Red Cat Holdings, Inc. - RCAT STOCK NEWS

Red Cat Holdings, Inc. (Nasdaq: RCAT) announced that Utah Gov. Spencer Cox toured its subsidiary Teal Drones on January 25, 2023, to learn about its operations and impact in the aerospace and defense sectors. The visit aimed to explore state support for Teal's growth and the broader industry in Utah. Teal is certified as Blue UAS and is one of three manufacturers involved in the U.S. Army’s Short Range Reconnaissance Tranche 2 (SRR T2) program, focusing on military-grade drones for reconnaissance. The tour highlights a growing commitment to rebuild America’s defense industrial base, particularly in drone technology.

Red Cat Holdings (Nasdaq: RCAT) announced a partnership with Canadian optical manufacturer Immervision during CES 2023 in Las Vegas. This collaboration will enhance the low-light capabilities of Teal Drones' upcoming Golden Eagle model by integrating two Immervision camera modules. These advancements enable better navigation in challenging light conditions, including at night or in GPS-denied environments. The partnership is aimed at providing military and security forces with a reliable drone solution to enhance situational awareness.

Red Cat Holdings (RCAT) reported a strong financial performance for Q2 FY 2023, with year-to-date revenues increasing to $4.6 million, a growth of over 40% compared to $3.3 million in the prior year. Significant advancements include a $1 million drone purchase order from U.S. Customs and Border Protection and a partnership with Teal Drones. The company projects major sales opportunities in the military sector following a successful divestiture of their Consumer Business for $18 million. Cash and investments totaled $32.9 million, supporting ongoing initiatives.

Red Cat Holdings, Inc. (Nasdaq: RCAT) will announce its fiscal second quarter 2023 financial results on December 15, 2022, after market close. CEO Jeff Thompson and CFO Joseph Hernon will lead a conference call at 4:30 p.m. ET on the same day to discuss the results and provide corporate updates. The call can be accessed by dialing specific numbers or joining a live webcast. Red Cat focuses on military technology, integrating robotic hardware and software to enhance situational awareness and intelligence for military operations.

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.