FLYHT Names Captain Mary I. McMillan as Non-Executive Board Chair

Nina Jonsson and Jack Olcott Not Seeking Re-Election
 

Calgary, Alberta – April 13, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Board of Directors has named Captain Mary I. McMillan, a current independent director on the Board, to non-executive Chairman of the Board. Captain McMillan succeeds Nina Jonsson, who will not seek re-election at the Company’s upcoming Annual and Special Meeting of the shareholders of FLYHT on May 11, 2023 (the “AGM”) and will leave the Board after four years of service at the conclusion of the AGM.  Nina Jonsson notes “I am delighted to hand over the chairmanship to my esteemed long-time colleague Mary McMillan.  Mary’s competent leadership and extensive expertise in our space will help guide FLYHT to even greater heights.  I wish her much success in her new role.”

Captain McMillan is a highly regarded subject matter expert in areas of aviation safety and environmental issues, as well as a commercial pilot with more than 12,000 hours flight time. She is the President of Cashel Aviation, a consultancy dedicated to the development and implementation of aviation safety and environmental strategies. She retired as the Vice President of Aviation Safety and Operational Services for Inmarsat Plc in 2018 following the successful launch of the division within the Inmarsat Aviation Business Unit. Prior to joining Inmarsat, she led the aviation safety and environmental divisions for Washington D.C. based TetraTechAMT and CSSI Inc., respectively. She served as the independent safety advisor to the Airservices Australia Board of Directors in Canberra, Australia. Before joining the industry, Captain McMillan held several operational and managerial roles with United Airlines including pilot, standards captain, Director of Flight Safety (A) and Flight Operations Duty Manager. Captain McMillan began flying in 1982, holds an Airline Transport Pilot’s license and is type rated on multiple aircraft including the DC-10, B747, B737, B757/B767 and Airbus 319/320.

“I am honored to ascend to Board Chair to help FLYHT continue to pursue its vision of being a global force in innovative data solutions for the aviation industry,” commented Captain McMillan. “Airline safety is my life’s work. FLYHT is uniquely positioned to help the industry achieve improved safety, increased operational and commercial efficiency, and higher profitability, through its suite of Actionable Intelligence software. Increasingly, we are also aggressively aligning our products and services to assist the industry in achieving its 2050 ‘Net-Zero emissions’ environmental goals. I look forward to providing my insight and expertise to further the Company’s growth.”

Additionally, the Company announced that Jack Olcott has resigned from the Board of Directors (and as a result will not stand for re-election at the AGM). He joined the Board of Directors of FLYHT in 2008.

Kent Jacobs, President and Interim CEO, said, “Jack’s contributions to our Company over the last 15 years have been remarkable. His deep understanding of business aviation and steady guidance through years of growth and challenges have helped to build FLYHT into the leader that it is today. On behalf of our shareholders, the management team and the Board, I would like to personally thank Jack for his impact and service and wish him a wonderful retirement.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit http://www.flyht.com.

FLYHT Reports Fourth Quarter 2022 Results

Company Delivers Record Revenue and Positive EBITDA for the Quarter and Year
 

Calgary, Alberta – April 12, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the fourth quarter ended December 31, 2022 (“Q4 2022”). All figures are Canadian dollars unless otherwise stated.

Financial Summary




Management Commentary

“With the strong execution of our strategy, FLYHT delivered record revenue of nearly $24 million in 2022, a doubling over 2021, while also generating positive EBITDA in the second half of the year and on a full year basis,” said Kent Jacobs, President and Interim CEO. “The continued recovery of the airline industry coupled with FLYHT’s innovative approach positions us to benefit from the ongoing robust demand for our legacy products and surging interest for our new solutions.”

Continued Jacobs, “FLYHT exited the year with one of its strongest quarters ever in Q4 2022. Revenue was $7.2 million, up 186% over last year, driven by continued SaaS growth and fulfilment of the 2022 purchase order of modems from our long-time OEM partner. EBITDA was positive $1.2 million and net income was positive $719 thousand, the highest in over three years.”

Concluded Jacobs, “In 2023, we are focused on fulfilling Bill Tempany’s vision to become a global force in providing innovative aviation and environmental solutions for our customers. We are on the verge of obtaining the initial Supplemental Type Certificates (“STCs”) of our newest innovation, the AFIRS Edge™, which opens up a significant incremental growth opportunity as we target the ~25,000 aircraft that will ultimately require 5G enabled connectivity. Meanwhile, demand for the complementary AFIRS 228™ Satcom product remains at an all time high, highlighted in 2022 by our single largest licencing order ever of more than $7 million. These products and services are complemented by additional standalone SaaS offerings as part of our recurring revenue strategy, including our recently introduced ClearPort aircraft turn management tool. As we expand into Artificial Intelligence and Machine Learning models, and further develop our Data Warehouse capabilities, we look forward to reaching our full SaaS revenue potential.

Fourth Quarter 2022 Operating Results

Revenue increased by 187% to $7,241,758 in Q4 2022 compared to Q4 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.

 SaaS revenue increased by 50% to $2,253,618 in Q4 2022. The addition of CrossConsense SaaS revenues further supported a 2.6% increase in AFIRS SaaS revenues. Licensing revenue increased by 751% to $3,030,368 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 817% to $739,912, including contributions from CrossConsense services. Hardware revenue increased by 106% to $1,217,860 due to a higher number of shipments in the quarter. A total of 16 installation kits were shipped in Q4 2022 compared with 9 shipped in Q4 2021.

Gross margin was 67.1% of revenue in Q4 2022 compared to 49.5% in Q4 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.

Operating expenses increased by 24% from Q4 2021, driven by a 71% increase in Distribution expenses and a 11% increase in Administration expenses. Research and Development and certification engineering expenses decreased by 4% compared to Q4 2021. These increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.

Positive EBITDA totaled $1,170,183 in Q4 2022 compared to an EBITDA loss of $1,745,000 in Q4 2021.

Net income was $718,689 in Q4 2022 compared to a net loss of $2,444,054 in Q4 2021.

Full Year 2022 Operating Results

Revenue increased by 111% to $23,879,160 in 2022 compared to 2021, driven by growth in all four revenue categories, SaaS, Hardware, Licensing and Technical Services.

SaaS revenue increased by 36% to $8,157,886 in Q4 2022. The addition of CrossConsense SaaS revenues more than offset a decrease of 1.6% in AFIRS SaaS revenues resulting from a drop in customers’ flight hours and active aircraft in some geographies in the first half of the year. Licensing revenue increased by 487% to $9,101,130 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company delivered on an order received in Q2 2022 for US$5.65 million. Technical Services revenue increased by 400% to $1,899,940 including contributions from CrossConsense services. Hardware revenue increased by 39% to $4,720,204 due to a higher number of shipments. A total of 69 installation kits were shipped in 2022 compared with 54 shipped in 2021.

Gross margin was 63.7% of revenue in 2022 compared to 57.2% in 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the year.

Operating expenses increased by 33% from 2021, driven by a 53% increase in Distribution expenses, a 50% increase in Administration expenses, and a 4% increase in Research and Development and certification engineering expenses. These increases were largely driven by the addition of personnel and expenses associated with the acquisition of CrossConsense.

Positive EBITDA totaled $251,453 in 2022 compared to an EBITDA loss of $4,538,193 in 2021. Net loss was $1,003,033 in 2022 compared to a net loss of $5,859,206 in 2021.

Balance Sheet and Liquidity

Cash and short-term investments were $2,647,650 at December 31, 2022, compared to
$4,520,591 at December 31, 2021.

Trade and other receivables increased by 222% to $5,127,338 compared to YE 2021, and Trade payables and accrued liabilities increased by 61% to $2,736,269 compared to YE 2021. The increased sales in Q4 2022 and associated costs resulted in an increase in both the receivables and payables balances.

Conference Call Information

FLYHT will host a conference call to discuss its financial results for Q4 2022 on Thursday, April 13, 2023, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation from FLYHT’s President and Interim CEO Kent Jacobs and CFO Alana Forbes followed by a question-and-answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.
 
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.

Additional Information
FLYHT’s Q4 2022 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety,

efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT to Host Spring 2023 EFB Users Forum in Calgary

High Profile Conference Elevates Both FLYHT and Calgary in Aviation Industry

Calgary, Alberta – April 10, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it will host the Spring AEEC/IATA Electronic Flight Bag (“EFB”) Users Forum in Calgary, Alberta, Canada, on June 20-22, 2023.

The EFB Users Forum is a joint activity with AEEC/IATA that provides a unified forum for airlines, system integrators, hardware and software providers, regulators, and other interested parties to present and discuss topics of interest to the EFB user community. The EFB Users Forum attracts airlines, suppliers, and regulators to discuss operational and technical trends. Speakers are invited to share their experiences and exchange information to identify issues and their potential solutions. The Fall 2022 EFB Forum was held in Barcelona, Spain and hosted by Rockwell Collins.

“FLYHT is honored to host the upcoming semi-annual EFB Users Forum in Calgary, an emerging tech hub increasingly recognized for its innovation in the global aviation industry,” said Kent Jacobs, President & Interim CEO of FLYHT. “We are excited to help put our hometown on the industry map and to showcase FLYHT’s innovative solutions at the conference, engineered with a long-term vision of providing global 5G connectivity and cutting-edge application hosting.”

Added Scott Chambers, VP, Sales & Marketing at FLYHT, “In hosting the Spring EFB Users Forum, FLYHT is taking the next step in garnering more visibility for our company and this dynamic city. We look forward to hosting hundreds of our industry peers this coming June.”

“The Electronic Flight Bag (EFB) has revolutionized commercial aviation by bringing modern graphics and computing power to the flight deck. These new capabilities are saving air carriers millions of dollars every year through the introduction of highly specialized applications, increased operational efficiency, pilot productivity, and safety. The EFB Users Forum fosters open exchange of ideas and encourages regulator-operator-manufacturer engagement,” said Peter Grau, Lead Principal Engineer at SAE-ITC’s ARINC Industry Activities. “We anticipate a strong turnout in Calgary and are privileged to be hosted by FLYHT at this event.”

The spring forum will take place at the Best Western Premier Calgary Plaza Hotel & Conference Centre and will be preceded on June 20 by the EFB EXPO where EFB suppliers, system integrators, and others will have an opportunity to demonstrate their EFB products and services to the user community. For more information visit the https://aviation-ia.sae-itc.com/events/electronic-flight-bag-efb-users-forum.

About EFB Users Forum

The EFB Users Forum is a joint activity with IATA that enables airlines and other aircraft operators to state their preferences in the evolution of EFB hardware, software applications, and connectivity to the ground. This ensures operational benefit to the flight deck crew and the economic benefit to the airlines. Flight operations, information technology, engineering, and maintenance disciplines are represented among the participants of the EFB Users Forum.

About ARINC Industry Activities and SAE ITC

ARINC Industry Activities (ARINC IA℠) is an SAE Industry Technologies Consortia (SAE ITC®) program. ARINC IA consists of three committees working toward common goals in Engineering, Maintenance and Flight Simulation to benefit the aviation industry and flying public. More at: https://aviation-ia.sae-itc.com.

SAE Industry Technologies Consortia (SAE ITC) is an affiliate of SAE International. The SAE ITC team specializes in establishing and managing consortia by providing proven processes, tools and resources. ITC enables public, private, academic and government organizations to connect and collaborate in neutral, pre-competitive forums thus empowering the setting and implementation of strategic business improvements in highly engineered industries globally. More at: https://www.sae-itc.com/.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company.

CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT to Provide Testimony to U.S. Congress Regarding Reauthorization of the Weather Act

Meredith Bell, Atmospheric Program Manager, to testify before Subcommittee on Environment, to discuss collaboration with NOAA and airlines

Calgary, Alberta – March 27, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that Ms. Meredith Bell, Atmospheric Program Manager at FLYHT, will testify before the Subcommittee on Environment of the United States House of Representatives tomorrow, Tuesday, March 28, 2023. Ms. Bell will join representatives of Saildrone, Inc., Spire Global, and the University Corporation for Atmospheric Research, to provide a prepared statement and answer questions related to the proposed reauthorization of the Weather Act.

Widely viewed as the first comprehensive weather authorization since the NOAA Authorization Act of 1992, The Weather Research and Forecasting Innovation Act of 2017 (the “Weather Act”) bolsters the Office of Oceanic and Atmospheric Research’s (OAR) commitment to advancing weather research and reinvigorating the weather portfolio. The Weather Program Office (WPO) ensures alignment by collaborating with various subject matter experts across National Oceanic and Atmospheric Administration (NOAA) to develop Congressional reports and insights required, and briefing NOAA leadership on OAR-related activities and reports. The hearing, which will be livestreamed here, will bring together subject matter experts in data collection in the sea, space, and sky, with Ms. Bell speaking to data collection for airlines and the sky.

“Recent extreme turbulence events on flights highlight the importance of increased in-situ observations, improved weather modeling and collaboration,” added Ms. Bell. “The Weather Act is a key pillar in the effort to understand our changing weather patterns, so we can better model and forecast severe weather., This will in turn improve turbulence and aviation forecasts and ensure aviation safety. I look forward to sharing how tools such as FLYHT’s weather sensor technology, in partnership with the federal government, can be leveraged for the benefit of us all.”

Specifically for weather, FLYHT provides Aircraft Meteorological Data Reports (AMDAR) data through its Automated Flight Reporting System (AFIRS) system, which includes temperature, wind speed and direction as well as two solutions that include relative humidity: the Tropospheric Airborne Meteorological Data Reporting (TAMDAR) sensor and the FLYHT Water Vapor Sensing System (WVSS-II) sensor. FLYHT works closely with NOAA and the WMO to ensure the weather community is receiving and decoding its aircraft data properly.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company.

CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT Receives STC Certification for AFIRS™ 228 on Boeing 737 MAX-8 Aircraft

Calgary, Alberta – March 9, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced receipt of a Supplemental Type Certificate (“STC”) revision from Transport Canada to install the AFIRS™ 228 on Boeing 737 MAX-8 aircraft. Airlines can request that their new aircraft come off the factory line with Iridium satcom provisions. This STC allows for updates to those provisions to accommodate FLYHT’s AFIRS 228, opening up additional growth potential for FLYHT.

“Receiving this STC certification for one of the world’s most popular aircraft types is a milestone achievement for FLYHT and will allow us to complete installations on 40 of our customers’ aircraft in our contracted backlog,” said Kent Jacobs, President & Interim CEO of FLYHT. “This STC shows the continued strength in our AFIRS 228 product line as we get ready for our first 5G AFIRS Edge installations.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company.

CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT Named to the TSX Venture Exchange “Venture 50”

Calgary, Alberta – February 21, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Company has been named to the 2023 TSX Venture 50, an annual ranking of the top performers on the TSX Venture Exchange (the “Exchange”).

Kent Jacobs, Interim CEO commented, “FLYHT is thrilled to be recognized as a Top 50 performer of the 1,700 TSX listed companies for superior market capitalization growth, share price appreciation, and shareholder returns. With our continued focus on transitioning to SaaS and rolling out the 5G enabled AFIRS Edge, we look forward to further driving operational excellence in the aviation industry and expanding our weather products with sustainable environmental solutions.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit http://www.flyht.com.

FLYHT Mourns the Unexpected Passing of Bill Tempany, Interim CEO, Director, Entrepreneur and Software Industry Visionary

Calgary, Alberta – December 21, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today regrets to announce that William T. “Bill” Tempany, the Company’s Interim CEO and a member of the Company’s Board of Directors, passed away unexpectedly on December 20, 2022.

The Board of Directors issued the following statement: “We are deeply saddened by the untimely passing of Bill Tempany. Our hearts go out to Bill’s family, friends, and his beloved and loyal team. He was truly a larger-than-life figure and a software and aviation pioneer, who enjoyed a long and distinguished career as a serial entrepreneur including leading the capital pool which initially took FLYHT public in 2003. Bill re-assumed the CEO role at FLYHT just over two years ago and quickly refocused the Company on a software-first strategy, introducing the Actionable Intelligence suite of solutions to help the aviation industry operate more efficiently. While we take a moment to grieve and reflect, we remain laser-focused on safeguarding Bill’s legacy and building on the fantastic momentum he generated over the past couple of years.”

Nina Jonsson, FLYHT’s Executive Chairman, added, “Bill viewed the success of FLYHT as an important life mission and leaves the company in excellent hands. Under Bill’s leadership and dedication, FLYHT developed the Edge family of products that incorporates over 20 years of intellectual property development bundled in a 5G capable aviation solution. Perhaps Bill’s greatest legacy is his hand-picked bench of talent. For the past two years he steadfastly retained the ‘Interim’ title while he focused on strategy, M&A and capital markets.”

The Company has named Kent Jacobs, President, as Interim Chief Executive Officer. Mr. Tempany had promoted Mr. Jacobs in November 2021, to oversee day-to-day operations and to launch and commercialize the Edge. Mr. Jacobs is an aviation industry veteran of more than 25 years, and has worked side by side with Mr. Tempany for over two decades. He holds a B.Sc. in Computer Science from the University of Calgary and was also a commercial pilot, flying charters for several years. Mr. Jacobs was instrumental in the design and commercialization of FLYHT’s launch products, the AFIRS 220 and UpTime.

“Today is a sad day as I mourn the loss of my friend and mentor. I am honored and committed to carrying forward his remarkable legacy,” said Kent Jacobs.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT Reports Third Quarter 2022 Results

Company Delivers Record Revenue, Positive EBITDA and Net Income

Calgary, Alberta – November 9, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the third quarter ended September 30, 2022 (“Q3 2022”). All figures are Canadian dollars unless otherwise stated.

Financial Summary

	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2022	2021	Inc./ Dec.		2022	2021	Inc./ Dec.
Revenue	$6,725,373	$3,173,331	111.9%		$16,637,402	$8,790,728	89.3%
SaaS	2,073,284	1,507,366	37.5%		5,904,268	4,493,411	31.4%
Hardware	480,064	567,356	-15.4%		3,502,345	2,803,252	24.9%
Licensing	3,536,153	1,004,698	252.0%		6,070,761	1,194,804	408.1%
Technical Services	635,872	93,911	577.1%		1,160,028	299,261	287.6%
Gross Margin	72.4%	68.2%	430 bps		62.2%	59.4%	280 bps
EBITDA	924,680	(811,966)	NM		(912,562)	(2,793,193)	NM
Net Income (Loss)	703,765	(1,107,195)	NM		(1,715,554)	(3,415,152)	NM
EPS – Basic & Diluted	0.02	(0.03)	0.05		(0.05)	(0.11)	0.06

Management Commentary

“FLYHT delivered its strongest quarter in years in Q3 2022, demonstrating that the aviation industry is finally waking up to our solutions as it shifts focus from cost savings to improving efficiency and profitability,” said Bill Tempany, Interim CEO. “We generated record revenue along with positive EDITDA and positive Net Income. Revenue was $6.7 million, up 112% over last year, driven by continued SaaS growth and fulfilling on the purchase order of modems from our long-time OEM partner. EBITDA was $925k, the first positive quarter since the COVID-19 pandemic.”

Continued Tempany, “The AFIRS^TM Edge is on the verge of being a qualified product which should set the stage for large scale commercialization in 2023. We are in the final stages of lab testing before the device gets in the air for additional testing at altitude, and development on the A320 and B737 Supplemental Type Certificates (STC’s) is well underway. We are currently working on multiple large-scale requests for proposals (RFPs) for several major industry players. With the only device coming to market capable of 3G/4G/5G transmission as 3G sunsets across the globe, we believe we are in a strong position to pursue a meaningful share of the 25,000 aircraft that require these data services. This opportunity would be transformational for us.”

Concluded Tempany, “With the expected certification of the AFIRS Edge around the corner, I couldn’t be more excited about what’s in store for FLYHT. We look forward to finishing out the year with strong performance and then building on our momentum into 2023 and beyond.”

Operating Results

Revenue increased by 112% to $6,725,373 in Q3 2022 compared to Q3 2021, driven by growth in SaaS, Licensing and Technical Services.

SaaS revenue increased by 37.5% to $2,073,284 in Q3 2022. The addition of CrossConsense SaaS revenues more than offset a decrease of 2.2% in AFIRS SaaS revenues resulting from a drop in customers’ flight hours and active aircraft in some geographies. Licensing revenue increased by 252% to $3,536,153 due to increases in the number of modems and associated license fees ordered for delivery in comparative periods, as the Company began delivering on an order received in mid-Q2 2022 for US$5.65 million. Technical Services revenue increased by 577.1% to $635,872 with contributions from CrossConsense services offsetting a decrease of 15.2% from traditional services. Hardware revenue decreased by 15.4% to $480,064 offsetting a portion of the large increases in hardware shipments seen in Q1 2022. A total of 53 installation kits were shipped YTD 2022 compared with 45 shipped YTD 2021.

Gross margin was 72.4% of revenue in Q3 2022 compared to 68.2% in Q3 2021. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.

Operating expenses increased by 29% from Q3 2021, driven by a 53% increase in Distribution expenses and a 52% increase in Administration expenses. Research and Development and certification engineering expenses decreased by 2% compared to Q3 2021. These increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.

Positive EBITDA[1] totaled $924,680 in Q3 2022 compared to an EBITDA loss of $811,966 in Q3 2021.

Net Income was $703,765 in Q3 2022 compared to a Net loss of $1,107,195 in Q3 2021.

Balance Sheet and Liquidity

Cash and short-term investments were $1,779,074 at September 30, 2022, compared to $4,520,591 at December 31, 2021.

Trade and other receivables increased by 157% to $4,090,042 compared to YE 2021, and Trade payables and accrued liabilities increased by 56% to $2,652,525 compared to YE 2021. The increased sales in Q3 2022 and associated costs resulted in an increase in both the receivables and payables balances.

Conference Call Information

FLYHT will host a conference call to discuss its financial results for Q3 2022 on Thursday, November 10, 2022, at 7:30 a.m. MT (9:30 a.m. ET). The conference call will include a brief presentation from FLYHT’s Interim CEO Bill Tempany and CFO Alana Forbes followed by a question-and-answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340.

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call toinvestors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.

Additional Information

FLYHT’s Q3 2022 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly-owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT Announces IATA Strategic Partnership

Calgary, Alberta, Canada – August 30, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the company has joined IATA’s Aviation Cyber Security Strategic Partnerships program.

A safe and secure airline industry is a key priority for FLYHT. As an IATA Strategic Partner, FLYHT will be at the forefront of industry initiatives to ensure the highly effective mitigation of cyber security risks. This includes contributing to the development of industry standards, influencing the cyber security regulatory environment for aviation, and collaborating with other aviation leaders on mutual concerns and emerging issues.

Jeff Viens – Director of Security for FLYHT, stated, “Security threats against airlines and airports continue to evolve.  And with the increasing digitization of the industry – including the progression towards the ‘connected aircraft’ – airlines and their industry partners are working diligently to protect aircraft, data, and technological systems against a range of digital threats. It’s exciting for FLYHT to be collaborating with other industry leaders in this effort through IATA’s Strategic Partnerships program. It gives us such a great opportunity to make a meaningful contribution to the future of aviation cyber security.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

FLYHT Bolsters Commercial Leadership Team

Scott Chambers named VP Sales and Marketing and Murray Skelton named VP Business Development

Calgary, Alberta – August 11, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced two additions to its leadership team effective September 1, 2022. Both additions bring significant experience and expertise to its commercial organization and improve the Company’s go-to-market position.

• Scott Chambers has been named Vice President Sales and Marketing. Scott brings over a quarter of a century of aviation sales and market experience, most recently as Director of Sales, Americas at Teledyne Controls.
• Murray Skelton has been named Vice President Business Development. Murray adds 23 years of aviation product development, marketing and direct sales experience. He formerly served as Senior Director of Business Development and headed the EMEA (Europe, Middle East, Africa) sales effort for the last two years at Teledyne Controls. He brings a wealth of customer and market knowledge to FLYHT through more than two decades of aviation experience in product development, direct marketing and a proven sales record.

Bill Tempany, Chief Executive Officer of FLYHT, stated, “Attracting the caliber of individuals such as Scott and Murray to our organization is important, occurring at a critical time as the aviation industry continues to recover and as FLYHT asserts its growing prominent position. As we execute on our U.S. and European sales growth strategy, we are building a team of highly experienced industry executives and these two new team members are an invaluable addition.”

Mr. Chambers commented, “FLYHT has tremendous potential, between its technology, products and people, and I look forward to collaborating with the entire team to convert that potential into a reality.”
Mr. Skelton added, “The team at FLYHT are innovative, motivated and with new products launching in the market very soon, I am excited about the prospects. It is also going to be great working with former colleagues again.”

Derek Taylor will transition from VP Sales and Marketing to VP Strategic Opportunities. This change for Mr. Taylor will allow him to focus more directly on the types of opportunities that he has so successfully closed for FLYHT in the past. “As FLYHT expands our Sales team, working closely with Scott and Murray represents an opportunity for FLYHT to engage the industry in a powerful way. I am excited to welcome them to our team and to begin working together.”

In keeping with previous practice, FLYHT has granted incentive options for an aggregate of 40,000 common shares, subject to regulatory approval under the stock option plan approved at the Annual and Special Meeting held on May 4, 2022. The stock options are exercisable at a price of $0.82 per share. These options will vest 1/3 on each of August 10, 2023, 2024 and 2025, and will expire on August 10, 2026. A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan. The options, and any common shares issued upon exercise of the stock options, are subject to a four-month resale restriction.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.