RCAT - Red Cat Signs Contract with U.S. Customs and Border Protection for 106 Teal 2 Drone Systems | Benzinga
SAN JUAN, Puerto Rico, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (NASDAQ:RCAT) ("Red Cat" or the "Company"), a drone technology company integrating robotic hardware and software for military, government and commercial operations, today announces that subsidiary Teal Drones has signed $1.8 million in contracts with U.S. Customs and Border Protection (CBP) to provide Teal 2 systems to U.S. Border Patrol.
Teal will deliver 106 Teal 2 drones plus spare parts and training. Border Patrol is using the Teal 2 to provide supplemental airborne reconnaissance, surveillance and tracking capability, enhancing situational awareness for U.S. field commanders and agents.
The single-source contract is part of a Blanket Purchase Agreement (BPA) between CBP and five drone companies, announced in December 2021, with a total estimated value of $90 million over a five-year period.
Last October, CBP had initially ordered 54 Teal drones for U.S. Border Patrol in a contract worth just over $1 million.
"We are honored to provide this important U.S. agency with drones that help enable their mission," said Red Cat CEO Jeff Thompson. "The Border Patrol pilots are some of the best and their feedback has been instrumental in Teal 2 enhancements. This brings our current backlog to over $7.5 million as the Teal 2 revenue continues to accelerate. Red Cat has invested in a manufacturing facility in Salt Lake City, Utah, and we're confident in our ability to meet order delivery deadlines ...