By Kailyn Rhone
Red Cat posted a wider fiscal second-quarter loss on lower sales.
The drone-technology company said its loss widened to $13.3 million, or 18 cents a share, compared with $5.84 million, or 11 cents a share, a year earlier.
Meanwhile, sales for the quarter ended Oct. 31 fell to $1.53 million from $3.93 million a year earlier.
The San Juan, Puerto Rico company said it plans to build a manufacturing facility to enhance production and operations. Red Cat also said it entered a new partnership with software company Palantir Technologies to help integrate software into the Black Widow drones. In fiscal 2024, the company had halted production of its Teal 2 drone to focus on its Black Widow drones.
For fiscal 2025, Red Cat expects sales between $80 million to $120 million, including short-range reconnaissance-related sales. In October, the company had guided for sales of $50 million and $55 million, exclusive of government or NATO programs of record.
Red Cat, which said it is participating in the U.S. Army's Short-Range Reconnaissance Program of Record, said "we are now well-positioned to support our projected revenue guidance for calendar year 2025 while continuing to invest in scaling our operations and manufacturing capacity."
The company's stock fell 10% to $9.37 in after-hours trading Monday. For the year, shares are up over 1,000%.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 16, 2024 17:14 ET (22:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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