BUZZ-Drone technology firm Red Cat falls after Q2 results

Reuters12-17

BUZZ-Drone technology firm Red Cat falls after Q2 results

** Shares of Red Cat Holdings RCAT.O down 15% to $8.88 early Tues after reporting wider Q2 loss and lower sales

** San Juan, Puerto Rico-based drone technology firm late Mon posted loss of $13.3 mln, or 18 cents/sh, vs $5.8 mln, or 11 cents/sh a yr ago

** Sales in qtr ended-Oct declined 61% yr/yr to $1.5 mln

** For fiscal 2025, it projected sales of $80-$120 mln including short-range reconnaissance-related sales

** In Sept, co had guided for sales of $50-$55 mln, exclusive of government or NATO programs of record

** RCAT shares on Mon jumped 27% to close at $10.45 after co announced strategic partnership with Palantir Technologies PLTR.N

** Last month, co's Black Widow drones were selected for the U.S. Army's short range reconnaissance program

** With move on Tues, RCAT shares tripled over the past three months. Stock ended 2023 at 88 cents

** Just 2 brokerages cover RCAT: Ladenburg rates "strong buy" with $9 PT and ThinkEquity has "buy" with $5 PT, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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