Red Cat Holdings, Inc. - RCAT STOCK NEWS

Red Cat Holdings, Inc. (Nasdaq: RCAT) Announces Earnings Conference Call to Discuss Fiscal Year-End 2023 Financial Results and Corporate Developments

Red Cat Holdings announces that its subsidiary Teal Drones has secured an additional $1.2 million to continue developing a new sUAS prototype for the U.S. Army's Short Range Reconnaissance program. Teal is one of three vendors competing in the final tranche of the program. The prototype will provide Army platoons with a rapidly deployable surveillance and reconnaissance capability.

Red Cat Holdings, Inc. announces fulfillment of a purchase order to provide 200 long-range, high-speed FPV drones to Ukrainian drone pilots engaged in conflict with Russia. The drones will be delivered in June and have increased maneuverability and can fly in GPS-denied and GPS-jammed battlefield conditions. Red Cat CEO Jeff Thompson expresses satisfaction in providing the product and mentions the launch of their new nighttime drone, the Teal 2, equipped with Teledyne FLIR's new Hadron 640R sensor.

Red Cat Holdings announces partnership between Teal Drones and Doodle Labs for the U.S. Army's Short Range Reconnaissance program. Teal is one of three vendors competing in the final tranche of the program, aiming to produce a rucksack-portable sUAS for platoons. Teal's SRR prototype will integrate Doodle Labs' Helix Mesh Rider Radio for reliable transmission of data and encryption in contested environments. Teal and Doodle Labs are certified as 'Blue UAS' and will exhibit their technologies at XPONENTIAL and SOF Week.

Red Cat Holdings (Nasdaq: RCAT) has officially launched its new military-grade small unmanned aircraft system, the Teal 2, designed specifically for nighttime operations. This innovative system, which will be publicly displayed at the 2023 AAAA Army Aviation Mission Solutions Summit in Nashville, is now available for order by military, government, and commercial sectors. Manufactured in the U.S. at Red Cat's Salt Lake City facility, the Teal 2 features cutting-edge Teledyne FLIR's Hadron 640R sensor, providing high-resolution thermal imaging. Initial orders have included 54 units by U.S. Customs and Border Protection, aimed at enhancing reconnaissance and situational awareness. The company is also recognized as a Blue UAS manufacturer, allowing it to supply the U.S. military directly. Red Cat's commitment to providing innovative defense solutions positions it prominently in the military technology landscape.

The Military Drone market is poised for significant growth, driven by increasing defense budgets, particularly in North America. Notably, countries like the U.S. are investing in advanced military drones for operations and surveillance. The Asia Pacific region is expected to see rapid expansion due to rising military expenditures and the need for enhanced border security. AeroVironment (AVAV), Aerojet Rocketdyne (AJRD), and Red Cat Holdings (RCAT) are active players in this sector, with AeroVironment reporting a 49% year-over-year revenue increase and record backlog. The fixed-wing segment is anticipated to dominate the market through 2028.