Business
Red Cat Holdings Reports Financial Results for Fiscal First Quarter 2024 and Provides Corporate Update
SAN JUAN, Puerto Rico, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a military technology company
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"SAN JUAN, Puerto Rico, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a military technology company integrating robotic hardware and software to protect and support the warfighter, reports its financial results for the fiscal quarter ended July 31, 2023 and provides a business update. Operational Highlights: Orders for 344 drones with a total value of approximately $5.2 million placed by a U.S. federal government agencyRemote ID certification received from the Federal Aviation Administration (FAA)Teal 2 sUAS Now Available for Purchase Through US Government’s GSA AdvantageSecured $1.2M Additional Funding for U.S. Army’s Short Range Reconnaissance ProgramReceived DoD “Blue UAS” Approval for New Teal 2 sUAS to be Added to Cleared ListAnnounced breakthrough artificial intelligence and computer-vision capabilities for Teal 2 military-grade droneReceived Order for 200 Long-Range, High-Speed Drones for Ukrainian DeploymentPartnering with Doodle Labs as wireless networking provider for U.S. Army’s Short Range Reconnaissance program First Quarter 2024 Financial Highlights: Consumer Segment reported as Discontinued Operations as sale to Unusual Machines (“UM”) expected to close in fiscal second quarter for immediate cash proceeds of $3 million and approximately $21 million in UM stock, including working capital adjustmentsStrong quarterly revenues for the Consumer segment provide value potential for shares of UM stock to be received from the saleRecord quarterly revenues for Enterprise segment as sales pipeline matures with an additional $6 million in booked orders to be shipped over the balance of Fiscal 2024More than 70% of Enterprise revenues generated from sales to U.S. government agenciesInventory related balances of more than $11 million at July 31, 2023 require $3 million to complete the manufacturing of approximately 1,200 drones representing $18 million in revenues when shipped “Since its official launch at the end of April, the Teal 2 generated more than $2 million of sales in its first quarter of availability. In addition, its current backlog of $6 million is expected to increase throughout our Fiscal 2024, especially as government agencies seek to spend their budgetary allowances before they expire,\" stated Jeffrey Thompson, President and CEO. \"This was a record sales quarte...