Business
Red Cat Holdings Reports Financial Results for Fiscal First Quarter 2025 and Provides Corporate Update
SAN JUAN, Puerto Rico, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"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 Day Marine), domestic and international Special Operations Forces (SOF Week), and European Union and NATO forces at Eurosatory 2024 in Paris, France.Announced development of a new Family of Small ISR and Precision Strike Systems at Eurosatory 2024.Recently closed FlightWave asset purchase agreement.Launched Robotics and Autonomous Systems Industry Consortium called Red Cat Futures Initiative. First Quarter 2025 Financial Highlights: Quarterly revenue of $2.8 million, representing 59% year-over-year growth.Ended the quarter with cash of $7.7 million.Guidance of $50-$55 million for calendar year 2025 exclusive of government or NATO programs of record.Record backlog of $13 million. \"Red Cat continues to see significant global demand and year-over-year growth with a strong pipeline and backlog,” said Jeff Thompson, Red Cat Chairman and Chief Executive Officer. “This is being driven by strong domestic and international adoption and sales across our entire Family of Systems, which now includes the Edge 130 Blue. Our guidance for the upcoming 2025 calendar year of $50 - $55 million will continue our growth trend as we await news around the U.S. Army’s Short-Range Reconnaissance Program of Record and prepare to scale up production capacity.” “We are reporting 59% year-over-year growth and $13 million in backlog for the first quarter of fiscal 2025,” stated Leah Lunger, Chief Financial Officer. “Having officially closed the acquisition of FlightWave Aerospace System, we look forward to integrating the Edge 130 Blue into our Family of Systems, which will open new revenue streams and partnership opportunities with companies in our Futures Initiative. We also have significant market potential for NDAA compliant FPV precision strike drones within our innovation roadmap.” Conference Call Today CEO Jeff Thompson and CFO Leah Lunger will host ...