Red Cat Holdings Reports Financial Results for the 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and Provides Corporate Update
Red Cat Holdings (RCAT) reported financial results for the 2024 Transition Period ending December 31, 2024. The company achieved revenue of $4.9 million and maintained $9.6 million in cash and receivables. Red Cat secured an additional $6 million in financing.
Key highlights include Black Widow's selection as the sole provider for the U.S. Army's Short Range Reconnaissance Program and the acquisition of FlightWave Aerospace Systems The company partnered with Palantir to integrate Visual Navigation software into Black Widow drones and deploy Warp Speed manufacturing OS.
Red Cat provided 2025 revenue guidance of $80-$120 million, broken down as: $25M in Non-SRR Black Widow sales, $25M in Edge 130 sales, $5M in Fang FPV sales, and $25-$65M in SRR-related Black Widow sales.
Red Cat Holdings (RCAT) ha riportato i risultati finanziari per il Periodo di Transizione 2024 che si è concluso il 31 dicembre 2024. L'azienda ha raggiunto un fatturato di 4,9 milioni di dollari e ha mantenuto 9,6 milioni di dollari in contante e crediti. Red Cat ha ottenuto un ulteriore finanziamento di 6 milioni di dollari.
I punti salienti includono la selezione di Black Widow come unico fornitore per il Programma di Ricognizione a Breve Raggio dell'Esercito degli Stati Uniti e l'acquisizione di FlightWave Aerospace Systems. L'azienda ha collaborato con Palantir per integrare il software di Navigazione Visiva nei droni Black Widow e implementare il sistema operativo di produzione Warp Speed.
Red Cat ha fornito una previsione di fatturato per il 2025 di 80-120 milioni di dollari, suddivisa come segue: 25 milioni di dollari in vendite di Black Widow non SRR, 25 milioni di dollari in vendite di Edge 130, 5 milioni di dollari in vendite di Fang FPV e 25-65 milioni di dollari in vendite di Black Widow correlate a SRR.
Red Cat Holdings (RCAT) informó los resultados financieros para el Período de Transición 2024 que finalizó el 31 de diciembre de 2024. La empresa logró ingresos de 4.9 millones de dólares y mantuvo 9.6 millones de dólares en efectivo y cuentas por cobrar. Red Cat aseguró un financiamiento adicional de 6 millones de dólares.
Los aspectos destacados incluyen la selección de Black Widow como el único proveedor para el Programa de Reconocimiento de Corto Alcance del Ejército de EE. UU. y la adquisición de FlightWave Aerospace Systems. La empresa se asoció con Palantir para integrar el software de Navegación Visual en los drones Black Widow y desplegar el sistema operativo de fabricación Warp Speed.
Red Cat proporcionó una guía de ingresos para 2025 de 80-120 millones de dólares, desglosada como: 25 millones en ventas de Black Widow no SRR, 25 millones en ventas de Edge 130, 5 millones en ventas de Fang FPV y 25-65 millones en ventas de Black Widow relacionadas con SRR.
레드 캣 홀딩스 (RCAT)는 2024년 전환 기간의 재무 결과를 2024년 12월 31일자로 보고했습니다. 이 회사는 490만 달러의 수익을 달성했으며 960만 달러의 현금 및 외상 매출금을 유지했습니다. 레드 캣은 추가로 600만 달러의 자금을 확보했습니다.
주요 하이라이트로는 블랙 위도우가 미국 육군의 단거리 정찰 프로그램의 유일한 공급업체로 선정된 것과 FlightWave Aerospace Systems의 인수가 있습니다. 이 회사는 팔란티어와 협력하여 블랙 위도우 드론에 시각 내비게이션 소프트웨어를 통합하고 Warp Speed 제조 운영 체제를 배포했습니다.
레드 캣은 2025년 수익 가이던스를 8000만-1억 2000만 달러로 제공했으며, 세부 사항은 다음과 같습니다: 비-SRR 블랙 위도우 판매 2500만 달러, 엣지 130 판매 2500만 달러, Fang FPV 판매 500만 달러, SRR 관련 블랙 위도우 판매 2500만-6500만 달러입니다.
Red Cat Holdings (RCAT) a publié ses résultats financiers pour la Période de Transition 2024 se terminant le 31 décembre 2024. L'entreprise a réalisé un chiffre d'affaires de 4,9 millions de dollars et a maintenu 9,6 millions de dollars en liquidités et créances. Red Cat a sécurisé un financement supplémentaire de 6 millions de dollars.
Les points saillants incluent la sélection de Black Widow en tant que fournisseur exclusif pour le Programme de Reconnaissance à Courte Portée de l'Armée Américaine et l'acquisition de FlightWave Aerospace Systems. L'entreprise a collaboré avec Palantir pour intégrer un logiciel de Navigation Visuelle dans les drones Black Widow et déployer le système d'exploitation de fabrication Warp Speed.
Red Cat a fourni une prévision de chiffre d'affaires pour 2025 de 80-120 millions de dollars, répartie comme suit : 25 millions de dollars en ventes de Black Widow non SRR, 25 millions de dollars en ventes d'Edge 130, 5 millions de dollars en ventes de Fang FPV, et 25-65 millions de dollars en ventes de Black Widow liées au SRR.
Red Cat Holdings (RCAT) hat die finanziellen Ergebnisse für den Übergangszeitraum 2024, der am 31. Dezember 2024 endete, veröffentlicht. Das Unternehmen erzielte einen Umsatz von 4,9 Millionen Dollar und hielt 9,6 Millionen Dollar in Bargeld und Forderungen. Red Cat sicherte sich zusätzlich 6 Millionen Dollar an Finanzierung.
Wichtige Highlights sind die Auswahl von Black Widow als alleiniger Anbieter für das Kurzstreckenaufklärungsprogramm der US-Armee und die Übernahme von FlightWave Aerospace Systems. Das Unternehmen arbeitete mit Palantir zusammen, um die visuelle Navigationssoftware in Black Widow-Drohnen zu integrieren und das Warp Speed-Fertigungssystem einzuführen.
Red Cat gab eine Umsatzprognose für 2025 von 80-120 Millionen Dollar ab, aufgeschlüsselt in: 25 Millionen Dollar aus Nicht-SRR Black Widow-Verkäufen, 25 Millionen Dollar aus Edge 130-Verkäufen, 5 Millionen Dollar aus Fang FPV-Verkäufen und 25-65 Millionen Dollar aus SRR-bezogenen Black Widow-Verkäufen.
- Selected as sole provider for U.S. Army's SRR Program, securing major military contract
- Strong 2025 revenue guidance of $80-$120 million, indicating significant growth potential
- Strategic acquisition of FlightWave Aerospace bringing Blue UAS approved military-grade tri-copter
- Secured $6 million additional financing and maintained $9.6 million in cash/receivables
- Partnership with Palantir for AI-enabled manufacturing optimization and autonomous drone operations
- Relatively modest current revenue of $4.9 million for eight-month transition period
- Heavy reliance on future military contracts for projected revenue growth
- Significant gap between current revenue and ambitious 2025 guidance suggests execution risks
Insights
Red Cat's selection as the sole winner for the U.S. Army's Short Range Reconnaissance (SRR) Program represents a transformative milestone. Securing this Program of Record establishes a multi-year revenue stream and positions Red Cat as a trusted defense contractor. The $25-$65 million in SRR-related sales projected for 2025 underscores the significant scale of this opportunity.
The strategic acquisition of FlightWave brings the Blue UAS-approved Edge 130 tri-copter into Red Cat's portfolio, diversifying their military-grade offerings and opening additional procurement channels. This acquisition, combined with the Black Widow platform, creates a compelling Family of Systems approach that's increasingly favored in defense procurement.
The Palantir partnerships are particularly noteworthy for two reasons: First, integrating Palantir's Visual Navigation software addresses the critical requirement for operations in GPS-denied environments—a key battlefield capability. Second, implementing Palantir's Warp Speed manufacturing OS should optimize production capacity and supply chain efficiency—essential for scaling to meet defense contract demands.
The company's international market penetration efforts (Middle East, Asia-Pacific, Latin America) indicate a strategy to capitalize on rising global defense spending amid escalating geopolitical tensions. With both the Black Widow and Edge 130 drones selected for the Blue UAS Refresh, Red Cat is positioning for expanded Federal procurement opportunities across multiple agencies.
Red Cat's 2025 revenue guidance of $80-$120 million represents a massive projected increase from the transition period's $4.9 million. This guidance appears credible given the Army's SRR Program award and growing international interest. The guidance breakdown shows diversification across multiple product lines, with non-SRR Black Widow sales ($25M), Edge 130 sales ($25M), Fang FPV sales ($5M), and SRR-related Black Widow sales ($25-$65M).
The company has strengthened its capital position with $9.6 million in cash and receivables, plus the recently secured $15 million in debt financing. This non-dilutive capital is strategically important as it enables production scaling without shareholder dilution. The financing timing aligns perfectly with the need to ramp up manufacturing to fulfill the Army SRR contract and capitalize on international opportunities.
While the 8-month transition period revenue of $4.9 million appears modest, it's the future revenue trajectory that matters. The SRR contract serves as the cornerstone of financial transformation, providing both substantial near-term revenue and the institutional credibility to secure additional defense contracts. With manufacturing optimization through Palantir's Warp Speed platform, Red Cat should also see margin improvements through production efficiencies and quality enhancements, though specific margin projections weren't provided.
SAN JUAN, Puerto Rico, March 31, 2025 (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 2024 Transition Period (as of December 31, 2024 and the eight months then ended) and provides a corporate update.
Recent Operational Highlights:
- Black Widow selected as the sole winner and provider of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record.
- Closed the acquisition of FlightWave Aerospace Systems Corporation. The acquisition officially brings the Edge 130, FlightWave’s Blue UAS approved military-grade tri-copter, into Red Cat’s Family of Systems.
- Partnered with Palantir to integrate Visual Navigation software (VNav) into Red Cat’s Black Widow drones. This collaboration will transform autonomous sUAS operations for modern warfare by utilizing Palantir’s Visual Navigation in GPS denied environments.
- Partnered with Palantir to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform our supply and manufacturing operations with Palantir’s AI enabled monitoring, process flow enhancement and comprehensive data analysis. Palantir’s Warp Speed will optimize Red Cat’s production and streamline its supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.
- Announced that the Black Widow drone and FlightWave Edge 130 were included on the list of 23 platforms and 14 unique components and capabilities selected as winners of the Blue UAS Refresh. The platforms will undergo National Defense Authorization Act (NDAA) verification and cyber security review with the ultimate goal of joining the Blue UAS List.
- Introduced our Black Widow™ short-range reconnaissance drone and Edge 130 Tricopter to the Middle East market at the International Defense Exhibition and Conference in Abu Dhabi, UAE, Feb 17-21 2025.
- Will be introducing Black Widow™ and Edge 130 drones to the Latin American market at LAAD 2025 in Rio De Janeiro, Brazil in April 2025.
- Introduced Black Widow™ to the Asia Pacific Market at the AISSE conference in Putrajaya, Malaysia in January 2025.
- Expanded our Red Cat Futures Industry Consortium to include Palantir and Palladyne to boost AI capabilities in contested environments, including visual navigation.
2024 Transition Period (as of December 31, 2024 and the eight months then ended) Financial Highlights:
- Transition period revenue of
$4.9 million - Ended the period with cash and accounts receivable of
$9.6 million - Closed an additional
$6 million financing since prior quarter end - Guidance of
$80 -$120 million for calendar year 2025 , which consists of:$25 million in Non-SRR Black Widow sales$25 million in Edge 130 sales$5 million in Fang FPV sales$25 t o$65 million in SRR-related Black Widow sales
“Red Cat’s partnerships and global expansion strategy is already yielding strong results. Over the past few months, we’ve introduced the Black Widow and Edge 130 drones to key international markets, including the Middle East, Asia Pacific, and soon Latin America,” said Jeff Thompson, Red Cat CEO. “This momentum underscores growing global interest in our Family of Systems. The ongoing development of Black Widow for the U.S. Army’s SRR Program of Record, bolstered by AI partners like Palantir and Palladyne, we’re not only meeting immediate defense needs—we're ensuring our warfighters and allies are well equipped for rapidly-evolving battlefield.”
“Our financial position remains solid as we scale to meet increased demand,” added Thompson. “With over
Conference Call Today
CEO Jeff Thompson will host an earnings conference call at 4:30 p.m. ET on Monday, March 31, 2025 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 attend the conference call through a live webcast that can be accessed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=kOCu4DoZ.
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. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL 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 | ||||||||||||
| December 31, | April 30, | |||||||||||
| 2024 | 2024 | |||||||||||
| ASSETS | ||||||||||||
| Cash | $ | 9,154,297 | $ | 6,067,169 | ||||||||
| Accounts receivable, net | 489,316 | 4,361,090 | ||||||||||
| Inventory, including deposits | 13,592,900 | 8,610,125 | ||||||||||
| Intangible assets including goodwill, net | 26,124,133 | 12,882,939 | ||||||||||
| Equity method investee | — | 5,142,500 | ||||||||||
| Note receivable | — | 4,000,000 | ||||||||||
| Other | 6,243,621 | 7,473,789 | ||||||||||
| TOTAL ASSETS | $ | 55,604,267 | $ | 48,537,612 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Accounts payable and accrued expenses | $ | 3,517,118 | $ | 2,703,922 | ||||||||
| Debt obligations | 350,000 | 751,570 | ||||||||||
| Operating lease liabilities | 1,617,596 | 1,517,590 | ||||||||||
| Total liabilities | 5,484,714 | 4,973,082 | ||||||||||
| Stockholders’ capital | 174,864,256 | 124,690,641 | ||||||||||
| Accumulated deficit/comprehensive loss | (124,744,703 | ) | (81,126,111 | ) | ||||||||
| Total stockholders' equity | 50,119,553 | 43,564,530 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 55,604,267 | $ | 48,537,612 | ||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| For the Eight Months Ended December 31, 2024 | For the Year Ended April 30, 2024 | ||||||||
| Revenues | $ | 4,850,304 | $ | 17,836,382 | |||||
| Cost of goods sold | 6,206,378 | 14,155,836 | |||||||
| Gross (loss) profit | (1,356,074 | ) | 3,680,546 | ||||||
| Operating Expenses | |||||||||
| Research and development | 6,610,980 | 6,266,129 | |||||||
| Sales and marketing | 6,321,763 | 5,086,600 | |||||||
| General and administrative | 11,459,442 | 11,214,154 | |||||||
| Impairment loss | 93,050 | 412,999 | |||||||
| Total operating expenses | 24,485,235 | 22,979,882 | |||||||
| Operating loss | (25,841,309 | ) | (19,299,336 | ) | |||||
| Other expense | 17,772,662 | 2,227,360 | |||||||
| Net loss from continuing operations | (43,613,971 | ) | (21,526,696 | ) | |||||
| Loss from discontinued operations | — | (2,525,933 | ) | ||||||
| Net loss | $ | (43,613,971 | ) | $ | (24,052,629 | ) | |||
| Loss per share - basic and diluted | $ | (0.57 | ) | $ | (0.40 | ) | |||
| Weighted average shares outstanding - basic and diluted | 77,039,869 | 60,118,675 | |||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| For the Eight Months Ended December 31, 2024 | For the Year Ended April 30, 2024 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss from continuing operations | $ | (43,613,971 | ) | $ | (21,526,696 | ) | ||
| Non-cash expenses | 22,633,786 | 8,479,195 | ||||||
| Changes in operating assets and liabilities | 444,208 | (4,672,816 | ) | |||||
| Net cash used in operating activities | (20,535,977 | ) | (17,720,317 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Proceeds from sale of marketable securities | — | 12,826,217 | ||||||
| Proceeds from sale of equity method investment and note receivable | 4,400,000 | — | ||||||
| Other | (163,555 | ) | 740,861 | |||||
| Net cash provided by investing activities | 4,236,445 | 13,567,078 | ||||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of convertible notes payable, net | 13,456,000 | — | ||||||
| Payments of debt obligations, net | (394,606 | ) | (572,137 | ) | ||||
| Proceeds from exercise of stock options | 1,350,267 | 2,655 | ||||||
| Proceeds from exercise of warrants | 4,974,999 | — | ||||||
| Proceeds from issuance of common stock, net | — | 8,404,812 | ||||||
| Net cash provided by financing activities | 19,386,660 | 7,835,330 | ||||||
| Net cash used in discontinued operations | — | (875,227 | ) | |||||
| Net increase in Cash | 3,087,128 | 2,806,864 | ||||||
| Cash, beginning of period | 6,067,169 | 3,260,305 | ||||||
| Cash, end of period | $ | 9,154,297 | $ | 6,067,169 | ||||
FAQ
What is Red Cat Holdings (RCAT) revenue guidance for 2025?
How much revenue did RCAT generate in the 2024 Transition Period?
What major partnerships did RCAT announce in the recent update?
What is the significance of RCAT's Black Widow selection for the U.S. Army?
What is RCAT's current financial position as of December 2024?
