Red Cat Holdings, Inc. (RCAT) stock soared 70.41% in the current-market trading session at the price of $3.54 after its subsidiary “Skypersonic” received a five-year contract with NASA. RCAT delivers services and solutions to the drone industry. Skypersonic, one of its four subsidiaries, provides software and hardware solutions to drones to inspect the locations where GPS is not available.
Skypersonic Received NASA Contract
On 27th September 2021, RCAT published that its subsidiary, Skypersonic, had been granted a five-year contract with NASA. The contract aims to provide drone software and hardware to NASA for its Simulated Mars mission.
CEO of Skypersonic, Giuseppe Santangelo, remarked that they are delighted NASA had chosen their technology to operate its drones in the simulated Mars environment. CEO of RCAT, Jeff Thompson, added that they are honored to have Skypersonic working with NASA on this scientific Mars project. They believe their patent remote pilot capability is a game change-changer in this industry. Remote piloting reduces the biggest cost of drone fleet programs by changing the entire drone ecosystem, he concluded.
RCAT Fiscal First Quarter 2022 Financial Results
On 20th September 2021, RCAT published its financial results for the fiscal first quarter ended 31st July 2021 and provided a corporate update. Chief Financial Officer, Joseph Hernon, remarked that their first-quarter earnings highlighted their strengthened capital position, continued revenue growth, and additional acquisitions. They have begun the second quarter with $66 million in cash and cash equivalent. They are planning to invest in key growth initiatives, he added.
Fiscal First Quarter 2022 Financial Highlights
The company reported revenues of $1.4 million for the fiscal quarter ended 31st July 2021. Total revenue was approximately $548,000 for the fiscal quarter ended 31st July 2020. Adjusted Net loss was $1.1 million for the quarter ended 31st July 2021. It excluded non-cash expenses related to derivative liabilities and stock-based compensation. The adjusted net loss was $276,000 for the fiscal quarter ended 31st July 2020. The company reported cash and cash equivalents of approximately $66.1 million as of 31st July 2021. The company closed two public offerings that are up-listed to the Nasdaq exchange and raised $76 million in gross proceeds as of 31st July 2021.
RCAT Changes in Management
RCAT appointed Dr. Allan Evans as a chief operating officer of Global Defense Solutions. Geoffrey Hitchcock has also been appointed as Senior Vice President. Both appointments became effective immediately.
