Q2 2024 AerSale Corp Earnings Call Transcript
Key Points
- Second quarter revenue increased by 11.2% year-over-year to $77.1 million.
- Adjusted EBITDA improved to a $3.2 million gain compared to a $0.5 million loss in 2023.
- AerSale Corp (ASLE) is expanding its MRO capacity with new facilities in Miami and Millington, expected to add at least $50 million in annual sales.
- USM sales increased significantly, with $46.6 million sold year-to-date, a $24.6 million increase from the prior year.
- AerSafe product has a backlog of over $13 million in orders, with expected sales increases in the back half of the year and into 2025.
- Overall operating performance is below plan due to limited feedstock acquisitions.
- Second quarter gross margin decreased to 28.2% from 29.1% in the prior year.
- GAAP net loss was $3.6 million in the second quarter, compared to $2.7 million in the prior year.
- The commercialization of AerAware is taking longer than anticipated, affecting revenue projections.
- The demand for 757 freighters has slowed, impacting the monetization of remaining converted aircraft.
Good day and welcome to the Aerosol second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Kristen Gallagher, HR Director. Please go ahead.
Good afternoon. I'd like to welcome everyone to Aerosol's second-quarter 2024 earnings call. Conducting the call today are Nick Finazzo, Chief Executive Officer, and Martin Garmendia, Chief Financial Officer.
Before we discuss this quarter's results, we want to remind you that all statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding our current expectations for the business and our financial performance. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to
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