{"id":3825,"date":"2024-02-14T09:45:21","date_gmt":"2024-02-14T09:45:21","guid":{"rendered":"https:\/\/redcat.red\/?post_type=press_releases&#038;p=3825"},"modified":"2024-02-15T01:47:13","modified_gmt":"2024-02-15T01:47:13","slug":"red-cat-reports-preliminary-record-revenue-16-above-guidance-for-third-quarter-of-fiscal-2024-and-increases-guidance-for-fourth-quarter-2024","status":"publish","type":"press_releases","link":"https:\/\/redcat.red\/press_releases\/red-cat-reports-preliminary-record-revenue-16-above-guidance-for-third-quarter-of-fiscal-2024-and-increases-guidance-for-fourth-quarter-2024\/","title":{"rendered":"Red Cat Reports Preliminary Record Revenue 16% Above Guidance for Third Quarter of Fiscal 2024 and Increases Guidance for Fourth Quarter 2024"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3825\" class=\"elementor elementor-3825\" data-elementor-post-type=\"press_releases\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c887ee9 animated-fast elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"c887ee9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1.3000000000000000444089209850062616169452667236328125,&quot;sizes&quot;:[]},&quot;background_motion_fx_range&quot;:&quot;viewport&quot;,&quot;animation&quot;:&quot;fadeIn&quot;,&quot;background_motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;background_motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-876328c\" data-id=\"876328c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-113398f6 elementor-widget elementor-widget-heading\" data-id=\"113398f6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Press Release<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b098fca elementor-widget elementor-widget-heading\" data-id=\"3b098fca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Red Cat Reports Preliminary Record Revenue 16% Above Guidance for Third Quarter of Fiscal 2024 and Increases Guidance for Fourth Quarter 2024<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3045a742 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"3045a742\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-27ba9ca4\" data-id=\"27ba9ca4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-118dd506 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"118dd506\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-74c0689\" data-id=\"74c0689\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-23ed3fd9\" data-id=\"23ed3fd9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d75407f elementor-widget elementor-widget-text-editor\" data-id=\"d75407f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"preFade fadeIn\" align=\"justify\">SAN JUAN, Puerto Rico, Feb. 14, 2024 (GLOBE NEWSWIRE) &#8212; Red Cat Holdings, Inc. (Nasdaq: RCAT) (&#8220;Red Cat&#8221; or the &#8220;Company&#8221;), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports preliminary record revenue for the third quarter of fiscal 2024 (three months ending January 31, 2024) ahead of its quarterly filing, including:<\/p><ul type=\"disc\"><li>Revenue of approximately $5.8 million for fiscal third quarter of 2024, representing a sequential increase of 49%<\/li><li>Current backlog of approximately $5.1M, representing the highest amount in company history<\/li><li>Revenue guidance of approximately $7 million in revenue for the fiscal fourth quarter (three months ending April 30, 2024), representing an anticipated 20% sequential increase<br \/><br \/><\/li><\/ul><p class=\"preFade fadeIn\" align=\"justify\">\u201cWe are pleased to report our third consecutive quarter of significant sequential organic revenue growth,\u201d commented Jeff Thompson, CEO of Red Cat. \u201cWe had record shipments of the Teal 2 in the third quarter, as our backlog hit a new company record. We expect fourth quarter to be an exciting and fruitful quarter after the last 12 months of business development in NATO countries and Saudi Arabia.\u201d<\/p><p class=\"preFade fadeIn\" align=\"justify\">\u201cTeal\u2019s autonomous, attritable, and open technology is seeing huge demand in America and around the world,\u201d said George Matus, CTO of Red Cat. \u201cWe develop vertically integrated products and scale them through volume production in our brand new factory in Salt Lake City. Red Cat is here to fully support the warfighter and the paradigm shift actively happening toward our technology with programs like SRR, Replicator, and beyond.\u201d<\/p><p class=\"preFade fadeIn\" align=\"justify\"><strong>About Red Cat Holdings, Inc.<\/strong><\/p><p class=\"preFade fadeIn\" align=\"justify\">Red Cat (Nasdaq: RCAT) is a\u00a0drone\u00a0technology company integrating robotic hardware and software for military,\u00a0government,\u00a0and commercial operations.\u00a0Red Cat\u2019s solutions are designed to\u00a0\u201c<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=w9nuWE0s8mOCtQDaKCc7js2rJsOEvXq7-2wL8XrhZXWxAoTmaQTPubZUhcCh4NZy9bH5GgdSp6oVKq5QZklI1LMGr1d3TOu_d6l_S3sRYu-Y6RosSj5EvjzKH59oF4awMbxW62YSO15bpucYkqL58wqDUGWHcdo2J0oSe5pg0dpUV-mLij98mbSu8z4rDaSv2TH0v0jXDl-rbhE1w7ONXuq-X-y4dhInPNnFRYkZTWROeOJ6dFWW0fGNJTsnwxXXI5UcomXu5j2oEgmtUT_gcQ==\" target=\"_blank\" rel=\"nofollow noopener\">Dominate the Night\u2122<\/a>\u201d\u00a0and include\u00a0the Teal\u00a02, a small unmanned system offering the highest-resolution thermal imaging in its class. Learn more at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=VcFxgmy52gNAVxAUfQg1G63fvxaDK2rOR_jzQ4W7sBtZBjHV4nE8lJkCkyQkKkjJsm7b84qEMybleZBbBMD6P3Lr2Klu4f7qODUSjZViDVQ=\" target=\"_blank\" rel=\"nofollow noopener\">www.redcatholdings.com<\/a><\/p><p class=\"preFade fadeIn\" align=\"justify\"><strong>Forward-Looking Statements<\/strong>\u00a0<\/p><p class=\"preFade fadeIn\" align=\"justify\">This press release contains &#8220;forward-looking statements&#8221; 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 &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;contemplate,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;seek,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;target,&#8221; &#8220;aim,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; 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.&#8217;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 &#8220;Risk Factors&#8221; 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.<\/p><p class=\"preFade fadeIn\"><strong>Contacts<\/strong>\u00a0<\/p><p class=\"preFade fadeIn\">NEWS MEDIA:\u00a0<br \/>CORE Public Relations<br \/>Phone: (516) 222-2560\u00a0<br \/>Email:\u00a0media@redcat.red<\/p><p class=\"preFade fadeIn\">INVESTORS:\u00a0<br \/>CORE IR\u00a0<br \/>Phone: (516) 222-2560\u00a0<br \/>Email:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=vpLwL1AiwyRBBX7-JkPWB1s-ZBwGK9bXjTSxKrNTDsAnbC4mU_zYiVeLLXCMrI09AG_YZtu7QKqGgCUw1YAs2N5HUAMJ6k39xjCpGloFdshwukEvKpEZ5e738og_nq8OupT5r1j7mdoFsxUlwqmyefYpz3snTecDtzQrcroftT64RrSK9afwVwUGidNajdPV8CMH8K9Xy0FVbPDblYBQgZVnIXNvD73E-EeXS8TAfi2Lh9RsShoAomZIHfYp5mJPKRMHKZRWoJt0oMwnwEoW8A==\" target=\"_blank\" rel=\"nofollow noopener\">investors@redcat.red<\/a>\u00a0\u00a0<br \/>Website:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uJBP0Gc6kNI0V4pirjApxMg0F4okzuwkIPC716yYJpjUFEAM2aF5LEEVAUeYiT-uaGKob0tHzwZK0bMM9ymANXvW7s1T2LHDpwDQ9Td5JtnkacfHt2yRhBalVbJYl3FWvu0SyGQNTFFzFEUc6mRoJ1j3lkL3CAeQpECOKDnndblsLf2JAjI3sxZ0CsaCXRRWR8YSGhHIcqLXVeDeHzIEcL1FhAby9sCymhLKL0T2m-29AqduvrllpWNh8NzoWi37Wd8GdvVSC-ytalacy6hzz44xAUQigutwlxu6f8LcWlLp7H4qPZ8nntZjsym4eql1INwD3FaacG4CzLsF-1LdL__1husWGufpHe-jqES7bkIz7n2iLQPpo6-S9e-tSU_BfMsREVBWjw7yiGm8C0oIiNDETfZ_DRyPmDsEyZLiL5f98PqJtBnmaJMtI1JBCdHOnLWd7HPlP_HUEder5Ygpdo3pPGT4XA0se5tVxy6UiqOJ24lSmdHCbjoIkxjEcHcV-10hdRy_ROMQr1YU0E-M6EQYmtmg3Tp41_9rok1-jEg7BeQLwgI7XqMKuxMynzmR\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.redcatholdings.com<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64567ce elementor-widget elementor-widget-spacer\" data-id=\"64567ce\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div 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colspan=\"12\"><strong>RED CAT HOLDINGS<\/strong><\/td><\/tr><tr><td colspan=\"12\"><strong>Condensed Consolidated Balance Sheets<\/strong><\/td><\/tr><tr><td colspan=\"12\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\"><strong>October 31,<\/strong><\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\"><strong>April 30,<\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\"><strong>2023<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\"><strong>2023<\/strong><\/td><td>\u00a0<\/td><\/tr><tr><td><strong>ASSETS<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>Cash and marketable securities<\/td><td>\u00a0<\/td><td>$<\/td><td colspan=\"2\">4,024,266<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">$<\/td><td colspan=\"2\">15,987,687<\/td><td>\u00a0<\/td><\/tr><tr><td>Intangible assets including goodwill, net<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">23,901,101<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">24,335,836<\/td><td>\u00a0<\/td><\/tr><tr><td>Inventory, including deposits<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">10,871,809<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">9,280,073<\/td><td>\u00a0<\/td><\/tr><tr><td>Accounts receivable, net<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">2,989,054<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">719,862<\/td><td>\u00a0<\/td><\/tr><tr><td>Other<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">4,580,519<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">4,478,080<\/td><td>\u00a0<\/td><\/tr><tr><td>Assets of discontinued operations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">4,239,895<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">5,391,552<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td><strong>TOTAL ASSETS<\/strong><\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td colspan=\"2\"><strong>50,606,644<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\"><strong>$<\/strong><\/td><td colspan=\"2\"><strong>60,193,090<\/strong><\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td><strong>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>Accounts payable and accrued expenses<\/td><td>\u00a0<\/td><td>$<\/td><td colspan=\"2\">2,323,380<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">$<\/td><td colspan=\"2\">1,957,975<\/td><td>\u00a0<\/td><\/tr><tr><td>Debt obligations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">1,044,581<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">1,323,707<\/td><td>\u00a0<\/td><\/tr><tr><td>Warrant derivative liability<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">399,203<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">588,205<\/td><td>\u00a0<\/td><\/tr><tr><td>Other<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">525,612<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">661,263<\/td><td>\u00a0<\/td><\/tr><tr><td>Liabilities of discontinued operations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">438,993<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">1,052,315<\/td><td>\u00a0<\/td><\/tr><tr><td>Total liabilities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">4,731,769<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">5,583,465<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>Stockholders\u2019 capital<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">112,158,387<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">110,057,535<\/td><td>\u00a0<\/td><\/tr><tr><td>Accumulated deficit\/comprehensive loss<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">(66,283,512<\/td><td>)<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">(55,447,910<\/td><td>)<\/td><\/tr><tr><td>Total stockholders&#8217; equity<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">45,874,875<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"2\">54,609,625<\/td><td>\u00a0<\/td><\/tr><tr><td><strong>TOTAL LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/strong><\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td colspan=\"2\"><strong>50,606,644<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\"><strong>$<\/strong><\/td><td colspan=\"2\"><strong>60,193,090<\/strong><\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"2\">\u00a0<\/td><\/tr><\/tbody><\/table><table><tbody><tr><td colspan=\"17\"><strong>Condensed Consolidated Statements of Operations<br \/><\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"7\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"7\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"7\"><strong>Three months ended October 31,<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"7\"><strong>Six months ended October 31,<\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"3\"><strong>2023<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"3\"><strong>2022<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"3\"><strong>2023<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td colspan=\"3\"><strong>2022<\/strong><\/td><\/tr><tr><td>Revenues<\/td><td>\u00a0<\/td><td>$<\/td><td>3,930,868<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>$<\/td><td>747,612<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>$<\/td><td>5,678,997<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>$<\/td><td>1,874,163<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Cost of goods sold<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,730,286<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>623,761<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>4,303,750<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,668,192<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Gross Margin<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,200,582<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>123,851<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,375,247<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>205,971<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Operating Expenses<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Operations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>440,445<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,581,818<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,148,348<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,468,121<\/td><td>\u00a0<\/td><\/tr><tr><td>Research and development<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,987,890<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,266,956<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>3,126,017<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,716,920<\/td><td>\u00a0<\/td><\/tr><tr><td>Sales and marketing<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>675,490<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>563,756<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,662,398<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>970,709<\/td><td>\u00a0<\/td><\/tr><tr><td>General and administrative<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,460,073<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,815,314<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,903,229<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,877,718<\/td><td>\u00a0<\/td><\/tr><tr><td>Stock based compensation<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,196,325<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,246,796<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,107,931<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,002,267<\/td><td>\u00a0<\/td><\/tr><tr><td>Total operating expenses<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>5,760,223<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>6,474,640<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>10,947,923<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>10,035,735<\/td><td>\u00a0<\/td><\/tr><tr><td>Operating loss<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(4,559,641<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(6,350,789<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(9,572,676<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(9,829,764<\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Other (income) expense<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>522,176<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(519,807<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,076,916<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(406,580<\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Net loss from continuing operations<\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td><strong>(5,081,817<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(5,830,982<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(10,649,592<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(9,423,184<\/strong><\/td><td><strong>)<\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Loss from discontinued operations<\/td><td><strong>\u00a0<\/strong><\/td><td>\u00a0<\/td><td>(599,511<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(413,495<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(842,084<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(632,892<\/td><td>)<\/td><\/tr><tr><td>Net loss<\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(5,681,328<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(6,244,477<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(11,491,676<\/strong><\/td><td><strong>)<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>$<\/strong><\/td><td><strong>(10,056,076<\/strong><\/td><td><strong>)<\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Loss per share &#8211; basic and diluted<\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td><strong>(0.10<\/strong><\/td><td><strong>)<\/strong><\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td><strong>(0.12<\/strong><\/td><td><strong>)<\/strong><\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td><strong>(0.21<\/strong><\/td><td><strong>)<\/strong><\/td><td>\u00a0<\/td><td><strong>$<\/strong><\/td><td><strong>(0.19<\/strong><\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Weighted average shares outstanding &#8211; basic and diluted<\/td><td><strong>\u00a0<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>55,606,336<\/strong><\/td><td>\u00a0<\/td><td><strong>\u00a0<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>54,078,111<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>55,270,838<\/strong><\/td><td>\u00a0<\/td><td><strong>\u00a0<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><td><strong>53,928,133<\/strong><\/td><td><strong>\u00a0<\/strong><\/td><\/tr><\/tbody><\/table><p class=\"preFade fadeIn\">\u00a0<\/p><table><tbody><tr><td colspan=\"9\"><strong>Condensed Consolidated Statements of Cash Flows<\/strong><\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><td>\u00a0<\/td><td colspan=\"3\">\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td colspan=\"5\"><strong>Six months ended October 31,<\/strong><\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td><strong>2023<\/strong><\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td><strong>2022<\/strong><\/td><td>\u00a0<\/td><\/tr><tr><td>Cash Flows from Operating Activities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Net loss from continuing operations<\/td><td>\u00a0<\/td><td>$<\/td><td>(10,649,592<\/td><td>)<\/td><td>\u00a0<\/td><td>$<\/td><td>(9,423,184<\/td><td>)<\/td><\/tr><tr><td>Non-cash expenses<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>3,222,395<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,748,455<\/td><td>\u00a0<\/td><\/tr><tr><td>Changes in operating assets and liabilities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(3,813,162<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(1,852,743<\/td><td>)<\/td><\/tr><tr><td>Net cash used in operating activities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(11,240,359<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(9,527,472<\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Cash Flows from Investing Activities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Proceeds from sale of marketable securities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>10,205,501<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>13,241,836<\/td><td>\u00a0<\/td><\/tr><tr><td>Purchases of property and equipment<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(139,860<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(1,280,935<\/td><td>)<\/td><\/tr><tr><td>Net cash provided by investing activities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>10,065,641<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>11,960,901<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Cash Flows from Financing Activities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Payments of debt obligations, net<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(279,126<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(367,419<\/td><td>)<\/td><\/tr><tr><td>Payments related to employee equity transactions<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(16,292<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(561,407<\/td><td>)<\/td><\/tr><tr><td>Proceeds from issuance of common stock through ATM facilities, net<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>9,212<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u2014<\/td><td>\u00a0<\/td><\/tr><tr><td>Net cash used in financing activity<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(286,206<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(928,826<\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Net cash used in discontinued operations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(384,094<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(4,006,667<\/td><td>)<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Net decrease in Cash<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(1,845,018<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(2,502,064<\/td><td>)<\/td><\/tr><tr><td>Cash, beginning of period<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>3,260,305<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>4,084,815<\/td><td>\u00a0<\/td><\/tr><tr><td>Cash, end of period<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,415,287<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,582,751<\/td><td>\u00a0<\/td><\/tr><tr><td>Less: Cash of discontinued operations<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(6,310<\/td><td>)<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>(90,810<\/td><td>)<\/td><\/tr><tr><td>Cash of continuing operations, end of period<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,408,977<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>1,491,941<\/td><td>\u00a0<\/td><\/tr><tr><td>Marketable securities<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>2,615,289<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>31,302,888<\/td><td>\u00a0<\/td><\/tr><tr><td>Cash of continuing operations and marketable securities<\/td><td>\u00a0<\/td><td>$<\/td><td>4,024,266<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>$<\/td><td>32,794,829<\/td><td>\u00a0<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-7564ad9d\" data-id=\"7564ad9d\" data-element_type=\"column\">\n\t\t\t<div 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