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TickerUAVS
SectorComputer Hardware
Mkt cap$51M
EV / EBITDAN/A
PostureRestatement Risk
Composite100/100
LensTarget-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 8504

Ageagle Aerial Systems Inc.

UAVSRESTATEMENT RISKFILING INTENSITY

Ageagle Aerial Systems Inc. reads as Restatement Risk (composite 100/100); pressure / disclosure signals dominate the posture this cycle · primary market Semis & Hardware.

Lens

Disclosed M&A capital (2023–2025)

N/A

−99%

vs N/A in 2020–2022

Disclosed transactions

N/A

−99%

0/3 active fiscal years in window

Buyer archetype

Selective Buyer

Acquisition use is visible but targeted.

Composite score

100

/100

Restatement Risk dominates · Filing Intensity

Financial snapshot
Revenue$13M
EBITDAN/A
Enterprise value$23M
EV / Revenue1.8×
EV / EBITDAN/A
P/EN/A
Cash$4M
Total debt$420K
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

14/100

Companies actively deploying disclosed capital into M&A

  • $55M disclosed buyer spend

Buyer Cadence

22/100

Buyer-side companies with recent filing activity

  • Filed within 32d
  • 289 8-Ks

Target Probability

20/100

Issuers showing target-side patterns from filings

  • 26 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 26 activism filings

Pressure Watch

16/100

Issuers facing activism, governance, or control pressure

  • 26 activism filings
  • Latest activism 8.2y ago; heavily discounted

Distress Watch

44/100

Issuers showing financial-distress filing patterns

  • 10-Q 207d stale
  • 26 activism filings

Restatement Risk

Dominant
100/100

Issuers with accounting-integrity flags from filings

  • 1 non-reliance 8-K
  • 6 auditor changes
  • 29 NT late filings
  • Latest event 11mo ago

Capital Velocity

70/100

Issuers with the highest filing-activity intensity

  • 289 8-Ks
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $23M
  • 10-Q 207d ago
  • 3 active signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.

16
17
18
19
20
21
22
23
24
25

Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $41M · Peak count: 1

FYDisclosed buysDisclosed spendAvg ticketAudited tier
2025N/AN/AN/AN/A
2024N/AN/AN/AN/A
2023N/AN/AN/AN/A
2022N/A$41MN/AN/A
2021N/AN/AN/AN/A
20201$4M$4MN/A
§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Bolt On
    20%
  • Geographic Expansion
    20%
  • Tuck In
    20%
  • Technology Acquisition
    20%
  • Platform
    20%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

  • bolt_on
  • geographic_expansion
  • tuck_in
  • technology_acquisition
  • platform
  • horizontal_consolidation
§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

Growth through acquisition. Through successful execution of our growth-through-acquisition strategies, we intend to acquire technologically advanced UAS companies and intellectual property that complement and strengthen our value proposition to the market.

10-KFY2024

Moving forward, we may evaulate acquisition opportunities to expand our solutions offerings in closely related product areas.

10-KFY2025

We believe that by investing in complementary acquisitions, we can accelerate our revenue growth and deliver a broader array of innovative autonomous flight systems and solutions that address specialized market needs within our current target markets and in emerging markets that can benefit from innovations in artificial intelligence-enabled robotics and data capture and analytics.

10-KFY2024

successful execution of our acquisition strategy in 2022

10-KFY2025
§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Semis & Hardware

Market spend (2023–2025)
$118.8B
Market spend (2020–2022)
$89.3B
Recent vs prior
+33%
Issuer rank in market
N/A
Share of market capital
0.0%

Valuation positioning

N/AEV / EBITDA

UAVS trades at a -24.7-turn discount to the Semis & Hardware peer median of 19.5×.

EV / Revenue
1.8×
Net debt / EBITDA
N/A
Peer median EV / EBITDA
19.5×

Trading comparables

FMP market data · 2026-05-10

CompanyEV / EBITDAEV / RevNet debt / EBITDARevenueM&A 2023–2025
30.8×8.0×3.8×$3.2B$6B
21.7×6.6×-0.1×$25.9B$6.9B
19.5×4.5×2.8×$4.7B$1.8B
18.1×5.4×-0.4×$44.5B$997M
14.5×3.5×-0.2×$18.5B$3.1B

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Semis & Hardware. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)232026-03-31
  • 10-Q (quarterly)592025-11-14
  • 8-K (event)2892026-04-14
  • Proxy / DEF 14A382026-05-08
  • Activism (13D / DFAN / PREC)262018-04-05

Signals on file

  • critical

    Non-reliance disclosure

    2024-11-13

    1 Item 4.02 filing on file; financial-statement non-reliance.

  • elevated

    Auditor change

    2025-07-09

    6 Item 4.01 filings on file; certifying accountant change.

  • watch

    Late-filing notice

    2024-11-14

    29 NT 10-K/10-Q filings on file.

  • elevated

    Activism on file

    2018-04-05

    26 activist filings on file (13D, DFAN14A, PREC14A series).

  • info

    Signal

    Serial acquisition history

  • info

    Signal

    10-K strategy themes

  • info

    Signal

    Restatement risk

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.