Red cat holdings reports record annual revenues

Humacao, puerto rico, aug. 12, 2021 /prnewswire/ -- red cat holdings, inc. (nasdaq: rcat) ("red cat" or "company"), a hardware-enabled software provider to the drone industry, reports its financial results for the fiscal year ended april 30, 2021, and provides a business update: revenues for the fiscal year ended april 30, 2021, were approximately $5.0 million, representing a more than ten-fold increase compared to approximately $0.4 million for the fiscal year ended april 30, 2020 adjusted net loss for the fiscal year ended april 30, 2021, which excludes non-cash charges associated with derivative liabilities, stock-based compensation, and the amortization of debt discount, was approximately $1.6 million, as compared to an adjusted net loss of $1.3 million for the fiscal year ended april 30, 2020 common stock financings in may and july 2021 raised $76 million in gross proceeds "we are pleased to report only a relatively modest increase in our adjusted net loss even while closing and integrating three acquisitions during the 16-month period through april 30, 2021," stated joseph hernon, chief financial officer.  "our recent capital raises totaling gross proceeds of $76 million have strengthened our financial position, and we are well funded to execute on our growth initiatives.
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