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  "documentTitle": "Red Cat Holdings, Inc. (RCAT)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2025-01-09 00:00:00",
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      "text": "Which is a good segue into asking an obvious question: why is the size of the deal even up for debate? ... In discussions with defense industry participants, we discovered that those who were familiar with the SRR program dynamics all knew that Red Cat had improperly announced the program win without the Army's approval.",
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      "text": "In the end, we believe that much of what Red Cat has led investors to believe about its SRR win is either exaggerated or just plain wrong. Red Cat will likely have 2-3 years of SRR program exclusivity and sell up to $25 million worth of drones per year over that time.",
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      "text": "We suspect that part of the reason Red Cat made an unapproved announcement was that a vague press release with no details beyond “5,880 systems” would be a lot more impressive than a detailed contract award announcement in which the most salient feature would be the underwhelming financial aspects of the award compared to what Red Cat management had previously guided.",
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      "kind": "paragraph",
      "text": "companies competed for the program and there's no one except for Red Cat that's claiming it's a huge deal.",
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      "text": "Here's a thing that I don't notice that the popular and even some of the professional press has really realized about SRR Tranche 2: First of all, Teal Red Cat shot their mouths off and announced the award before the Army told them they were allowed to...",
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