Red Cat reports Q2 EPS (10c) vs. (12c) last year

Reports Q2 revenue $3.93M vs. $747,612 last year. “Our Q2 results exceeded our guidance by 30% and was the highest quarterly revenue in company history due to our launch of the Teal 2 drone in April 2023,” commented Jeff Thompson, CEO. “This brand new system is now fully integrated with artificial intelligence and computer vision capabilities, including Athena AI, AeroVironment’s Tomahawk Kinesis, Reveal Technologies’s Farsight, and ATAK by PAR Government. This technology stack gives the frontline warfighter a feature-rich capability never seen on a rucksack portable drone. We are extremely honored to be downselected by the U.S. Army as a finalist for the Short Range Reconnaissance program of record. With the ongoing shift to small tactical drones in warfare, we are very optimistic that our Teal sUAS will be needed globally as the premier ISR system for the warfighter. Given our record performance, growing backlog, and recent U.S. Army downselection, we reiterate our Q3 revenue guidance of $5 million, which would be another successful quarter of record revenue,” concluded Thompson. “We are reporting record revenues, gross margin, and backlog for the second quarter of fiscal 2024, each of which represents clear indicators that the Teal 2 is resonating in the marketplace,” stated Joseph Hernon, CFO. “With our state-of-the-art manufacturing facility in Salt Lake City continuing to scale production capacity and refine the manufacturing process, we are confident in our ability to fulfill our backlog with increasing product gross margins.”