Red Cat wins US Army SRR program of record for 5,880 drone systems (~$265M base)

Red Cat Holdings, Inc.

Army selects Teal's Black Widow as SRR program of record: 5,880 systems (2 drones + 1 controller per system).
Average system price ~$45,000; base contract value ~$265M; spares/training could add ~30% annually.
CEO: No secondary offering now; may use debt short-term; capital needs assessed in Q1 2025 after upfront payments.
Prior CY2025 rev guidance $50-55M; with $79.5M NDAA line item, total could reach ~$120M.
Expects adoption by other US branches, federal agencies, NATO; some opportunities could exceed SRR.

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