Red Cat Holdings Inc (NASDAQ:RCAT) reported financial results for 2024 and provided a corporate update after the market close on Monday. Here’s a rundown of the report.
What Happened: Red Cat reported financial results for its 2024 “transition period,” which includes the final eight months of the year. The drone technology company reported total revenue of $4.9 million and an earnings loss of 57 cents per share, according to Benzinga Pro.
“Red Cat’s partnerships and global expansion strategy is already yielding strong results. Over the past few months, we’ve introduced the Black Widow and Edge 130 drones to key international markets, including the Middle East, Asia Pacific, and soon Latin America. This momentum underscores growing global interest in our Family of Systems,” said Jeff Thompson, CEO of Red Cat.
Red Cat expects calendar year 2025 revenue of $80 million to $120 million, including $25 million from non-SRR Black Widow sales, $25 to $65 million in SRR-related Black Widow sales, $25 million in Edge 130 sales and $5 million in Fang FPV sales.
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Red Cat ended the period with $9.6 million in cash and accounts receivable. The company noted that it closed an additional $6 million in financing since the period ended.
“This infusion of non-dilutive capital allows us to aggressively scale production and meet accelerating demand tied to the U.S. Army’s SRR program and international opportunities. Combined with our strong cash balance and operational discipline, we are confident in our ability to support 2025 revenue guidance and deliver long-term shareholder value,” Thompson said.
Red Cat executives will further discuss the company’s performance on a call with analysts and investors at 4:30 p.m. ET.
RCAT Price Action: Red Cat Holdings shares were volatile following the earnings release. At the time of publication, the stock was down 4.25% after-hours, trading at $5.88, according to Benzinga Pro.
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