Executive Summary
In late 2024, AgEagle Aerial Systems, Inc. (NYSE American: UAVS) was locked in a corporate battle for its very survival. This battle led to an extraordinary two-month trading halt and a massive wave of shareholder dilution. These events were not isolated phenomena. They were the direct and interconnected consequences of a company in severe financial distress.
AgEagle executed a series of high-stakes maneuvers to raise critical capital and avoid being delisted. The trading halt was a regulatory measure to ensure market stability. The dilution was the steep price of survival.
The two-month halt, coded as an H11 “Regulatory Concern,” was an extended “time-out” imposed by the NYSE.¹ It was necessitated by a perfect storm of corporate actions. The company launched a highly complex public offering involving stock and multiple warrants. This was immediately followed by a 1-for-50 reverse stock split.
Regulators required this unusually long period to ensure all market systems could accurately process the dramatic changes. This included adjustments to the company’s share price, share count, and security identifiers. The halt was a preventative measure designed to avert a disorderly market and protect investors from potential chaos.²
Concurrently, the significant shareholder dilution was a multi-stage process born of desperation. It began with a September 2024 public offering structured with deeply unfavorable terms, a necessity given the company’s weak bargaining position.³ The process culminated in a critical shareholder vote in December 2024. Shareholders approved an extraordinary 4,000% increase in the number of authorized shares.⁴ This was a mandatory step required to cover the warrants from the September offering and create a path for future financing. The company effectively mortgaged its future equity to survive the present crisis.⁴, ⁵
The causal link is direct. Financial distress necessitated the dilutive offering. The offering and low stock price required the reverse split to maintain listing standards. The combination of these complex events triggered the prolonged trading halt. Finally, the reverse split created a shortage of authorized shares, forcing the shareholder vote for massive future dilution. Each event inexorably caused the next in a cascade of corporate survival tactics.
| Date | Event | Significance |
| Sep 30, 2024 | AgEagle prices a $6.5 million public offering of “Units”.³ | A highly dilutive capital raise structured with warrants, signaling the company’s weak negotiating position and urgent need for cash. |
| Oct 3, 2024 | The company announces a 1-for-50 reverse stock split.⁶ | A defensive move to artificially boost the per-share price to meet NYSE American’s minimum listing requirements. |
| Oct 4, 2024 | NYSE American initiates an H11 “Regulatory Concern” trading halt on UAVS.¹ | The exchange freezes trading to manage the complexity of the offering and impending reverse split, preventing market chaos. |
| Oct 8, 2024 | The Options Clearing Corporation (OCC) restricts UAVS stock for loans/collateral.⁷ | The halt renders shares illiquid for financing purposes, demonstrating the severity of the market disruption. |
| Oct 15, 2024 | The 1-for-50 reverse stock split becomes effective while the stock remains halted.⁸ | The company’s share structure is fundamentally altered, but the market cannot yet react. |
| Nov 4, 2024 | AgEagle receives an NYSE non-compliance notice for board composition.⁹ | An additional sign of governance strain amid the financial crisis. |
| Dec 3, 2024 | Trading in UAVS resumes after nearly two months.¹⁰ | The market is finally able to trade the “new” security on a split-adjusted basis. |
| Dec 20, 2024 | A Special Shareholder Meeting is held to approve a massive increase in authorized shares.⁴ | Shareholders approve a 4,000% increase in authorized shares, enabling massive future dilution to fund operations and cover warrant obligations. |
| Mar 31, 2025 | The company files its 2024 10-K, revealing a $5.7 million stockholders’ deficit.¹¹, ¹² | The official financial statements confirm the depth of the insolvency that drove the preceding events. |
| Apr 29, 2025 | AgEagle receives an NYSE non-compliance notice for its stockholders’ deficit.¹³ | The exchange formally recognizes the company’s failure to meet minimum equity requirements, starting a compliance “cure” period. |
| May 23, 2025 | The deadline for AgEagle to submit its compliance plan to the NYSE.¹³ | A critical step in the company’s ongoing battle to remain a publicly listed entity. |
The Causal Chain: A Vicious Cycle of Corporate Survival
The crisis unfolded along a clear and unavoidable causal chain. Each defensive action necessitated the next, more drastic measure. This progression provides a clear roadmap for understanding the intricate relationships between the events.
- Financial Distress: Years of losses led to a severe stockholders’ deficit and a “going concern” warning from auditors, creating an existential crisis.¹³
- Desperate Capital Raise: To survive, the company was forced into a public offering with highly dilutive terms, including multiple warrants, because of its weak negotiating position.³
- Price Compliance Maneuver: The offering’s dilutive nature kept the stock price below NYSE minimums, forcing a 1-for-50 reverse stock split to avoid delisting.⁶
- Regulatory Collision and Halt: The rapid succession of a complex offering and a reverse stock split created a “perfect storm” of technical issues. This compelled the NYSE to impose a prolonged regulatory halt to protect market integrity.², ¹
- Share Authorization Crisis: The reverse split inadvertently shrank the company’s authorized share count, leaving it unable to cover its new warrant obligations.⁴
- The Price of Survival: This forced the company to seek shareholder approval for a 4,000% increase in authorized shares. This action completed the cycle by enabling massive future dilution.⁴, ⁵
I. The Foundation of the Crisis: AgEagle’s Precarious Financial Position
AgEagle’s extraordinary corporate actions in late 2024 were not initiated from a position of strength. They were defensive reactions to a severe and deteriorating financial condition. This situation threatened the company’s very existence as a publicly traded entity.
Understanding this context of financial distress is essential. It directly triggered the chain of events that followed.
Analysis of Financial Performance Through FY 2024
The company’s annual report (Form 10-K) for the fiscal year ended December 31, 2024, provides the clearest picture of its financial state.¹¹, ¹⁴ While management’s press releases highlighted operational achievements, the audited financial statements revealed a company on the edge of insolvency.¹², ¹⁵
Key financial metrics for fiscal year 2024 painted a grim picture:
- Revenue: At $13.4 million, revenue saw a slight year-over-year decline of 2.2%.¹¹, ¹²
- Loss from Operations: The company reported a substantial loss from operations of $12.6 million.¹¹, ¹²
- Stockholders’ Deficit: The most critical indicator was its stockholders’ deficit of $5.7 million as of December 31, 2024.¹³, ¹⁶, ¹⁷
- History of Persistent Losses: The 2024 loss marked the fifth consecutive fiscal year of unprofitability. This was a key factor in triggering heightened scrutiny from the NYSE American exchange.¹³, ¹⁶
This trend was already well-established. The company’s Q3 2024 report showed a net loss of $3.46 million for the quarter and a significant cash burn from operations.¹⁸
The Imminent Threat of Delisting
A company’s listing on a major stock exchange is a critical asset. By late 2024, AgEagle was in clear violation of several NYSE American continued listing standards, placing this asset in jeopardy.¹³, ¹⁶
The exchange imposes minimum stockholders’ equity requirements that increase based on a company’s history of losses.¹⁶ With a stockholders’ deficit of $5.7 million and a five-year history of losses, AgEagle failed to meet the highest threshold of $6 million in required equity.¹³, ¹⁶
This severe non-compliance prompted the NYSE American to issue a formal notice to the company on April 29, 2025.¹³, ¹³ Adding to its troubles, the company also received a non-compliance notice on November 4, 2024, related to its board and audit committee composition.⁹, ¹⁹
The Auditor’s “Going Concern” Warning
Perhaps the most severe indictment of AgEagle’s financial condition came from its own independent auditors. Its 2024 annual report included a “going concern” paragraph in the audit opinion.¹³, ¹³, ²⁰
This is one of the most serious warnings an auditor can issue. It is a formal declaration that auditors have “substantial doubt” about the company’s ability to continue operating for the next twelve months. It signals to the market that without significant new financing, the company faces a real risk of failure.
A Tale of Two Companies: PR vs. Financial Reality
The disconnect between AgEagle’s public narrative and its regulatory filings was profound. On one hand, press releases painted a picture of a thriving enterprise. They announced “three of the largest product orders in AgEagle’s history” and a “defining year” for the company.¹², ²¹, ²²
On the other hand, its SEC filings told a starkly different story. They revealed insolvency, regulatory peril, and existential risk, backed by the critical “going concern” warning.¹¹, ¹², ¹³ This dichotomy is a classic feature of distressed companies. Management projects confidence while the financial foundation crumbles. The events of late 2024 serve as a reminder that a company’s true health is found not in its marketing, but in its audited financial statements.
Key Takeaways from Section I:
- AgEagle was in severe financial distress, marked by a $5.7 million stockholders’ deficit, five consecutive years of losses, and a critical “going concern” warning from its auditors.
- The company was in clear violation of multiple NYSE American listing standards, facing an imminent threat of delisting.
- A significant gap existed between the company’s positive press releases and the grim reality presented in its official SEC filings.
II. The Fight for Survival: A Flurry of Defensive Corporate Actions
Faced with a severe cash crunch and the threat of delisting, AgEagle’s management executed a series of aggressive maneuvers in late 2024. These were reactive, defensive measures designed to inject emergency capital and cure exchange deficiencies at any cost. This necessity drove the company into a self-perpetuating cycle of increasingly dilutive actions.
The September 2024 Public Offering: A Pact with Dilution
On September 30, 2024, AgEagle announced a public offering to raise approximately $6.5 million.³ For a company in such a dire financial state, attracting capital is nearly impossible without offering extraordinary terms to compensate investors for the immense risk.
Instead of a simple stock sale, the company sold 26.9 million “Units” at $0.24 each. Each Unit was exceptionally dilutive and included ³:
- One share of common stock (or a pre-funded warrant).
- One “Series A” Warrant to purchase another share at $0.24.
- One “Series B” Warrant to purchase yet another share at $0.50.
This structure, often seen in “toxic financing,” meant new investors received the right to purchase two additional shares at low prices for every share they bought. This created a massive overhang of potential new shares, severely limiting future price appreciation for existing shareholders.
The October Reverse Stock Split: A Cosmetic Fix for a Deeper Problem
Just three days later, on October 3, 2024, AgEagle announced a 1-for-50 reverse stock split.⁶, ⁸, ²³ The explicit purpose was to cure its other major exchange violation: a stock price trading well below the NYSE American’s typical $1.00 minimum bid price.⁶, ⁸ A reverse stock split is a purely cosmetic maneuver that artificially inflates a stock’s price by reducing the number of shares.
This action reduced the number of outstanding shares from approximately 39.7 million to just 850,409.⁶, ⁸ While this temporarily solved the bid price problem, it did nothing to address the company’s fundamental insolvency.
The December Shareholder Vote: Authorizing Massive Future Dilution
The final step was a special shareholder meeting on December 20, 2024.⁴ The primary proposal asked shareholders to increase the total number of authorized shares of common stock from 5,000,000 to 200,000,000—a 3,900% increase.⁴
In a message urging shareholders to approve the measure, CEO Bill Irby articulated the company’s dilemma. He stated that the company needed “the flexibility to issue more shares of our stock, specifically a current capital raise that requires an increase in our authorized share count to enable Series B warrant conversions.” He asked shareholders to help “build a financial bridge to continued growth.”⁵
The corporate actions were locked in a vicious cycle. The cash shortage forced the dilutive offering with warrants. The resulting low stock price forced the reverse split. However, the reverse split also proportionally reduced the number of authorized shares from 250 million to just 5 million. This created a new crisis: AgEagle now lacked enough authorized shares to cover the warrants it had just issued.⁴
This forced the final, most extreme solution: the December shareholder vote to approve the 4,000% increase in authorized shares. Management was trapped, making the only moves available to keep the company listed and solvent, even though each move was progressively more damaging to existing shareholders.
Key Takeaways from Section II:
- AgEagle executed a highly dilutive public offering, selling “Units” with multiple warrants, a clear sign of its weak negotiating position.
- To solve its low stock price problem, the company conducted a 1-for-50 reverse stock split.
- The reverse split created an unintended crisis by reducing authorized shares, forcing a shareholder vote for a massive 4,000% increase to cover its obligations.
III. The “Incredible” Event: Unpacking the Two-Month Trading Halt
The two-month halt in AgEagle’s stock was an exceptionally rare event. This was not a typical halt for pending news but a prolonged regulatory intervention. It was directly caused by the chaotic series of corporate actions the company undertook.
Timeline and Mechanics of the Halt
On Friday, October 4, 2024, the NYSE officially halted trading in UAVS shares.¹ The halt remained in effect for nearly two full months. Trading did not resume until December 3, 2024.¹⁰
For the average retail investor, this was a period of extreme duress. They were completely locked into their positions. They were unable to sell to cut their losses or reallocate their capital as the company’s future hung in the balance. This created not only financial paralysis but also significant emotional and psychological stress.
Decoding the H11 “Regulatory Concern” Code
The official reason for the halt was code “H11.”¹ This signifies a “Halt – Regulatory Concern” used when trading is halted in conjunction with another market for regulatory reasons.²⁴ This broad code indicates the exchange has identified a fundamental issue with the trading, processing, or information related to a security. The issue must be resolved before a fair and orderly market can resume.²⁵, ²⁶
Why This Halt Was So Prolonged
The extraordinary length of the H11 halt was not arbitrary. It was due to the collision of multiple, technically complex corporate actions in a compressed timeframe.
- Factor 1: The Complex Offering: The offering introduced a web of new securities: common stock, pre-funded warrants, and two series of warrants, each with different terms.³
- Factor 2: The Imminent Reverse Split: Just two weeks later, the 1-for-50 reverse split was set to take effect.⁶ This requires significant technical adjustments across the financial ecosystem. It includes a change to the stock’s CUSIP number (its unique identifier), a 50-fold price multiplication, and adjustments to all outstanding derivative securities.
- Factor 3: The Collision: The NYSE was confronted with a company issuing a complex array of new derivatives and then immediately altering its entire share structure. This created a high probability of “system errors or problems,” a concern the NYSE explicitly cited when it amended its halt rules for reverse splits.²
Market Consequences
The halt had immediate and severe consequences. On October 8, 2024, the Options Clearing Corporation (OCC) declared that UAVS stock was “no longer eligible for stock loan or collateral pledge,” rendering the shares illiquid for financing purposes.⁷ The OCC also removed UAVS options from its automatic exercise procedures, forcing holders to manually submit instructions.²⁷
The two-month halt was a necessary, protective measure for the market. It functioned as a forced “system reboot” for a single security. AgEagle’s rapid-fire actions threw multiple wrenches into the intricate machinery of market data systems. The NYSE had an overriding responsibility to ensure that when trading resumed, every market participant’s system was processing the correct, post-split, post-offering data. The extreme two-month duration was a direct reflection of the extreme confluence of these corporate events.
Key Takeaways from Section III:
- The two-month trading halt was a rare “H11 – Regulatory Concern” halt imposed by the NYSE.
- It was caused by the collision of a complex offering and an imminent reverse stock split, which created a high risk of system errors across the market.
- The halt was a protective measure to give all market participants time to correctly process the drastic changes to the stock’s price, share count, and CUSIP.
IV. Quantifying the Aftermath: Shareholder Dilution and the Path Forward
The events of late 2024 fundamentally altered AgEagle’s capital structure. This resulted in massive dilution for shareholders who held positions prior to the crisis. An analysis of the company’s share count reveals the staggering scale of this dilution and clarifies its precarious path forward.
Calculating the Full Dilutive Impact
The term “huge dilution” accurately captures the impact of AgEagle’s actions. The dilution occurred in multiple layers: first from the September offering, and second from the subsequent authorization of a massive pool of new shares.
| Share Structure Analysis (as of Dec 2024) | Pre-Split Basis (Approx. Shares) | Post-Split Basis (Approx. Shares) | Impact |
| Outstanding Shares (Pre-Offering) | 39,700,000 ⁶ | 794,000 | Baseline ownership before the events. |
| Shares from Sept. 2024 Offering | 26,900,000 ³ | 538,000 | Immediate dilution of ~68% from the offering. |
| Shares Underlying Series A Warrants | 26,900,000 ³ | 538,000 | An additional overhang of potential shares. |
| Shares Underlying Series B Warrants | 26,900,000 ³ | 538,000 | A second layer of warrant-based overhang. |
| Shares Underlying Alpha Capital Note | 2,600,000 ⁴ | 52,000 | Dilution from convertible debt. |
| Total Potential Shares (Pre-Vote) | ~123,000,000 | ~2,460,000 | Potential dilution of over 200% on a pre-split basis. |
| Authorized Shares (Post-Split, Pre-Vote) | 250,000,000 | 5,000,000 ⁴ | Insufficient to cover all warrants and future needs. |
| Authorized Shares (Post-Vote) | N/A | 200,000,000 ⁴ | Potential dilution of over 23,000% relative to the post-split outstanding share count. |
The September offering alone created the potential to more than triple the number of outstanding shares. However, the most significant event was the shareholder vote to increase the authorized share count to 200 million. Relative to the post-split outstanding share count of approximately 850,000, this created a potential for dilution exceeding 23,000%.
Life Under the “.BC” Designation
Even after raising capital, AgEagle’s battle was far from over. Following its 2024 annual report, the NYSE issued a notice of non-compliance due to the company’s $5.7 million stockholders’ deficit.¹³, ¹³ As a result, AgEagle’s ticker was appended with a “.BC” suffix. This is a public designation that the company is “below compliance” with listing standards.¹³, ¹⁶
This designation serves as a clear warning to the investment community. It can deter institutional investors and increases the company’s future cost of capital. Any new financing will likely come with more stringent terms, such as higher interest rates or greater dilution, to compensate new investors for the heightened risk.
AgEagle submitted a compliance plan which was accepted by the exchange. This grants it a grace period until October 23, 2026, to cure its equity deficiency.¹⁶, ²⁸ The company remains listed but is subject to periodic reviews. All the while, the “Tale of Two Companies” continues, as management promotes operational wins while the company’s financial structure remains fundamentally damaged and under intense regulatory scrutiny.²⁹, ³⁰
Key Takeaways from Section IV:
- The combination of the offering, warrants, and increase in authorized shares created the potential for shareholder dilution exceeding 23,000% on a post-split basis.
- The company’s stock now trades with a “.BC” suffix, publicly designating it as “below compliance” with NYSE standards, which increases its future cost of capital.
- AgEagle has until October 2026 to cure its stockholders’ deficit and regain compliance, but remains under close regulatory scrutiny.
V. Concluding Analysis and Expert Insights
The sequence of events at AgEagle provides a compelling case study in corporate distress, regulatory intervention, and the high cost of survival. The prolonged trading halt and massive shareholder dilution were the logical, albeit painful, outcomes of a company pushed to the brink of financial failure.
Assessing the “Survival-at-All-Costs” Strategy
From a corporate governance perspective, management’s actions can be viewed through two different lenses.
From the narrow perspective of their fiduciary duty to the corporate entity itself, the strategy was a success. Management successfully navigated a multifaceted crisis, raised essential capital, staved off immediate delisting, and kept the company operational.
However, this survival came at a catastrophic cost to the company’s existing shareholders. They saw their ownership stake and the value of their investment decimated by the successive waves of dilution. The strategy clearly prioritized the survival of the corporation over the preservation of near-term shareholder value. In cases of extreme financial distress, this is a common and often unavoidable outcome.
Key Lessons for Investors in Distressed Equities
The AgEagle saga offers several critical lessons for investors navigating the high-risk world of distressed and small-cap equities:
- Heed the Auditor’s Warning: A “going concern” opinion is the most significant red flag in a financial report. It is an independent auditor’s formal declaration of substantial doubt about a company’s viability.
- Read Beyond the Press Releases: An investor must always reconcile a company’s optimistic operational press releases with the audited financial statements and risk disclosures in its 10-K and 10-Q filings.
- Understand the Signals of Toxic Financing: When a weak company raises capital by selling “units” that bundle stock with multiple warrants, it is a sign of extreme desperation and a precursor to massive future dilution.
- Recognize a Reverse Split for What It Is: A reverse stock split is a cosmetic tool, not a fundamental solution. It addresses the symptom of a low stock price but does nothing to cure the underlying disease of poor financial health.
- Regulatory Halts Have Meaning: An extended H11 “Regulatory Concern” halt is not a random event. It is a clear signal from the exchange that a company’s corporate actions are so complex or chaotic that they pose a tangible risk to the market’s fair and orderly function.
VI. Glossary of Key Terms
- CUSIP: A unique nine-character identification number assigned to all stocks and registered bonds in the United States and Canada. It is used to create a uniform tracking system for securities.
- Going Concern: An accounting principle that assumes a company will continue to operate for the foreseeable future. An auditor’s “going concern” warning indicates substantial doubt about this assumption.
- Reverse Stock Split: A corporate action that consolidates the number of existing shares of stock into fewer, proportionally more valuable, shares. It is often used to increase a stock’s price to meet exchange listing requirements.
- Stockholders’ Deficit: A financial state where a company’s total liabilities are greater than its total assets, resulting in negative shareholders’ equity. It is a sign of insolvency.
- Warrant: A security that entitles the holder to buy the underlying stock of the issuing company at a fixed price called the “exercise price” until the expiry date. Warrants are often included in financing deals as a “sweetener” to attract investors.
VII. Works Cited
- NASDAQ Trader. “Halt Details for UAVS on 10/04/2024.” Accessed October 11, 2025.
- Morgan Lewis. “NYSE Amendments to Trading Halt Rules for Reverse Stock Splits Effective May 11.” May 9, 2024.
- EagleNXT. “AgEagle Aerial Systems Inc. Announces Closing of $6.5 Million Public Offering.” October 1, 2024.
- U.S. Securities and Exchange Commission. “DEF 14A – Definitive Proxy Statement for AgEagle Aerial Systems Inc.” Filed November 19, 2024.
- EagleNXT. “AgEagle Aerial Systems Board of Directors and Management Urge Stockholders to Vote Their Definitive Proxy Statement Prior to Its Special Meeting of Stockholders.” December 16, 2024.
- GlobeNewswire. “AgEagle Aerial Systems Inc. Announces Reverse Stock Split.” October 3, 2024.
- The Options Clearing Corporation. “Info Memo #55335: STOCK RESTRICTION (UAVS).” October 8, 2024.
- Investing.com. “AgEagle Announces Reverse Stock Split.” October 3, 2024.
- GlobeNewswire. “AgEagle Aerial Systems Receives Non-Compliance Notice from NYSE American.” November 4, 2024.
- TheFly on TipRanks. “AgEagle Aerial Systems trading resumes.” December 3, 2024.
- EagleNXT. “AgEagle Aerial Systems Provides a Corporate Update and Reports Fiscal 2024 Financial Results.” March 31, 2025.
- GlobeNewswire. “AgEagle Aerial Systems Provides a Corporate Update and Reports Fiscal 2024 Financial Results.” March 31, 2025.
- Quiver Quant. “AgEagle Aerial Systems Inc. Receives Notice of Non-Compliance from NYSE American Regarding Stockholders’ Equity Requirements.” April 29, 2025.
- U.S. Securities and Exchange Commission. “10-K – Annual Report for AgEagle Aerial Systems Inc.” Filed March 31, 2025.
- Stock Titan. “AgEagle’s FY2024 results announcement.” March 31, 2025.
- Stock Titan. “AgEagle faces NYSE delisting risk due to stockholders’ deficit.” July 14, 2025.
- NASDAQ. “AgEagle Aerial Systems Inc. Receives Notice of Non-Compliance from NYSE American Regarding Stockholders’ Equity Requirements.” April 29, 2025.
- Quartz. “AgEagle Aerial Systems Inc. (UAVS) reports earnings for the quarterly period ended September 30, 2024.” November 19, 2024.
- NASDAQ. “AgEagle Aerial Systems Receives Non-Compliance Notice from NYSE American.” November 4, 2024.
- SEC Boardroom Alpha. “AgEagle Aerial Systems Receives Non-Compliance Notice from NYSE American.” April 29, 2025.
- NASDAQ. “AgEagle Aerial Systems Reports Record Sales and Profitability Gains in 2024.”
- Police1. “AgEagle Aerial Systems attends UMEX 2024 together with FEDS to showcase eBee VISION and TAC drones.” February 1, 2024.
- EagleNXT. “AgEagle Aerial Systems Inc. Announces Reverse Stock Split.” October 3, 2024.
- NASDAQ Trader. “Trading Halt Codes.” Accessed October 11, 2025.
- Corporate Finance Institute. “Trading Halt.” Accessed October 11, 2025.
- FINRA. “Trading Halts, Delays, and Suspensions.” Accessed October 11, 2025.
- The Options Clearing Corporation. “Info Memo #55331: Trading Halts Weekly Update – Removal from Ex by Ex Processing.” October 8, 2024.
- NASDAQ. “AgEagle Aerial Systems Inc. Receives NYSE Notification on Compliance Plan for Continued Listing.” July 14, 2025.
- GlobeNewswire. “AgEagle Aerial Systems Announces Milestone Order of 60 RedEdge-P Multispectral Sensors.” December 19, 2024.
- GlobeNewswire. “AgEagle Aerial Systems Reports Second Quarter Fiscal Year 2025 Financial Results.” August 15, 2025.
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