This morning, June 21, Unusual Machines Inc. (UMAC:NYSE) reported it had been chosen to provide the first drone and components in Red Cat Holdings Inc.'s (RCAT:NASDAQ) new FANG™ line of First-Person View (FPV) systems.
This partnership helps Red Cat meet the Pentagon's goal of producing many low-cost drones quickly. Unusual Machines brings knowledge and manufacturing skills to make these drones reliable and perform well. Unusual Machines is also part of a group called the Red Cat Futures Initiative. This group brings together different companies to create better unmanned aircraft systems that work well together and can help soldiers.
In light of this news, UMAC CEO Allan Evans said, "We are excited to kickstart our enterprise business and domestic production while working with the people we know very well at Red Cat. Their team is committed to providing the warfighter with the best set of solutions possible, and we are committed to providing them with a robust, high quality, low-cost supply chain that is proudly made in the U.S.A."
RedCat CEO Jeff Clark also commented, saying, "We have a longstanding relationship with Unusual Machines with the divestiture of our consumer drone business, and the recent introduction of our new Family of Systems provides the perfect time to partner on the development of our first FPV drone with strike capability. First-Person View drones are becoming highly prevalent on the battlefield, and we see significant opportunities to develop a line of FPV systems with a wide range of tactical capabilities."
Why Drones?
Catalysts
Unusual Machines has multiple catalysts on the horizon, as detailed by Technical Analyst Clive Maund in a June 20 article.*
