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Financials · RCAT

Red Cat Holdings Inc. (RCAT) financials

For the twelve months ended Jun 30, 2026, Red Cat Holdings Inc. reported $71.54M of revenue and -$97.48M of net income.

Revenue, TTM
$71.54M
Net income, TTM
-$97.48M
Net margin
-136.3%
Free cash flow, TTM
-$157.70M
EPS, diluted, TTM
-$0.79
Cash
$325.55M
Total debt
$892.0K
P/S
8.61
Market cap
$616.1M
Annual revenue$40.73M
FY2015FY2025
Annual net income-$72.08M
FY2015FY2025
Annual free cash flow-$95.78M
FY2015FY2025

RCAT revenue and earnings growth

RCAT revenueQ2 2026$20.19M

Quarter YoY
+527.2%
QoQ
+30.5%
10Y CAGR
+92.1%

RCAT revenue was $20.19M in fiscal Q2 2026 (ended Jun 30, 2026), up 527.2% from a year earlier and up 30.5% from the prior quarter. For the full fiscal 2025 it was $40.73M. Compound annual growth was +92.1% over 10 years. Fiscal 2025 is the highest of the 14 fiscal years on file.

RCAT net incomeQ2 2026-$35.26M

RCAT net income was -$35.26M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$13.28M a year earlier. For the full fiscal 2025 it was -$72.08M.

RCAT EPSQ2 2026-$0.26

RCAT diluted EPS was -$0.26 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$0.73.

RCAT free cash flowQ2 2026-$52.58M

RCAT free cash flow was -$52.58M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$13.21M a year earlier. For the full fiscal 2025 it was -$95.78M.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Apr 30, 2024
FY2023
Apr 30, 2023
FY2022
Apr 30, 2022
FY2021
Apr 30, 2021
FY2020
Apr 30, 2020
FY2019
Apr 30, 2019
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Revenue$40.73M$17.84M$4.62M$6.43M$5.00M$403.9K-$933$203.6K$59.4K
Cost of revenue$39.45M$14.15M$5.46M$5.50M$3.93M$325.4K-$280-$49.8K
Gross profit$1.27M$3.68M-$834.3K$925.5K$1.07M$78.6K-$653$203.6K$9.6K
Research and development$17.89M$6.27M$5.86M$2.61M$516.1K$489.0K$366.6K$993.9K$860.5K-
Selling, general and admin$36.88M$11.21M$12.74M$5.55M$1.28M$949.6K$384.7K---
Operating income-$66.60M-$19.30M-$26.34M---$1.66M-$751.3K-$1.09M-$1.45M-$239.0K
Interest expense-$68.6K$122.0K$147.7K$1.22M$29.2K---$104.8K
Pre-tax income-$71.63M-$21.53M--------
Income tax$443.0K$0-------$0
Net income-$72.08M-$24.05M-$28.11M-$11.69M-$13.24M-$1.60M-$751.3K$1.13M-$3.38M-$3.55M
EPS, basic-$0.73-$0.40-$0.52--$0.56-$0.12$0.14$0.06-$0.12-$0.16
EPS, diluted-$0.73-$0.40-$0.52--$0.56-$0.12$0.14$0.04-$0.12-$0.15
Diluted shares99.0M60.1M53.9M-23.7M13.7M5.3M69.7M42.0M21.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Apr 30, 2024
FY2023
Apr 30, 2023
FY2022
Apr 30, 2022
FY2021
Apr 30, 2021
FY2020
Apr 30, 2020
FY2019
Apr 30, 2019
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Cash and equivalents$167.87M$6.07M$3.17M$4.08M$277.3K$236.7K$503.4K$559.2K$225.4K$3.2K
Short-term investments--$12.81M-------
Receivables$26.16M$4.36M$719.9K$495.5K$321.7K--$38-$624
Inventory$23.45M$8.01M$8.92M$3.90M$362.1K$78.7K----
Current assets$226.94M$22.40M$32.18M$55.65M$1.64M$318.3K$603.4K$690.5K$499.8K$7.3K
Goodwill$17.67M$9.09M$17.01M$25.14M$8.02M$2.47M---$0
Total assets$273.68M$48.54M$60.74M$85.08M$11.69M$2.81M$603.4K$750.2K$583.4K$129.0K
Current liabilities$14.85M$3.65M$4.05M$5.44M$4.67M$829.3K$790.7K$2.41M$34.5K$312.7K
Short-term debt$350.0K$751.6K$922.1K$956.9K$269.0K--$57.4K--
Long-term debt--$401.6K$973.7K------
Total debt--$1.32M$1.93M-----$253.5K
Total liabilities$27.84M$4.97M$5.98M---$790.7K$2.61M$4.43M$312.7K
Shareholders' equity$245.83M$43.56M$54.77M$79.09M$5.27M$1.53M-$187.3K-$3.36M-$3.87M-$242.6K

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Apr 30, 2024
FY2023
Apr 30, 2023
FY2022
Apr 30, 2022
FY2021
Apr 30, 2021
FY2020
Apr 30, 2020
FY2019
Apr 30, 2019
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Operating cash flow-$89.13M-$17.72M-$24.90M-$16.02M-$1.40M-$811.6K-$753.4K-$1.44M-$1.59M-$112.5K
Capital expenditures$6.65M$259.0K$2.45M$363.7K----$8.7K$0
Free cash flow-$95.78M-$17.98M-$27.35M-$16.38M-----$1.60M-$112.5K
Investing cash flow-$6.65M$13.57M$29.59M-$46.60M-$48.4K$46.3K-$86.4K-$8.3K$0
Financing cash flow$254.49M$7.83M-$633.5K$66.43M$1.49M$498.5K$686.5K$1.69M$1.82M$118.3K
Stock-based compensation--$3.66M$3.29M$3.39M$269.9K---$0
Depreciation and amortization$2.27M$1.42M-----$12.6K$12.3K-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Apr 30, 2024
FY2023
Apr 30, 2023
FY2022
Apr 30, 2022
FY2021
Apr 30, 2021
FY2020
Apr 30, 2020
FY2019
Apr 30, 2019
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Revenue growth, YoY128.4%286.0%-28.1%28.6%1137.7%---99.5%242.8%41.1%
Gross margin3.1%20.6%-18.1%14.4%21.4%19.4%-70.0%100.0%16.2%
Operating margin-163.5%-108.2%-570.0%---410.7%--117064.7%-713.2%-402.4%
Net margin-177.0%-134.9%-608.3%-181.8%-264.7%-396.6%-120989.0%-1658.2%-5972.0%
Free cash flow margin-235.2%-100.8%-591.8%-254.8%-----786.0%-189.5%
Return on equity-29.3%-55.2%-51.3%-14.8%-251.3%-104.8%----
Return on assets-26.3%-49.6%-46.3%-13.7%-113.2%-57.0%-124.5%150.5%-578.8%-2749.2%
Current ratio15.296.137.9410.230.350.380.760.2914.510.02
Debt to equity--0.020.02------

Source: XBRL data Red Cat Holdings Inc. files with the SEC, latest filing dated Aug 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

RCAT peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
RCAT$71.54M--$97.48M-136.3%$616.1M
MSFT$346.44B+17.9%$142.63B41.2%$3.94T
PLTR$7.29B+87.1%$3.67B50.3%$386.44B
ORCL$71.78B+21.6%$18.92B26.4%$351.04B
SAP€36.80B+7.7%€7.16B19.5%$286.79B
CRWD$5.40B+24.3%$58.46M1.1%$222.09B
SHOP$14.17B+32.5%$2.13B15.0%$191.58B
CRM$43.94B+11.2%$9.66B22.0%$175.83B
NOW$15.43B+21.8%$1.45B9.4%$105.84B

RCAT FAQ

8 questions
  • What is RCAT revenue?
    Red Cat Holdings Inc. (RCAT) reported $71.54M of revenue for the twelve months ended Jun 30, 2026. Revenue for fiscal 2025 was $40.73M.
  • Is RCAT profitable?
    No. Red Cat Holdings Inc. reported a net loss of $97.48M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does RCAT have?
    Red Cat Holdings Inc. reported $325.55M in cash and cash equivalents and $892.0K of debt on its most recent balance sheet in SEC filings.
  • What is RCAT gross margin?
    Red Cat Holdings Inc.'s gross profit was $6.97M on $71.54M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 9.7%.
  • What is RCAT free cash flow?
    Red Cat Holdings Inc. generated -$157.70M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$139.08M less capital expenditures.
  • What is RCAT earnings per share?
    Diluted earnings per share were -$0.79 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did RCAT last report financial results?
    The latest statements here come from Red Cat Holdings Inc.'s 10-Q filed on Aug 6, 2026, covering the period ended Jun 30, 2026.
  • Where does this RCAT financial data come from?
    Quantisnow builds these statements from the structured XBRL data Red Cat Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.