Red Cat Holdings Announces Record Revenue for First Quarter of Fiscal 2024 and Provides Revenue Guidance for Fiscal Second and Third Quarters
11 Setembro 2023 - 8:35AM
Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat'' or the
"Company"), a drone technology company integrating robotic hardware
and software for military, government, and commercial operations,
announces revenue for the first quarter of fiscal 2024 (three
months ending July 30, 2023) ahead of its quarterly filing and
provides revenue guidance for the second and third quarters of
fiscal 2024.
Revenue in the fiscal first quarter for the three months ending
July 30, 2023 was $1.75 million. This revenue is entirely from the
Company’s Enterprise Division and specifically from its Teal Drones
(“Teal”) subsidiary that sells drones predominantly to the military
and other public agencies.
Given the previously announced and pending asset sale of the
Company’s Consumer Division to Universal Machines, GAAP (Generally
Accepted Accounting Principles) rules dictate that revenue from the
Company’s Consumer Division be classified as Discontinued
Operations. Revenue from Discontinued Operations will no longer be
reported.
Revenue for the fiscal second quarter (three months ending
October 31, 2023) is expected to be $3.0 million, and revenue for
the fiscal third quarter (three months ending January 31, 2024) is
expected to be $5.0 million. Like the fiscal first quarter
preliminary results, only revenue from the Company’s Enterprise
Division is included in these projected figures. Thus, combined
revenue from the first three quarters of fiscal 2024 is expected to
be nearly $10 million, from the Company’s Enterprise Division.
The current outlook is supported by approximately $6 million in
signed purchase orders and are expected to be fulfilled by the end
of the fiscal third quarter. The Company anticipates additional
purchase orders over the next 45 days given the current seasonally
strong period of federal budget activity.
“The Teal team brought a brand new product, the Teal 2, from
zero revenue to almost $10 million in sales in just 4 months,”
commented Red Cat CEO Jeff Thompson. “We expect to be at a $20
million revenue run-rate next quarter, our fiscal Q3.
“We designed the Teal 2 to meet the technical requests and
features sought by our target customer, the warfighter, such as
advanced proficiency for nighttime operations. We believe we are
well positioned as new opportunities arise, such as the Department
of Defense’s recently announced Replicator Initiative. The
Replicator Initiative intends to purchase thousands of small, smart
drones to counter threats from China and other countries. Our team
is committed to assisting the DOD achieve these new goals,”
concluded Thompson.
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.redcat.red
Forward-Looking Statements
This 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
NEWS MEDIA: Dalton AgencyPhone: (615)
515-4891 Email: redcat@daltonagency.com
INVESTORS: CORE IR Phone: (516)
222-2560 Email: investors@redcat.red Website: https://www.redcatholdings.com
Red Cat (NASDAQ:RCAT)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Red Cat (NASDAQ:RCAT)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024