Red Cat Holdings, Inc. (NASDAQ:RCAT) Q3 2024 Earnings Call Transcript

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Red Cat Holdings, Inc. (NASDAQ:RCAT) Q3 2024 Earnings Call Transcript March 18, 2024

Red Cat Holdings, Inc. misses on earnings expectations. Reported EPS is $-0.08 EPS, expectations were $-0.032. RCAT isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Red Cat Holdings Fiscal 2024 Third Quarter Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through June 18, 2024. Joining us today from Red Cat Holdings are Jeff Thompson, Chief Executive Officer; and Leah Lunger, Interim Chief Financial Officer.

During this call, management will be making forward-looking statements, including statements that address Red Cat's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause the actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Red Cat's most recently filed periodic reports on Form 10-K and Form 10-Q and in Red Cat's press release that accompanies this call, particularly the cautionary statements in it. The content of this call contains time-sensitive information that is accurate as of today, March 18, 2024. Except as required by law, Red Cat disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

It is now my pleasure to turn the call over to Jeff Thompson, Chief Executive Officer. Jeff, please go ahead.

Jeff Thompson: Thank you. Welcome, everyone, to our fiscal year 2024 third quarter earnings conference call. I will first review our Q3 performance and recent achievements. After which, Leah Lunger will review our financial results. Next, I will provide information about our outlook for the remainder of fiscal year 2024 and then we will take your questions. I am pleased to report that our third quarter results were exceptional, and we once again exceeded our guidance by 16%, achieving our best quarter ever and look forward to finishing the year with another record quarter of organic revenue growth. We believe the Teal 2 airframe is becoming the small UAS of choice for the DoD and other federal agencies as well as over 10 NATO countries.