Red Cat Holdings Inc. (RCAT) stock soared 8.91% in the pre-market trading session on Thursday, driven by the company securing significant new orders for its Edge 130 drones from U.S. government agencies.
The drone technology company announced that it has received orders worth $518,000 from the Army National Guard and another undisclosed U.S. government agency. These orders are for a total of 12 Edge 130 drones, which are known for their robust capabilities, including long-endurance flight times, AI-driven surveillance features, and operational effectiveness in mission-critical environments.
The new orders reflect Red Cat's continued momentum in providing advanced drone technology solutions to key defense and security customers. The company plans to expand its manufacturing capacity for the Edge 130 to accelerate this momentum and remain a trusted provider of drone solutions for government and military applications.
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