FLYHT Aerospace Solutions Ltd.

Thank you for standing by. This is the conference operator. Welcome to the Flight Aerospace Solutions third quarter 2023 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0. Due to the volume of questions expected on today's call, we ask that you limit yourself to three questions to allow time for others in the queue. If there are any outstanding questions at the end of the call, the company will be happy to take them by email to investors at flight.com. I would now like to turn the conference over to Matt Chesler, Investor Relations. Please go ahead, Matt.

Thank you for joining our third quarter 2023 earnings call. On the call with me today is Kent Jacobs, President and Interim CEO for Flight, and Alana Forbes, Flight's Chief Financial Officer. On our website, flight.com, we've posted a press release covering the information we'll review today, as well as a webcast of today's conference call. An archived version of the call will be posted on the investor relations section of Flight's website as soon as it is available from the conference call provider. Before we start, I'd like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we've included in the quarterly report. Certain of the statements made today may constitute forward-looking statements, and these statements are our best and present expectations. Relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our CEEDAR filings, including our quarterly report, which is filed on CEEDAR. During the course of today's call, We will also discuss our non-GAAP financial measures. You can find the reconciliation of these to the nearest comparable GAAP measures in the quarterly report. With that, I'd now like to turn the call over to Ken.

Thank you, Matt. Good morning, everyone, and thank you for joining us. I appreciate your time and your interest in flight. Flight's third quarter was marked by significant progress as we execute on our Acres Edge and weather strategies, two of the largest opportunities in our 25 year history. We have a now established solid foothold for these two global markets and are poised for an exciting year of installations and revenue in 2024. With a backlog that has increased to 38 million, our Acres Edge in production and SAS offerings that leverage our new 5G capabilities We have successfully positioned ourselves to implement our vision established some 18 months ago. Commercialization of the Acres Edge is well underway. Recent contract signings with Flair Airlines and Canada Jet Lines are providing installation access for the Edge on both the Boeing 737 MAX and the Airbus A320. With engineering tests completed on the A320, we are preparing for formal testing and the activation STC submission to Transport Canada Civil Aviation. Initial hardware production runs for the Acres Edge have been completed and following STC approval, we will begin installations on our customer schedules. With both Flair Airlines and Canada Jet Lines contracting for a full suite of hardware and recurring SAS products, We are excited to have our customers using the Clearport, FuelSense, and Gateway applications. It was only two weeks ago that we completed our engineering tests and installation on that A320 with Canada Jet Lines. It was a wild success, that installation. It was the first of type. and the engineering test went extremely smoothly. It's a real credit to the engineering and to the development teams of flight that a new product on a new aircraft type to us was such a success. The continued success in our weather business has secured multi-year contracts with two of the largest national meteorological agencies. Both the UK Met and NOAA have signed contracts with flight to equip partner airlines with our AFERS Edge with the flight WVSS2 relative humidity sensor and Iridium Sirtis 100 connectivity. Both national agencies are looking to flight to help improve the accuracy of weather forecasts and to aid in the prediction of localized severe weather events. We expect to begin generating meaningful upfront hardware sales in 2024 and thereafter realize the recurring revenues associated with the aircraft-based observations that will be generated for these weather agencies. Our strategic approach to engage directly with government agencies has not only provided the means to secure these contracts, but it also provides our partner airlines with the opportunity to benefit from significantly reduced capital costs for their Acres Edge and SATCOM connectivity. With the signing of both contracts, Slight's purchase of the WVSS2 sensor two years ago for $500,000 and our strategy to directly target the government meteorological agencies have both been validated. Again, it was only a couple of weeks ago that Slight had access to the first aircraft, which we will be installing the WVSS2 on. And we now have those completed aircraft surveys We've got inventory purchases proceeding underway, and the FCCs have been initiated for both the SATCOM, the SERTIS 100 SATCOM, and the WVSS-2 on that aircraft type, that aircraft type being the Embraer 145. Our maintenance, repair, and overhaul solutions business, Cross Consents, continues to land new contracts. During the third quarter, Slight landed our largest new MRO solutions contract since Cross Consents was acquired a year and a half ago. Cross Consents has been engaged by a leading management consultancy with a deep European heritage and a strong international footprint to manage an aircraft data migration project for one of its airlines clients, a large flag carrier in Europe. Financially, Our revenue continues to grow strongly when excluding last year's large OEM licensing order, which benefited the third and fourth quarters of 2022. This includes our sixth consecutive quarter of double-digit SAS growth, driven by the ongoing recovery of customer flight activity, higher demand for sounding smart weather data partners, and adoption of our actionable intelligence suite from renewing customers. As we do not yet have consistent positive EBITDA, we are driven to live within our means by being disciplined and structured on controllable operating expenses. I'm very pleased these efforts contributed to FLYTE successfully increasing our cash balance during the quarter. FLYTE's strategic planning and tactical management is bringing a coordinated effort into focus. R&D activities, while continuing, are now starting to make way for production of AFERS EDGE units and sellable SaaS solutions. As we build our product offerings around the edge and our 5G capabilities, we are seeing hardware sales start to grow. SPC activities and installations are underway on the two most popular commercial aircraft types in the world. We are confident these installations will lead to the SaaS revenues that's expected in both the actionable intelligence and weather markets. Heading into the final months of the year, I'm extremely confident in Flight's prospects. I would like to thank our customers for the opportunity to continue serving them and thank our shareholders for their loyal support. I'd now like to turn the call over to Alana for a review of our financial performance.