Business
Red Cat Holdings Reports Financial Results for Fiscal Third Quarter 2023 and Provides Corporate Update
SAN JUAN, Puerto Rico, March 07, 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, March 07, 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 January 31, 2023 and provides a business update. Operational Highlights: Red Cat partners with Athena AI for artificial intelligence and computer vision on new Teal 2 military droneRed Cat Holdings CEO to Visit NATO Countries for Talks on Military Drone Support for UkraineUtah Governor Visits Red Cat Holdings Subsidiary Teal Drones to Discuss State Support for Local Defense IndustryTeal Drones Enhances Low-Light Navigation Through New Partnership With ImmervisionSkypersonic Delivers Drones, Rover, and Piloting Platform to NASA’s Simulated Mars MissionsRed Cat Holdings Signs Agreement to Divest Consumer BusinessMary Beth Long, Former U.S. Assistant Secretary of Defense, Joins Red Cat Holdings Board of DirectorsU.S. Border Patrol Purchases over $1 Million of Teal Drones Third Quarter 2023 Financial Highlights: Revenues for the nine months ended January 31, 2023 were approximately $7.7 million, compared to approximately $5.1 million for the same period in fiscal 2022, representing an increase of more than 50% percentNearly 25% of fiscal 2023 revenues to date were generated from sales to U.S. government agenciesCash and investments were approximately $25 million as of January 31, 2023 “The Teal 2 sUAS, with its new best-in-class thermal camera, is getting a great response from U.S. Customs and Border Protection, multiple NATO militaries, and federal law enforcement agencies,” said Red Cat CEO Jeff Thompson. “Our sales pipeline is growing rapidly, and the first program of record for quad copters – U.S. Army SRR Tranche 2 – is on track.” \"We are pleased to report year-to-date revenue growth of more than 50%,\" stated Joseph Hernon, Chief Financial Officer. \"Orders from U.S. government agencies continue to increase and represented almost 25% of fiscal 2023 revenues to date. Notably, the government procurement process can be lengthy and challenging, but the U.S. government is often a long-term, recurring customer once these relationships are established.\" Conference Call CEO Jeff Thompson and CFO Joseph Hernon will host an earnings conference call ...