Red Cat Holdings Inc. (RCAT) stock surged 5.89% on Thursday, outperforming the broader market. The rally was driven by positive news from Palladyne AI, a key partner of RCAT in supplying drones to the U.S. Army.
Palladyne AI announced that its software successfully performed a drone flight with automated tracking of targets, which is a key development ahead of deliveries to the U.S. Army. Red Cat Holdings is partnering with Palladyne to include the software on all drones shipped to the army under a production contract, with deliveries slated for 2025.
The successful software milestone by Palladyne AI has boosted investor confidence in Red Cat Holdings' prospects, leading to the significant stock price increase intraday. The market is reacting positively to the progress made by Palladyne, as it increases the likelihood of successful deliveries and future revenue for RCAT.
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