † | 35.7 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.3 m | -12.5 m | -19.8 m | -11.0 m | -6.6 m | -10.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 106.1 k | 525.3 k | 313.8 k | 215.4 k | 49.5 k | 74.7 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -2.4 m ≈ | -13.0 m ≈ | -20.1 m ≈ | -11.2 m ≈ | -6.6 m ≈ | -10.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -779.0 k | -42.5 m | -8.4 m | -777.0 k | -94.1 k | -74.7 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 26.3 m | 45.6 m | 17.5 m | 8.6 m | 9.5 m | 36.2 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.8 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -276.5% | 56 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -12.5% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -111.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 6.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -68.4% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AgEagle Aerial Systems Inc. (UAVS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 12.8 m USD in 2025; YoY growth -4.3%; net margin -276.5%; ROE -106.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.4x
What contradicts it
- Revenue CAGR 3Y: -12.5%
- Interest coverage: -111.6x
- FCF yield: -68.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft (SIC 3721) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAThe Boeing Company | 140.3 bn | 18.6 | — | 8.1% | +34.5% | −6% / −24% |
| EMBJEmbraer S.A. | 56.8 bn | 163.6 | 10.8% | 4.6% | +18.5% | +25% / +349% |
| AVAVAerovironment, Inc. | 5.8 bn | — | -4.6% | -10.1% | +140.9% | −59% / −18% |
| JOBYJoby Aviation, Inc. | 5.0 bn | — | -65.9% | -755.1% | +39,183.1% | −65% / −15% |
| ACHRArcher Aviation Inc. | 3.2 bn | — | -44.8% | -11,589.9% | unavailable | −47% / −31% |
| BETABETA Technologies, Inc. | 951.1 m | — | -46.8% | -1,007.8% | +136.0% | −7% / unavailable |
| AIROAIRO Group Holdings, Inc. | 171.0 m | — | -3.6% | -23.9% | +4.6% | −37% / unavailable |
| MOBMobilicom Limited | 36.5 m | — | -369.2% | -705.4% | +5.8% | −58% / +115% |
| UAVSAgEagle Aerial Systems Inc. | 21.8 m | — | -106.1% | -276.5% | −4.3% | −79% / −100% |
| DUKRDUKE Robotics Corp. | 11.2 m | — | -66.6% | -611.0% | +249.1% | +1,382% / +3,160% |
| EVTLVertical Aerospace Ltd. | — | — | — | — | +51.7% | −91% / −94% |
1- and 3-year price returns: for UAVS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AgEagle Aerial Systems (EagleNXT, UAVS) builds drones, multispectral sensors and, from 2026, counter-drone systems for defense and commercial use. In the second quarter of 2026 revenue rose to 2.7 million USD from 1.4 million USD in the prior quarter, helped by domestic production in Allen, Texas. The company still posts losses and needs funding, so its progress is worth following closely.
SWOT
Strengths
- A drone portfolio approved for BVLOS and OOP flights and certified Blue UAS, which eases access to U.S. military customers.
- In-house production capacity in Allen, Texas, which supports eligibility for federal and defense contracts.
- A large technical team with experience in robotics, automation and data analysis, and an extensive reseller network.
Weaknesses
- Repeated net losses and a large accumulated deficit, which leave the company dependent on external funding.
- Revenue is volatile from quarter to quarter and depends on a few large contracts, which makes forecasting difficult.
- Rapid diversification through investments and joint ventures raises execution and integration risk.
Opportunities
- Demand for drones and counter-drone systems from allied armed forces could grow if defense budgets stay high.
- Listing on the U.S. Army UAS Marketplace could simplify federal purchasing and widen the customer base.
- New sensors and cameras under development could open markets in agriculture and forestry.
Threats
- Competition from larger military drone makers and better-funded companies may limit market share.
- Legislative delays and government shutdowns can postpone essential contracts.
- Drone regulations and cybersecurity requirements may change and force costly adaptations.
Risks
- Funding and dilutionhigh
The company needs additional capital, which may come through share issuance or convertible instruments, with an impact on existing shareholders.
- Persistent losseshigh
The company records net losses and it is not clear when operations will generate enough cash flow.
- Dependence on government customersmedium
A significant share of revenue comes from contracts with the military and federal agencies, which can be delayed or cancelled.
- Execution of diversificationmedium
Investments in ThirdEye, Aerodrome and Agilis Air require integration and resources, and outcomes are uncertain.
- Cybersecuritylow
The software that controls the drones can become a target of attacks, and an incident could damage reputation and contracts.
Investment thesis
What would need to be true (bull case)
- If the revenue growth of the second quarter holds, the company could show that its investments in domestic production are starting to pay off.
- Blue UAS positions and eligibility for the U.S. military market could give it an access advantage over competitors without these certifications.
- Entering counter-drone systems through a joint venture could open a new source of defense revenue.
What would break the thesis
- Repeated losses and the accumulated deficit could force the company to issue more capital, diluting shareholders.
- The recent quarterly rebound could be temporary if it was driven by delayed federal orders being caught up.
- Rapid diversification into several directions could spread resources thin and delay profitability.
What to watch
- Drone and sensor revenue in the third quarterQ3 2026
- First orders for the ThirdEye USA counter-drone systemssecond half 2026
- Listing of eBee TAC and eBee VISION on the U.S. Army UAS Marketplace2026
- New equity or debt financing and the level of cash on handnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Operating through wholly owned subsidiaries, the company designs and delivers drones, sensors and software for customers in defense, public safety, mapping, agriculture and utilities. It was founded in 2010 to make fixed-wing drones for agriculture and in 2021 acquired three UAS companies, including MicaSense, Measure Global and senseFly. In 2025 it refocused on two product lines, uncrewed aircraft systems and multispectral sensors, and rebranded as EagleNXT. Its headquarters is now in Allen, Texas, where drones and sensors are produced, while drones are still manufactured in Lausanne, Switzerland.
Its stated advantage is a drone portfolio approved for BVLOS and OOP flights in the United States, Canada, Brazil and the European Union, plus Blue UAS certification. The company says it has a global network of over 165 UAS resellers and that about 70% of its workforce has experience in robotics, automation and data science. It still depends on winning government contracts and funding its losses, with an accumulated deficit of approximately 231.2 million USD at December 31, 2025.
Since 2026 the strategy has extended into VTOL drones, loitering munitions and counter-drone systems through investments and a joint venture. The company invested 10 million USD in ThirdEye Systems Ltd. and holds 51% of ThirdEye USA, which produces counter-drone systems that detect hostile drones. These were demonstrated at the U.S. Central Command EXTiC 26-2 experiment, and the products are described as available for sale in the United States and Canada.
Segments
Drones and UAS (eBee)
The eBee line, especially eBee VISION and eBee TAC, is sold to military units and government agencies, as well as to mapping and agriculture customers. eBee TAC and eBee VISION are on the Blue UAS list, and the company is pursuing listing on the U.S. Army UAS Marketplace. Drone revenue rose 67% sequentially in the second quarter of 2026, driven mainly by deliveries to the U.S. Army.
Multispectral and thermal sensors (MicaSense)
MicaSense cameras, used in agriculture, plant research and forestry, are distributed in over 75 countries. Their production has been consolidated into a single U.S. facility. Sensor revenue rose 112% sequentially in the second quarter of 2026, supported by seasonal demand and the RedEdge-P Green model launched earlier this year.
Counter-drone systems (ThirdEye USA)
This segment, run through the joint venture ThirdEye USA, is the newest and still early. The company says U.S. demand is growing and that initial orders could come in the second half of 2026. Its contribution to revenue remains to be confirmed.
Market context
The military drone market was valued, according to a report the company cites, at 21.81 billion USD in 2024, with a compound annual growth rate of 11.20% through 2033. Demand is supported by geopolitical tensions and rising defense budgets. In the civilian market, mapping, infrastructure inspection and agriculture are adopting drones more widely, and a bill on drone infrastructure inspection was pending in the U.S. Senate at the time of reporting.
The civilian segment is more fragmented and more sensitive to seasonality and to the budget cycles of public customers. The company's revenue is in fact very volatile from one quarter to the next, which shows its dependence on individual orders and the timing of federal purchases.
Trends
- Rising defense budgetstailwind
Geopolitical tensions are increasing demand for reconnaissance drones and counter-drone systems, including in Asia-Pacific and Eastern Europe. If these budgets hold up, they could support the company's orders.
- Domestic production and U.S.-made preferencetailwind
Policies from the Department of War and the FCC favor drone manufacturing in the United States, and the Allen, Texas facility responds to that requirement. This is an important advantage for access to federal contracts.
- Delays in federal procurementheadwind
A federal government shutdown delayed contract awards in the first quarter of 2026, and orders were affected. If the pace of procurement stays unpredictable, revenue could be uneven.
- Regulation and cybersecurity riskmixed
Autonomous and connected drones are becoming targets for cyberattacks, and compliance requirements such as the NDAA may change. The effect depends on how quickly the company adapts its products.
Competitive position
The company competes in professional and military drones with manufacturers that have greater scale or broader access to financing. Its edge rests on BVLOS, OOP and Blue UAS approvals, but these do not guarantee winning contracts. In counter-drone systems competition is intense and dominated by well-resourced defense companies.
In multispectral sensors the company relies on the reputation of the MicaSense cameras, their integration into more than 150 drone models and the more than 100 research publications that cite them. Differentiation could erode if competitors launch comparable sensors at lower prices.
- Parrot
European professional drone maker and direct competitor in mapping and civilian applications.
- Quantum Systems
German military and reconnaissance drone company competing in the defense UAS space.
- AeroVironmentAVAV
U.S. defense UAS manufacturer present on the same government programs.
- Red Cat HoldingsRCAT
U.S. defense drone company competing for U.S. military procurement programs.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report09 Oct 2026Departure or appointment of officers
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report18 Jun 2026Shareholder vote
- Current report15 May 2026Other events · Financial statements and exhibits
- Quarterly report15 May 2026
- Proxy statement30 Apr 2026
- Current report14 Apr 2026Material agreement · Other events · Financial statements and exhibits
- Annual report31 Mar 2026
- Current report31 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AgEagle Aerial Systems Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AgEagle Aerial Systems Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AgEagle Aerial Systems Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.