Shares of Red Cat Holdings Inc. were down 9% to $2.23 in early trading Monday after the company posted a wider loss for its fiscal first quarter.
The provider of drone-based products and services reported a net loss of $3.8 million, or 7 cents a share, for the quarter ended July 31, compared with a loss of $1.6 million, or 5 cents a share, in the same period a year earlier.
The company’s revenue more than doubled to $3.1 million from $1.4 million last year.
Red Cat said it expands demand to accelerate from defense spending in Eastern Europe for the foreseeable future.