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Red Cat Holdings, Inc. (RCAT) is a prominent military technology company specializing in secure blockchain-based distributed storage, analytics, and SaaS for the drone industry. The company offers innovative solutions for regulators to monitor flight data, insurance companies to insure drones, and pilots to comply with regulations. Red Cat collaborates with Ocean Power Technologies to enhance ocean surveillance and maritime domain awareness through drone and swarming capabilities across various domains. Teal Drones, a Red Cat subsidiary, develops the Golden Eagle drone with high-resolution imaging for night-time operations, while Skypersonic provides unmanned aircraft for interior spaces and hazardous environments. Red Cat's strategic partnerships include companies like Primordial Labs, Tomahawk Robotics, and Athena AI, enabling cutting-edge autonomy solutions for defense and security missions.
Red Cat Holdings (Nasdaq: RCAT) announced that its subsidiary Skypersonic delivered a rover and drone system to NASA for use in Simulated Mars Missions. This milestone follows successful tests conducted on Mt. Etna, showcasing the technology's effectiveness in Martian-like conditions without GPS. The five-year contract marks a significant step in preparing astronauts for remote exploration on Mars. The Skypersonic technology allows pilots to operate vehicles from anywhere, enhancing their application in extreme environments. The company anticipates collaborative advancements in space exploration technology.
Red Cat Holdings, Inc. (Nasdaq: RCAT) has agreed to sell its consumer drone division, Rotor Riot and Fat Shark Holdings, to Unusual Machines for $18 million in cash and securities. This decision allows Red Cat to concentrate on military and defense operations, particularly its Made in America Class 1 ISR Drone program. The deal includes $5 million in cash, a $2.5 million convertible senior note, and $10.5 million in preferred stock. The transaction is contingent on shareholder approval and Unusual Machines completing a public offering of at least $15 million.
Red Cat Holdings, Inc. (Nasdaq: RCAT) announced the appointment of Mary Beth Long to its board of directors. Long, a former assistant secretary of defense for international security affairs, brings extensive experience in national security and defense strategy. She has a notable track record, including being the first woman confirmed by the U.S. Senate for her role. Long expressed enthusiasm for contributing to Red Cat's innovations in unmanned systems, aimed at enhancing capabilities for exploration and national defense. CEO Jeff Thompson highlighted Long's expertise as a significant asset for the company.
Teal Drones, a subsidiary of Red Cat Holdings (RCAT), has enhanced its 4-Ship multi-vehicle system through a partnership with Tomahawk Robotics. This collaboration integrates Tomahawk's Kinesis AI-enabled control system, allowing operators to control multiple unmanned vehicles, including drones and ground robots, simultaneously. It enables seamless control handoff without interruption, enhancing operational efficiency. Teal is among the few manufacturers on the U.S. military's Blue UAS List, emphasizing its role in defense technology.
Red Cat Holdings (Nasdaq: RCAT) announced a $1,046,806 contract with U.S. Customs and Border Protection for its subsidiary Teal Drones to supply Golden Eagle drones. This contract is part of a broader Blanket Purchase Agreement valued at $90 million over five years. The Golden Eagle drones will enhance reconnaissance and surveillance capabilities for border protection. CEO Jeff Thompson highlighted the company's readiness to meet delivery deadlines due to investments in a new manufacturing facility in Salt Lake City.
Red Cat Holdings (Nasdaq: RCAT) announces that CEO Jeff Thompson will present a corporate overview at the ThinkEquity Investor Conference on October 26, 2022, at 3:00 PM ET, in New York City. The presentation will be live-streamed, allowing remote access. Attendees can also schedule one-on-one meetings with Mr. Thompson throughout the event. Red Cat provides drone solutions for various markets, showcasing its commitment to innovation and excellence in the drone industry.
Red Cat Holdings (Nasdaq: RCAT) announced that COO Dr. Allan Evans will present a corporate overview at the LD Micro Main Event XV from October 25-27, 2022, at the Luxe Sunset Boulevard Hotel in Los Angeles. Dr. Evans's presentation is scheduled for October 26 at 11:30 a.m. PT (Track 2). This event will showcase Red Cat's drone-based products and services across various markets, including military and consumer sectors. Attendees can register to watch the presentation online and schedule one-on-one meetings with Dr. Evans during the conference.
Red Cat Holdings (RCAT) reported record revenues of $10.6 million for Q1 FY2023, a 120% year-over-year increase. The cash and investment balance stands at $43 million with inventory at $6.4 million due to supply chain issues. Key highlights include Teal Drones receiving an FAA waiver and Skypersonic showcasing remote drone technology. CEO Jeff Thompson anticipates increasing demand from defense sectors, especially in Eastern Europe. The robust financial performance nearly matches half of the total revenues for FY2022, demonstrating strong growth potential amid economic challenges.
Red Cat Holdings (Nasdaq: RCAT) announced that its subsidiary, Skypersonic, showcased the innovative Skycopter drone at an aerospace event hosted by the Italian Consulate in Detroit on September 7. The event featured astronaut Roberto Vittori co-piloting the drone and participating in a panel on Italian contributions to space exploration. Following a successful technology validation on Mt. Etna, Skypersonic aims to advance its drone capabilities for both terrestrial and extraterrestrial applications, leveraging its Long Range Real-Time Remote Piloting System.
Red Cat Holdings, Inc. (NASDAQ: RCAT) is set to report its fiscal Q1 2023 financial results on September 12, 2022, prior to market opening. The decision to report early allows for discussions during the 24th Annual H.C. Wainwright Global Investment Conference on September 13 in New York City. CEO Jeff Thompson and CFO Joseph Hernon will host a conference call to review results and address corporate developments. A live webcast will also be available, with a replay accessible until December 12, 2022.
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