Autonodyne software on Golden Eagle platform dramatically increases Red Cat’s margins
SAN JUAN, Puerto Rico, Aug. 23, 2022 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company), a hardware-enabled software vendor to the drone industry, today announces a licensing agreement with Autonodyne, LLC that will enable Red Cat subsidiary Teal Drones, Inc. set to ship its drone for government and military segments – the Golden Eagle – with exclusive autonomous capabilities at the end of 2022.
By combining Teal’s drones and Autonodyne technology, Red Cat positions itself as a leader in multi-vehicle control and autonomous drones. Teal’s Golden Eagle drone with Autonodyne software has already successfully demonstrated drone “swarming” and offers features such as “unlimited surveillance” that seamlessly rotates multiple drones over a single point of interest for 24/7 coverage.
Under the terms of the license, Teal has obtained the exclusive right to Autonodyne’s software suite for “autonomy and exchange of control between humans and machines to perform tasks with manned and/or unmanned vehicles.Autonodyne has agreed to provide its software exclusively to Teal’s current and potential customers for single-vehicle, multi-vehicle and multi-vehicle coupled vehicles, existing or planned in the future, and includes Autonodyne’s patents and non-proprietary technology.
Jeff Thompson, CEO of Red Cat, said: “Teal’s products have repeatedly proven in testing that they can easily handle difficult mission-specific assignments and provide autonomous capabilities that are superior to other drones. Autonodyne is the first of several development partners we plan to integrate and test with for future applications in the government and military segments served by our Teal division. Under the terms of the agreement, Autonodyne software will only be made available to Teal, effectively giving Teal an edge over other drone companies looking to provide multi-vehicle control or capabilities such as unlimited surveillance. Competitors will have to develop their own software or secure licenses from others with inferior test performance.
“Adding Autonodyne software to the Golden Eagle is as important to the financial success of our company as it is to the success of our customers’ mission. At 42%, the gross margin on the Golden Eagle is certainly good, but adding Autonodyne software to the Golden Eagle increases our gross margin to over 60%,” concludes Thompson.
George Matus, founder of Teal, said: “Red Cat has immediate potential to become a leader in the government and military segments of this industry. Golden Eagle was selected as one of the few drones certified for procurement by the US government and is constantly being improved, with a new version to be announced soon. Our hardware software approach enables us to meet or exceed security and performance requirements for military operations, border controls, public safety and more. As recent international events have shown, small drones undeniably make a big difference in frontline results. With a fleet level of just a few thousand dollars per mission versus millions for larger equipment, the appeal of our products is clear.”
About Red Cat Holdings, Inc.
Red Cat provides drone-based products, services and solutions through its five subsidiaries and serves the business, military and consumer markets. Teal Drones is a leader in unmanned aerial vehicle systems (UAS), and its Golden Eagle is one of only five drones approved by the Department of Defense for reconnaissance, public safety and inspection applications. Skypersonic’s technology allows drones to perform inspection services in locations where GPS is not available, yet record and transmit data even when operated thousands of miles away. Fat Shark is a leading supplier of First Person View (FPV) video goggles. Rotor Riot, LLC is a reseller of FPV drones and equipment primarily for the consumer market. Learn more at www.redcatholdings.com.
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