Red Cat Holdings Selected by U.S. Army as Finalist for Short Range Reconnaissance Tranche 2 Drone Program

Rhea-AI Summary

Red Cat Holdings, Inc. (Nasdaq: RCAT) announces Teal Drones has been selected by the Defense Innovation Unit (DIU) and the U.S. Army as a finalist in the Short Range Reconnaissance Tranche 2 (SRR T2) Program of Record, receiving $3 million in additional funding. Teal 2, the Company’s flagship product, is an affordable, man-portable sUAS designed to 'Dominate the Night™' with best-in-class night vision camera and artificial intelligence capabilities.

Defense Innovation Unit and U.S. Army to provide $3 million in additional funding to support final program milestones

SAN JUAN, Puerto Rico, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat'' or the "Company"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announces that its subsidiary Teal Drones (Teal) has been selected by the Department of Defense’s (DoD) Defense Innovation Unit (DIU) and the U.S. Army as one of two finalists competing in the Short Range Reconnaissance Tranche 2 (SRR T2) Program of Record. As part of being named a finalist, Teal will be awarded $3 million of additional funding to support final prototype development and completion of remaining SRR milestones.

Teal was previously one of three drone manufacturers selected to develop a next-generation small unmanned aerial system (sUAS) designed for intelligence, surveillance, and reconnaissance (ISR) for the U.S. Army.   The ultimate goal of the SRR program is to provide small, rucksack portable sUAS capabilities to Army platoons (20-50 soldiers) for situational awareness beyond the next terrain feature.

“I’m excited to advance our collaboration with the U.S. Army as we seek to provide the ideal solution for SRR. We are grateful to have been selected as one of the two finalists in a program that began with more than 37 bidding vendors,” commented George Matus, founder of Teal and Red Cat’s Chief Technology Officer. “We’re developing our next generation product from the ground up to meet the highly specific requirements of SRR, with the mission of providing warfighters superhuman capabilities.”

Teal 2, the Company’s current flagship product, is built in Teal’s factory in Salt Lake City. It is an affordable, man-portable sUAS designed to “Dominate the Night™.” Teal 2 has a best-in-class night vision camera, fully modular design, multi-vehicle control, and artificial intelligence capabilities. The drone is designed to support U.S. military operations, public safety organizations, and U.S. government agencies in a variety of environments. It is both Blue UAS Certified, which indicates its approval by the Department of Defense, and FAA Remote ID approved.

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. 

Contacts 

NEWS MEDIA: 
CORE Public Relations
Phone: (516) 222-2560 
Email: media@redcat.red

INVESTORS: 
CORE IR 
Phone: (516) 222-2560 
Email: investors@redcat.red
Website: https://www.redcatholdings.com

FAQ

What is the company name and ticker symbol of the drone technology company mentioned in the PR?

The company is Red Cat Holdings, Inc. and its ticker symbol is RCAT.

What is the funding amount provided to Teal Drones by the Defense Innovation Unit (DIU) and the U.S. Army?

Teal Drones has been awarded $3 million in additional funding to support final prototype development and completion of remaining SRR milestones.

What is the flagship product of Red Cat Holdings, Inc.'s subsidiary Teal Drones?

Teal 2 is the company’s current flagship product, an affordable, man-portable sUAS designed to 'Dominate the Night™' with best-in-class night vision camera and artificial intelligence capabilities.

What is the ultimate goal of the Short Range Reconnaissance (SRR) program?

The ultimate goal of the SRR program is to provide small, rucksack portable sUAS capabilities to Army platoons (20-50 soldiers) for situational awareness beyond the next terrain feature.

Who is George Matus and what role does he hold in Red Cat Holdings, Inc.?

George Matus is the founder of Teal and Red Cat’s Chief Technology Officer, leading the company's collaboration with the U.S. Army to provide the ideal solution for SRR.