Mr. Kent Jacobs reports

FLYHT REPORTS SECOND QUARTER 2023 RESULTS

Flyht Aerospace Solutions Ltd. has released financial results for the second quarter ended June 30, 2023.

Management commentary

"Flyht delivered strong results in Q2 2023," said Kent Jacobs, president and interim chief executive officer of Flyht. "Revenue increased 24 per cent year over year, with growth in all four categories: [software as a service], hardware, licensing and technical services. Our gross margins expanded by 380 basis points to 59.6 per cent, and we generated positive [earnings before interest, taxes, depreciation and amortization] of $168,045."

Continued Mr. Jacobs: "Flyht is benefiting from solid global demand for passenger travel and air cargo activity, and is also executing well against our strategic growth initiatives. There is a long runway of growth for existing solutions such as AFIRS 228 with customers continuing to renew for multiyear commitments and for which we received an additional sizable order from our long-term [original equipment manufacturer] partner. This quarter, we reached a major milestone: over five million flight hours with our AFIRS hardware on board our customers' aircraft. It's a simple measure of the longevity of our solutions amassed from over 20 years of experience supporting the global aviation industry."

Concluded Mr. Jacobs: "Looking to the second half of the year, we are on the cusp of delivering on two of our most promising incremental growth initiatives: the AFIRS Edge and weather. We have received the first order to install the AFIRS Edge on a Boeing 737 Max aircraft and are working diligently to receive a supplemental type certificate (STC). Meanwhile, our conversations with the [United Kingdom] Met Office continue to advance in a positive direction as we leverage our WVSS-II water vapour sensor system in conjunction with the AFIRS Edge to address critical environmental imperatives for both the aviation industry and broader weather community. We are continuing to look for ways to further scale the business to accelerate these significant and exciting opportunities."

Conference call information

Flyht will host a conference call to discuss its financial results for Q2 2023 on Thursday, Aug. 17, 2023, at 7 a.m. MT (9 a.m. ET). The conference call will include a brief presentation from Mr. Jacobs and chief financial officer Alana Forbes followed by a question-and-answer session. To listen to the conference call by phone within Canada and the United States, the toll-free number is 1-800-319-4610. Outside of Canada and the U.S., dial 1-604-638-5340.

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing star one. Questions can be e-mailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted in the investor communications section of Flyht's website following the meeting.

Additional information

Flyht's Q2 2023 report, which contains more detailed information including the CEO's letter to shareholders, management's discussion and analysis, and financial statements, can be viewed on the company's website. The MD&A and financial statements have also been filed with SEDAR+ and will be accessible at the SEDAR+ website.

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.

We seek Safe Harbor.