• The John Deere of drone technology for precision agriculture.
• An industrial DJI, building drones and providing data analytics for commercial applications such as agriculture and infrastructure.
• Like Trimble or Hexagon, but exclusively focused on drone-based solutions for mapping, surveying, and industrial inspection.

• eBee Drones: A line of professional fixed-wing drones primarily used for aerial mapping, surveying, and inspection across various industries.
• Measure Ground Control Software: A comprehensive cloud-based software platform for managing drone operations, including flight planning, fleet management, and data workflow automation.
• Terrafuse Predictive Analytics: An AI-powered platform that provides climate change risk assessment and predictive modeling for businesses and governments.

AgEagle Aerial Systems (UAVS) primarily sells its advanced drone hardware, sensors, and software solutions to other companies and government entities, making its business model predominantly Business-to-Business (B2B) and Business-to-Government (B2G).

According to AgEagle's financial filings, including its latest annual report (Form 10-K), the company does not have any single customer that accounts for more than 10% of its total revenue. This indicates a diversified customer base rather than reliance on a few major clients. As such, specific named "major customers" that meet a financial significance threshold are not publicly disclosed by the company.

Instead, AgEagle's products and services are adopted by a broad range of professional users across various industries globally. The categories of companies and organizations that utilize AgEagle's solutions include:

• Agricultural Enterprises: Businesses involved in precision agriculture, crop monitoring, yield optimization, and specialized crop cultivation (e.g., industrial hemp), using drones for data collection to enhance farming practices and efficiency.
• Construction and Infrastructure Firms: Companies engaged in construction, civil engineering, real estate development, and infrastructure projects, leveraging drones for site mapping, progress monitoring, volumetric calculations, and inspection of assets.
• Government and Defense Agencies: Public sector entities at various levels (local, state, national), including defense organizations, for applications such as land surveying, mapping, public safety, emergency response, environmental monitoring, and reconnaissance.
• Energy and Utilities Companies: Providers in the energy sector (e.g., oil & gas, renewable energy) and utility services, utilizing drones for inspecting critical infrastructure like pipelines, power lines, solar farms, and wind turbines to ensure operational safety and efficiency.
• Surveying, Mapping, and Geospatial Professionals: Independent professional firms and departments within larger organizations specializing in accurate data collection, land surveying, cartography, and geographic information systems (GIS).

Bill Irby, Chief Executive Officer

Bill Irby was appointed CEO of AgEagle Aerial Systems in April 2024. He brings over 25 years of senior management experience in uncrewed air and maritime systems, actuation hardware, ISR systems, and communication systems. Prior to joining AgEagle, Mr. Irby held executive roles including President of MTI at Steel Partners Holdings L.P., Vice President at Northrop Grumman, SVP & GM at Textron Systems, and President of Martin UAV (now Shield AI). He currently serves as Chairman of the Association for Uncrewed Vehicle Systems International (AUVSI) and is a board member of Ghost Robotics. Mr. Irby earned a Master's degree in Technical Management from Johns Hopkins University and a Bachelor's degree in Engineering from the United States Naval Academy.

Alison Burgett, Chief Financial Officer

Alison Burgett was appointed Chief Financial Officer of AgEagle Aerial Systems effective April 14, 2025. She has over twenty years of financial, operational, and regulatory experience with exchange-listed companies. Ms. Burgett previously served as Controller of AgEagle since April 2024, where she managed financial reporting, internal controls, budgeting, and regulatory compliance. Prior to her tenure at AgEagle, she held significant finance leadership roles at Cente Corporation, Republic Services, Inc., and Providence Service Corporation. Ms. Burgett holds an undergraduate degree in Accounting from the University of Phoenix and an MBA from Boise State University.

Brent Pope, Chief Operating Officer

Brent Pope serves as the Chief Operating Officer of AgEagle Aerial Systems. Further details regarding his background, including if he founded or managed other companies, sold companies, or has a pattern of managing companies backed by private equity firms, were not immediately available in the provided search results.

Grant A. Begley, Chairman of the Board

Grant A. Begley is the Chairman of the Board for AgEagle Aerial Systems and previously served as interim CEO. He is an internationally recognized expert in Aerospace, Unmanned Systems, and Robotics. Mr. Begley founded Concepts to Capabilities Consulting, LLC in 2011, a specialty consulting firm focused on guiding the development of new capabilities in Aerospace and Unmanned Aerial System technologies for government/defense and commercial clients. He has also served as an active Board member of Vaya Space since 2015 and was the CEO of the vortex-hybrid rocket company from 2018 through 2022. From March 2011 to December 2021, he was a founding member of the Board of Directors for the Association for Uncrewed Vehicle Systems International (AUVSI).

Michael O'Sullivan, Chief Commercial Officer

Michael O'Sullivan's role as Managing Director of AgEagle's operations in Lausanne, Switzerland, was expanded with his appointment as Chief Commercial Officer. He joined AgEagle in October 2021 following the company's acquisition of senseFly, where he was appointed Managing Director of the subsidiary. At senseFly, he was responsible for managing business operations and leading integration efforts. Before the acquisition, he was Head of Global Marketing for senseFly, overseeing marketing and business strategy, product management, technical support, and training. Mr. O'Sullivan has over two decades of leadership and global sales and marketing experience in various industries, including advanced technology and drone markets.

The key risks to AgEagle Aerial Systems (UAVS) are primarily centered around its financial viability, compliance with listing standards, and the highly competitive and evolving nature of the drone industry.

1. Operational Cash Burn and Financial Distress: AgEagle Aerial Systems faces significant financial challenges, marked by ongoing operational losses and a high cash burn rate. Despite reporting positive net income in some periods, this has often been misleading, driven by non-cash gains from revaluing warrant liabilities rather than core business profitability. The company's operating loss widened in Q3 2025, and its Altman Z-Score indicates financial distress, suggesting a possibility of bankruptcy. While recent financing activities have improved liquidity, the reliance on such measures carries the risk of shareholder dilution.
2. NYSE American Delisting Risk: AgEagle received a non-compliance notice from NYSE American due to insufficient stockholders' equity, having reported a deficit of $5.7 million and consistent losses over five consecutive fiscal years through December 31, 2024. The company must submit a compliance plan and has until October 23, 2026, to regain compliance. Failure to meet the minimum equity requirements could lead to the delisting of its stock, which would significantly impact its ability to raise capital and its public trading status.
3. Intense Competition and Rapidly Evolving Technology: The drone market in which AgEagle operates is intensely competitive, forcing continuous innovation and creating pricing pressures. The rapidly evolving technology landscape necessitates constant investment in research and development to maintain a competitive advantage. Furthermore, the company's strategic shift to focus on the military and public safety sectors introduces vulnerability to changes in government defense spending, budget cycles, or policy shifts, as well as regulatory headwinds from entities like the Federal Aviation Administration (FAA) that could restrict operations or increase compliance costs.

AgEagle Aerial Systems (UAVS) operates in several key markets, primarily focusing on providing drone solutions, sensors, and software for precision agriculture, infrastructure inspection, and government/defense applications.

Addressable Markets for AgEagle Aerial Systems' Main Products and Services:

• Agriculture Drones and Precision Agriculture Solutions: The global agriculture drone market was valued at approximately USD 4.98 billion in 2023. This market is projected to grow significantly, reaching an estimated USD 23.78 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 18.5% from 2024 to 2032. Another report estimates the global agriculture drones market size at USD 2.74 billion in 2024, projected to reach USD 10.26 billion by 2030, growing at a CAGR of 25.0% from 2025 to 2030. The global precision agriculture market itself was valued at USD 7.64 billion in 2022 and is projected to reach USD 15.82 billion by 2030, with a CAGR of 9.5%. The North America agriculture drones market held a significant share in 2024, with the U.S. market growing due to precision farming advancements.
• Inspection Drones (for Energy/Utilities and Infrastructure): The global inspection drone market was valued at USD 15.48 billion in 2024 and is expected to grow at a CAGR of 14.9% during the forecast period. This market is projected to reach USD 61.4 billion by 2032, exhibiting a CAGR of 21.66% from 2025 to 2034. Another estimate for the global drone inspection and monitoring market size in 2022 was USD 10.2 billion, with a projection to reach USD 39.8 billion by 2032 at a CAGR of 14.5%. North America is expected to dominate the inspection drone market. The industrial drone inspection market, a related segment, is expected to grow from USD 746 million in 2024 to USD 4,621 million by 2035, at a CAGR of 18.0%.
• Government and Defense Drones: The global military drone market was valued at USD 14.6 billion in 2023 and is estimated to grow at a CAGR of 13.5% from 2024 to 2032. Other estimates place the global military drone (UAV) market at USD 15.23 billion in 2024, projected to grow to USD 21.81 billion by 2030, at a CAGR of 7.6%. Another report valued the market at USD 40.53 billion in 2024, with a projection to reach USD 87.63 billion by 2030, growing at a CAGR of 13.9%. The market size for military drones is also estimated to reach USD 35.24 billion by 2034, growing at a CAGR of 9.50% from 2025. North America holds a significant share in the military drone market, estimated at 39.9% in 2024.

AgEagle Aerial Systems (now operating as EagleNXT) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic product development, market expansion, and increased adoption of its solutions.

1. Launch and Growth of Innovative Drone and Sensor Products: The company expects new product introductions, such as the eBee VISION drone, to be a significant growth driver in the coming quarters. The eBee VISION was officially rolled out in September 2023, and sales have been noted for entities like the U.S. Army. Additionally, the enhanced multispectral sensor line, including the RedEdge-P dual and the RedEdge-P Green camera, is projected to contribute to meaningful sales growth in the sensor business. AgEagle also aims to drive growth through advanced drone analytics software and the introduction of features like Field Check for Measured Ground Control, which is expected to increase the adoption of its software offerings.
2. Expansion into Defense and Government Markets: AgEagle has made a strategic shift to focus on defense and government verticals, a move that is already yielding results. The company has secured significant contracts, including a $3.4 million deal with the French Army and a $2 million order with UAE security forces for its drones and related equipment. Furthermore, the eBee TAC drone has received Blue UAS certification, enabling its procurement by the U.S. Department of Defense, and AgEagle is pursuing similar certification for its eBee VISION aircraft, opening up substantial opportunities within the U.S. military market.
3. Geographic and Commercial Market Expansion: AgEagle is actively expanding its footprint in new international markets and deepening its penetration in existing commercial sectors. Recent international shipments of the RedEdge-P Green camera to countries like South Korea, Taiwan, and India demonstrate this global reach. The company also reported its first sale of the eBee VISION in Thailand, marking an expansion into the Southeast Asian market. Domestically and internationally, AgEagle continues to target commercial enterprises, particularly in agriculture for precision farming with products like the eBee X drones in Brazil, and in areas such as infrastructure inspection and public safety. The company's rebrand to EagleNXT in September 2025 further underscores its commitment to expanding into diverse, high-growth markets including defense, public safety, agriculture, and environmental monitoring and research.

Share Issuance

• AgEagle Aerial Systems Inc. entered into a Securities Purchase Agreement on November 5, 2025, to issue up to 100,000 shares of its Series G Convertible Preferred Stock to investors.
• The initial closing on November 10, 2025, involved the sale of 12,000 shares at an initial conversion price of $1.23 per share, generating gross proceeds of $12 million.
• Subject to stockholder approval for issuances exceeding 19.99% of outstanding common stock, buyers may purchase an additional 88,000 shares, potentially leading to total gross proceeds of up to $100 million from the offering.

Outbound Investments

• In 2021, AgEagle acquired three market-leading companies focused on producing UAS airframes, sensors, and software for commercial and government use.