FLYHT-And-Flight: The Intelligent Way To Boost Aircraft Profitability, Security And Connectivity In 2021
FLYHT Aerospace Solutions Ltd. was one of the sponsors for the Benzinga Global Small Cap Conference that took place on December 8-9, 2020.
In the early stages of the COVID-19 pandemic, many feared that traveling would increase their chances of contracting the virus. As new safety requirements are implemented, and COVID-19 vaccines are administered and made available worldwide, air traffic is reaching almost pre-pandemic levels in many places.
For example, in Russia and China air passenger volume recovered to 94.5% at the end of 2020. India is back to 80%, and the U.S. has recently reached 42%. In other places, like Malaysia, air travel is slower to recover due to closed borders and frequently changing regulations.
However, for companies to continue airline services and steadily be a part of travel trends, proactively optimizing operations to remain competitive and profitable is essential. Especially, with many aircrafts being grounded and held inland during this pandemic. Thus the question remains, what can airlines do differently to grow smartly during this environment?
Without a doubt, digital transformation, automation, and data utilization will be key tools in improving aircraft productivity and lowering cost structures organically. One company that understands this need is FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) is a Canadian company in the commercial aviation sector, with over half of its revenue outside of North America, including China. The company's software solutions and hardware products provide real-time aircraft intelligence and cockpit communications used by airlines, leasing companies, and original equipment manufacturers to increase safety, improve operational efficiencies, and enhance profitability.
FLYHT’s patented aircraft certified hardware products include AFIRS™, a satcom aircraft interface device that enables real-time streaming of flight information, cockpit voice and black box data streaming, and TAMDAR™, which aggregates and streams airborne weather data in real-time. For years, FLYHT has received and formatted this data for delivery to the intended end user through the UpTime services module and driven SaaS revenue from that platform.
Actionable Intelligence And Real-Time Data
As the commercial aviation industry works to recover from the current crisis, companies will need to align the passenger experience, airline operations, and positive working environment for enhanced profit and improved safety.
Nevertheless, airlines also face the reality that they must conserve cash and extract maximum profit from all assets to automate to do more with less headcount.
FLYHT’s current tools can help improve passenger satisfaction, reduce ground delays, improve asset utilization, and reduce crew costs. Thus, providing companies with a service they can afford in-house.
FLYHT is developing its Actionable Intelligence Jetbridge technology, which integrates data using learning engines like IBM Watson, to give real-time data to improve turnaround times.
For the company, the collection, analysis, and use of data from an aircraft is the central part of their DNA. This has been the company’s main focus since the early days, and over the last year they refocused the business model to sell software first in order to accelerate revenue growth. They have taken all their knowledge and applied current technology to create what they call Actionable Intelligence, which involves critical real-time data to the whole ecosystem of their customers’ operations, not just to their aircraft. FLYHT is working with strategic partners to access critical data such as flight plans, maintenance records, and data from scheduling and costing modules to help support their machine learning applications, increasing their value to their customers.
According to the company’s estimations, Actionable Intelligence can help save between 1% and 2% in fuel, station, and ground, airport charges, maintenance, and overhaul. Therefore, creating a real advantage lowering time on the ground which can increase profits for companies.
Clearer Skies Ahead
In December 2020, Corvus Airlines (dba Ravn Alaska), a regional airline servicing the small communities in Alaska, signed an agreement with FLYHT to reactivate its fleet of nine DHC-8 aircraft with full AFIRS™ services.
“Ravn’s reactivation of services is one of many encouraging signs of recovery that we are seeing across our business in the fourth quarter. Other positive developments include confirmed customer deliveries of up to 35 AFIRS shipsets to be delivered in the fourth quarter and a one-year extension of our agreement with Environment Canada for the provision of weather data,” said Bill Tempany, CEO of FLYHT. “We have continued to conserve cash in the quarter while building and delivering additional SaaS services to new and existing customers.”
In addition, the company is currently focusing on its SaaS products with a reliable and growing pipeline. Its recurring revenue stream also raises growth visibility and margin profile, reinforcing its expected growth percent pre-covid and its goal to uplist to a national U.S. stock exchange in 2021, subject to market conditions.
For more information, please visit the company’s website.
Photo by John McArthur on Unsplash
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
