Red Cat Holdings, Inc. a leading brand in the drone industry, reviewed its recently reported financial results for its fiscal third quarter which included record quarterly revenues.
“We are pleased to report record quarterly revenues exceeding $2 million for our fiscal third quarter driven by the first full quarterly contribution from our Fat Shark subsidiary which was acquired in November 2020,” stated Jeffrey Thompson, Chief Executive Officer. “Our Rotor Riot subsidiary is on track to attain record annual revenues for our fiscal year which ends on April 30. Finally, we look forward to the potential revenue contribution associated with the acquisition of Skypersonic which we expect to close in April.”
“While our net loss for the nine months ended January 31 totaled approximately $10 million, more than $9 million of that loss can be attributed to non-cash expenses, including more than $8 million of derivative related charges,” stated Joseph Hernon, Chief Financial Officer. “With an adjusted year to date net loss, excluding non-cash charges, of approximately $1 million, Red Cat is very well positioned on an operating basis.”