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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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  "notes": "The slide uses a chronological sequence of quotes to expose inconsistencies in management's narrative about factory readiness.",
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      "text": "Which is it? We wanted to highlight that because the contradictions get worse over the course of time, but that question in particular seems like it gets a definitive answer on the next earnings call.",
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      "text": "September 12th, 2022: We are currently switching from PVT: production validation tests to ramp and mass production... We hope to have the construction done in the next month or 2 and put this behind us...",
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      "text": "March 7th, 2023: The Salt Lake City factory is complete and ready to go. We now have a state-of-the-art drone factory. We have chips to make thousands of drones... We now have the capacity to produce thousands of drones per month.",
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      "text": "November 29th, 2022: We're reporting here live from the Teal factory... We are about to start being able to ship over the next 4 to 6 weeks... So the factory is doing awesome...we're at low rate production right now...",
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      "text": "On the one hand, Red Cat Teal is ready to begin shipping the Teal 2 in a few weeks... On the other hand, it sounds like Teal is still only running 'low-rate production,' focused on ironing out any kinks...",
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      "text": "September 12th, 2022: We are currently switching from PVT: production validation tests to ramp and mass production... We believe that having a maiden USA factory up and running at mass production is a strategic advantage... November 29th, 2022: We're reporting here live from the Teal factory... We are about to start being able to ship over the next 4 to 6 weeks... March 7th, 2023: The Salt Lake City factory is complete and ready to go. We now have a state-of-the-art drone factory.",
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