Red Cat Announces $2.5 Million in Contract Awards for Two NATO Allied Countries

SAN JUAN, Puerto Rico, March 26, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government and commercial operations, announces a total of $2.5 million in new contract awards with two NATO allied countries. As part of its expanded global sales strategy, Red Cat will provide the new customers with Teal 2 drone systems, training, and accessories with an anticipated delivery by the end of March.

“Our American-made, rucksack-portable drones are providing warfighters with rapidly deployed reconnaissance and situational awareness to enhance the effectiveness and safety of their operations,” said Jeff Thompson, Founder and CEO of Red Cat. “It’s an important part of Red Cat’s mission to support our NATO allies and we look forward to equipping these new customers and many other countries with our advanced Teal 2 systems.”

Red Cat subsidiary Teal Drones manufactures the Company’s flagship Teal 2 platform, which is cost-effective, man-portable, and optimized for night-time use. It is designed to support U.S. and allied military operations, public safety organizations, and government agencies in a variety of environments. The platform is both Blue UAS Certified and FAA Remote ID approved.

“Our Teal 2 systems is the right choice not only for the U.S. military but also our NATO allies that are looking for small, portable, cost-effective drones that they can deploy quickly, repair in the field and are upgradable with a fully modular design which means not being locked into stale technology over time,” said George Matus, CTO of Red Cat. “Additionally, Teal 2 systems are at the forefront of night vision and thermal imaging, as well as multi-vehicle control and artificial intelligence capabilities.”

These contract awards underscore Red Cat’s focus on expanding global sales. As part of that strategy, Red Cat will be exhibiting at the FIDAE 2024 conference in Santiago, Chile in April to amplify its international business development and push further into markets and geographies including LATAM, Middle East and Indo-Pacific.

About Red Cat
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government and commercial operations. Red Cat’s solutions are designed to “Dominate the Night™” and include the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class. 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 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.

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