Red Cat Holdings Reports Financial Results for Fiscal First Quarter 2025 and Provides Corporate Update
Red Cat Holdings (Nasdaq: RCAT) reported financial results for Q1 fiscal 2025 ended July 31, 2024. Key highlights include:
- Quarterly revenue of $2.8 million, up 59% year-over-year
- Cash position of $7.7 million at quarter-end
- Record backlog of $13 million
- Guidance of $50-$55 million for calendar year 2025, excluding government or NATO programs
The company presented drone solutions at multiple defense conferences and announced development of a new Family of Small ISR and Precision Strike Systems. Red Cat also closed the FlightWave asset purchase agreement and launched the Red Cat Futures Initiative, a Robotics and Autonomous Systems Industry Consortium.
Red Cat Holdings (Nasdaq: RCAT) ha riportato i risultati finanziari per il primo trimestre dell'esercizio fiscale 2025, terminato il 31 luglio 2024. I punti salienti includono:
- Ricavi trimestrali di 2,8 milioni di dollari, in aumento del 59% rispetto all'anno precedente
- Posizione di liquidità di 7,7 milioni di dollari alla fine del trimestre
- Portafoglio ordini record di 13 milioni di dollari
- Previsioni di 50-55 milioni di dollari per l'anno solare 2025, escluse le programmi governativi o della NATO
L'azienda ha presentato soluzioni di droni in numerose conferenze di difesa e ha annunciato lo sviluppo di una nuova Famiglia di Sistemi ISR e Precision Strike. Red Cat ha anche concluso l'accordo di acquisizione degli asset FlightWave e ha lanciato l'iniziativa Red Cat Futures, un Consorzio dell'Industria della Robotica e dei Sistemi Autonomi.
Red Cat Holdings (Nasdaq: RCAT) reportó los resultados financieros para el primer trimestre del año fiscal 2025, que terminó el 31 de julio de 2024. Los puntos destacados incluyen:
- Ingresos trimestrales de 2.8 millones de dólares, un aumento del 59% en comparación con el año anterior
- Posición de efectivo de 7.7 millones de dólares al final del trimestre
- Cartera de pedidos récord de 13 millones de dólares
- Guía de 50-55 millones de dólares para el año calendario 2025, excluyendo programas gubernamentales o de la OTAN
La empresa presentó soluciones de drones en múltiples conferencias de defensa y anunció el desarrollo de una nueva Familia de Sistemas ISR y Precision Strike. Red Cat también cerró el acuerdo de compra de activos de FlightWave y lanzó la Iniciativa Red Cat Futures, un Consorcio de la Industria de Robótica y Sistemas Autónomos.
레드 캣 홀딩스(Nasdaq: RCAT)가 2024년 7월 31일에 종료된 2025 회계연도 1분기 재무 결과를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 분기 수익 280만 달러, 전년 대비 59% 증가
- 분기 말 현금 보유액 770만 달러
- 기록적인 수주 잔액 1300만 달러
- 2025년 기준 연도에 대한 가이던스 5000만 - 5500만 달러, 정부 또는 NATO 프로그램 제외
회사는 여러 방산 회의에서 드론 솔루션을 발표하고, 새로운 소형 ISR 및 정밀 타격 시스템 패밀리 개발을 발표했습니다. 레드 캣은 또한 FlightWave 자산 구매 계약을 체결하고, 로봇 및 자율 시스템 산업 컨소시엄인 레드 캣 미래 이니셔티브를 시작했습니다.
Red Cat Holdings (Nasdaq: RCAT) a reporté les résultats financiers pour le premier trimestre de l'exercice fiscal 2025, se terminant le 31 juillet 2024. Les principaux points forts incluent:
- Revenus trimestriels de 2,8 millions de dollars, en hausse de 59 % par rapport à l'année précédente
- Position de trésorerie de 7,7 millions de dollars à la fin du trimestre
- Backlog record de 13 millions de dollars
- Prévisions de 50 à 55 millions de dollars pour l'année civile 2025, hors programmes gouvernementaux ou de l'OTAN
L'entreprise a présenté des solutions de drones lors de plusieurs conférences de défense et a annoncé le développement d'une nouvelle famille de systèmes ISR et de frappe de précision. Red Cat a également conclu l'accord d'achat d'actifs de FlightWave et a lancé l'Initiative Red Cat Futures, un consortium de l'industrie de la robotique et des systèmes autonomes.
Red Cat Holdings (Nasdaq: RCAT) hat die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025, das am 31. Juli 2024 endete, veröffentlicht. Die wichtigsten Punkte sind:
- Quartalsumsatz von 2,8 Millionen Dollar, was einem Anstieg von 59% im Vergleich zum Vorjahr entspricht
- Barmittel in Höhe von 7,7 Millionen Dollar zum Quartalsende
- Rekordauftragsbestand von 13 Millionen Dollar
- Prognose von 50 bis 55 Millionen Dollar für das Kalenderjahr 2025, ohne Regierungs- oder NATO-Programme
Das Unternehmen präsentierte Drohnenlösungen auf mehreren Verteidigungskonferenzen und kündigte die Entwicklung einer neuen Familie von kleinen ISR- und Präzisionsschlagsystemen an. Red Cat schloss außerdem die Vereinbarung zum Erwerb von FlightWave-Vermögenswerten ab und startete die Red Cat Futures Initiative, ein Konsortium für die Robotik- und Automatisierungssystemindustrien.
- 59% year-over-year revenue growth to $2.8 million in Q1 fiscal 2025
- Record backlog of $13 million
- Strong cash position of $7.7 million at quarter-end
- Guidance of $50-$55 million for calendar year 2025
- Acquisition of FlightWave Aerospace System completed, expanding product offerings
- None.
Insights
Red Cat Holdings' Q1 fiscal 2025 results show promising growth with
The acquisition of FlightWave Aerospace Systems and the introduction of the Edge 130 Blue to their product lineup could diversify revenue streams. The company's focus on NDAA-compliant FPV precision strike drones aligns with current defense market trends. Investors should watch for updates on the U.S. Army's Short-Range Reconnaissance Program, as securing this contract could significantly impact future revenue.
While growth is impressive, profitability metrics and cash burn rate are important factors to assess in upcoming quarters, especially as the company scales production to meet projected demand.
Red Cat's strategic positioning in the defense drone market is evident from their presence at key military conferences and the development of a new Family of Small ISR and Precision Strike Systems. The company's focus on NDAA-compliant systems is particularly noteworthy, as it addresses a critical need in the U.S. and allied defense markets.
The formation of the Red Cat Futures Initiative consortium demonstrates foresight in fostering innovation and partnerships within the robotics and autonomous systems industry. This could lead to valuable collaborations and technological advancements, potentially strengthening Red Cat's competitive position.
The
SAN JUAN, Puerto Rico, Sept. 23, 2024 (GLOBE NEWSWIRE) -- 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 first quarter ended July 31, 2024 and provides a corporate update.
Recent Operational Highlights:
- Presented drone solutions to high-level officials, at multiple Defense Conferences, including the U.S Marine Corps (Modern Day Marine), domestic and international Special Operations Forces (SOF Week), and European Union and NATO forces at Eurosatory 2024 in Paris, France.
- Announced development of a new Family of Small ISR and Precision Strike Systems at Eurosatory 2024.
- Recently closed FlightWave asset purchase agreement.
- Launched Robotics and Autonomous Systems Industry Consortium called Red Cat Futures Initiative.
First Quarter 2025 Financial Highlights:
- Quarterly revenue of
$2.8 million , representing59% year-over-year growth. - Ended the quarter with cash of
$7.7 million . - Guidance of
$50 -$55 million for calendar year 2025 exclusive of government or NATO programs of record. - Record backlog of
$13 million .
"Red Cat continues to see significant global demand and year-over-year growth with a strong pipeline and backlog,” said Jeff Thompson, Red Cat Chairman and Chief Executive Officer. “This is being driven by strong domestic and international adoption and sales across our entire Family of Systems, which now includes the Edge 130 Blue. Our guidance for the upcoming 2025 calendar year of
“We are reporting
Conference Call Today
CEO Jeff Thompson and CFO Leah Lunger will host an earnings conference call at 4:30 p.m. ET on Tuesday, September 23, 2024 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 1-844-413-3977 (within the U.S.) or 1-412-317-1803 (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/10192508/fd6e5cff60
The conference call will also be available through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=TD6F4UVA
A replay of the webcast will be available until December 22, 2024 and can be accessed through the above link or at www.redcatholdings.com. A telephonic replay will be available until October 7, 2024 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 2058195.
About Red Cat, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry's first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. 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 Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. 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.
Contact:
INVESTORS:
E-mail: Investors@redcat.red
NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com
| RED CAT HOLDINGS | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| July 31, | April 30, | ||||||||||
| 2024 | 2024 | ||||||||||
| ASSETS | |||||||||||
| Cash and marketable securities | $ | 7,732,763 | $ | 6,067,169 | |||||||
| Accounts receivable, net | 681,775 | 4,361,090 | |||||||||
| Inventory, including deposits | 10,667,676 | 8,610,125 | |||||||||
| Intangible assets including goodwill, net | 12,612,560 | 12,882,939 | |||||||||
| Other | 6,260,457 | 7,473,789 | |||||||||
| Equity method investee | — | 5,142,500 | |||||||||
| Note receivable | — | 4,000,000 | |||||||||
| TOTAL ASSETS | $ | 37,955,231 | $ | 48,537,612 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Accounts payable and accrued expenses | $ | 3,428,538 | $ | 2,703,922 | |||||||
| Debt obligations | 599,570 | 751,570 | |||||||||
| Operating lease liabilities | 1,471,589 | 1,517,590 | |||||||||
| Total liabilities | 5,499,697 | 4,973,082 | |||||||||
| Stockholders’ capital | 126,002,642 | 124,690,641 | |||||||||
| Accumulated deficit/comprehensive loss | (93,547,108 | ) | (81,126,111 | ) | |||||||
| Total stockholders' equity | 32,455,534 | 43,564,530 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 37,955,231 | $ | 48,537,612 | |||||||
| Condensed Consolidated Statements of Operations | ||||||||
| Three months ended | ||||||||
| July 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | $ | 2,776,535 | $ | 1,748,129 | ||||
| Cost of goods sold | 3,259,926 | 1,573,464 | ||||||
| Gross (loss) profit | (483,391 | ) | 174,665 | |||||
| Operating Expenses | ||||||||
| Research and development | 1,626,440 | 1,353,551 | ||||||
| Sales and marketing | 2,041,511 | 1,288,760 | ||||||
| General and administrative | 3,483,095 | 2,863,758 | ||||||
| Impairment loss | 93,050 | — | ||||||
| Total operating expenses | 7,244,096 | 5,506,069 | ||||||
| Operating loss | (7,727,487 | ) | (5,331,404 | ) | ||||
| Other expense | 4,688,889 | 262,891 | ||||||
| Net loss from continuing operations | (12,416,376 | ) | (5,594,295 | ) | ||||
| Loss from discontinued operations | — | (242,573 | ) | |||||
| Net loss | $ | (12,416,376 | ) | $ | (5,836,868 | ) | ||
| Loss per share - basic and diluted | $ | (0.17 | ) | $ | (0.11 | ) | ||
| Weighted average shares outstanding - basic and diluted | 74,500,480 | 54,935,339 | ||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| Three months ended July 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss from continuing operations | $ | (12,416,376 | ) | $ | (5,594,295 | ) | ||
| Non-cash expenses | 6,755,639 | 1,522,611 | ||||||
| Changes in operating assets and liabilities | 3,312,325 | (2,854,385 | ) | |||||
| Net cash used in operating activities | (2,348,412 | ) | (6,926,069 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Proceeds from sale of equity method investment and note receivable | 4,400,000 | — | ||||||
| Proceeds from sale of marketable securities | — | 4,888,399 | ||||||
| Other | (99,957 | ) | (5,054 | ) | ||||
| Net cash provided by investing activities | 4,300,043 | 4,883,345 | ||||||
| Cash Flows from Financing Activities | ||||||||
| Payments of debt obligations, net | (152,000 | ) | (137,989 | ) | ||||
| Payments related to employee equity transactions | (134,037 | ) | (8,520 | ) | ||||
| Net cash used in financing activities | (286,037 | ) | (146,509 | ) | ||||
| Net cash used in discontinued operations | — | (118,295 | ) | |||||
| Net increase (decrease) in Cash | 1,665,594 | (2,307,528 | ) | |||||
| Cash, beginning of period | 6,067,169 | 3,260,305 | ||||||
| Cash, end of period | 7,732,763 | 952,777 | ||||||
| Less: Cash of discontinued operations | — | (15,021 | ) | |||||
| Cash of continuing operations, end of period | 7,732,763 | 937,756 | ||||||
| Marketable securities | — | 7,922,392 | ||||||
| Cash of continuing operations and marketable securities | $ | 7,732,763 | $ | 8,860,148 | ||||
FAQ
What was Red Cat Holdings' revenue for Q1 fiscal 2025?
What is Red Cat Holdings' (RCAT) revenue guidance for calendar year 2025?
What was Red Cat Holdings' (RCAT) backlog as of Q1 fiscal 2025?
What recent acquisition did Red Cat Holdings (RCAT) complete?
