UAV Corp Announces First Quarter 2021 Results

Port St. Joe-Wewahitchka, Florida--(Newsfile Corp. - May 18, 2021) - UAV Corp (OTC Pink: UMAV) (the "Company"), a holding company focused on communications, UAV, and Airship Surveillance opportunities technology, and related industries, today announced the Company's financial results for the first quarter ended March 31, 2021.


Key Highlights for Q1 2021

  • Revenue of $229,790 a 100% increase over the same period ending March 31, 2020

  • Gross profit of $167,492, with gross margin of 72.9%

  • Total assets grew to $894,503, an increase of 4.2%

Initiated the strategic partnership with Gulf Coast State College to complete the build and certification of the new DATT SA 70-12 tether-airship through Grant Award #202 executed through Gulf Coast State College and the Triumph Fund August 22, 2020 for $900,000.


Gulf County, FL secured $1,104,866 in funding through two Grants from the U.S. Department of Commerce Economic Development Administration ($615,448 - October 20, 2020) and Department of Opportunity ($489,420 - March 18, 2021) for the design, permitting, build and construction of infrastructure improvement along Cessna Drive at Costin Airport. The improvements at Costin Airport will include a paved road, new water line, new sewer line, and 3 phase power to the Airport Hangar under development.


Secured an additional $45,000 Phase 1 contract part of $150,000 dated March 23, 2021 from the Airforce through Prime contractor "Research in Flight" to manufacture a small scale electric DATT 600 prototype cylinder airship as proof of concept scheduled for 1st test flight August 2021.


Management Commentary

Billy Robinson, UAV Corp's Chairman, commented, "The first quarter was very eventful for UAV Corp, as we put the pieces together towards building a well-positioned company that's addressing market opportunities in communication Technology, Drone development and deployment and Airship Surveillance and communications. We managed to secure purchase orders, and ongoing Airship development contracts worth over $1.29 million. While our business continues to grow and deliver results, we are always looking for new business flow that can potentially expand our influence in the UAV, communication and surveillance markets as well as provide opportunities in development and outsourced UAV opportunities."


Financial Results for the First Quarter Ended March 31, 2021:

Revenue for the first quarter ended March 31, 2021 was $230,000, compared to nil for the first quarter ended March 31, 2020.


Gross profit for the first quarter ended March 31, 2021 was $168,000, compared to nil for the first quarter ended March 31, 2020. The resulting gross margin was 72.9% for the first quarter ended March 31, 2021.


Operating expenses were $129,000 for the first quarter ended March 31, 2021, an increase of $29,000 compared to $100,000 for the first quarter ended March 31, 2020, due to the expanded operations to manage the Gulf Coast State College to complete the build and certification of the new DATT SA 70-12 and the Airforce "Research in Flight" to manufacture a small scale electric DATT 600 prototype cylinder airship. Operating expenses as a percentage of revenues for the three months ended March 31, 2021 was 56.2%.


Net loss for the three months ended March 31, 2021 was $258,000, compared to $61,000 for the three months ended March 31, 2020.

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