FLYHT Aerospace is having trouble getting off the ground, Hap Sneddon says

Jun 18 19:06 2018 Print This Article

Hap Sneddon

Since completing a ten-for-one share consolidation last July, aerospace communications company FLYHT Aerospace Solutions (TSXV:FLY) has seen its share price take a tumble.

The news from a technical perspective is less than rosy, says Hap Sneddon, President and Chief Portfolio Manager at CastleMoore Inc., who argues that the stock which currently trades in the $1.20 range will have trouble getting back over the $1.50 mark.

Calgary-based FLYHT, which provides equipment to enable aircraft to live stream their flight data, reported its first quarter 2018 financials last month, posting revenue of $3.32 million, a 12.3 per cent drop from Q1/17, with EBITDA of negative $487,000, which compared to EBITDA of positive $224,000 in the same quarter of 2017.

At the time, CEO Thomas R. Schmutz, emphasized the company’s hardware division and the role played by its Automated Flight Information Reporting System (AFIRS) in eventually leading to higher SaaS sales.

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Cantech Letter

Founded in 2008 by Nick Waddell, Cantech Letter is an online magazine focusing on Canadian technology. The site has grown into one of the most popular and respected financial sites in Canada, and was described by Canadian Business Magazine as “one of Canada’s premier technology newsletters”. Waddell, who is Senior Editor, is routinely called on by the mainstream media for perspective on Canadian technology, and has been featured on BNN, CTV News Channel, and the CBC program “The Lang and O’Leary Exchange” in addition to mainstream print media such as The Guardian, The International Business Times, The Globe and Mail, Macleans, The Waterloo Record , Canadian Business, Slate, and Business Insider. You can email Nick at nick@cantechletter.com Cantech Letter is focused on those companies listed on the TSX and TSXV Technology, Cleantech and Life Sciences Sectors. Each year we present the Cantech Letter Awards, which honor Canada’s Top Technology Stock and Top Technology Stock Executive.

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