Red Cat Holdings Stock Slides on Q2 Double Miss

Benzinga Earnings08-07 05:36

Red Cat Holdings Inc (NASDAQ:RCAT) reported second-quarter financial results after the market close on Thursday. Here’s a look at the key metrics from the report.

Red Cat Holdings stock is feeling bearish pressure. Why is RCAT stock falling?

Red Cat Q2 Earnings Highlights

Red Cat reported second-quarter revenue of $20.19 million, missing analyst estimates of $22.79 million, according to Benzinga Pro. The drone solutions company reported a second-quarter loss of 26 cents per share, missing analyst estimates for a loss of 22 cents per share.

Total revenue was up 527% on a year-over-year basis, due to continued execution of a strategy to transform Red Cat into an all-domain autonomy platform for defense.

“Revenue increased more than fivefold year-over-year as we scaled deliveries, expanded production capacity and continued to invest in technologies that enhance our competitive position across air, land and maritime operations,” said Jeff Thompson, chairman and CEO of Red Cat.

“We also expanded gross margins 39% year-over-year and 27% sequentially, demonstrating the benefits of scale, production efficiencies and a more diversified product portfolio.”

Red Cat said it ended the quarter with $325.6 million in cash.

The company reaffirmed its full-year revenue guidance of $150 million to $180 million.

RCAT Shares Slip After Hours

RCAT Price Action: Red Cat Holdings shares were down 5.54% in after-hours, trading at $8.20 at the time of publication on Thursday, according to Benzinga Pro.

Read Also: Trump Ally in Congress Discloses Investment in Private Defense Firm — And Yes, It Has Government Contracts

Image: Shutterstock.com

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Here’s a look at the key metrics from the report.\n\nRed Cat Holdings stock is feeling bearish pressure. Why is RCAT stock falling?\n\nRed Cat Q2 Earnings Highlights\nRed Cat reported second-quarter revenue of $20.19 million, missing analyst estimates of $22.79 million, according to Benzinga Pro. 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