Red Cat Holdings Inc. (RCAT:NASDAQ) announced in a news release it received a purchase order from Drone Nerds for the Golden Eagle drone, marking the start of Red Cat's relationship with the United States' largest drone distributor.
"This transaction is a validation of our strategy to build a broad platform of products, services, and solutions to the drone industry," Red Cat CEO Jeffrey Thompson said in the release.
"In addition, with a recent down selection by the U.S. Army and an additional federal contract, it represents a combined revenue of nearly $4 million."
The CEO of Drone Nerds, Jeremy Schneiderman, said in the release, "We believe that this transaction represents the first of many opportunities for us to work together to leverage and maximize our respective leadership positions."
This week, Drone Nerds is doing just that, as it is featuring Red Cat and the Golden Eagle at its booth at the Association for Unmanned Vehicle Systems International Convention in Georgia.
The Golden Eagle is manufactured by Teal Drones, the company that Red Cat is in the process of acquiring.
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