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Wednesday, May 25, 2022

Red Cat Holdings Inc (RCAT) stock rebounded in the pre-market. Here’s why

The stock of Red Cat Holdings Inc (RCAT) closed the regularly traded session at $1.97, losing 3.47% from the previously traded session. On the last check, RCAT stock rebounded in the pre-market and gained 17.95% to $2.30 per share. The company declared that its auxiliary Teal Drones has gotten a request for drone units. This news is acting as a catalyst for the stock after which it is soaring in the pre-market. Moreover, RCAT published the results for Q3 of FY22. RCAT also filed form 4 with the SEC on 29 March 2022.


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Red Cat Holdings Inc gives items, administrations, and solutions for the drone business. The company operates through five of its subordinates. Currently, the firm has a market capitalization of $104.66 million and its headquarters are in Humacao, Puerto Rico.

RCAT News

On 4 April 2022, RCAT declared that its auxiliary Teal Drones has gotten a request for 15 Golden Eagle drones, from a NATO part country that has submitted them to send to Ukraine. The CEO of RCAT, Jeff Thompson, commented that Red Cat Holdings remains with Ukraine, and they will keep on supporting its necessities furthest degree conceivable by utilizing Teal’s Golden Eagle stage. He further added that they accept this is the first of numerous connections and buys in the area.

Financials

On 17 March 2022, RCAT published the results for Q3 of the fiscal year 2022. The company posted revenue of $1.85 million in Q3 of FY22 versus $2.14 million in the corresponding period of the previous year. The revenues decreased by 13.55% YoY.

Moreover, the total profit of the firm also decreased by 41% to $0.339 million in Q3 of FY2022 as compared to $0.569 million in Q3 of FY2021.

Further, RCAT posted a total loss of $2.5 million in Q3 of FY22 against $8.98 million in Q3 of FY2021. The total loss declined by 71% YoY.

Red Cat Holdings reported a loss of $0.05 per stock in FY2022 versus the loss of $0.34 in Q3 of FY2021.

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