Red Cat Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended January 31, 2024
March 18, 2024 at 04:31 pm EDT
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Red Cat Holdings, Inc. reported earnings results for the third quarter and nine months ended January 31, 2024. For the third quarter, the company reported sales was USD 5.85 million compared to USD 1.67 million a year ago. Net loss was USD 5.49 million compared to USD 5.67 million a year ago. Basic loss per share from continuing operations was USD 0.08 compared to USD 0.09 a year ago. Basic loss per share was USD 0.1 compared to USD 0.1 a year ago.
For the nine months, sales was USD 11.53 million compared to USD 3.54 million a year ago. Net loss was USD 16.98 million compared to USD 15.72 million a year ago. Basic loss per share from continuing operations was USD 0.27 compared to USD 0.27 a year ago. Basic loss per share was USD 0.31 compared to USD 0.29 a year ago.
Red Cat Holdings Inc is a Puerto Rico-based provider of products, services and solutions to the drone industry. The Company provides its services to the enterprise, military, and consumer markets. It designs, develops, markets, and sells drone software and products. Red Cat's Golden Eagle drones are approved by the Department of Defense for reconnaissance, public safety, and inspection applications. The technology of Skypersonic Inc, a subsidiary of the Company enables drones to complete inspection services in locations where Global Positioning System (GPS) is not available, yet still record and transmit data even while being operated from thousands of miles away. The Company's offering also includes First Person View (FPV) video goggles that give pilots a better perspective to control their drone in flight. Red Cat Holdings Inc operates through several subsidiaries, including Teal Acquisition I Corp and Rotor Riot, LLC.