FLYHT Announces Strategic Restructuring

FLYHT Aerospace Solutions Ltd. has announced a restructuring aimed at reducing expenditures by $1.75 million CAD annually. This change is part of a strategic move to focus on sales and delivering on their contracted backlog, as stated by Interim CEO Mary McMillan. The restructuring follows the completion of the AFIRS Edge product line, a 5G compatible wireless QAR and aircraft interface device.

The restructuring will affect 20% of FLYHT's workforce and incur a one-time expense of $770,000 CAD in Q3 2024 for severance and benefits. Key management changes include Darrel Deane as Chief Revenue Officer and Gurjot Bhullar as Chief Operating Officer. These steps are expected to support FLYHT’s goal of achieving sustainable positive EBITDA.