Red Cat Holdings Reports Financial Results for Fiscal Third Quarter 2024 and Provides Corporate Update

About this update from Red Cat Holdings, Inc.

[{"type":"text","content":"Red Cat reports record revenue for the company in Fiscal Third Quarter 2024, the third consecutive quarter of double-digit sequential growth\nSAN JUAN, Puerto Rico, March 18, 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 second quarter ended March 18, 2024, and provides a business update. Operating Highlights: Continued global expansion with entry into Latin America and Middle East marketsPartnered with Primordial Labs to integrate AI-driven voice control technology to its platformsPart of successful joint drone industry effort resulting in the passing of the American Security Drone Act by CongressRed Cat subsidiary, Teal Drones, received $750k Manufacturing Modernization Grant from the State of UtahSelected as finalist for US Army's Short Range Reconnaissance program with $3M extended contract award In Q4, Retired Four-Star Army General Paul Edward Funk II joined Red Cat’s Board of Directors Financial Highlights: Record revenues of $5.8 million for fiscal third quarter ending January 31, 2024, representing growth of more than 250% compared to the prior-year period and 49% on a sequential basisFunded backlog remained strong as of January 31, 2024, at $5.1 millionClosed the sale of the Consumer segment on February 16, 2024, resulting in 4,250,000 shares of UMAC common stock issued to Red Cat, a $1 million cash payment, and a $2 million note payable to Red Cat$12.7 million of combined Cash and Account Receivable balances as of January 31, 2024 \"Red Cat has continued to meet global customer demand resulting in record third quarter revenue that is more than 250 percent above the same period in our previous fiscal year,\" said Jeff Thompson, Red Cat Chairman and Chief Executive Officer. \"The Teal 2 drone has quickly become the small uncrewed system of choice and our ability to scale production has been well received by our domestic and international customers. We believe we are well positioned for the U.S. Department of Defense Replicator Initiative and the U.S. Army’s Short Range Reconnaissance Program of Record being awarded later this year, in which we are one of two finalists.\" \"With the increasing demand for our drone solutio...

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