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Thursday, June 30, 2022

Red Cat [NASDAQ: RCAT] Wins Customs and Border Protection Contract Worth $90M

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Red Cat Holdings, Inc. [NASDAQ: RACT] disclosed that its subsidiary Teal Drones has secured a firm-fixed-price, multiple-award blanket purchase agreement (BPA) by the United States Customs and Border Protection as one of five contractors. It has been revealed that the duration of the contract is 5 years, and the contract is worth more than $ 90 million.

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Red Cat stated that it is delighted that its subsidiary has been chosen to provide U.S. manufactured drones that satisfy the demanding technical necessities of the Department of Homeland Security. This contract indicates the greatest accomplishment for George Matus and the entire Teal team and underscored the strong company they have established over the past decade in arriving at this point.

Furthermore, Red Cat is looking forward to completing all orders placed under this agreement, along with any others that the company may receive. RCAT is planning to make full use of Teal’s new 26,000-square foot facility in Salt Lake City. The company is confident in its ability to provide domestically-sourced drone solutions and services across both Enterprise and Government applications.

In addition, Department of Homeland Security agencies can place orders for unmanned aircraft systems (UAS) through the BPA. The drones will offer supplemental airborne inspection, scrutiny, and trailing capability to improve situational awareness for field commanders and agents in areas that have no nearby traditional surveillance systems or available manned air support.

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