Red Cat reports record Q3 revenue $5.8M (+250% YoY); CFO Hernon retires, Lunger appointed interim CFO

Red Cat Holdings, Inc.

Q3 FY2024 revenue $5.8M, up 250% YoY and 49% sequentially; funded backlog $5.1M.
Sold Consumer segment for 4.25M UMAC shares, $1M cash, and a $2M note.
Guidance Q4 revenue $7M, another record; focus on Teal Drones and Enterprise segment.
CFO Joseph Hernon resigns effective March 15, transitions to consultant; Leah Lunger appointed Interim CFO at $230K salary.
Teal 2 finalist for US Army SRR program with $3M extended contract; received $750K Utah grant.

item 2.02 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Joseph Hernon

Chief Financial Officer

RCAT · Red Cat Holdings, Inc.

Effective: 2024-03-15
Successor: Leah Lunger
Filed: March 18, 2024, 7:59 PM ET

Under the Addendum, effective as of March 15, 2024, Mr. Hernon shall resign without Good Reason (as defined in the Hernon Employment Agreement) as the Chief Financial Officer of the Company, and shall instead provide consulting services to the Company pursuant to the terms of the Hernon Consulting Agreement.

Appointed (interim)

Leah Lunger

Interim Chief Financial Officer

RCAT · Red Cat Holdings, Inc.

Effective: 2024-03-15
Filed: March 18, 2024, 7:59 PM ET

In connection with Mr. Hernon’s transition to a consulting role, effective as of March 15, 2024, the Company appointed Leah Lunger as its Interim Chief Financial Officer, interim principal financial officer and interim principal accounting officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

Red Cat Holdings, Inc. reported the quarter ended January 31, 2024 results: revenue $5.8 million. Guidance raised.

Period: the quarter ended January 31, 2024
Revenue: $5.8 million
Guidance: raised
Result: reported results

Exact text from the filing

Record revenues of $5.8 million for fiscal third quarter ending January 31, 2024

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.88

Red Cat Holdings, Inc. reported the upcoming fourth quarter results: revenue $7 million. Guidance raised.

Period: the upcoming fourth quarter
Revenue: $7 million
Guidance: raised
Result: guidance update

Exact text from the filing

Our guidance for the upcoming fourth quarter of $7 million will be another record quarter

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Joseph Hernon resigned as Chief Financial Officer at Red Cat Holdings, Inc..

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

Under the Addendum, effective as of March 15, 2024, Mr. Hernon shall resign without Good Reason (as defined in the Hernon Employment Agreement) as the Chief Financial Officer of the Company, and shall instead provide consulting services to the Company pursuant to the terms of the Hernon Consulting Agreement.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Leah Lunger was appointed as Interim Chief Financial Officer at Red Cat Holdings, Inc..

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

In connection with Mr. Hernon’s transition to a consulting role, effective as of March 15, 2024, the Company appointed Leah Lunger as its Interim Chief Financial Officer, interim principal financial officer and interim principal accounting officer.

View on SEC.gov

31 earnings releases filed in the last 30 days. Browse all earnings releases →

Red Cat Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001554795-24-000063

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