Red Cat Holdings Reports Financial Results for Fiscal Year Ended April 30, 2024 and Provides Business Update
Red Cat Holdings (Nasdaq: RCAT) reported financial results for fiscal year 2024 and provided a business update. Key highlights include:
- 286% year-over-year revenue increase to $17.8 million
- Fourth consecutive quarter of record revenues with $6.3 million in Q4
- Certification of Teal 2 as Blue UAS by U.S. Department of Defense
- Selected as finalist for U.S. Army's Short Range Reconnaissance Program
- Launched Red Cat Futures Initiative Drone Industry Consortium
- Introduced new Family of Low-Cost, Portable ISR and Precision Strike Systems
- Completed divesture of Consumer segment in February 2024
- Over $10.4 million in combined cash and accounts receivable as of April 30, 2024
- Reduced quarterly cash burn to $1.6 million
CEO Jeff Thompson emphasized the important role of small drones in modern military operations and expects significant catalysts for mass production in the next six months.
Red Cat Holdings (Nasdaq: RCAT) ha riportato i risultati finanziari per l'anno fiscale 2024 e fornito un aggiornamento aziendale. I punti salienti includono:
- Aumento del fatturato del 286% rispetto all'anno precedente, raggiungendo i 17,8 milioni di dollari
- Quarto trimestre consecutivo di ricavi record con 6,3 milioni di dollari nel Q4
- Certificazione di Teal 2 come Blue UAS dal Dipartimento della Difesa degli Stati Uniti
- Selezionata come finalista per il Programma di Ricognizione a Breve Raggio dell'Esercito degli Stati Uniti
- Lancio dell'iniziativa Red Cat Futures per il Consorzio dell'Industria dei Droni
- Introduzione di una nuova Famiglia di Sistemi ISR e di Precision Strike Portatili a basso costo
- Completata la cessione del segmento Consumer a febbraio 2024
- Oltre 10,4 milioni di dollari in contante combinato e conti da incassare al 30 aprile 2024
- Riduzione del consumo di denaro trimestrale a 1,6 milioni di dollari
Il CEO Jeff Thompson ha sottolineato il ruolo importante dei piccoli droni nelle operazioni militari moderne e prevede significativi catalizzatori per la produzione di massa nei prossimi sei mesi.
Red Cat Holdings (Nasdaq: RCAT) reportó los resultados financieros del año fiscal 2024 y proporcionó una actualización comercial. Los puntos destacados incluyen:
- Aumento del 286% en los ingresos año con año alcanzando los 17,8 millones de dólares
- Cuarto trimestre consecutivo de ingresos récord con 6,3 millones de dólares en el Q4
- Certificación de Teal 2 como Blue UAS por el Departamento de Defensa de EE.UU.
- Seleccionada como finalista para el Programa de Reconocimiento de Corto Alcance del Ejército de EE.UU.
- Lanzamiento de la Iniciativa Red Cat Futures para el Consorcio de la Industria de Drones
- Introducción de una nueva Familia de Sistemas ISR y de Ataque de Precisión Portátiles de bajo costo
- Completada la desinversión del segmento de Consumidores en febrero de 2024
- Más de 10,4 millones de dólares en efectivo combinado y cuentas por cobrar a partir del 30 de abril de 2024
- Reducción del consumo de efectivo trimestral a 1,6 millones de dólares
El CEO Jeff Thompson enfatizó el papel importante de los drones pequeños en las operaciones militares modernas y espera catalizadores significativos para la producción en masa en los próximos seis meses.
레드캣 홀딩스 (Nasdaq: RCAT)는 2024 회계 연도 재무 결과를 보고하고 사업 업데이트를 제공했습니다. 주요 하이라이트는 다음과 같습니다:
- 전년 대비 286%의 매출 증가, 총 1천780만 달러에 도달
- 4분기 630만 달러의 기록적인 매출을 올린 네 번째 연속 분기
- 미국 국방부에서 Teal 2를 Blue UAS로 인증받음
- 미국 육군의 단거리 정찰 프로그램 최종 후보로 선정됨
- 드론 산업 컨소시엄을 위한 레드캣 퓨처스 이니셔티브 출범
- 저비용, 휴대용 ISR 및 정밀 타격 시스템의 새로운 패밀리 소개
- 2024년 2월 소비자 세그먼트 매각 완료
- 2024년 4월 30일 기준 1천40만 달러 이상의 현금 및 미수금
- 분기 현금 소모를 160만 달러로 감소시킴
CEO 제프 톰슨은 현대 군사 작전에서 소형 드론의 중요한 역할을 강조하며, 향후 6개월간 대량 생산을 위한 상당한 촉매제가 있을 것으로 예상했습니다.
Red Cat Holdings (Nasdaq: RCAT) a rapporté les résultats financiers pour l'exercice fiscal 2024 et a fourni une mise à jour de l'activité. Les faits marquants incluent :
- Augmentation de 286 % des revenus d'une année sur l'autre, atteignant 17,8 millions de dollars
- Quatrième trimestre consécutif de revenus record avec 6,3 millions de dollars au T4
- Certification de Teal 2 en tant que Blue UAS par le Département de la Défense des États-Unis
- Sélectionnée comme finaliste pour le programme de reconnaissance à courte portée de l'armée américaine
- Lancement de l'Initiative Red Cat Futures pour le Consortium de l'Industrie des Drones
- Introduction d'une nouvelle Famille de Systèmes ISR et de frappes de précision à faible coût et portables
- Achèvement de la cession du segment consommateur en février 2024
- Plus de 10,4 millions de dollars en liquidités combinées et comptes à recevoir au 30 avril 2024
- Réduction de la consommation de trésorerie trimestrielle à 1,6 million de dollars
Le PDG Jeff Thompson a souligné le rôle important des petits drones dans les opérations militaires modernes et s'attend à d'importants catalyseurs pour la production de masse dans les six prochains mois.
Red Cat Holdings (Nasdaq: RCAT) hat die finanziellen Ergebnisse für das Geschäftsjahr 2024 bekannt gegeben und ein Unternehmensupdate bereitgestellt. Die wichtigsten Highlights sind:
- 286% Umsatzsteigerung im Jahresvergleich auf 17,8 Millionen USD
- Vierter aufeinanderfolgender Rekordumsatz im vierten Quartal mit 6,3 Millionen USD
- Zertifizierung von Teal 2 als Blue UAS durch das US-Verteidigungsministerium
- Als Finalist für das Kurzstreckenaufklärungsprogramm der US-Armee ausgewählt
- Einführung der Red Cat Futures Initiative für den Drohnenindustriekonsortium
- Einführung einer neuen Familie von kostengünstigen, tragbaren ISR- und Präzisionsangriffssystemen
- Abschluss der Veräußern des Verbrauchersegments im Februar 2024
- Über 10,4 Millionen USD an liquiden Mitteln und Forderungen zum 30. April 2024
- Quartalsmäßiger Cashburn auf 1,6 Millionen USD reduziert
CEO Jeff Thompson betonte die wichtige Rolle kleiner Drohnen in modernen Militäroperationen und erwartet in den nächsten sechs Monaten signifikante Katalysatoren für die Massenproduktion.
- 286% year-over-year revenue increase to $17.8 million
- Fourth consecutive quarter of record revenues with $6.3 million in Q4
- Certification of Teal 2 as Blue UAS by U.S. Department of Defense
- Selected as finalist for U.S. Army's Short Range Reconnaissance Program
- Over $10.4 million in combined cash and accounts receivable as of April 30, 2024
- Reduced quarterly cash burn to $1.6 million
- Expanding global sales into Middle East and Latin American markets
- None.
Insights
Red Cat Holdings' financial results for FY2024 show impressive growth, with consolidated revenues surging
The company's financial position appears solid with over
The divestiture of the Consumer segment in February 2024 aligns with Red Cat's strategic focus on military and government markets, potentially improving margins and resource allocation.
Red Cat's strategic positioning in the small military drone market is yielding significant results. The certification of Teal 2 as Blue UAS by the U.S. Department of Defense is a major milestone, potentially opening doors for increased government contracts. Being selected as a finalist for the U.S. Army's Short Range Reconnaissance Program of Record further validates their technology.
The company's expansion into Middle East and Latin American markets demonstrates the global demand for their products. The introduction of a new Family of Low-Cost, Portable ISR and Precision Strike Systems could be a game-changer, addressing the evolving needs of modern warfare.
The formation of industry partnerships to integrate advanced AI and GPS-denied capabilities shows Red Cat's commitment to staying at the forefront of drone technology. This could provide a significant competitive edge in the rapidly evolving defense tech landscape.
SAN JUAN, Puerto Rico, Aug. 08, 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 year ended April 30, 2024 and provides a business update
Recent Operational Highlights:
- Certification of Teal 2 as Blue UAS received from U.S. Department of Defense
- Continued global sales expansion into Middle East and Latin American markets
- Selected by U.S. Army as finalist for Short Range Reconnaissance Program of Record
- Launched Red Cat Futures Initiative Drone Industry Consortium
- Introduced new Family of Low-Cost, Portable ISR and Precision Strike Systems
- Formed new industry partnerships to integrate advanced AI and GPS-denied capabilities
Fiscal Year 2024 Financial Highlights:
- Consolidated revenues in fiscal 2024 increased
286% year-over-year to$17.8 million - Fourth consecutive quarter of record revenues with
$6.3 million in the fourth fiscal quarter - Completed divesture of Consumer segment in February 2024
- Over
$10.4 million of combined cash and account receivable balances as of April 30, 2024 - Reduced quarterly cash burn to
$1.6 million
“Small Drones have become a crucial tool in modern military operations, offering new capabilities and changing the dynamics of warfare,” said Jeff Thompson, Red Cat CEO. “Our singular focus on addressing this shift and innovation that supports the needs of the warfighter has spurred rapid growth for us as a business. We believe that the next six months will be a significant catalyst for mass production of our Family of Systems as governments across the globe begin supplying their armed forces with small drones.”
“We are ending the fiscal year in a fundamentally strong position, reporting solid results that include a year-over-year consolidated revenue increase of 286 percent to
Conference Call Today
CEO Jeff Thompson and CFO Leah Lunger will host an earnings conference call today (August 8, 2024) at 6:00 p.m. ET 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/10191533/fd3b347206
The conference call will also be available through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=uxH3YdCT
A replay of the webcast will be available until November 8, 2024 and can be accessed through the above link or at www.redcatholdings.com. A telephonic replay will be available until August 22, 2024 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 5157974.
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.redcatholdings.com.
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.
Contact:
INVESTORS:
E-mail: Investors@redcat.red
NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com
| RED CAT HOLDINGS | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| April 30, | April 30, | |||||||||||
| 2024 | 2023 | |||||||||||
| ASSETS | ||||||||||||
| Cash and marketable securities | $ | 6,067,169 | $ | 15,987,687 | ||||||||
| Accounts receivable, net | 4,361,090 | 719,862 | ||||||||||
| Inventory, including deposits | 8,610,125 | 9,280,073 | ||||||||||
| Intangible assets including goodwill, net | 12,882,939 | 23,905,947 | ||||||||||
| Equity method investee | 5,142,500 | — | ||||||||||
| Note receivable | 4,000,000 | — | ||||||||||
| Other | 7,473,789 | 5,458,207 | ||||||||||
| Assets of discontinued operations | — | 5,391,552 | ||||||||||
| TOTAL ASSETS | $ | 48,537,612 | $ | 60,743,328 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Accounts payable and accrued expenses | $ | 2,703,922 | $ | 1,957,975 | ||||||||
| Debt obligations | 751,570 | 1,323,707 | ||||||||||
| Operating lease liabilities | 1,517,590 | 1,641,390 | ||||||||||
| Liabilities of discontinued operations | — | 1,052,315 | ||||||||||
| Total liabilities | 4,973,082 | 5,975,387 | ||||||||||
| Stockholders’ capital | 124,690,641 | 112,707,161 | ||||||||||
| Accumulated deficit/comprehensive loss | (81,126,111 | ) | (57,939,220 | ) | ||||||||
| Total stockholders' equity | 43,564,530 | 54,767,941 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 48,537,612 | $ | 60,743,328 | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| Year ended | ||||||||
| April 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | $ | 17,836,382 | $ | 4,620,834 | ||||
| Cost of goods sold | 14,155,836 | 5,455,145 | ||||||
| Gross profit (loss) | 3,680,546 | (834,311 | ) | |||||
| Operating Expenses | ||||||||
| Research and development | 5,896,037 | 5,595,281 | ||||||
| Sales and marketing | 4,568,617 | 3,731,776 | ||||||
| General and administrative | 10,679,105 | 12,383,470 | ||||||
| Impairment loss | 412,999 | 2,826,918 | ||||||
| Total operating expenses | 21,556,758 | 24,537,445 | ||||||
| Operating loss | (17,876,212 | ) | (25,371,756 | ) | ||||
| Other expense | 3,650,484 | 1,004,887 | ||||||
| Net loss from continuing operations | (21,526,696 | ) | (26,376,643 | ) | ||||
| Loss from discontinued operations | (2,525,933 | ) | (1,730,386 | ) | ||||
| Net loss | $ | (24,052,629 | ) | $ | (28,107,029 | ) | ||
| Loss per share - basic and diluted | $ | (0.40 | ) | $ | (0.52 | ) | ||
| Weighted average shares outstanding - basic and diluted | 60,118,675 | 53,860,199 | ||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| Year ended April 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss from continuing operations | $ | (21,526,696 | ) | $ | (26,376,643 | ) | ||
| Non-cash expenses | 8,512,449 | 7,784,364 | ||||||
| Changes in operating assets and liabilities | (4,672,816 | ) | (5,721,395 | ) | ||||
| Net cash used in operating activities | (17,687,063 | ) | (24,313,674 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Proceeds from sale of marketable securities | 12,826,217 | 32,290,448 | ||||||
| Other | 740,861 | (2,700,213 | ) | |||||
| Net cash provided by investing activities | 13,567,078 | 29,590,235 | ||||||
| Cash Flows from Financing Activities | ||||||||
| Payments of debt obligations, net | (572,137 | ) | (633,550 | ) | ||||
| Payments related to employee equity transactions | (30,599 | ) | (581,775 | ) | ||||
| Proceeds from issuance of common stock, net | 8,404,812 | — | ||||||
| Net cash provided by (used in) financing activities | 7,802,076 | (1,215,325 | ) | |||||
| Net cash used in discontinued operations | (875,227 | ) | (4,885,746 | ) | ||||
| Net increase (decrease) in Cash | 2,806,864 | (824,510 | ) | |||||
| Cash, beginning of period | 3,260,305 | 4,084,815 | ||||||
| Cash, end of period | 6,067,169 | 3,260,305 | ||||||
| Less: Cash of discontinued operations | — | (86,656 | ) | |||||
| Cash of continuing operations, end of period | 6,067,169 | 3,173,649 | ||||||
| Marketable securities | — | 12,814,038 | ||||||
| Cash of continuing operations and marketable securities | $ | 6,067,169 | $ | 15,987,687 | ||||
FAQ
What was Red Cat Holdings' (RCAT) revenue growth in fiscal year 2024?
What significant certification did Red Cat's Teal 2 drone receive in 2024?
How much cash and accounts receivable did Red Cat (RCAT) have as of April 30, 2024?
What new initiative did Red Cat (RCAT) launch in the drone industry?
What U.S. Army program was Red Cat (RCAT) selected as a finalist for in 2024?
