SAN JUAN, Puerto Rico, Feb. 03, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, will host an Investor and Analyst Day on Thursday, February 27 from 11:00 a.m. – 1:00 p.m. eastern time at the Nasdaq MarketSite in New York City.

The event will feature presentations by Jeff Thompson, Red Cat’s CEO; Geoffrey Hitchcock, Red Cat’s chief revenue officer and other members of the executive leadership team. Robert Imig, Head of USG Research and Development at Palantir Technologies, Inc. (Nasdaq: PLTR) will also present a roadmap for its recently announced strategic partnership with RedCat.

Registration for the event is available on the Investor Relation’s section of Red Cat’s website https://redcat.red/investor-day/. Registrants that are not attending in person will be emailed a link to a video recording of the event once it is available.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed-wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA-compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

SAN JUAN, Puerto Rico, Jan. 23, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

The combined orders, which amount to 12 Edge 130 drones, reflect Red Cat’s continued momentum in providing advanced drone technology solutions to key defense and security customers. The Edge 130 is known for its robust capabilities, including long-endurance flight times, AI-driven surveillance features, and operational effectiveness in a variety of mission-critical environments.

“These new orders further validate the performance and unique capabilities of the Edge 130 as part of our Family of Systems and reinforce our position as a trusted provider of drone solutions for government and military applications,” said Jeff Thompson, Red Cat CEO. “We are expanding our manufacturing capacity for the Edge 130 to accelerate this momentum and remain committed to supporting U.S. government agencies with the industry’s best technology that enhances their mission capabilities and success.”

The Edge 130 Blue is a UAS-certified military-grade tricopter for long-range mapping, inspection, surveillance, and reconnaissance needs. Designed specifically for government and military applications, the Edge 130 Blue can be assembled and hand-launched in just one minute by a single user to capture high-accuracy aerial imagery with medium-range autonomy. Weighing in at only 1200g, the Edge has a 60+ minute flight time in forward mode, an industry-leading endurance among all other Blue UAS-approved drones available.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

About FlightWave

FlightWave Aerospace Systems Corporation is an industry leading manufacturer of dual-use VTOL drones, sensors and software solutions located in Santa Monica, CA. FlightWave designs and manufactures the Edge 130 VTOL drone and payload cameras for the commercial, defense, security, and intelligence markets. The fully-autonomous Edge 130 sUAS has the best flight endurance in the industry and with AI edge compute capabilities, provides superior aerial data capture to both the commercial and defense markets.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contacts:

INVESTORS: E-mail: Investors@redcat.red

NEWS MEDIA: Indicate Media Phone: (347) 880-2895 Email: peter@indicatemedia.com

SAN JUAN, Puerto Rico, Jan. 08, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it has received authorization from the Federal Aviation Administration (FAA) to operate unmanned aircraft systems (UAS) in U.S. airspace without broadcasting Remote Identification (Remote ID) information, specifically for the purpose of aeronautical research.

“This authorization highlights Red Cat’s commitment as an industry leader to work closely with the FAA on drone requirements and operations in the national airspace system,” said Jeff Thompson, Red Cat CEO. “We are proud to be among the first companies in the United States authorized to conduct research operations without broadcasting Remote ID. This will help accelerate the testing and development of safe and effective drone solutions that support warfighters globally.”

This authorization reinforces Red Cat’s ongoing collaboration with the FAA to shape the future of drone operations in the National Airspace System (NAS). Issued under Title 14 Code of Federal Regulations (14 CFR) § 89.120, the approval allows Red Cat to advance aeronautical research while adhering to strict operational and safety requirements.

Key Highlights of the FAA Authorization

• Purpose-Built for Research: The authorization allows Red Cat to conduct aeronautical research in controlled conditions, exempt from Remote ID broadcasting requirements.
• Strict Safety and Compliance: Red Cat must file Notice to Air Missions (NOTAMs) 24 to 72 hours before operations and adhere to all applicable airspace rules and protocols.
• Long-Term Authorization: Effective immediately, the approval remains valid through January 31, 2028, barring earlier rescission or extension.

Remote ID regulations, often referred to as a “digital license plate” for drones, play a vital role in enhancing safety and security in the NAS. Red Cat’s authorization to operate drones without broadcasting Remote ID will provide valuable data and insights that may inform future FAA policies and the development of drone technologies.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red 

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

Please click the link below to visit the full press release:

https://ir.redcatholdings.com/news-events/press-releases/detail/165/red-cat-holdings-reports-financial-results-for-fiscal-second-quarter-2025-and-provides-corporate-update

SAN JUAN, Puerto Rico, Dec. 16, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), today announced a strategic partnership with Palantir Technologies Inc. (Nasdaq: PLTR) to integrate Visual Navigation software (VNav) into Red Cat’s Black Widow drones and to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform autonomous sUAS operations for modern warfare by utilizing Palantir’s advanced AI software running onboard the drone which references up-to-date onboard satellite imagery to provide accurate navigation entirely independent of GPS or radio control signals.

The integration of Palantir’s VNav software and use of Warp Speed advances Red Cat’s mission to define the future of aerial intelligence and provide warfighters with critical, real-time situational awareness on the battlefield. Following Black Widow’s selection for the U.S. Army’s Short Range Reconnaissance Program, this partnership accelerates the ability to deploy electronic-warfare (EW) resistant sUAS without GPS. Palantir’s VNav software solves the persistent problem of long-range inertial drift by comparing the drone’s position against onboard up-to-date satellite imagery.

Key Benefits of Palantir’s VNav technology for Black Widow drones:

• Satellite Imagery Integration: Palantir’s ability to task partner satellites to acquire up-to-date imagery and deliver it to the edge provides drones with the necessary situational awareness, facilitating highly accurate navigation without long-range drift.
• A-PNT Navigation: VNav technology empowers drones with an Alternate PNT source by using sophisticated computer vision techniques for visual inertial odometry and reference matching against satellite imagery in multiple visual bands without reliance on GPS, ensuring operational efficacy in EW environments.
• Edge Runtime: VNav’s visual navigation algorithms are deployed directly onboard the drone and run fully offline using Palantir’s Edge Runtime.

“Equipped with Palantir’s visual navigation and artificial intelligence, the Black Widow will be among the most capable drones ever fielded by the Department of Defense, compact enough to fit in a rucksack,” said Jeff Thompson, Red Cat CEO. “This innovation will enhance the warfighter’s Intelligence, Surveillance, and Reconnaissance capability while improving lethality. This begins in our multiple factories, where Palantir’s Warp Speed will optimize production, streamline our supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.”

“For more than two decades, we have been providing warfighters with mission-critical software and production AI capabilities – including Project Maven,” said Aki Jain, Palantir’s CTO & President, US Government. “Arming Red Cat drones with Palantir’s Visual Navigation along with integrations into Maven Smart System, while also powering their production via Warp Speed, will provide unprecedented capability for the battlefield and secure the ongoing competitive advantage of the West.”

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

Conference Call to be held Monday, December 16, 2024 at 4:30p.m. Eastern Time

SAN JUAN, Puerto Rico, Dec. 10, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announces that financial results for the fiscal second quarter 2025 (three months ended October 31, 2024) will be reported on Monday, December 16, 2024 after the market close.

Company management will host an earnings conference call at 4:30p.m. ET on Monday, December 16, 2024, to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

The conference call will be available through a live webcast that can be accessed at:
https://zoom.us/webinar/register/WN_t_SJfhxGSdyvpDz43XANqg

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

Source: Red Cat Holdings, Inc.

SAN JUAN, Puerto Rico, Dec. 02, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company building hardware and software for military, government, and commercial operations, today announced several leadership updates to align its executive team with the company’s top priorities for scaling operations, manufacturing and meeting the needs of a fast-growing portfolio of customers.

George Matus, Red Cat’s Chief Technology Officer (CTO), is departing the company and is taking the role of CTO at Vector. As the founder of Teal Drones, George has played a vital role in Red Cat’s journey, including the recent production selection of its Black Widow drones for the U.S. Army’s SRR Program. His innovative contributions have significantly advanced Red Cat’s technology and product development.

“George has been an invaluable asset to Red Cat and we fully support his transition to Chief Technology Officer at Vector,” said Jeff Thompson, Red Cat CEO. “Red Cat looks forward to partnering with Vector to equip the U.S. military and its warfighters with fully integrated, rapidly deployable technology that ensures operational success.”

Chris Rill, currently Director of Partner Integration, will also transition to the role of President of Teal Drones, another Red Cat subsidiary. Chris brings nearly 20 years of experience working at the intersection of hardware and software. As a co-founder and CTO at Canary, Chris successfully delivered two award-winning connected camera security products and shipped more than 200,000 products globally. He has served as CTO for several other connected hardware companies where he’s advised on product development, security, strategy, manufacturing, fundraising, and hiring. In his new role Chris will focus on scaling engineering and manufacturing and developing process efficiencies to meet the large-scale demands of the U.S. Army and Red Cat’s global customers.

These leadership updates follow the recent announcement of Geoffrey Hitchcock’s promotion from General Manager of Teal Drones to Chief Revenue Officer (CRO) for Red Cat, underscoring the company’s deliberate efforts to expand its market reach and advance its leadership position in the small UAS industry.

“As a fast-growing company in a rapidly evolving industry, aligning our leadership with our aggressive plans for scale is paramount,” added Thompson. “Chris and Geoff have proven track records in scaling operations, forging partnerships, and delivering innovative solutions required for the modern battlefield. With these strategic changes, we are well-positioned to meet the increasing demands of our customers while ensuring we fit into the U.S. Army’s long-term vision for medium and long-range UAS operations.”

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: redcat@indicatemedia.com 

SAN JUAN, Puerto Rico, Nov. 27, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT), a drone technology company building hardware and software for military, government, and commercial operations, today announced the promotion of Geoffrey Hitchcock to Chief Revenue Officer (CRO). Hitchcock previously served as the General Manager for Teal Drones (a Red Cat subsidiary), where he was responsible for building a global sales organization for its hardware and software solutions.

“Geoff has been instrumental in shaping Red Cat’s success in the global DefenseTech market,” said Jeff Thompson, CEO of Red Cat Holdings. “His strategic vision, deep understanding of our customer needs, and leadership continue to deliver outstanding results. As Chief Revenue Officer, Geoff will lead our efforts to accelerate growth and scale our revenue strategies, ensuring Red Cat continues to thrive in the rapidly evolving drone technology landscape.”

In his previous roles at Red Cat, Hitchcock spearheaded key initiatives that strengthened Red Cat’s position as a trusted provider of unmanned systems for the U.S. Department of Defense and NATO allies. He led the company’s efforts to secure major contracts, including its award of the U.S. Army’s Short Range Reconnaissance Program of Record.

“It’s an honor to take on this new role at Red Cat during such a pivotal time for our company,” said Hitchcock. “Red Cat’s commitment to delivering drone technology aligns with the growing needs of defense and government sectors worldwide. I’m eager to lead our revenue operations and ensure our solutions continue to exceed the expectations of our customers and stakeholders.”

As CRO, Hitchcock will oversee all revenue-generating operations, focusing on driving strategic partnerships, expanding Red Cat’s market reach, and furthering its leadership in the development of innovative unmanned systems.

This promotion comes at a time of significant momentum for Red Cat. The company recently announced the production selection of its Black Widow drones for the U.S. Army’s SRR Program. Black Widow is the flagship system in Red Cat’s ARACHNID Family of Systems that the company is developing to address the evolving needs of warfighters globally.

About Red Cat, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON, a fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: redcat@indicatemedia.com

Red Cat’s next generation Teal system will be the Army’s Program of Record SRR sUAS, concluding the rigorous, multi-tranche competitive process

SAN JUAN, Puerto Rico, Nov. 19, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading American drone technology company, has been selected as the winner of the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record. The production selection was made after a test and evaluation process of Teal’s next generation sUAS, completed by the Army Project Management Office for Uncrewed Aircraft Systems, Army Maneuver Battle Lab, Army Test and Evaluation Command, and Army Operational Test Center.

“This is a powerful moment in time, coming after five years of blood, sweat, and tears put into SRR by our incredible team. The long-awaited production selection marks a new era for our company and the future of American drones,” said George Matus, founder of Teal and CTO of Red Cat. “We were selected based on soldier feedback, technical performance, volume manufacturability, and system cost. Our top priority now is to start ramping production of the next generation system, recently announced as the Black Widow and WEB, and give warfighters the tools they need to be successful on the modern battlefield.”

“Warfare has undergone a dramatic transformation over the past two years, with a significant shift towards drone technology, exemplified by the SRR Black Widow. It is an honor to support the U.S. Army by delivering the Black Widow to our warfighters. We believe this advanced technology will enable the Army to shape the battlefield, save soldiers’ lives, and serve as a powerful tool in their arsenal,” said Jeff Thompson, CEO of Red Cat. “This long-term contract will give us the capability to continue to improve the Black Widow, scale production and improve margins.”

“Both the operational and tactical levels of war and maneuver of combat elements have evolved significantly over the past couple of years,” said Paul Edward Funk II, retired Four-Star Army General and Red Cat board member. “Operational success today depends on the ability to seamlessly move data across the battlefield. From a tactical perspective, small unmanned aerial systems that are rucksack portable are playing a vital role in Intelligence Surveillance & Reconnaissance, as well as surgical strike capabilities based on the real-time needs of the warfighter.”

The SRR contract selection builds on significant momentum for Red Cat, with the acquisition of FlightWave Aerospace, the announcement of the ARACHNID family of systems, and the creation of the Red Cat Futures Initiative. The company is focused on ramping production of Teal’s next generation system to meet the Army’s currently stated acquisition objective for 5,880 systems, which is subject to change over the 5 year period of performance. Red Cat is also preparing to meet increased demand across the rest of the U.S. DoD, federal government, and allied countries, to support operators and warfighters globally.

For more information about Red Cat and the U.S. Army’s Short-Range Reconnaissance Program of Record, please visit www.redcat.red.

About Red Cat, Inc.  
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems including the flagship Black Widow, a small unmanned system offering the most advanced capabilities in its class, TRICHON fixed wing VTOL for extended endurance and range, and FANG, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward-Looking Statements 
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law. 

Contacts:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Indicate Media
Phone: (347) 880-2895
Email: peter@indicatemedia.com