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 ...

Financial Data and Key Metrics Changes - For fiscal year 2024, revenue increased by 286% to a record $17.8 million compared to $4.6 million in fiscal year 2023 [4][12] - Fourth quarter revenue rose to $6.4 million, representing over a 100% increase from the same period last year [4][12] - Gross profit for fiscal 2024 totaled $3.7 million, approximately 21% of total revenues, compared to negative 18% in fiscal 2023 [12] - Adjusted operating expenses decreased from $18.1 million in fiscal 2023 to $17.5 million in fiscal 2024, a reduction of approximately 3% [12][13] - Cash used in operations for Q4 of fiscal 2024 was $2.3 million, a decrease of 43% sequentially and 69% compared to the same quarter in the prior fiscal year [14] Business Line Data and Key Metrics Changes - The product portfolio expanded from one drone to three drones, completing the Family of Systems strategy [5] - The Teal 2 drone was highlighted as a significant contributor to record revenues [11] Market Data and Key Metrics Changes - Global demand for small, portable autonomous systems surged, prompting the company to invest in manufacturing capacity [5] - The Replicator Initiative by the U.S. Department of Defense aims to deploy thousands of autonomous systems, with significant funding expected for drone manufacturers [9] Company Strategy and Development Direction - The Family of Systems strategy focuses on low-cost, portable, field-repairable ISR and precision strike systems, marking a shift in the drone industry [5] - Recent acquisitions, such as FlightWave, are expected to enhance the company's capabilities in ISR and mapping [6] - The company is preparing for large-scale production of the Teal 3 drone and aims to meet increasing demand [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued revenue growth and improved profit margins in the upcoming year [14] - The company is well-positioned for potential contracts in both U.S. and NATO programs of record, with significant revenue opportunities anticipated [10][11] Other Important Information - The company secured $4.4 million in non-dilutive financing through the divestiture of an investment, enhancing its financial position [13] - The company is in the final stages of selection for the U.S. Army's Short Range Reconnaissance program, with potential contracts worth hundreds of millions [10][11] Q&A Session Summary Question: Does the $10 million in cash and receivables include the $4.4 million from UMAC? - Yes, the $10.4 million in cash and accounts receivables was the balance as of April 30, and the $4.4 million is in addition to that [18][19] Question: Can you provide the magnitude of NATO programs of record compared to the U.S. Army's? - One NATO program is for 25,000 systems, which is significantly larger than the U.S. Army's SRR program of about 6,000 systems [20] Question: Is there demand for the FlightWave Edge 130 system? - There has been a great response since the announcement, indicating strong demand for the Edge 130 [21] Question: Is production capacity back up and running? - Yes, production is back up, and the company is hiring to scale production for the Teal 3 drone [24] Question: What is the expected revenue from FlightWave in 2025? - The company projects $10 million to $20 million in revenue from FlightWave in 2025 [27] Question: What is the manufacturing capacity at Salt Lake? - The Salt Lake facility can scale to produce 1,000 drones a month for the Teal 2/Teal 3 [32]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission File Number: 001-40202 Red Cat Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 88-0490034 (State or othe ...

SAN JUAN, Puerto Rico, Aug. 08, 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 year ended April 30, 2024 and provides a business update Recent Operational Highlights: Certification of Teal 2 as Blue UAS received from U.S. Department of Defense Continued global sales expansion into Middle East and Latin ...

Company management will host an earnings conference call at 6:00p.m. ET on Thursday, August 8, 2024, to review financial results and provide an update on corporate developments. Following management's formal remarks, there will be a question-and-answer session. The conference call will also be available through a live webcast that can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=uxH3YdCT About Red Cat Holdings, Inc. Forward Looking Statements INVESTORS: E-mail: Investors@re ...