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Segment Information (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Segment Reporting [Abstract]    
Schedule of Goodwill and Assets

As of September 30, 2023, and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022, respectively, information about the Company’s reportable segments consisted of the following:

 

Goodwill and Assets

 

 

   Corporate   Drones   Sensors   SaaS   Total 
As of September 30, 2023                         
Goodwill  $—   $—   $18,972,896   $2,706,515   $21,679,411 
Assets  $2,660,979   $12,383,293   $25,495,556   $5,510,659   $46,050,487 
                          
As of December 31, 2022                         
Goodwill  $—   $—   $18,972,896   $4,206,515   $23,179,411 
Assets  $4,785,643   $14,930,789   $26,081,788   $8,386,654   $54,184,874 

As of December 31, 2022 and 2021 and for the years then ended operating information about the Company’s reportable segments consisted of the following:

 

Goodwill and Assets

 

 Schedule of Goodwill and Assets

   Corporate   Drones   Sensors   SaaS   Total 
As of December 31, 2022                         
Goodwill  $—   $—   $18,972,896   $4,206,515   $23,179,411 
Assets  $4,785,643   $14,930,789   $26,081,788   $8,386,654   $54,184,874 
                          
As of December 31, 2021                         
Goodwill  $—   $12,655,577   $18,972,896   $33,238,809   $64,867,282 
Assets  $14,516,466   $27,073,211   $25,548,066   $37,545,298   $104,683,041 
Schedule of Segment Reporting Net (Loss) Income
   Corporate   Drones   Sensors   SaaS   Total 
Three Months Ended September 30, 2023                         
Revenues  $—   $1,627,177   $1,755,712   $101,043   $3,483,932 
Cost of sales   —    990,413    990,457    288,988    2,269,858 
Income (loss) from operations   (3,229,837)   (2,288,870)   168,820    (640,226)   (5,990,113)
Other income (expense), net   (2,063,936)   35,322    (960)   (441)   (2,030,015)
Net income (loss)  $(5,293,773)  $(2,253,548)  $167,860   $(640,667)  $(8,020,128)
                          
Three Months Ended September 30, 2022                         
Revenues  $—   $2,081,410   $3,256,797   $152,507   $5,490,714 
Cost of sales   —    1,180,612    1,851,089    375,872    3,407,573 
Income (loss) from operations   (2,233,559)   (2,688,835)   592,795    (817,731)   (5,147,330)
Other income (expense), net   6,488,327    327,066    (1,819)   (1,292)   6,812,282 
Net income (loss)  $4,254,768   $(2,361,769)  $590,976   $(819,023)  $1,664,952 

 

   Corporate   Drones   Sensors   SaaS   Total 
Nine Months Ended September 30, 2023                         
Revenues  $—   $4,861,260   $5,610,764   $347,189   $10,819,213 
Cost of sales   —    2,580,305    3,213,058    801,610    6,594,973 
Income (loss) from operations   (7,240,686)   (6,626,668)   328,404    (1,484,110)   (15,023,060)
Other expense, net   (2,559,654)   (326,032)   (960)   (504)   (2,887,150)
Net income (loss)  $(9,800,340)  $(6,952,700)  $327,444   $(1,484,614)  $(17,910,210)
                          
Nine Months Ended September 30, 2022                         
Revenues  $—   $7,856,573   $6,283,907   $480,085   $14,620,565 
Cost of sales   —    4,339,712    3,578,184    704,540    8,622,436 
Loss from operations   (8,194,751)   (7,204,483)   (217,328)   (2,401,289)   (18,017,851)
Other income (expense), net   6,491,117    3,114    (3,638)   (6,098)   6,484,495 
Net loss  $(1,703,634)  $(7,201,369)  $(220,966)  $(2,407,387)  $(11,533,356)

 

(1)Includes goodwill impairment $41,687,871 for the Drone and SaaS reporting segments
(2)Includes goodwill impairment $12,357,921 for the SaaS reporting segment

 Schedule of Segment Reporting Net (Loss) Income

   Corporate   Drones   Sensors   SaaS   Total 
Year ended December 31, 2022                         
Revenue  $—   $9,840,321   $8,655,434   $598,670   $19,094,425 
Cost of sales   —    4,762,888    5,086,993    1,026,427    10,876,308 

Loss from operations (1)

   (10,177,362)   (22,004,223)   10,958    (32,106,210)   (64,276,837)
Other income (expense), net   6,416,717    (356,095)   (30,893)   (6,615)   6,023,114 
Net loss  $(3,760,645)  $(22,360,318)  $(19,935)  $(32,112,825)  $(58,253,723)
                          
Year ended December 31, 2021                         
Revenue  $—   $2,428,858   $6,793,727   $538,367   $9,760,952 
Cost of sales   —    1,474,368    3,303,286    727,054    5,504,708 

Loss from operations (2)

   (11,976,556)   (1,803,370)   (1,266,599)   (15,246,247)   (30,292,772)
Other income (expense), net   121,926    (16,007)   26,786    51,387    184,092 
Net loss  $(11,854,630)  $(1,819,377)  $(1,239,813)  $(15,194,860)  $(30,108,680)

 

(1)Includes goodwill impairment $41,687,871 for the Drone and SaaS reporting segments
(2)Includes goodwill impairment $12,357,921 for the SaaS reporting segment
Schedule of Segment Revenues by Geographic Area
   Drones   Sensors   SaaS   Total 
Three Months Ended September 30, 2023                    
North America  $547,012   $570,170   $57,447   $1,174,629 
Latin America   383,232    80,873    38,196    502,301 
Europe, Middle East and Africa   628,768    752,583    661    1,382,012 
Asia Pacific   68,165    342,502    4,739    415,406 
Other   —    9,584    —    9,584 
Total  $1,627,177   $1,755,712   $101,043   $3,483,932 
                     
Three Months Ended September 30, 2022                    
North America  $1,191,083   $1,182,218   $152,507   $2,525,808 
Europe, Middle East and Africa   603,443    1,250,610    —    1,854,053 
Asia Pacific   286,884    696,954    —    983,838 
Other   —    127,015    —    127,015 
Total  $2,081,410   $3,256,797   $152,507   $5,490,714 

 

 

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(UNAUDITED)

 

Note 11 – Segment Information - Continued

 

   Drones   Sensors   SaaS   Total 
Nine Months Ended September 30, 2023                    
North America  $1,701,100   $1,783,481   $303,593   $3,788,174 
Latin America   1,256,429    221,334    38,197    1,515,960 
Europe, Middle East and Africa   1,714,967    2,611,108    661    4,326,736 
Asia Pacific   188,764    949,040    4,738    1,142,542 
Other   —    45,801    —    45,801 
Total  $4,861,260   $5,610,764   $347,189   $10,819,213 
                     
Nine Months Ended September 30, 2022                    
North America  $4,473,236   $2,350,426   $480,085   $7,303,747 
Europe, Middle East and Africa   2,606,120    2,400,744    —    5,006,864 
Asia Pacific   777,217    1,241,632    —    2,018,849 
Other   —    291,105    —    291,105 
Total  $7,856,573   $6,283,907   $480,085   $14,620,565 

 Schedule of Segment Revenues by Geographic Area

   Drones   Sensors   SaaS   Total 
Year ended December 31, 2022                    
North America  $5,320,034   $3,173,347   $598,670   $9,092,051 
Europe, Middle East and Africa   3,537,463    3,309,039    —    6,846,502 
Asia Pacific   982,824    1,756,253    —    2,739,077 
Other   —    416,795    —    416,795 
Total  $9,840,321   $8,655,434    598,670   $19,094,425 
                     
Year ended December 31, 2021                    
North America  $527,292   $2,235,143   $538,367   $3,300,802 
Europe, Middle East and Africa   1,074,413    2,587,399    —    3,661,812 
Asia Pacific   257,021    1,224,719    —    1,481,740 
Other   570,132    746,466    —    1,316,598 
Total  $2,428,858   $6,793,727   $538,367   $9,760,952