Drone Sales Surge for Red Cat Holdings
Red Cat Holdings sees 68% growth in April drone sales
ORLANDO, Fla., June 22, 2020 /PRNewswire/ -- Red Cat Holdings, Inc., a Nevada corporation (the "Company" or "Red Cat") (OTC Pink: RCAT), a provider of products and solutions to the drone industry, announced today that its Rotor Riot eCommerce store has experienced high growth since Red Cat's acquisition of Rotor Riot, LLC ("Rotor Riot") several months ago. Specifically, the Company recognized a 68% revenue increase on sales of drones and drone parts in April, compared to March.
Rotor Riot is a hobby-based drone company focused on sales of high-performance drone parts and creation of original YouTube content. On January 23, 2020, Rotor Riot merged with Red Cat, a public company investing in the future of drones.
Since January 2020, Rotor Riot has seen a 32% increase in total sales; a 28% increase in online store sessions; a 51% returning customer rate; and a 70% increase in average order value. This underscores the value of eCommerce, even in a difficult economic climate.
Jeff Thompson, CEO of Red Cat said: "It is great to see Rotor Riot continue to develop in such a unique way. Since taking over their own fulfillment in September, Rotor Riot has been able to apply more focus to its vision of providing complete performance drones. This new autonomy has led to the best sales month in company history. We believe the Rotor Riot and Red Cat partnership will continue to rapidly grow."
As it stands, Rotor Riot and Red Cat are working on a troubleshooting platform intended to help drone pilots fix and enhance the performance of their drones. Rotor Riot's team of specialists and Red Cat's DroneBox software are being pooled together for the project.
Red Cat is also currently working on a secure blockchain-centered distributed storage, analytics, and software package for the service drone industry.
With the drone market poised to be among the fastest growing tech markets, more and more people of all ages are buying drones and drone accessories. Drones are growing in popularity in uses ranging from aerial photography to content creation.
Rotor Riot and Red Cat are both thrilled about the spike in online sales and look forward to seeing where 2020 takes the combined company. With new projects already underway, 2020 is shaping up to be an exciting year for both Rotor Riot and Red Cat.
About Red Cat Holdings, Inc.
Red Cat is a leading provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and leadership, Red Cat provides solutions for regulators to track and review flight data, insurance companies to insure drones, and pilots to become compliant with regulations. Red Cat's success is driven by a commitment to deliver unrivaled innovation that makes drones trackable and accountable, and the sky a safer place. Red Cat is headquartered in San Juan, Puerto Rico. For more information, visit www.redcatpropware.com.
About Rotor Riot
Rotor Riot is a hobby-based drone company offering high performance drone parts with an emphasis on creating premium YouTube content. Rotor Riot is a wholly owned subsidiary of Red Cat, a public company. More information can be found at https://rotorriot.com.
Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
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SOURCE Red Cat Holdings, Inc.
Released June 22, 2020