Calgary, Alberta – June 29, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that it has received a purchase order valued at US$1.4 million for Iridium modems and license fees from a long-time OEM partner. This order builds upon the relationship previously discussed in press releases dated July 15, 2014, August 1, 2019, February 18, 2020, July 6, 2021, October 6, 2021 and May 4, 2022.
“This latest order re- affirms the value of our AFIRS 228 in the OEM market.” stated Kent Jacobs, President and Interim CEO of FLYHT, “We are very pleased that our long-standing relationship to have AFIRS installed on new aircraft is continuing and that airlines recognize the value and importance of the products FLYHT provides.”
Under the terms of the existing agreement, the OEM customer will be licensing FLYHT’s technology and delivering the AFIRS 228S system to their European airframer customer for three certified aircraft platform types. The products are scheduled for delivery throughout the remainder of 2023.
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.
Flair Orders AFIRS Edge Hardware and SaaS Services for its Entire Fleet of Boeing 737-8 MAX Aircraft
CALGARY, ALBERTA – June 26, 2023. Today, Flair Airlines, Canada’s leading independent ultra-low-cost airline, and FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF), an aerospace technology company, announced an agreement for the purchase of FLYHT’s innovative hardware and services. FLYHT will enable Flair to closely monitor its fuel and greenhouse gas emissions for every phase of flight operations, including when an aircraft is at the gate, taxiing, at idle, during takeoff and at cruise. The data allows Flair to find opportunities to increase fuel efficiency and reduce the carbon footprint on its fleet of Boeing 737 MAX aircraft.
The two companies are headquartered in Alberta, Canada, with Flair headquartered in Edmonton, and FLYHT headquartered in Calgary. Flair Airlines serves dozens of cities across Canada, the U.S., and Mexico with an ultra-low-cost model and an expanding fleet of Boeing 737 MAX aircraft.
“Flair is Canada’s greenest airline, and so we are excited to initiate this program with FLYHT, whose AFIRS Edge suite of products support our greenhouse gas emissions tracking and aggressive reductions targets,” said Stephen Jones, President and CEO of Flair Airlines. “We’re proud to support a fellow Albertan aerospace company, headquartered in Calgary, which is a new base of operations for us and one of increasing importance. We also look forward to realizing benefits from the resulting improvements in operational insight and efficiencies in both customer service and on time performance.”
“This order is a significant milestone for FLYHT as we have now formally begun to commercialize our innovative 5G-enabled AFIRS Edge solution,” said Kent Jacobs, President and Interim CEO of FLYHT. “We look forward to supporting Flair Airlines as they seek to take full advantage of the power of our real-time data solutions to support their decision making.”
This is the first agreement for FLYHT’s AFIRS Edge product to be installed on a Boeing 737 Max aircraft. The AFIRS Edge is an industry-first, 5G-enabled, wireless quick access recorder, which transmits data on the ground through cellular networks. The AFIRS Edge also provides aircraft interface device functionality and allows for remote system configuration and health management as well as over-the-air updates.
The agreement includes recurring SaaS for ClearPort, FuelSense, and AFIRS Gateway services. ClearPort is a turn management optimizer that helps improve on time performance and provides Auxiliary Power Unit fuel burn management. By maximizing the efficiency of turns, aircraft utilization can be increased and continual improvement opportunities can be identified. FuelSense provides insight into how airlines are performing against their operational standards, providing additional guidance towards fuel efficiency and emissions reductions. Finally, the AFIRS Gateway system provides a portal for data and device configuration, distribution, and management.
The contract is valued at approximately US$3.6 million, provided that all products and services are delivered over the 5-year term of the agreement. FLYHT’s AFIRS Edge products were developed with the support of Alberta Innovates and with repayable funding support from PrairiesCan through its Western Innovation Initiative.
About Flair Airlines
Flair Airlines is Canada’s leading low-fare airline and its greenest airline, on a mission to provide affordable air travel that connects them to the people and experiences they love. With an expanding fleet of Boeing 737 aircraft, Flair is growing to serve over 35 cities across Canada, the U.S., Mexico and the Caribbean. For more information, please visit www.flyflair.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.
Calgary, Alberta – May 31, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that Gurjot Bhullar, Vice President of Operations, will participate in the Emerging Equities 2nd Annual VIP Event at the RBC Canadian Open, taking place at Oakdale Golf & Country Club outside Toronto on June 8-11. Mr. Bhullar will conduct meetings with investors during the “Technology Investor Day” on June 8.
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.
Proven Aviation, Transportation and Sustainability Executives Join Board as Independent Directors
Calgary, Alberta – May 11, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Board of Directors has named Nancy N. Young and Pete Large to the Company’s Board of Directors. Ms. Young and Dr. Large will serve as independent directors.
Ms. Young currently is a globally recognized sustainability and environmental attorney and consultant with over 25 years of experience in climate change, aviation environmental matters, environmental social governance, and sustainable aviation fuels. As the Chief Sustainability Officer at Alder Fuels from April 2022 through January 2023, she established the start-up biocrude company’s environmental and sustainability legal, policy, and regulatory programs. Immediately prior to joining Alder, Ms. Young served for 14 years as the VP of Environmental Affairs at Airlines for America (A4A). From 2015 through 2016, she served on the UN Secretary-General’s High-Level Advisory Group for Sustainable Transport. Prior to joining A4A, Ms. Young was a Director/Partner at the law firm of Beveridge & Diamond, PC.
Dr. Large is a senior technology executive with years of experience spanning transportation, aviation, space, civil infrastructure and construction, including specific expertise in transforming how work is done through data-driven digital technologies that provide better business insights, decision making, efficiency, safety, first-time quality and sustainability. He currently serves as Senior Vice President at global industrial technology company Trimble Inc. He previously held positions as a Research Solutions Strategist within Boeing’s Digital Solutions and Analytics Business and as a Director at Inmarsat in the Aviation Safety & Operational Services business. He holds an Ed.D with the Aviation and Space specialization from Oklahoma State University, an M.S. in Management from the Stanford University Graduate School of Business, and a BSc(Hons) from the University of Newcastle Upon Tyne.
“Adding proven transportation and sustainability expertise to FLYHT’s Board helps validate the progress we have made in establishing our company as a leader in using real-time data and insights to improve aviation and the world around us,” commented Captain Mary I. McMillan, FLYHT’s non-executive Chairman of the Board. “With Nancy and Pete on our team, we are well positioned to address the important and complex issues of technological change in avionics, operational efficiencies, and environmental necessities. We extend a warm welcome to Nancy and Peter and look forward to working with them.”
Following today’s AGM, FLYHT granted incentive stock options for an aggregate of 449,400 common shares, subject to regulatory approval, to employees, officers, and directors under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. The stock options are exercisable at a price of $0.94 per share. The options will vest 1/3 on each of May 11, 2024, 2025 and 2026, and will expire on May 11, 2027.
Incentive stock options were also granted for an aggregate of 9,000 common shares to Satichi Consulting Inc. and 17,500 to FNK IR LLC, both of whom are engaged as investor relations consultants with FLYHT. These incentive stock options are also subject to regulatory approval and were issued under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. These stock options are exercisable at a price of $0.94 per share. The options will vest ¼ on each of August 11, 2023, November 11, 2023, February 11, 2024, and May 11, 2024, and will expire on May 11, 2027.
A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan. The options are subject to a four-month resale restriction.
The Company previously announced that it would be participating in the upcoming MicroCap Rodeo investor conference in New York City on May 16 and 17. The organizer has informed all participants that it has postponed the event to a later date due to challenges that it is experiencing with the hotel venue.
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.
Calgary, Alberta – May 10, 2023 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the first quarter ended March 31, 2023 (“Q1 2023”). All figures are Canadian dollars unless otherwise stated.
Financial Summary
Three Months Ended March 31
2023
2022
Variance
Revenue
4,757,230
5,030,657
-5%
SaaS
2,413,200
1,675,072
44%
Hardware
1,771,445
2,109,598
-16%
Licensing
8,737
1,134,706
-99%
Technical Services
563,848
111,281
407%
Gross Margin
57.3%
54.7%
+260 bps
EBITDA
(1,343,914)
(937,630)
NM
Net Income (Loss)
(1,657,114)
(1,284,347)
NM
EPS – Basic & Diluted
(0.04)
(0.03)
(0.01)
Management Commentary
“We start 2023 in a strong position,” said Kent Jacobs, President and Interim CEO. “FLYHT’s strategic transformation into a provider of Actionable Intelligence (AI) over the past three years is enabling us to offer the aviation industry the tools and solutions increasingly demanded as the industry undergoes its own transformation. Our pipeline of potential business continues to increase and currently stands at the highest level in company history. In addition to a tailwind from the ongoing recovery of global passenger traffic, there is sustained demand for our legacy flagship products anchored by AFIRS™ 228 and surging interest in our new and innovative solutions built around our AFIRS Edge technology and SaaS solutions.”
Continued Jacobs, “We achieved milestones on both fronts in the quarter as well as our weather business. Transport Canada awarded us a supplemental type certificate (STC) to install the AFIRS 228 on Boeing 737 MAX-8 aircraft, one of the world’s most popular aircraft types, enabling airlines to now request that their new aircraft come off the factory line with Iridium satcom provisions which accommodate the AFIRS 228. We also received DO-160 environmental testing certification for the AFIRS Edge which means our 5G enabled device is ready for installation on commercial aircraft as we simultaneously work toward obtaining STCs for the product on multiple aircraft platforms. Finally, in weather, which is fast becoming another driver of potential growth for FLYHT, we are in active negotiations with the UKMet for an initial order to install our WVSS-II water vapor sensor system on aircraft for Aircraft Based Observations (ABOs) in Europe, and believe that there are many other governmental agencies and commercial entities that would benefit from our environmental solutions.”
Continued Jacobs, “Financially, we delivered expected results in Q1 2023 especially considering we just completed two of the strongest quarters in years in the back half of 2022. SaaS revenue increased by 44%, and overall revenue growth would have been positive when adjusting for last year’s large licensing orders. Our gross margins remain robust at 57.3%, and I am particularly pleased that our cash balance increased by $564,000 to $3.2 million as we collected on the large OEM order that we fulfilled last year.”
Operating Results
Revenue decreased by 5% to $4,757,230 in Q1 2023 compared to Q1 2022, driven by growth in SaaS and Technical Services offset by decreases in Hardware and Licensing.
SaaS revenue increased by 44% to $2,413,200 in Q1 2023 due to the post-pandemic recovery of the Company’s customer base and contribution of CrossConsense. Technical Services revenue increased by 407% to $563,848 with contributions from CrossConsense services offsetting a decrease of 57% from traditional services. Licensing revenue decreased by 99% due to decreases in the number of modems and associated license fees ordered for delivery as compared to the first quarter of 2022. Revenue in this category can be expected to vary quarter to quarter. Hardware revenue decreased by 16% to $1,771,445, as a total of 32 installation kits were shipped in Q1 2023 compared to 34 in Q1 2022.
Gross margin was 57.3% of revenue in Q1 2023 compared to 54.7% in Q1 2022. The increase in gross margin was due primarily to changes in the mix of revenue sources during the quarter.
Operating expenses increased by 9.8% from Q1 2022, driven by a 27.5% increase in Distribution expenses and a 21.2% increase in Research and Development and certification engineering expenses, offset by a 19.0% decrease in Administrative expenses. The increases were largely driven by the addition of personnel and expenses associated with the March 2022 acquisition of CrossConsense.
EBITDA loss totaled $1,343,914 in Q1 2023 compared to an EBITDA loss of $937,630 in Q1 2022, due to higher operating expenses in Q1 2023 as compared to Q1 2022 with an increase in sales and marketing costs together with Edge development costs.
Net loss was $1,657,114 in Q1 2023 compared to a Net loss of $1,284,347 in Q1 2022.
Balance Sheet and Liquidity
Cash and short-term investments were $3,211,944 at March 31, 2023, compared to $2,647,650 at December 31, 2022.
Trade and other receivables decreased by 36% to $3,258,347 compared to YE 2022 as the Company collected on the large OEM order received in 2022. Trade payables and accrued liabilities decreased by 9% to $2,487,551 compared to YE 2022.
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.
Calgary, Alberta – May 16, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that its executive team will participate in the following upcoming investor conferences:
MicroCap Rodeo Spring Into Action Best Ideas Conference, May 17, 2022 (Virtual): CFO Alana Forbes will present virtually at 4:30 pm ET (2:30 pm MT) on Tuesday, May 17, and management will participate in one-on-one meetings throughout the conference. Investors can register for the conference at https://microcaprodeo.com/signup and stream the presentation live at https://www.webcaster4.com/Webcast/Page/2882/45583.
LD Micro Invitational XII, June 7-9, 2022 (Westlake Village, CA): CEO Bill Tempany and President Kent Jacobs will present in person at 11:00 am PT (12:00 pm MT) on Wednesday, June 8, and will participate in one-on-one meetings throughout the conference. Investors can stream the presentation live at https://www.meetmax.com/sched/event_82067/conference_home.html.
Emerging Equities VIP Event at the RBC Canadian Open, June 11, 2022 (Toronto): CEO Bill Tempany will meet in person with investors on Saturday, June 11.
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.
Calgary, Alberta – July 6, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has received a US$338 thousand purchase order for Iridium modems and license fees from a long-time OEM customer. This order builds upon the relationship previously discussed in press releases dated July 15, 2014, August 1, 2019 and February 18, 2020.
“Receiving the order from this OEM, who has been an important partner of FLYHT’s for many years, is a positive sign of the aviation industry’s recovery,” said Gurjot Bhullar, Manager of Aircraft Systems at FLYHT. “Following a challenging 2020, we are excited to once again support our partner and continue to strengthen our business relationship. We applaud the efforts of the aviation community and will continue to provide our world-class customer support and our quality products to aid the industry’s recovery.”
Under the terms of the existing agreement, the OEM will be licensing FLYHT’s technology and delivering the automated flight information reporting system (AFIRS 228S) to their European airframer customer for three certified aircraft platform types. FLYHT anticipates shipping all product, and therefore recognizing revenues, from this order during the third quarter of 2021.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information view our latest presentation here, or visit www.flyht.com.
CALGARY, Alberta, Sept. 09, 2020 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “Flyht”) announced today that it has received an order for 20 AFIRS units that will be factory installed on the ARJ21 aircraft for China Express Airlines Co. Ltd., China’s first private regional airline. China Express will take delivery of the first 20 of an expected commitment for up to 100 of the newest aircraft type available in China over the next 5 years. China Express has also agreed to be a launch customer for Flyht’s Actionable Intelligence solution by integrating AFIRS data from both its current fleet and the incoming ARJ fleet with ground handling data from various systems.
Flyht currently has more than 2,800 aircraft equipped with the patented AFIRSTM system, and provides data analytics and reporting to more than 80 aircraft operators around the globe.
China Express stated, “Flyht has long been a valued technology partner with their AFIRS system installed on our existing fleet of CRJ and A320 aircraft. As we expand our fleet with new aircraft, we are having AFIRS installed by the manufacturer so that we can leverage real-time data immediately through the use of Flyht’s new Actionable Intelligence tools.”
Bill Tempany, Interim CEO of Flyht, said, “Our long-term relationships with our airline partners in China have been very successful and our integration into this new aircraft type being delivered as a factory installed option, is proof that our patience and dedication to this market and customer were well founded. We are also excited that China Express has agreed to be our strategic technology partner in China to take advantage of our Actionable Intelligence products.”
Based on the current installation schedule and product deployment plan, Flyht is expected to generate US$2 million in revenue from this contract over the next five years in a combination of hardware and data services. Additional revenues are expected as the Actionable Intelligence functionality is rolled out, which will be announced in due course.
