CORRECTION: Red Cat Holdings, Inc.

SALT LAKE CITY, May 21, 2026 (GLOBE NEWSWIRE) -- In a release issued on April 30, 2026 at 06:28 ET by Red Cat Holdings, Inc. (Nasdaq: RCAT), the headline, first 6 paragraphs and Forward Looking Statements have been replaced. The corrected release follows:

Red Cat to Deliver Black Widow™ Drone Systems Under Japan Ministry of Defense Contract

Red Cat Holdings, Inc. (Nasdaq: RCAT), a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security, today announced a new contract and order of its Black Widow drone systems. The competitive acquisition was led by the Acquisition, Technology & Logistics Agency (ATLA), an external bureau of Japan’s Ministry of Defense responsible for research and development, procurement, and project management of defense equipment. The end-user will be Japan Ground Self-Defense Force (JGSDF).

The systems are expected to be delivered under Japan Fiscal Year 2026 (JFY26). Red Cat will fulfill the order in close coordination with Japanese partner HAMA K.K.

Each system includes not only Black Widow aircraft, but also WEB ground control station and other mission-critical components.

“This agreement highlights the trust our international partners place in Red Cat to deliver secure, U.S.-built drone systems purpose-built for today’s battlefield,” said Jeff Thompson, CEO of Red Cat. “We’re honored to support Japan’s defense modernization with a portable ISR platform engineered for performance in contested environments. As geopolitical dynamics shift in the Asia-Pacific region, we see accelerating demand for autonomous, interoperable technologies that enhance allied operational readiness. This order underscores Red Cat’s growing role as a strategic partner in the region.”

Over time, Red Cat expects to deepen local industrial involvement, in close coordination with HAMA K.K. through a licensed manufacturing agreement and expanded in-country maintenance capabilities.

The Black Widow™ is Red Cat’s flagship small unmanned aircraft system (sUAS), engineered for tactical edge ISR missions with a compact, rugged design and secure communications architecture. Built in the U.S. and compliant with the National Defense Authorization Act (NDAA), the platform is a key part of Red Cat’s Family of Systems, offering modular, scalable solutions across multiple operational domains.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security. Through its wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat develops American-made hardware and software that support military, government, and public safety operations across air, land, and sea. Its Family of Systems, led by Black Widow™, delivers unmatched tactical capabilities in small, unmanned aircraft systems (sUAS). Expanding into the maritime domain through Blue Ops, Inc., Red Cat is also innovating in uncrewed surface vessels (USVs), delivering integrated platforms designed to enhance safety and multi-domain mission effectiveness. Learn more at www.redcat.red.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements relating to our intended use of proceeds from the offering, annual revenue guidance, future manufacturing capacities and future market demand. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the Form 10-KT filed with the SEC on March 19, 2026 and the Form 10-Q filed with the SEC on May 7, 2026, Red Cat’s preliminary prospectus supplement filed with the SEC and the other filings that Red Cat makes with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Red Cat undertakes no duty to update such information except as required under applicable law.

Investor Contact:

Ankit Hira
Solebury Strategic Communications for Red Cat Holdings, Inc.
E-mail: RCAT@soleburystrat.com

Media Contact:
Peter Moran
Phone: (347) 880-2895
Email: peter@indicatemedia.com