Red Cat Holdings, Inc. reported its financial results for the fiscal first quarter ended July 31, 2024. The company announced losses per share of $0.17, missing consensus estimates by $0.09, and revenue of $2.8 million, which missed consensus estimates by $1.07 million.
Management disclosed that the company had spent the past four months retooling its Salt Lake City Facility for high-volume production, which led to a pause in manufacturing of Teal 2 drones and building Army prototypes. This pause directly impacted Teal 2 sales during the quarter.
Despite the financial misses, Red Cat reported 59% year-over-year growth and a backlog of approximately $13 million. The company provided calendar year 2025 revenue guidance of $50 million to $55 million, which excluded potential revenue from the U.S. Army’s Short-Range Reconnaissance Program of Record.
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