Business
Red Cat Holdings Reports Second Quarter Financial Results and Provides Corporate Update
SAN JUAN, Puerto Rico, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a military technology company that
About this update from Red Cat Holdings, Inc.
[{"type":"text","content":"SAN JUAN, Puerto Rico, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a military technology company that integrates robotic hardware and software to provide critical situational awareness and actionable intelligence to on-the-ground warfighters and battlefield commanders, reports financial results for its second quarter of fiscal 2023 (three months ended 10/31/2022) and provides a business update. Recent Highlights: Enterprise Skypersonic delivered drones, rover, and piloting platform to NASA’s Simulated Mars MissionEstablished partnership between Teal Drones (“Teal”) and Tomahawk Robotics that allows Teal's 4-Ship Multi-Vehicle Systems to simultaneously control air- and ground-based vehiclesU.S. Border Patrol purchased over $1 million in dronesSkypersonic demonstrated remote-piloted drone at LoveIT Detroit’s Aerospace ReceptionTeal received FAA waiver to hold public demonstration of its Eris technology that enables a single pilot to simultaneously control multiple dronesSkypersonic demonstrated its “Fly Anywhere” technology on Mt. Etna, an active volcano in SicilyTeal demonstrated multi-drone mapping capability to U.S. military with partner Reveal Technology Consumer Agreement signed to divest Consumer Business to Unusual MachinesGross sale price of $18 million will provide non-dilutive capital to support market opportunities in the Enterprise segment, especially with the military Corporate and Financial Highlights: Mary Beth Long, former U.S. Assistant Secretary of Defense, joined Red Cat’s Board of DirectorsYear-to-date revenues of $4.6 million compared to prior year revenues of $3.3 million, representing growth of more than 40%Cash and Investment balances of $32.9 million at October 31, 2022Inventory, including prepayments of $3.7 million, totaled $10.3 million at October 31, 2022, which fully address lingering supply chain challenges and positions Company to promptly deliver on Enterprise ordersExpansion of manufacturing facility at Teal expected to be completed in fourth quarter of fiscal 2023 and will double production capacity “Our second quarter was a pivotal one for focusing on the military and defense markets, domestically and globally,” said Red Cat CEO Jeff Thompson. “In October, we received our first purchase order from U.S. Customs and Border Protection for more t...