Needham announces Drone Dominance Gauntlet II winners

Investing.com -- The Drone Dominance Program announced nine winners of Gauntlet II on Wednesday through its website. The awards covered two mission areas: long-range strike at 15 kilometers and close-quarters tactical assault under 2 kilometers.

Neros secured awards in both mission categories. Eight other companies received awards in the remaining positions. Perennial Autonomy ranked first in one category, while Neros took the top position in the other.

The program will place orders for 60,000 drones from the selected companies. Order quantities will be determined at contract award, with previous program statements indicating quantities between 4,000 and 8,000 units for top performers.

Red Cat did not receive an award. Needham stated this outcome may affect the company's full-year outlook. The company's shares declined following the announcement.

Needham believes UMAC currently works with four of the nine selected companies, including Perennial Autonomy and Neros. The firm noted that recent tariffs on drone components may lead additional winners to contact UMAC.

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