Business
Red Cat Holdings Reports Record Quarterly Revenues for its First Quarter of Fiscal Year 2023 and Provides Corporate Update
SAN JUAN, Puerto Rico, Sept. 12, 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, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a hardware-enabled software provider to the drone industry, reports financial results for its first quarter of fiscal 2023 (three months ending 7/31/2022) and provides a business update. Recent Corporate Highlights: Enterprise Skypersonic demonstrated remote-piloted drone at LoveIT Detroit's Aerospace ReceptionTeal Drones received FAA waiver to hold public demonstration of its Eris technology that enables a single pilot to simultaneously control multiple dronesTeal Drones secured exclusive license to use autonomous drone software and technology from AutonodyneSkypersonic demonstrated its \"Fly Anywhere\" technology on Mt. Etna, an active volcano in SicilySkypersonic inspected a utility plant in Italy using a drone controlled by a pilot located in Florida using a cellphone connectionTeal completed development and production of a four-drone, multi-vehicle system for defense, government, and public safety marketsSkypersonic completed a two-year program under which General Motors used the Skycopter to perform crane rail inspections at 19 North American stamping facilities Consumer Fat Shark launched a new FPV (first-person view) drone headset, the Dominator, which is a low-latency, 1080p digital goggle with an extended flight range over existing systemsConsumer segment generated record quarterly revenues in 1Q23 First Quarter 2023 Financial Highlights: Record Revenues for any fiscal quarter since the Company's inceptionRevenues increased 120% year-over-year and 134% sequentiallyCash and Investment balance of $43 million at July 31, 2022Inventory at July 31, 2022 of approximately $6.4 million established to address supply chain challenges and forecast demand “Despite the inflationary and supply chain pressures that persisted during our fiscal first quarter, we executed well and delivered record quarterly revenue, including year-over-year and sequential revenue increases over 100%. We are encouraged by Teal’s strong pipeline, along with ramping sales of Fat Shark’s new Dominator goggle,” commented Red Cat CEO Jeff Thompson. “The War in Ukraine has fundamentally changed the methods and tools of warfare. Smaller Class 1 drones like the Teal Golden Eagle can be an important tool for the warfighter. We expect accelerat...