FLYHT Aerospace Solutions Ltd.
TSX Venture: FLY
Shares Issued: 140,386,166
Fully Diluted: 179,132,626
For those who missed FLYHT’s first quarter conference call, it is now available on FLYHT’s website.
Here are some key highlights from the conference call:
- FLY is pleased that revenue continues to grow while R&D expenses are tracking down as planned.
- Overall revenue increased 54% to $1,717,136 compared to Q1 last year.
- Sales revenue increased 317% and services revenue increased 320% compared to the same period last year.
- Net loss for the 1st quarter fell by $1.2 million compared to last year.
- AGM was yesterday and it was recorded. Expect to see it on FLYHT’s website tomorrow (Thursday May 9th).
- Final tranche of financing is expected to close in the next week or two.
- Still on track to be cash flow positive by the end of this year.
- Aireon (Iridium and NAV CANADA) will be flight tracking using the new Iridium system, which is to be launched in 2015 -2016. FLY is working with them to be part of that solution.
- 228S is currently being certified by Airbus to be a component of FANS (Future Air Navigation System.)
- Pilots are starting to use iPads as electronic flight bags in the cockpit and FLYHT is selling data connectivity to them.
- NetJets has gone live with three AFIRS units. 10 in total are expected to be activated in the next three or four weeks.
- Four major opportunities for FLYHT:
1. L-3 contract to supply Airbus;
2. Mandate in China to have sat-com on all aircraft by the end of 2016;
3. C-130 upgrade program and working with four integrators;
4. Business aircraft market, primarily with NetJets.