Red Cat Secures $1 Million Contract for its FlightWave Edge 130 Blue
Rhea-AI Summary
Red Cat Holdings, Inc. (Nasdaq: RCAT) has secured a $1 million contract from the United States Army Communications-Electronics Command (CECOM) for its Edge 130 Blue drones. The contract was obtained through Noble and coordinated by the U.S. Defense Logistics Agency (DLA). This follows Red Cat's acquisition of FlightWave in September 2024, which brought the Edge 130 Blue into its portfolio of unmanned reconnaissance and precision lethal strike systems.
The Edge 130 Blue is a UAS-certified military-grade tricopter designed for long-range mapping, inspection, surveillance, and reconnaissance. Key features include:
- Assembly and hand-launch in one minute by a single user
- Weight of 1200g
- 60+ minute flight time in forward mode
- Industry-leading endurance among Blue UAS-approved drones
Red Cat CEO Jeff Thompson expressed commitment to supporting the U.S. Army's modernization strategy and transformation into a multi-domain force.
Positive
- Secured a $1 million contract with the U.S. Army CECOM
- Acquisition of FlightWave expands Red Cat's drone portfolio
- Edge 130 Blue drone offers 60+ minute flight time and quick deployment
- Establishes relationship with U.S. Army, potentially leading to future contracts
Negative
- None.
News Market Reaction
On the day this news was published, RCAT declined 4.11%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company establishes relationship with the United States Army Communications-Electronics Command
SAN JUAN, Puerto Rico, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it secured a
FlightWave, an industry-leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brings FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments. FlightWave’s recent TACFI award will accelerate advanced enhancements to the Edge 130 Blue.
“It is great to deepen our relationship with the U.S. Army and to be part of CECOM’s mission to deliver C5ISR systems that enable full spectrum combat operations at the point of need,” said Jeff Thompson, Red Cat CEO. “We are committed to supporting the U.S. Army’s modernization strategy and transformation into a multi-domain force where small, portable unmanned aerial systems like the Edge 130 play an increasing role in conducting intelligence, maneuver, and strike activities across multiple battlefield formations.”
The Edge 130 Blue is a UAS-certified military-grade tricopter for long-range mapping, inspection, surveillance, and reconnaissance needs. Designed specifically for government and military applications, the Edge 130 Blue can be assembled and hand-launched in just one minute by a single user to capture high-accuracy aerial imagery with medium-range autonomy. Weighing in at only 1200g, the Edge has a 60+ minute flight time in forward mode, an industry-leading endurance among all other Blue UAS-approved drones available.
About Red Cat, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry's first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.
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 Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. 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.
Contact:
INVESTORS:
E-mail: Investors@redcat.red
NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com
FAQ
What is the value of the contract Red Cat Holdings (RCAT) secured with the U.S. Army?
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