Stock Track | Red Cat Holdings Soars 5.44% Pre-Market on Key Milestone for Drone Partner Palladyne AI

Stock Track

Dec 27, 2024

Red Cat Holdings Inc. (RCAT) stock surged 5.44% in pre-market trading on Friday, following positive news from its key partner Palladyne AI regarding a successful software milestone for drone deliveries to the U.S. Army.

Palladyne AI announced that its software successfully completed an automated flight tracking targets, a critical development ahead of scheduled drone deliveries to the U.S. Army in 2025. Red Cat Holdings is partnering with Palladyne to integrate this software onto all drones being supplied under a production contract with the Army.

The successful software test is a positive sign for Red Cat, increasing confidence in its ability to meet contractual obligations and drive future revenue growth from the Army drone program. Investors reacted bullishly to the news, bidding up RCAT shares significantly in pre-market trading on Friday.

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