Red Cat Sees Q2 FY24 Revenue Of $3M Versus Consensus Of $6M And Expects Q3 Revenues Of Around $5M
Portfolio Pulse from Benzinga Newsdesk
Red Cat Holdings Inc. (RCAT) has projected its Q2 FY24 revenue to be $3M, which is lower than the consensus estimate of $6M. The company also expects Q3 revenues to be around $5M. This outlook is backed by approximately $6M in signed purchase orders expected to be fulfilled by the end of the fiscal third quarter. Additional purchase orders are anticipated over the next 45 days due to the current seasonally strong period of federal budget activity.
September 11, 2023 | 11:47 am
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Red Cat's lower than expected Q2 FY24 revenue projection could negatively impact its stock price in the short term. However, the expected increase in Q3 revenues and the anticipated additional purchase orders could offset this impact.
The company's lower than expected Q2 FY24 revenue projection could lead to a negative sentiment among investors, potentially causing a short-term drop in the stock price. However, the expected increase in Q3 revenues and the anticipated additional purchase orders due to the seasonally strong period of federal budget activity could offset this negative impact.
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