Business
Red Cat Holdings Reports Financial Results from Fiscal First Quarter 2022 and Provides Corporate Update
HUMACAO, Puerto Rico, Sept. 20, 2021 /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, Sept. 20, 2021 /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 quarter ended July 31, 2021 and provides a business update.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 Financial Highlights:\nRevenues for the fiscal quarter ended July 31, 2021 were approximately $1.4 million, compared to approximately $548,000 for the same period in 2020 Adjusted Net loss for the quarter ended July 31, 2021, which excludes non-cash expenses, primarily related to derivative liabilities and stock-based compensation, was approximately $1.1 million, as compared to an adjusted net loss of approximately $276,000 for the fiscal quarter ended July 31, 2020 Cash and equivalents were approximately $66.1 million as of July 31, 2021Recent Corporate Highlights:\nClosed the acquisitions of Teal Drones and Skypersonic Received a significant purchase order from Drone Nerds -- the largest distributor of drones in the United States -- for the Golden Eagle, manufactured by Teal Drones Structured the Company into Enterprise and Consumer segments Appointed Dr. Allan Evans as Chief Operating Officer and Geoffrey Hitchcock as Senior Vice President of Global Defense Solutions Closed two public offerings that together raised $76 million in gross proceeds and up-listed to the Nasdaq exchange in the process\"Our first quarter results reflect an exciting start to the fiscal year, highlighted by a strengthened capital position, continued revenue growth, and additional acquisitions,\" stated Joseph Hernon, Chief Financial Officer. \"We began the second quarter with more than $66 million in cash, which we plan to invest in key growth initiatives in a disciplined, focused manner.\"\n\"Teal Drones represents our fourth acquisition since January 2020 and positions us as a leader in the enterprise, consumer, and military sectors of the drone industry,\" stated Jeffrey Thompson, President and Chief Executive Officer. \"Teal is one of a few companies approved by the U.S. Department of Defense for the deployment of drones in short range military reconnaissance. Looking forward, we expect military applications and infrastructure inspection services, provided through our Skypersonic subsidiary, to drive revenue growth.\"\nCon...