Interim CEO Kent Jacobs video comment, transcribed KJ: "Flyht Aerospace is an established, experienced, independent provider of solutions for the aviation industry.
We provide airlines with SaaS solutions and hardware to enable them to make effective decisions, thereby improving their operational efficiency, sustainability and profitability, all by using our extensive hardware, software, weather sensors and enterprise solutions.
During the COVID-driven global airline downturn, Flyht took this time to number one, invest in our core technologies. Number two, to acquire companies with complementary technologies. And third, we partnered with many industry leaders to solidify out market position.
We have emerged with the airline industry's first and only 5G product. As 3G and LTE networks continue to be decommissioned, we believe we will continue to drive towards strong incremental revenue opportunities.
This comes at a time when the airline industry is continuing to recover and is helping to drive an explosive pipeline for Flyht.
In early 2022, we announced a $7 million order from our long time OEM partner. This helped drive record third quarter revenues up over 110% year-over-year, and provided positive EBITDA net income. We completed delivery in the fourth quarter of 2022 and expect to report similar positive, robust results. (CF's note: does this mean EBITDA-positive Q4?)
We believe we have the first mover advantage with the right product at the right time, and leveraged with our expanded sales team and sales channel, we see a massive total addressable market of roughly 25,000 aircraft, representing $750 million in hardware and $3 billion in lifetime SaaS.
Even capturing just a portion of this market we're setting up for a very strong position as we move forward.