SAN JUAN, Puerto Rico, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it has received authorization from the Federal Aviation Administration (FAA) to operate unmanned aircraft systems (UAS) in U.S. airspace without broadcasting Remote Identification (Remote ID) information, specifically for the purpose of aeronautical research. “This authorizatio ...

SAN JUAN, Puerto Rico, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announced today that it received notice and funds to exercise 750,000 outstanding warrants to purchase shares of common stock for cash at an exercise price of $6.50 per share. The gross proceeds to the Company from the exercise of these warrants is $4.875 million. ...

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With U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:Wall Street expects Worthington Enterprises, Inc. WOR to report quarterly earnings at 52 cents per share on revenue of $273.77 million after the closing bell, according to data from Benzinga Pro. Worthington Enterprises shares fell 0.1% to $38.64 in after-hours trading.Compass Minerals International, Inc. CMP posted downbeat results for its fourth quarter on Monday. Compass Min ...

Financial Data and Key Metrics - Year-to-date revenues totaled $4.3 million, a 24% decrease compared to $5.7 million for the same period last year, due to the strategic focus on Black Widow [26] - Gross margin year-to-date was negative 12% of revenue, compared to positive 25% in the same period last year, primarily due to the final delivery of SRR Tranche 2 prototypes and lower production quantities of TL2 [26] - Cash used in operations totaled $12.5 million, an 11% increase compared to the same period last year, driven by increased staffing and resources for future demands [28] - The company ended the quarter with $5.7 million in cash and accounts receivable and closed an additional $6 million financing [29] Business Line Data and Key Metrics - The company has shifted manufacturing and sales efforts to prepare for mass production of Black Widow, prioritizing long-term growth over short-term revenue [26] - The acquisition of FlightWave added the Edge 130 to the product mix, with expectations to reach up to 50% gross margins under mass production [27] - The company has received quotes totaling $14.7 million for Black Widow customers, with strong demand signals globally [17] Market Data and Key Metrics - The company has been inundated with customer requests for quotes and RFPs following the SRR announcement, with significant interest from both DoD and international markets [17] - The partnership with Palantir is expected to enhance the Black Widow's capabilities, particularly in visual navigation and AI, addressing key battlefield challenges [10][11] - The company anticipates a total addressable market (TAM) of $975 million once the DJI ban is implemented, with potential opportunities in law enforcement and first responder markets [41][43] Company Strategy and Industry Competition - The company is focused on integrating Palantir's visual navigation and AI software into the Black Widow, which is expected to significantly enhance margins and accelerate the path to profitability [12] - The company is preparing for LRIP (Low-Rate Initial Production) in the first half of 2025 and full-rate production in the second half of 2025, with the software expected to be ready for LRIP [23] - The company is applying for the Office of Strategic Capital, which could provide loans between $10 million and $150 million, offering a low-interest, grant-like funding option [32] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about the future, with the Black Widow expected to be a dominant platform in the global market once the integration with Palantir's software is complete [21] - The company is exploring new and creative ways to address the commercial drone market, particularly in urban environments where RF jamming is a challenge [63] - The company believes the current administration's focus on building a large drone and robot army will be beneficial for its growth [69] Other Important Information - The company is transitioning its fiscal year end from April 30th to December 31st, with the next report being a transition 10-K for the eight months ended December 31st, 2024 [25] - The company is planning an Analyst Day in early January to provide more details on contracts and firm up guidance [13] - The company is working on integrating remote ID into the drone, which will be a key focus after completing the SRR program [63] Q&A Session Summary Question: Can you talk further about the relationship with Palantir? - The partnership with Palantir was driven by a joint customer request, and the integration is expected to be completed in the next couple of months [35] Question: Is there upside from Palantir built into the guidance? - The current guidance of $80 million to $120 million does not include additional revenue from Palantir's software, which is expected to add to the margins [36] Question: What revenue per drone can we expect with AI software from Palantir? - The company has not yet determined the per-drone revenue from Palantir's software but expects it to significantly enhance margins [38] Question: How do you expect to adapt Black Widow for non-Army business? - The Black Widow, built for the Army, is also suitable for law enforcement and first responders, with a potential TAM of $975 million once the DJI ban is implemented [40][43] Question: How does the Palantir contract help increase gross margins? - The Palantir software is expected to add high-margin revenue to the Black Widow, potentially increasing gross margins beyond the 50% achieved with hardware alone [50][52] Question: Have we seen any movement on NATO and other EU contracts? - The company is actively engaged with NATO countries and expects to see movement following the SRR announcement [55] Question: How does Red Cat plan to differentiate itself in the drone market? - The company is focused on integrating advanced technologies like Palantir's visual navigation and AI, as well as addressing specific market needs like GPS jamming and RF jamming [63] Question: Does a contract with the U.S. DoD limit you from selling drones to foreign countries? - The company can sell to foreign countries as long as they are not on the "bad boy list," though some software may require export licenses [68] Question: How might the future administration affect the size or volume of contracts? - The company believes the current administration's focus on building a large drone and robot army will be beneficial for its growth [69]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.001 RCAT The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ...

SAN JUAN, Puerto Rico, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the fiscal second quarter ended October 31, 2024 and provides a corporate update. Recent Operational Highlights: Announced selection as the winner of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record. Announced a strat ...

Drone stocks rallied Monday as retail interest ramped up in the sector following a Palantir partnership with Red Cat Holdings and amid a flurry of mysterious New Jersey sightings that Wall Street believes could boost funding for the industry.Red Cat shares rallied more than 25% on news that its working with Palantir to integrate visual navigation software into its drones. The ticker RCAT has been the sixth most popular mention on Reddit's famed WallStreetBets page over the last 24 hours, only behind crypto ...

SAN JUAN, Puerto Rico, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company building hardware and software for military, government, and commercial operations, today announced several leadership updates to align its executive team with the company's top priorities for scaling operations, manufacturing and meeting the needs of a fast-growing portfolio of customers. George Matus, Red Cat's Chief Technology Officer (CTO), is departing the company and is taking the ...

SAN JUAN, Puerto Rico, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company building hardware and software for military, government, and commercial operations, today announced the promotion of Geoffrey Hitchcock to Chief Revenue Officer (CRO). Hitchcock previously served as the General Manager for Teal Drones (a Red Cat subsidiary), where he was responsible for building a global sales organization for its hardware and software solutions. “Geoff has been instrum ...