Red Cat Holdings Reports Financial Results for Fiscal Year Ended April 30, 2023 and Provides Business Update
27 Julho 2023 - 5:05PM
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a
drone technology company integrating robotic hardware and software
for military, government, and commercial operations, reports its
financial results for the fiscal year ended April 30, 2023 and
provides a business update.
Recent Operational Highlights:
- Launched the Teal 2, a military-grade sUAS designed to
“Dominate the Night™”
- Teal 2 designation as Blue UAS received from U.S. Department of
Defense
- Completed construction of manufacturing facility in Salt Lake
City, Utah and scaling production to meet expected demand
- Awarded increases in prototype development contract under U.S.
Army Tranche 2 Program with additional increases expected in Fiscal
2024
- Teal 2 now available for purchase through U.S. Government’s GSA
Advantage website, facilitating the ability of government agencies
to expedite purchase orders
- Completed second phase of partnership with Athena AI to enhance
the artificial intelligence and computer vision capabilities of the
Teal 2
Fiscal Year 2023 Financial
Highlights:
- Consolidated revenues in fiscal 2023 increased 54%
year-over-year to $9.9 million
- Enterprise revenues increased by more than 100% in fiscal 2023
and was entirely attributable to Teal Drones subsidiary
- Completed significant capital investment in new manufacturing
facility in Salt Lake City with manufacturing capacity currently at
100 units per month and scaling higher
- Higher inventory balances established in preparation for
projected continued increases in order levels
“The Teal 2 system is a game changer for Group One
drones. It has the best-in-class thermal imaging camera, which is
optimized for nighttime operations,” commented Red Cat CEO Jeff
Thompson. “The Teal 2 is an open platform, which allows easy
integration with software partners to provide added capabilities.
The system enables multi-vehicle control where one operator can fly
4 drones simultaneously, and each drone has target recognition and
battle tracking through computer vision and artificial
intelligence. Commanders and warfighters have not had this
capability in a Group One drone until now and we are getting a
great response in the marketplace.
"During fiscal 2023, our Business Development and
Sales teams worked diligently to develop strong relationships with
a wide range of government agencies. These efforts are
extensive and challenging, but once secured can yield long term,
recurring orders and revenues,” added Mr. Thompson. "During
fiscal 2023, we generated revenues through the Army's Tranche II
program, the U.S. Border Patrol, and a NATO member country.
With these relationships now established, we look forward to
additional orders from these and other U.S. government
agencies, including other military branches, especially since the
Teal 2 can be purchased on the government's GSA Advantage web
site."
“We made significant investments in fiscal 2023
that position Red Cat for success in fiscal 2024,” stated Joseph
Hernon, Chief Financial Officer. “We completed construction of our
manufacturing facility in Utah, hired a team of talented engineers
and professionals that successfully launched the Teal 2 in April
2023, and built inventory levels that will enable us to fulfill
forecast demand in fiscal 2024.”
Conference Call Today
CEO Jeff Thompson and CFO Joseph Hernon will host
an earnings conference call today (July 27, 2023) at 4:30 p.m. ET
to review financial results and provide an update on corporate
developments. Following management’s formal remarks, there will be
a question-and-answer session.
Interested parties can listen to the conference
call by dialing 1-866-777-2509 (within the U.S.) or 1-412-317-5413
(international). Callers should dial in approximately ten minutes
prior to the start time and ask to be connected to the Red Cat
conference call. Participants can also pre-register for the call
using the following link:
https://dpregister.com/sreg/10181274/fa066b329a
The conference call will also be available through
a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=Eh1TvLIw
A replay of the webcast will be available until
October 27, 2023 and can be accessed through the above link or at
www.redcatholdings.com. A telephonic replay will be available until
August 10, 2023 by calling 1-877-344-7529 (domestic) or
1-412-317-0088 (international) and using access code 7432539.
About Red Cat Holdings, Inc.Red
Cat (Nasdaq: RCAT) is a drone technology company
integrating robotic hardware and software for
military, government, and commercial operations. Red
Cat’s solutions are designed to “Dominate the Night™” and
include the Teal 2, a small unmanned system offering the
highest-resolution thermal imaging in its class. Learn more
at www.redcatholdings.com.
Forward Looking StatementsThis
press release contains "forward-looking statements" that are
subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as "anticipate," "believe," "contemplate," "could,"
"estimate," "expect," "intend," "seek," "may," "might," "plan,"
"potential," "predict," "project," "target," "aim," "should,"
"will," "would," or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on Red Cat
Holdings, Inc.'s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in
the section titled "Risk Factors" in the final prospectus related
to the public offering filed with the Securities and Exchange
Commission. Forward-looking statements contained in this
announcement are made as of this date, and Red Cat Holdings, Inc.
undertakes no duty to update such information except as required
under applicable law.
Contacts:
INVESTORSCORE IRPhone: (516) 222-2560E-mail:
investors@redcat.red
NEWS MEDIADalton AgencyPhone: (615) 515-4891Email:
redcat@daltonagency.com
|
RED CAT HOLDINGS |
Condensed Consolidated Balance Sheets |
|
|
|
April 30, |
|
April 30, |
|
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and marketable securities |
|
$ |
16,074,343 |
|
|
$ |
48,875,184 |
|
Intangible assets including goodwill, net |
|
|
24,355,836 |
|
|
|
27,837,281 |
|
Inventory, including deposits |
|
|
14,408,065 |
|
|
|
5,602,955 |
|
Accounts receivable, net |
|
|
780,969 |
|
|
|
495,506 |
|
Other |
|
|
4,573,877 |
|
|
|
2,267,699 |
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
60,193,090 |
|
|
$ |
85,078,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,919,015 |
|
|
$ |
2,541,171 |
|
Debt obligations |
|
|
1,323,707 |
|
|
|
1,970,661 |
|
Warrant derivative liability |
|
|
588,205 |
|
|
|
1,607,497 |
|
Other |
|
|
752,538 |
|
|
|
1,043,624 |
|
Total liabilities |
|
|
5,583,465 |
|
|
|
7,162,953 |
|
|
|
|
|
|
|
|
Stockholders’ capital |
|
|
110,057,535 |
|
|
|
106,885,000 |
|
Accumulated deficit/comprehensive loss |
|
|
(55,447,910 |
) |
|
|
(28,969,328 |
) |
Total stockholders' equity |
|
|
54,609,625 |
|
|
|
77,915,672 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
60,193,090 |
|
|
$ |
85,078,625 |
|
Condensed Consolidated Statements of
Operations |
|
|
Year ended April 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
9,911,780 |
|
|
$ |
6,428,963 |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
10,248,575 |
|
|
|
5,503,448 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
(336,795 |
) |
|
|
925,515 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Operations |
|
|
4,411,685 |
|
|
|
1,353,904 |
|
Research and development |
|
|
5,248,336 |
|
|
|
2,606,141 |
|
Sales and marketing |
|
|
4,028,007 |
|
|
|
1,127,532 |
|
General and administrative |
|
|
6,618,596 |
|
|
|
5,548,589 |
|
Stock based compensation |
|
|
3,656,724 |
|
|
|
3,291,635 |
|
Impairment loss |
|
|
2,826,918 |
|
|
|
— |
|
Total operating expenses |
|
|
26,790,266 |
|
|
|
13,927,801 |
|
Operating loss |
|
|
(27,127,061 |
) |
|
|
(13,002,286 |
) |
|
|
|
|
|
|
|
|
|
Other (income) expense |
|
|
|
|
|
|
|
|
Change in fair value of derivative liability |
|
|
(1,019,292 |
) |
|
|
(1,042,129 |
) |
Other |
|
|
979,968 |
|
|
|
(271,029 |
) |
Other (income) expense |
|
|
(39,324 |
) |
|
|
(1,313,158 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(27,087,737 |
) |
|
$ |
(11,689,128 |
) |
|
|
|
|
|
|
|
|
|
Loss per share - basic and diluted |
|
$ |
(0.5 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - |
|
|
|
|
|
|
|
|
basic and diluted |
|
|
53,860,199 |
|
|
|
48,220,265 |
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
|
Year ended April 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Cash Flows from Operating
Activities |
|
|
|
|
|
|
|
Net loss |
|
$ |
(27,087,737 |
) |
|
$ |
(11,689,128 |
) |
Non-cash expenses |
|
|
6,765,072 |
|
|
|
2,764,709 |
|
Changes in operating assets and liabilities |
|
|
(8,876,755 |
) |
|
|
(7,094,901 |
) |
Net cash used in operating
activities |
|
|
(29,199,420 |
) |
|
|
(16,019,320 |
) |
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
Proceeds from (purchases of) sale of marketable securities,
net |
|
|
32,290,448 |
|
|
|
(46,264,663 |
) |
Other, net |
|
|
(2,700,213 |
) |
|
|
(338,823 |
) |
Net cash provided by (used in)
investing activities |
|
|
29,590,235 |
|
|
|
(46,603,486 |
) |
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
Payments of debt obligations |
|
|
(633,550 |
) |
|
|
(2,900,709 |
) |
Proceeds from issuance of equity, net |
|
|
— |
|
|
|
70,165,202 |
|
Payments from employee equity transactions |
|
|
(581,775 |
) |
|
|
(834,219 |
) |
Net cash (used in) provided by
financing activities |
|
|
(1,215,325 |
) |
|
|
66,430,274 |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in
Cash |
|
|
(824,510 |
) |
|
|
3,807,468 |
|
Cash, beginning of period |
|
|
4,084,815 |
|
|
|
277,347 |
|
Cash, end of period |
|
|
3,260,305 |
|
|
|
4,084,815 |
|
Marketable securities |
|
|
12,814,038 |
|
|
|
44,790,369 |
|
Cash and marketable
securities |
|
$ |
16,074,343 |
|
|
$ |
48,875,184 |
|
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