Red cat reports preliminary record revenue 30% above guidance for second quarter of fiscal 2024

San juan, puerto rico, nov. 07, 2023 (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, reports preliminary revenue for the second quarter of fiscal 2024 (three months ending october 31, 2023) ahead of its quarterly filing, including: revenue of approximately $3.9 million for fiscal second quarter of 2024, representing a sequential increase of 123% backlog of approximately $4.5m at october 31, 2023, representing the highest amount in the company's history company affirms previous guidance of approximately $5 million in revenue for the fiscal third quarter (three months ending january 31, 2024), representing a 28% sequential increase “we are pleased to report a second consecutive quarter of record revenues, and our growing order backlog positions us to continue reporting sequential revenue growth through the end of fiscal 2024 and beyond,” stated jeff thompson, chief executive officer. “we had purposely established meaningful inventory balances to address the supply chain challenges that previously existed and are excited to be turning these assets into cash to fund our continued growth.
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