Business
Red Cat Holdings Reports Financial Results for Fiscal Year Ended April 30, 2023 and Provides Business Update
SAN JUAN, Puerto Rico, July 27, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"SAN JUAN, Puerto Rico, July 27, 2023 (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 fiscal year ended April 30, 2023 and provides a business update. Recent Operational Highlights: Launched the Teal 2, a military-grade sUAS designed to “Dominate the Night™”Teal 2 designation as Blue UAS received from U.S. Department of DefenseCompleted construction of manufacturing facility in Salt Lake City, Utah and scaling production to meet expected demandAwarded increases in prototype development contract under U.S. Army Tranche 2 Program with additional increases expected in Fiscal 2024Teal 2 now available for purchase through U.S. Government’s GSA Advantage website, facilitating the ability of government agencies to expedite purchase ordersCompleted second phase of partnership with Athena AI to enhance the artificial intelligence and computer vision capabilities of the Teal 2 Fiscal Year 2023 Financial Highlights: Consolidated revenues in fiscal 2023 increased 54% year-over-year to $9.9 millionEnterprise revenues increased by more than 100% in fiscal 2023 and was entirely attributable to Teal Drones subsidiaryCompleted significant capital investment in new manufacturing facility in Salt Lake City with manufacturing capacity currently at 100 units per month and scaling higherHigher inventory balances established in preparation for projected continued increases in order levels “The Teal 2 system is a game changer for Group One drones. It has the best-in-class thermal imaging camera, which is optimized for nighttime operations,” commented Red Cat CEO Jeff Thompson. “The Teal 2 is an open platform, which allows easy integration with software partners to provide added capabilities. The system enables multi-vehicle control where one operator can fly 4 drones simultaneously, and each drone has target recognition and battle tracking through computer vision and artificial intelligence. Commanders and warfighters have not had this capability in a Group One drone until now and we are getting a great response in the marketplace. \"During fiscal 2023, our Business Development and Sales teams worked diligently to develop strong relationships with a wide range ...