Business
Red Cat Holdings Reports Financial Results for Fiscal Year Ended April 30, 2022 and Provides Corporate Update
SAN JUAN, Puerto Rico, July 27, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a hardware-enabled software provider
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"SAN JUAN, Puerto Rico, July 27, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a hardware-enabled software provider to the drone industry, reports its financial results for its fiscal year ended April 30, 2022 and provides a business update. Fiscal 2022 and Recent Corporate Highlights: Acquired Teal Drones (“Teal”) and Skypersonic, Inc. to better penetrate the military and industrial inspection markets, respectivelyRaised $76 million in gross proceeds from public market financingsStrengthened management team with hiring of Dr. Allan Evans as Chief Operating Officer and Geoffrey Hitchcock as Senior Vice President of Global Defense Solutions Teal Teal was among five contractors awarded a firm, fixed price, multiple-award, blanket purchase agreement worth an estimated $90 million in total over a five-year ordering period by the U.S. Customs and Border Protection Teal was selected from more than three dozen competitors by U.S. Army for the Short Range Reconnaissance Tranche 2 Drone Program; received a $1.5 million prototype contractTeal received an initial purchase order for 15 Golden Eagle drone units from a NATO member country for deployment in UkraineTeal completed the development of the 4-Ship and 4-Ship+ multi-vehicle packages, which allow for a single drone pilot to control an up to four-drone system with applications for the defense, government, and public safety markets Skypersonic Skypersonic was awarded a five-year contract by NASA to provide drone and rover software, hardware, and support for NASA’s Simulated Mars missionSkypersonic completed a two-year program with General Motors using the Skycopter™ to perform crane rail inspections in all 19 of its North American stamping (metalworking) facilitiesSkypersonic successfully completed a trans-Atlantic inspection of an Italian utility plant with the pilot physically located in the U.S. while controlling a drone located at the plant using the Internet connection from a normal cellphone Fat Shark Fat Shark launched a new first-person viewer (FPV) drone headset called the Dominator, a low-latency, 1080p digital goggle with an extended flight range higher than existing competing systems Financial Highlights: Revenue for the fiscal year ended April 30, 2022 increased 29% year-over-year to $6.4 millionCash and marketable securities were a...