Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Red Cat (NASDAQ: RCAT) shares are amongst the biggest gainers premarket after announcing its subsidiary, Skypersonic, has been awarded a five-year contract with NASA to provide drone and rover software, hardware and support for its Simulated Mars mission.
Red Cat, which provides products, services and solutions to the drone industry, said NASA is developing a series of analog missions that will simulate year-long stays on Mars, each of which will consist of four crew members living in Mars Dune Alpha, an isolated 1,700 square foot habitat.
The crew will participate in simulated spacewalks and operations during the mission by remote piloting Skypersonic drones and rover in a simulated Martian environment. Confined space drone technology firm Skypersonic's Dronebox remote piloting platform will drive the piloting of both the drones and the rover.
“Red Cat is honored to have Skypersonic working with NASA on this important scientific Mars project,” said Jeff Thompson, Red Cat's CEO.
“We believe our patent pending remote pilot capability is a game changer in the drone industry,” added Thompson.
Red Cat shares are trading at $3.68 premarket, up 53.3% from Friday's close. Earlier this month, Red Cat reported its Q1 results, showing an EPS of $0.05 compared to $0.02 during the same period in 2020 and revenue of $1.4 million compared to $0.5 million last year.
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