SAN JUAN, Puerto Rico, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading American drone technology company, has been selected as the winner of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record. The production selection was made after a test and evaluation process of Teal’s next generation sUAS, completed by the Army Project Management Office for Uncrewed Aircraft Systems, Army Maneuver Battle Lab, Army Test and Evaluation Command, and Army Operat ...

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SAN JUAN, Puerto Rico, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.(Nasdaq: RCAT) ("Red Cat"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced a new contract and order for 12 of its FlightWave Edge 130 Blue system from the Royal Australian Navy. The contract was secured through Criterion Solutions Pty Ltd., an Australian-based distributor of intelligence, surveillance, reconnaissance and information technol ...

SAN JUAN, Puerto Rico, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.(Nasdaq: RCAT) ("Red Cat"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it secured a $1 million contract for its Edge 130 Blue drones from the United States Army Communications-Electronics Command (CECOM). The contract was secured through Noble, a leading provider of global sustainment and operations support for the U.S. Military and civ ...

SAN JUAN, Puerto Rico, Oct. 11, 2024 (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 that Brett has joined its Board of Advisors. Brett is a drone industry expert, national media personality, and best-selling author of Drone Warrior, a first-hand account that chronicles the U.S. military's evolution between 2001 - 2016 and the technology driving it. "Brett's dr ...

SAN JUAN, Puerto Rico, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.(Nasdaq: RCAT) ("Red Cat"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it secured $1.6 million in contracts for Edge 130 Blue drones, FlightWave's Blue UAS approved military-grade tricopter to the U.S. Customs & Border Protection (CBP). The contract was secured through Darley, a leading distributor of equipment and technology to first r ...

Financial Data and Key Metrics - Q1 2025 revenue was $2.8 million, a 59% year-over-year increase [4] - Gross margin for Q1 was negative 17%, primarily due to the final delivery of SRR Tranche 2 prototypes, not related to product sales [11] - Cash used in operations for Q1 was $2.3 million, a 66% decrease compared to the same quarter in the prior fiscal year [12] - The company ended the quarter with $7.7 million in cash and secured an additional $8 million in financing [12] Business Line Data and Key Metrics - The company successfully delivered 40 systems to the Army for IOT&E and built Teal 3 units for demos and partner integrations [5] - The pause in Teal 2 manufacturing impacted sales, but the company achieved a record backlog of $13 million [6] - The company launched the Red Cat Family of Systems, expanding from one product to three, including the Edge 130 Blue, Teal 2, and FANG [6][8][9] Market Data and Key Metrics - The company is preparing for high-volume production of Teal 3 and implementing quality management systems to achieve AS9100 certification in 2025 [5] - The Edge 130 Blue has seen better-than-expected demand since the announcement of the LOI [9] - The company is awaiting news on the SRR contract, which could significantly impact future revenue [10][15] Company Strategy and Industry Competition - The company is diversifying its product range with the Red Cat Family of Systems, aiming to reduce investment risk and meet the Pentagon's need for low-cost, attritable ISR and surgical strike drones [6][7] - The company is transitioning to a calendar year starting January 2025, aligning its guidance with the new fiscal year [3][14] - The company is focused on scaling production and increasing margins, with expectations of reaching up to 50% gross margin under mass production [13][23] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the company's future, especially with the new Family of Systems, and believes the multisystem strategy will lower investment risk [13] - The company expects revenue for 2025 to be between $50 million and $55 million, even without SRR or other NATO programs of record [15] - Management is confident in the company's ability to meet demand for large-scale contracts and is preparing for potential SRR contract wins [5][15] Other Important Information - The company is changing its fiscal year end from April 30 to December 31, beginning December 31, 2024 [14] - The company recently closed a debt deal securing $8 million in financing, with no repayments for six months and warrant coverage of approximately 30% [24] Q&A Session Summary Question: Product mix in the $13 million backlog and expected shipment timeline - Approximately half of the backlog is FlightWave Edge 130 Blues, and the company hopes to ship a significant portion by the end of the calendar year [18] Question: Revenue mix for the $55 million 2025 guidance - The revenue mix is expected to be close to 50-50 between Teal 3 and Edge 130 Blue, with FPV contributing $5 million to $8 million [21] Question: Gross margin profile at $55 million revenue run rate - The company expects to steadily increase margins, reaching up to 50% under mass production of Teal 3 [22][23] Question: Capital needs to reach profitability - The recent $8 million debt financing is expected to cover the company's needs until January or February 2025, when potential large contract wins could provide additional funds [24] Question: Timeline and scope of the SRR contract - The company expects news on the SRR contract in early October or during the Army's annual show, with potential first-year deliveries valued at approximately $79 million [25][26] Question: Relationship between SRR and NATO contracts - SRR and NATO contracts are independent, and the company is close to securing initial orders from NATO countries [28][29] Question: Financials and fiscal year transition - FlightWave financials will be included in the October 31 report, and the company transitioned to a calendar year to align with government contract timelines [30][32]

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 July 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, Sept. 23, 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 first quarter ended July 31, 2024 and provides a corporate update. Recent Operational Highlights: Presented drone solutions to high-level officials, at multiple Defense Conferences, including the U.S Marine Corps (Modern Da ...

Red Cat Holdings, Inc. (NASDAQ:RCAT) Q4 2024 Earnings Conference Call August 8, 2024 6:00 PM ET Company Participants Jeff Thompson - Chairman of the Board, Chief Executive Officer and President Leah Lunger - Chief Financial Officer Conference Call Participants Ashok Kumar - ThinkEquity Glenn Mattson - Ladenburg Thalmann Carlo Corzine - Dawson James Securities Operator Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Red Cat Holdings Fiscal 2024 Annual Financial Results an ...