Red Cat Holdings Reports Financial Results for Fiscal Year Ended April 30, 2024 and Provides Business Update
2024年8月9日 - 5:30AM
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 $17.8 million,”
said Leah Lunger, Red Cat CFO. “Our performance reflects Red
Cat's ability to consistently fulfill existing domestic and
international contracts, and we have a robust and growing pipeline
of new orders. Additionally, our pending acquisition of FlightWave
as well as partnerships through the Red Cat Futures Initiative
provide a runway for product diversification, new revenue streams,
and continued financial growth.”
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 StatementsThis
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)
880-2895Email: peter@indicatemedia.com
RED CAT HOLDINGS |
Condensed Consolidated Balance Sheets |
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April 30, |
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April 30, |
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2024 |
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2023 |
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ASSETS |
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|
|
|
|
|
|
|
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|
|
Cash and marketable securities |
|
$ |
6,067,169 |
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|
$ |
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 |
|
|
|
|
|
|
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|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
Red Cat (NASDAQ:RCAT)
過去 株価チャート
から 7 2024 まで 8 2024
Red Cat (NASDAQ:RCAT)
過去 株価チャート
から 8 2023 まで 8 2024