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  "documentTitle": "Red Cat Holdings, Inc. (RCAT)",
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  "presentationDate": "2025-01-09 00:00:00",
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  "notes": "Kerrisdale Capital research note critiquing Red Cat Holdings' management claims.",
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      "text": "Red Cat Teal’s SRR contract will be shorter and less exclusive than they’ve implied",
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      "text": "contract value: $23.5 million",
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      "text": "In total, that’s about $23.5 million that the Army is planning on investing in the SRR for FY 2025... We can’t be certain, but we think that the $79.5 million mentioned by Red Cat’s management was a misreading or misremembering.",
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      "text": "$3.52 million for spares, logistics, training, and support. $0.81 million for SRR development, testing, and evaluation. $3.86 million split between the SRR and two separate Army UAS programs. $0.53 million for miscellaneous SRR-related RDT&E.",
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      "text": "It's also not really true that SRR Tranche 2 is a 5-year sole-source program. What's true is that Red Cat will probably sign a 5-year sole source contract. Those are two different things.",
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      "text": "This will always be the formula to success for us, a creative acquisition — Army assistant product manager for the SRR project.",
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