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Tuesday, May 17, 2022

Why Red Cat Holdings, Inc. (RCAT) stock is soaring today?

Red Cat Holdings, Inc. (RCAT) stock soared today after it announced that its subsidiary Skypersonic received a NASA contract. RCAT stock price saw a surge of 52.50% to reach $3.66 a share as of this writing. The stock also performed well in the previous trade and went up by 7.14% at closing.

Red Cat Holdings, Inc along with its subsidiary is the provider of hardware-enabled software products and solutions to the drone industry. It also develops and sells various kinds of drones through its eCommerce platform, www.rotorriot.com. Let’s discuss recent events of this stock.


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What’s Happening?

Red Cat stock today announced that its subsidiary Skypersonic, Inc has received a five-year contract from NASA. Under this contract, RCAT stock will provide drone and rover software and support to NASA for its Simulated Mars Mission. NASA is arranging series of analog missions for a year-long stay on Mars. Each mission will comprise four crew members living in Mars Dune Alpha. The crew will conduct remote operations and simulated spacewalks during the mission. The crew will use Skypersonic drones and rover in a simulated Martian environment for remote piloting.

Fiscal First quarter 2022 Financial Results of RCAT stock:

Red Cat on September 20, 2021, announced the fiscal first quarter 2022 financial results according to which

  • Red Cat generated $1.4 million in revenues as compared to $548,000 in the same tenure of the previous year.
  • Adjusted net loss increased to $1.1 million in the recently reported quarter from $276,000 same quarter of the previous year. This net loss doesn’t include non-cash expenses related to derivative liabilities and stock-based compensation.
  • By the end of June 2021, RCAT stock had $66.1 million in cash and cash equivalents.

Developments of RCAT stock:

  • Red Cat completed the acquisitions of Skypersonic and Teal Drones.
  • Drone Nerds, a distributor of drones in the U.S, awarded a purchase order to Red Cat.
  • RCAT stock structured itself into Enterprise and Consumer segments.
  • Red Cat stock appointed Geoffrey Hitchcock as Senior Vice President of Global Defense Solutions.
  • Allan Evans joined the company as Chief Operating Officer.
  • Red Cat stock raised gross proceeds of $76 million from the two public offerings.

Conclusion:

The five-year contract of Skypersonic with NASA will surely have long-term positive effects on Red Cat stock. The company is on its way to strengthen its capital position and grow its quarterly revenue. Hence RCAT can be a good bet for long-term investors.

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