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Red Cat Holdings Reports Financial Results for Fiscal Third Quarter 2023 and Provides Corporate Update

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SAN JUAN, Puerto Rico, March 07, 2023 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a military technology company integrating robotic hardware and software to protect and support the warfighter, reports its financial results for the fiscal quarter ended January 31, 2023 and provides a business update.

Operational Highlights:

  • Red Cat partners with Athena AI for artificial intelligence and computer vision on new Teal 2 military drone
  • Red Cat Holdings CEO to Visit NATO Countries for Talks on Military Drone Support for Ukraine
  • Utah Governor Visits Red Cat Holdings Subsidiary Teal Drones to Discuss State Support for Local Defense Industry
  • Teal Drones Enhances Low-Light Navigation Through New Partnership With Immervision
  • Skypersonic Delivers Drones, Rover, and Piloting Platform to NASA’s Simulated Mars Missions
  • Red Cat Holdings Signs Agreement to Divest Consumer Business
  • Mary Beth Long, Former U.S. Assistant Secretary of Defense, Joins Red Cat Holdings Board of Directors
  • U.S. Border Patrol Purchases over $1 Million of Teal Drones

Third Quarter 2023 Financial Highlights:

  • Revenues for the nine months ended January 31, 2023 were approximately $7.7 million, compared to approximately $5.1 million for the same period in fiscal 2022, representing an increase of more than 50% percent
  • Nearly 25% of fiscal 2023 revenues to date were generated from sales to U.S. government agencies
  • Cash and investments were approximately $25 million as of January 31, 2023

“The Teal 2 sUAS, with its new best-in-class thermal camera, is getting a great response from U.S. Customs and Border Protection, multiple NATO militaries, and federal law enforcement agencies,” said Red Cat CEO Jeff Thompson. “Our sales pipeline is growing rapidly, and the first program of record for quad copters – U.S. Army SRR Tranche 2 – is on track.”

“We are pleased to report year-to-date revenue growth of more than 50%,” stated Joseph Hernon, Chief Financial Officer. “Orders from U.S. government agencies continue to increase and represented almost 25% of fiscal 2023 revenues to date. Notably, the government procurement process can be lengthy and challenging, but the U.S. government is often a long-term, recurring customer once these relationships are established.”

Conference Call

CEO Jeff Thompson and CFO Joseph Hernon will host an earnings conference call at 8:30 a.m. ET on Tuesday, March 7, 2023 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question- and-answer session.

Interested parties can listen to the conference call by dialing 1-866-777-2509 (within the U.S.) or 1-412-317-5413 (international). Callers should dial in approximately ten minutes prior to the start time and ask to be connected to the Red Cat conference call. Participants can also pre-register for the call using the following link: https://dpregister.com/sreg/10176273/f61708f938

The conference call will also be available through a live webcast that can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=mDUwADqI

A replay of the webcast will be available until June 7, 2023 and can be accessed through the above link or at www.redcatholdings.com. A telephonic replay will be available until March 21, 2023 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 2893615.

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a military technology company that integrates robotic hardware and software to provide critical situational awareness and actionable intelligence to on-the-ground warfighters and battlefield commanders. Its mission is to enhance the effectiveness and safety of military operations domestically and globally – and to “Dominate the Night.” Red Cat’s suite of solutions includes Teal Drones, developer of the Golden Eagle, a small unmanned system with the highest resolution imaging for nighttime operations, and Skypersonic, a leading provider of unmanned aircraft for interior spaces and other dangerous environments. Learn more at https://www.redcatholdings.com/.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

For Investor Relations Inquiries:

CORE IR
Phone: (516) 222-2560
E-mail: [email protected]
Website: https://www.redcatholdings.com/

RED CAT HOLDINGS
Condensed Consolidated Balance Sheets
 (Unaudited)
 
         
      January 31,       April 30,
 
      2023       2022  
ASSETS            
             
Cash and marketable securities   $ 24,623,195     $ 48,875,184  
Intangible assets including goodwill, net     27,400,124       27,837,281  
Inventory, including deposits     12,602,568       5,602,955  
Accounts receivable, net     2,063,872       495,506  
Other     4,402,829       2,267,699  
             
TOTAL ASSETS   $ 71,092,588     $ 85,078,625  
             
             
LIABILITIES AND STOCKHOLDERS’ EQUITY            
             
Accounts payable and accrued expenses   $ 3,056,567     $ 2,541,171  
Debt obligations     1,458,681       1,970,661  
Warrant derivative liability     856,100       1,607,497  
Other     828,273       1,043,624  
Total liabilities     6,199,621       7,162,953  
             
Stockholders’ capital     109,256,147        106,885,000   
Accumulated deficit/comprehensive loss     (44,363,180 )     (28,969,328 )
Total stockholders’ equity     64,892,967       77,915,672  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 71,092,588     $ 85,078,625  
             
Condensed Consolidated Statements of Operations 
(Unaudited)
                                 
    Three months ended January
31,
  Nine months ended January
31,
      2023       2022       2023         2022  
                 
Revenues   $ 3,106,644     $ 1,856,751     $ 7,706,377     $ 5,116,741  
                                 
Cost of goods sold     3,004,032       1,516,970       7,012,483       4,521,974  
                                 
Gross Margin     102,612       339,781       693,894       594,767  
                                 
Operating Expenses                                
Operations     815,170       334,278       3,616,129       794,390  
Research and development     1,302,008       811,288       3,189,692       1,548,983  
Sales and marketing     1,208,037       238,624       2,542,037       524,642  
General and administrative     1,514,504       1,337,183       4,551,706       3,264,071  
Stock based compensation     788,691       782,123       2,790,958       2,066,146  
Total operating expenses     5,628,410       3,503,496       16,690,522       8,198,232  
Operating loss     (5,525,798 )     (3,163,715 )     (15,996,628 )     (7,603,465 )
                                 
Other Expense (Income)                                
Change in fair value of derivative liability     (157,575 )     (1,026,466 )     (751,397 )     (1,299,527 )
Other, net     297,779       427,568       476,847       559,252  
Other Expense (Income)   $ 140,204     $ (598,898 )   $ (274,550 )   $ (740,275 )
                                 
Net loss   $ (5,666,002 )   $ (2,564,817 )   $ (15,722,078 )   $ (6,863,190 )
                                 
Loss per share – basic and diluted   $ (0.10 )   $ (0.05 )   $ (0.29 )   $ (0.15 )
                                 
Weighted average shares outstanding – basic and diluted     54,294,116       53,592,927       54,050,127       46,604,898  
Condensed Consolidated Statements of Cash Flows
(Unaudited)
     
      Nine months ended January 31,  
      2023       2022  
Cash Flows from Operating Activities                
Net loss   $ (15,722,078 )   $ (6,863,190 )
Non-cash expenses     2,752,691       1,083,885  
Changes in operating assets and liabilities     (8,425,471 )     (6,259,810 )
Net cash used in operating activities     (21,394,858 )     (12,039,115 )
                 
Cash Flows from Investing Activities                
Proceeds from (purchases of) maturity of marketable securities, net     24,282,117       (48,446,302
Other, net      (1,985,882     (67,715 )
Net cash provided by (used in) investing activities     22,296,235       (48,514,017 )
                 
Cash Flows from Financing Activities                
Payments of debt obligations     (498,576     (2,663,931
Proceeds from issuance of equity, net     —        70,165,202  
Payments from employee equity transactions     (594,454     (113,959 )
Net cash (used in) provided by financing activities     (1,093,030 )     67,387,312  
                 
Net (decrease) increase in Cash     (191,653     6,834,180  
Cash, beginning of period     4,084,815       277,347  
Cash, end of period     3,893,162       7,111,527  
Marketable securities     20,730,033       48,446,302  
Cash and marketable securities    $ 24,623,195      $ 55,557,829  
                 

 

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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