Teal Drones Secures Exclusive License to Use Autonomous Drone Software and Technology from Autonodyne
August 23 2022 - 7:00AM
Red Cat Holdings, Inc. (Nasdaq: RCAT)(“Red Cat” or the “Company), a
hardware-enabled software provider to the drone industry, announces
today a licensing agreement with Autonodyne, LLC. that will enable
Red Cat subsidiary Teal Drones, Inc. to ship its drone for
government and military segments – the Golden Eagle – with
exclusive autonomous capabilities in late 2022.
Combining Teal’s drones and Autonodyne technology positions Red
Cat as a leader in multi-vehicle and autonomous drone operation.
Teal’s Golden Eagle drone with Autonodyne software has already
successfully demonstrated drone “swarms” and provides features like
“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 secured exclusive right
to Autonodyne’s software suite for “autonomy and exchange of
control among humans and machines to perform tasks involving crewed
and/or uncrewed vehicles.” Autonodyne has agreed to exclusively
provide its software to Teal’s current and prospective customers
for single vehicles, multi-vehicles, and linked multi-vehicles,
whether existing or planned in the future, and includes
Autonodyne’s patents and unpatented technology.
Red Cat CEO Jeff Thompson said, “Teal’s products have repeatedly
proven in testing that they can handle difficult mission-specific
assignments with ease and offer autonomous capabilities that are
superior to other drones. Autonodyne is the first of multiple
development partners we plan to integrate and test with for
prospective 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 jumping Teal ahead of other drone companies seeking to
provide multi-vehicle control or capabilities like 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
significant to our Company’s financial success as it is to our
customers’ mission success. 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%,” concluded
Thompson.
George Matus, founder of Teal, said, “Red Cat has immediate
potential to be a leader in this industry’s government and military
segments. Golden Eagle was selected as one of only a handful of
drones certified for U.S. Government procurement and it is
continuously being improved, with a new version to be announced
soon. Our hardware-enabled software approach allows us to meet or
exceed the security and performance requirements for military
operation, border control, public safety, and more. As shown by
recent international events, small drones irrefutably make a major
difference in front-line outcomes. With fleet level operation at
just a few thousand dollars per mission versus millions for larger
scale equipment, the attraction of our products is clear.”
About Red Cat Holdings, Inc.Red Cat provides
drone-based products, services, and solutions through its five
subsidiaries and services the enterprise, military and consumer
markets. Teal Drones is a leader in unmanned aircraft 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 enables drones to
complete inspection services in locations where GPS is not
available, yet still record and transmit data even while being
operated from thousands of miles away. Fat Shark is a leading
provider of First Person View (FPV) video goggles. Rotor Riot,
LLC is a reseller of FPV drones and equipment, primarily to the
consumer marketplace. Learn more
at www.redcatholdings.com.
Forward Looking StatementsThis press release
contains "forward-looking statements" that are subject to
substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
"anticipate," "believe," "contemplate," "could," "estimate,"
"expect," "intend," "seek," "may," "might," "plan," "potential,"
"predict," "project," "target," "aim," "should," "will" "would," or
the negative of these words or other similar expressions, although
not all forward-looking statements contain these words.
Forward-looking statements are based on Red Cat Holdings, Inc.'s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled "Risk Factors" in the final prospectus related to the public
offering filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Red Cat Holdings, Inc. undertakes no duty to
update such information except as required under applicable law.
Currently, federal regulations also require a single operator to
maintain effective control and operation of a single drone in line
of sight when in domestic use which could limit the applicability
for non-government and non-military applications.
Contact:INVESTORS:CORE IRPhone: (516)
222-2560Email: Investors@redcat.redWebsite: https://www.redcatholdings.com
MEDIA:Anthony PriwerDalton AgencyPhone: (615) 515-4891Email:
apriwer@daltonagency.com
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