Kevin Xu maintains a bullish outlook on Red Cat Holdings ($RCAT) and $RCAX, citing positive tailwinds in defense spending and the U.S. drone supply chain. He is specifically holding for the results of the Drone Dominance Phase II qualifiers, despite his initial timeline for the announcement being delayed. A portfolio screenshot shows a 100% concentrated position in $RCAX consisting of 7,021 shares at an average cost of $7.81, currently reflecting a total unrealized loss of 20.21%.