Red Cat Holdings Inc RCAT reported first-quarter financial results for fiscal year 2025 after the market close on Monday. Here’s a look at the key highlights from the quarter.

Q1 Earnings: Red Cat reported first-quarter revenue of $2.78 million, missing analyst estimates of $3.85 million. The drone technology company reported a first-quarter loss of 17 cents per share, missing analyst estimates for a loss of 8 cents per share, according to Benzinga Pro.

Total revenue was up 59% on a year-over-year basis. Red Cat said it had a record backlog of $13 million at the quarter’s end. The company ended the quarter with $7.7 million in cash.

“Red Cat continues to see significant global demand and year-over-year growth with a strong pipeline and backlog. This is being driven by strong domestic and international adoption and sales across our entire Family of Systems, which now includes the Edge 130 Blue,” said Jeff Thompson, chairman and CEO of Red Cat. 

“Our guidance for the upcoming 2025 calendar year of $50-$55 million will continue our growth trend as we await news around the U.S. Army’s Short-Range Reconnaissance Program of Record and prepare to scale up production capacity.”

Key highlights from the quarter include drone solutions presentations at multiple Defense conferences, the announced development of a new family of small ISR and precision strike systems, the closing of the company’s FlightWave asset purchase agreement and the launch of the Red Cat futures initiative.

Looking ahead, Red Cat said it anticipates revenue of $50 million to $55 million in calendar year 2025, exclusive of government or NATO programs of record.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

See Also: Meta Connect 2024 Preview: Cheaper VR Expected, Analysts See Augmented Reality And AI As Major Focus

RCAT Price Action: Red Cat Holdings shares were down after-hours 11.39%, trading at $2.80 at the time of publication Monday, according to Benzinga Pro.

Photo: Unsplash.