FLYHT Reports First Quarter 2024 Results

FLYHT Aerospace Solutions Ltd. has announced its financial results for Q1 2024. The company reported a slight revenue increase of 1% to $4,790,594 compared to Q1 2023, driven by growth in SaaS, Licensing, and Technical Services. Notably, SaaS revenue rose 15% to $2,763,716, while Technical Services surged 128% to $1,284,187.

However, hardware revenue declined by 63% to $663,532. The company achieved a gross margin of 64%, up from 57.3% in Q1 2023, attributed to changes in the revenue mix. Despite investments in new product development, EBITDA loss narrowed to $594,005 from $1,343,914 in Q1 2023.

Net loss for the quarter was $794,382 compared to $1,657,114 in the previous year. FLYHT’s cash and short-term investments totaled $1,482,457 as of March 31, 2024.