Red Cat Holdings Inc. (RCAT) shares declined 1.29% in after-hours on Monday, September 20, 2021, and closed the daily trading at $2.30. Even in the regular trading session of Monday, RCAT’s stock lost 5.67%. RCAT shares have risen 288.33% over the last 12 months, and they have moved down 11.41% in the past week. Over the past three months, the stock has lost 3.32%, while over the past six months, it has declined 51.26%.
Let’s have a look at its recent news and developments.
RCAT latest announcement
On September 20, 2021, Red Cat Holdings, Inc. (RCAT) announced its financial results for the fiscal quarter ended July 31, 2021.
Q1 2022 financial highlights
- RCAT reported total revenue of $1.4 million in Q1 2022, compared to approximately $548,000in Q1 2021.
- Total operating expenses were $1.78 million in Q1 2022 compared to $0.485 million in Q1 2021.
- It suffered an adjusted net loss of $1.1 million in Q1 2022, as compared to an adjusted net loss of approximately $276,000in Q1 2021.
- As of July 31, 2021, the company had cash and equivalents of approximately $66.1 million.
RCAT new appointment
On September 2, 2021, Red Cat Holdings, Inc (RCAT) appointed Geoffrey Hitchcock as its Senior Vice President of Global Defense Solutions. In this role, Mr Hitchcock will research and identify all military opportunities for the Teal Golden Eagle drone, due to Congress’s ban of federal funds for Chinese-sourced drones and drone components, and seek to expand the Golden Eagle’s use into public safety applications.
Acquisition of Teal Drones
On September 1, 2021, Red Cat Holdings, Inc (RCAT) closed the acquisition of Teal Drones. Teal manufactures the Golden Eagle, one of only five drones approved by the U.S. Department of Defense for reconnaissance, public safety, and inspection applications.
RCAT participation in the recent investor conference
Red Cat Holdings, Inc (RCAT) recently participated at the 23rd Annual H.C. Wainwright Global Investment Conference, which was held virtually from September 13 – 15, 2021. The company was presented by CEO, Jeffrey Thompson during the event.
RCAT received massive drone order
On August 16, 2021, Red Cat Holdings, Inc (RCAT) received a significant purchase order from Drone Nerds, which is the largest distributor of drones in the United States. The purchase order is for the Golden Eagle, manufactured by Teal Drones.
RCAT FY 2021 financial results announcement
On August 12, 2021, Red Cat Holdings, Inc. reported its financial results for the fiscal year ended April 30, 2021.
FY 2021 financial results
- RCAT reported total revenue of $5.0 million in FY 2021 compared to $0.4 million for the fiscal year 2020.
- Total operating expenses were $6 million in FY 21 compared to $1.70 million in FY 2020.
- It suffered a net loss of approximately $1.6 million in FY 2021, as compared to an adjusted net loss of $1.3 million in FY 2020.
The recent financial results were not very impressive for the investors and hence it faced a decline on Monday and we can expect it to further go down in the coming trading sessions.