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Persistent Systems and Raven Aerostar successfully demonstrated a stratospheric communications network using Persistent’s Wave Relay® mobile ad hoc network (MANET) during a recent event in Sioux Falls, South Dakota. The demonstration showcased extending network coverage over 200 miles via Lightning Balloon Systems, enabling ground-based and airborne communications. Key applications include tracking and real-time monitoring for military operations, as well as enhancing troop recovery and operations in GPS-denied environments. This scalable concept promises significant advancements in tactical networking solutions.
Raven Industries, Inc. (NASDAQ: RAVN) has announced that pre-orders for its first commercially-available Driverless Ag Technology, AutoCart®, are now being accepted for the 2021 harvest season. This autonomous grain cart solution enhances farm efficiency by allowing operators to monitor and command a driverless tractor from a combine cab. Key features include sub-inch steering accuracy and the ability to free up drivers for other tasks. This innovation positions Raven as a leader in agricultural technology, addressing labor challenges and increasing profitability for farmers.
Raven Industries reported Q3 fiscal 2021 earnings of $0.24 per share amid strategic investments in Raven Autonomy™. Net sales grew 22% in Applied Technology but declined 3.9% overall to $96.6 million due to a 22% drop in Engineered Films. Free cash flow reached $21 million, driven by robust profitability. Aerostar achieved a 15% revenue increase, benefiting from successful flight campaigns. However, the company anticipates ongoing challenges in Engineered Films, primarily due to pandemic-related market pressures.
Raven Industries (NASDAQ:RAVN) is expanding its operations by opening a new Canadian headquarters near Regina, Saskatchewan, dedicated to autonomous agriculture innovation. This facility will focus on machine production, testing, and training, emphasizing Raven's commitment to enhancing autonomous farming in North America. The new location solidifies Raven's strategic position in the agricultural market and aims to facilitate significant growth. The headquarters will also partner with Economic Development Regina Inc. to support agricultural initiatives in Western Canada.
Raven Industries (NASDAQ: RAVN) announced key leadership changes to boost growth and secure long-term success. The company is shifting executives to enhance its strategic focus, particularly in Applied Technology and Engineered Films. Steven Brazones will lead Applied Technology, capitalizing on his successful tenure, while Brian Meyer will head Engineered Films, which saw significant revenue growth under his guidance. These changes are effective February 1, 2021, with Raven looking to fill the CFO position immediately. The leadership reshuffle reflects confidence in Raven's growth trajectory.
