Business
Red Cat Holdings Reports Record Annual Revenues
HUMACAO, Puerto Rico, Aug. 12, 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, Aug. 12, 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 year ended April 30, 2021, and provides a business update:\n\n \n \n \n \n \n \n\n \nRevenues for the fiscal year ended April 30, 2021, were approximately $5.0 million, representing a more than ten-fold increase compared to approximately $0.4 million for the fiscal year ended April 30, 2020 Adjusted Net loss for the fiscal year ended April 30, 2021, which excludes non-cash charges associated with derivative liabilities, stock-based compensation, and the amortization of debt discount, was approximately $1.6 million, as compared to an adjusted net loss of $1.3 million for the fiscal year ended April 30, 2020 Common Stock financings in May and July 2021 raised $76 million in gross proceeds\"We are pleased to report only a relatively modest increase in our adjusted net loss even while closing and integrating three acquisitions during the 16-month period through April 30, 2021,\" stated Joseph Hernon, Chief Financial Officer. \"Our recent capital raises totaling gross proceeds of $76 million have strengthened our financial position, and we are well funded to execute on our growth initiatives.\"\n\"Since the beginning of 2019, we have completed three acquisitions, and we are working hard to close our fourth and most exciting acquisition, Teal Drones, as fast and efficiently as possible,\" stated Jeffrey Thompson, Chief Executive Officer. \"Red Cat remains focused on building a portfolio of complementary products and services to support the continued growth and maturation of the drone industry in both the enterprise and consumer market segments. Our disciplined acquisition strategy targets companies with advanced product offerings and unique drone platforms and intellectual property. After the integration of Teal Drones, we would expect military applications and infrastructure inspections to be our most significant revenue drivers.\"\nConference Call Today:\nJeff Thompson, CEO and Joseph Hernon, CFO will conduct a conference call this afternoon at 5:00 p.m. ET and lead a discussion of fiscal year 2021 financial results along with a Q&A session to follow. To listen to the conference call, interested parties within t...