Business
Red Cat Holdings Reports Financial Results for Fiscal Third Quarter 2022 and Provides Corporate Update
HUMACAO, Puerto Rico, March 17, 2022 /PRNewswire/ -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat" or "Company"), a hardware-enabled software provider to
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"HUMACAO, Puerto Rico, March 17, 2022 /PRNewswire/ -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (\"Red Cat\" or \"Company\"), a hardware-enabled software provider to the drone industry, reports its financial results for the fiscal third quarter ended January 31, 2022 and provides a business update.\n\n \n \n \n \n \n \n\n \nRecent Corporate Highlights:\nTeal Drones (\"Teal\") Selected by U.S. Army for Short Range Reconnaissance Tranche 2 Drone Program Teal Awarded Customs and Border Protection Contract Worth up to $90 Million over Five Years Teal Manufacturing Facility Doubled in Size Skypersonic collaborating with NASA to deploy remotely piloted drones in a variety of vehicles and environments Appointed Venture Capitalist and Cargo Drone Entrepreneur Christopher R. Moe to Board of DirectorsThird Quarter 2022 Financial Highlights:\nRevenue for the fiscal third quarter ended January 31, 2022 decreased 13% compared to the same period in fiscal 2021 as the Company focused its efforts on doubling the manufacturing capacity for its Teal subsidiary. Revenue for the nine months ended January 31, 2022 increased 64% compared to the nine months ended January 31, 2021 Operating Expenses for the quarter ended January 31, 2022 increased to $3.2 million compared to $1.1 million for the same period in fiscal 2021, reflecting the acquisitions of Skypersonic and Teal. Headcount at Teal has doubled with the addition of skilled engineering talent required to design an expanded manufacturing facility and incorporate technical product enhancements requested by customers Cash and marketable securities were approximately $56 million as of January 31, 2022\"All our business divisions are well-positioned to benefit from current tailwinds in the drone industry. The current conflict in Ukraine is leading to many inquiries for Teal's Golden Eagle drone and we are optimistic that many of these will be converted into material contracts,\" commented Red Cat CEO Jeff Thompson. \"Over the longer term, our selection as one of just two companies awarded the Short Range Reconnaissance Tranche 2 $1.5 million prototype contract, which may lead to a production contract award. The production award for Tranche 1 was $100 million. Ultimately, there is the Tranche 3 prototype and production awards that Teal will also be competing for. We are committed to increasing Teal's pro...