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  "documentTitle": "Red Cat Holdings, Inc. (RCAT)",
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  "notes": "This is a research note from Kerrisdale Capital critiquing a company's (Red Cat) growth narrative.",
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      "text": "It's hard to keep up with all the hyperbole, so let's take each of these claims in turn. The idea that “other services” will now be interested in the SRR is just ridiculous.",
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      "text": "Red Cat's claims about potential sales to other US government agencies are only slightly more realistic. The Department of Interior...has a UAS fleet that in total numbers about 800.",
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      "text": "NATO has been waiting patiently for this announcement...we have several very, very large opportunities right now in NATO that have patiently been waiting for this announcement...a few of those programs that could eclipse the SRR program in size and dollars.",
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      "text": "The reference to the Department of Homeland Security's “16 organizations underneath it” is another instance of a grand pronouncement with little underlying substance.",
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      "text": "It's hard to keep up with all the hyperbole, so let's take each of these claims in turn. The idea that “other services” will now be interested in the SRR is just ridiculous.",
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      "text": "waiting for the Army to announce, and they finally have, so now we can announce. And we expect growth in all of the USG sectors as well. NATO has been waiting patiently for this announcement, again, because if the US has invested all of this money to go through an entire five-year down select process, they're going to start adopting what has been approved by the Army because all the research development has been paid for and all the evaluations have been completed by them...we have several very, very large opportunities right now in NATO that have patiently been waiting for this announcement...a few of those programs that could eclipse the SRR program in size and dollars. — Red Cat Management",
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      "text": "3 Yes, the USAF technically does have ground troops for special forces operations, or to embed within Army units to coordinate with the Air Force, but the Air Force does not have infantry, and the SRR is meant to support reconnaissance objectives of infantry platoons.",
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