Red Cat Holdings Inc 2025年季度报告

For the quarterly period endedMarch 31,2025 Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024(Unaudited) Notes to Unaudited Condensed Consolidated Financial StatementsManagement’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskControls and ProceduresPART II - OTHER INFORMATIONLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety Disclosures Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this Quarterly Report on Form 10-Q about ourexpectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-lookingstatements. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “believes,” a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performanceand involve substantial risks and uncertainty. They involve known and unknown risks, uncertainties and assumptions that may causeactual results, levels of activity, performance or achievements to differ materially from any results, levels of activity, performance orachievements expressed or implied by any forward-looking statement. We may not actually achieve the plans, intentions orexpectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantialknown and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding: ●our ability to make acquisitions and integrate acquired businesses into our company;●our ability to attract and retain management;●the intensity of competition; ●the imposition or increase of tariffs and other trade barriers that could impact the cost of raw materials, components, and ●fluctuations in customer demand in response to broader economic conditions; The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 20252024Cash Flows from Operating Activities Net loss from continuing operations(23,123,351)(5,407,623)Adjustments to reconcile net loss to net cash used in operations:Stock based compensation - options804,855 Stock based compensation - restricted stock units794,117Amortization of intangible assets405,683Depreciation181,872Payments of taxes related to equity transactions— Convertible note payable fair value adjustment Accounts receivable(1,064,979)(1,127,353)Inventory(903,607)2,824,184Prepaid inventory(2,611,353)Prepaid expenses and other(519,410)(1,828,179)Operating lease right-of-use assets and liabilities13,027 Net cash (used in) provided by investing activities of continuing operations(273,103)Cash Flows from Financing ActivitiesProceeds from issuance of convertible notes payable, net of issuance costs14,432,879Payments under debt obligations—(147,147) Discontinued operationsOperating activities— Financing activities—(120,413Net cash used in discontinued operations—(194,969)Net decrease in Cash(1,431,887)(3,793,367)Cash, beginning of period9,154,29710,245,064 Cash paid for income taxes$—$Non-cash transactions C.In May 2021, the Company acquired Skypersonic which provided hardware and software solutions that enable drones tocomplete inspection services in locations where GPS is either denied or not available, yet still record and transmit data even while being operated from thousands of miles away. The purchase price was $2,791,012. Skypersonic’s technology has beenredirected to military applications and its operations consolidated into Teal.D.In August 2021, the Company acquired Teal Drones, Inc. (“Teal”), a leader in commercial and government Unmanned Aerial E.In September 2024, the Company acquired FlightWave Aerospace Systems Corporation, an industry-leading provider ofVTOL drone, sensor and software solutions, under an Asset Purchase Agreement (the “APA”). As part of the acquisition, theCompany created a new subsidiary, FW Acquisition Inc. (“FlightWave”) for ongoing operations. The purchase price was$14,000,000. See Note 3 for additional information. Basis of Presentation– The accompanying unaudited condensed consolidated financial statements have been prepared in accordancewith accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with theinstructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotesrequired by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal informatio