Red Cat Holdings Reports First Quarter Fiscal 2022 Financial Results, Company Update – sUAS News
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a provider of software for the drone industry, reports financial results for the fiscal quarter ended July 31, 2021 and provides a business update.
First Quarter 2022 Financial Highlights:
- Revenue for the fiscal quarter ended July 31, 2021 was 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, compared to an adjusted net loss of approximately $ 276,000 for the fiscal quarter ended July 31, 2020
- Cash and cash equivalents were approximately $ 66.1 million as at July 31, 2021
Recent Company Highlights:
- Completion of the acquisitions of Teal Drones and Skypersonic
- Received a large purchase order from Drone Nerds – the largest drone distributor in the United States – for the Golden Eagle, manufactured by Teal Drones
- Structuring of the company into Business and Consumer segments
- Appointed Dr Allan Evans as COO and Geoffrey Hitchcock as Senior Vice President of Global Defense Solutions
- Completion of two public offerings which together raised $ 76 million in gross proceeds and were listed on the Nasdaq stock exchange in the process
“Our first quarter results reflect an exciting start to the year, underscored by a stronger financial position, continued revenue growth and additional acquisitions,” said Joseph Hernon, Chief Financial Officer. “We started the second quarter with over $ 66 million in cash, which we plan to invest in key growth initiatives in a disciplined and focused manner.”
“Teal Drones represents our fourth acquisition since January 2020 and positions us as a leader in the corporate, consumer and military sectors of the drone industry,” said Jeffrey Thompson, President and CEO. “Teal is one of the few companies approved by the US Department of Defense for the deployment of short range military reconnaissance drones. Going forward, we expect military applications and infrastructure inspection services, provided by our subsidiary Skypersonic, to drive revenue growth. “
Conference call today
Jeff Thompson, CEO and Joseph Hernon, CFO, will also hold a conference call at 5:00 p.m. ET on Monday, September 20 to review the financial results and provide an update on the company’s developments. After formal management remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties in the United States should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial the number approximately 10 minutes before the scheduled start time and request to participate in the conference call from Red Cat Holdings, Inc. Attendees can also pre-register for this event using the following link: https://dpregister.com/sreg/10160315/ed6428468a
The conference call will also be available via a live webcast accessible at https://services.choruscall.com/mediaframe/webcast.html?webcastid=qfFT8fw6.
The webcast replay will be available until December 20, 2021 and can be viewed via the link above or on the Company’s website. A telephone replay will be available until October 4, 2021, by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using the access code 10160315.
About Red Cat Holdings, Inc.
Red Cat provides products, services and solutions to the drone industry through its four wholly owned subsidiaries. Fat Shark Holdings is the leading supplier of First Person View (FPV) video eyewear for the drone industry. Rotor Riot, LLC is a leader in the sale of drones and FPV equipment, primarily to the consumer market through its digital storefront located at www.rotorriot.com. Rotor Riot enjoys high visibility on social media through its Facebook page and sponsorship of a professional drone racing team that has won numerous championships. Skypersonic provides software and hardware solutions that allow drones to perform inspection services in locations where GPS is not available, while recording and transmitting data even when used thousands of miles away. . Red Cat Propware is developing a Software-as-a-Solution (“SaaS”) platform to provide drone flight data analysis and storage, as well as diagnostic products and services. Learn more about https://www.redcatholdings.com/.