Red Cat CEO: U.S. producing less than 1M drones yearly vs. China’s 4M

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• Red Cat Holdings (RCAT) projects Q4 2025 revenue of $24M to $26.5M, representing a 1,842% increase versus Q4 2024, fueled by three new factories ramping production of small drones for defense applications. AeroVironment (AVAV) holds a record funded backlog of $1.10B and a 1.6x book-to-bill ratio, indicating demand significantly outpaces current production capacity.

• The U.S. is losing a production race against Russia, China, and Ukraine in small drone manufacturing, forcing defense contractors to rapidly scale domestic factories to close a critical industrial gap in modern warfare doctrine.

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