RCAT

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Red Cat Holdings, Inc.

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Key Metrics

Previous Close: $6.33
52-Week Range: $5.77 – $18.78
Market Cap: $977.37M
P/E (TTM): —
EPS (TTM): -0.80
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 2.07
PEG Ratio: —
Return on Equity: -34.40%
Return on Assets: -20.69%
Gross Margin: 9.75%
Operating Margin: -191.42%
Profit Margin: -136.26%
Current Ratio: 14.86
Debt/Equity: 0.03
Total Debt: $14.87M
Free Cash Flow: $-117.06M
Revenue Growth: 527.20%
Earnings Growth: —
Enterprise Value: $666.69M

RCAT Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$6.43M	$4.62M	$17.84M	$40.73M
Cost of Revenue	$5.50M	$5.46M	$14.15M	$39.45M
Gross Profit	$925.51K	-$834.31K	$3.68M	$1.27M
Research & Development	$2.61M	$5.86M	$6.27M	$17.89M
Selling, General & Admin	$9.97M	$16.82M	$16.30M	$49.98M
Operating Expenses	$13.93M	$22.68M	$22.57M	$67.87M
Operating Income	-$13.00M	-$23.51M	-$18.89M	-$66.60M
EBITDA	-$11.28M	-$22.54M	-$17.46M	-$64.33M
Pretax Income	-$11.69M	-$26.38M	-$21.53M	-$71.63M
Income Tax	—	—	$0.00	$443.00K
Net Income	-$11.69M	-$28.11M	-$24.05M	-$72.08M
Diluted EPS	-0.24	-0.52	-0.40	-0.73
Diluted Shares	48.22M	53.86M	60.12M	98.96M

RCAT Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$3.17M	$6.07M	$9.15M	$167.87M
Receivables	$871.53K	$6.51M	$489.00K	$26.16M
Inventory	$8.92M	$8.01M	$12.95M	$23.45M
Current Assets	$32.18M	$22.40M	$25.80M	$226.94M
Total Assets	$60.74M	$48.54M	$55.60M	$273.68M
Current Liabilities	$4.05M	$3.65M	$4.18M	$14.85M
Long-Term Debt	$401.57K	—	—	—
Total Debt	$2.97M	$2.27M	$1.97M	$18.43M
Total Liabilities	$5.98M	$4.97M	$5.49M	$27.84M
Retained Earnings	-$57.08M	-$81.13M	-$124.75M	-$196.82M
Shareholders' Equity	$54.77M	$43.56M	$50.12M	$245.83M
Working Capital	$28.12M	$18.75M	$21.62M	$212.09M

RCAT Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$16.02M	-$24.90M	-$18.59M	-$89.13M
Capital Expenditure	-$363.69K	-$2.45M	-$259.00K	-$6.65M
Free Cash Flow	-$16.38M	-$27.35M	-$18.85M	-$95.78M
Depreciation & Amortisation	$264.80K	$966.07K	$1.42M	$2.27M
Stock-Based Compensation	$3.29M	$3.66M	$3.61M	$10.56M
Investing Cash Flow	-$46.60M	$29.59M	$13.57M	-$6.65M
Financing Cash Flow	$66.43M	-$633.55K	$7.83M	$254.49M
Net Change in Cash	$3.81M	-$824.51K	$2.81M	$158.71M

RCAT Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$1.63M	$3.22M	$9.65M	$26.23M	$15.47M	$20.19M
Cost of Revenue	$2.48M	$2.84M	$9.01M	$25.12M	$13.51M	$16.93M
Gross Profit	-$850.00K	$375.05K	$637.50K	$1.11M	$1.97M	$3.26M
Research & Development	$3.43M	$3.60M	$5.97M	$4.89M	$7.97M	$14.22M
Selling, General & Admin	$8.20M	$9.42M	$12.20M	$20.16M	$21.30M	$27.69M
Operating Expenses	$11.63M	$13.02M	$18.17M	$25.05M	$29.27M	$41.91M
Operating Income	-$12.48M	-$12.65M	-$17.53M	-$23.94M	-$27.30M	-$38.65M
EBITDA	-$11.89M	-$12.12M	-$16.99M	-$23.33M	-$26.49M	-$37.17M
Pretax Income	-$23.12M	-$13.28M	-$15.32M	-$19.91M	-$26.55M	-$35.24M
Income Tax	$0.00	—	$694.56K	-$251.56K	$5.00K	$23.00K
Net Income	-$23.12M	-$13.28M	-$16.02M	-$19.66M	-$26.55M	-$35.26M
Diluted EPS	-0.27	-0.15	-0.16	-0.17	-0.22	-0.26
Diluted Shares	85.51M	91.30M	99.58M	119.44M	120.85M	136.89M

RCAT Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$7.72M	$65.93M	$206.43M	$167.87M	$131.92M	$325.55M
Receivables	$1.55M	$1.01M	$6.11M	$26.16M	$10.57M	$9.54M
Inventory	$13.85M	$16.17M	$22.64M	$23.45M	$50.53M	$73.39M
Current Assets	$29.41M	$91.57M	$248.80M	$226.94M	$209.66M	$425.11M
Total Assets	$59.66M	$121.37M	$286.02M	$273.68M	$281.88M	$527.49M
Current Liabilities	$28.91M	$24.13M	$23.89M	$14.85M	$19.08M	$28.61M
Total Debt	$27.81M	$21.92M	$22.42M	$18.43M	$13.79M	$14.87M
Total Liabilities	$30.74M	$25.80M	$32.75M	$27.84M	$43.15M	$56.31M
Retained Earnings	-$147.87M	-$161.15M	-$177.16M	-$196.82M	-$223.37M	-$258.63M
Shareholders' Equity	$28.91M	$95.57M	$253.27M	$245.83M	$238.74M	$471.18M
Working Capital	$506.12K	$67.44M	$224.92M	$212.09M	$190.58M	$396.50M
Net Debt	$17.76M	—	—	—	—	—

RCAT Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$15.91M	-$12.90M	-$23.85M	-$36.48M	-$31.95M	-$46.80M
Capital Expenditure	-$273.00K	-$306.63K	-$669.59K	-$5.40M	-$6.78M	-$5.77M
Free Cash Flow	-$16.18M	-$13.20M	-$24.52M	-$41.88M	-$38.73M	-$52.58M
Depreciation & Amortisation	$588.00K	$523.39K	$542.32K	$611.29K	$812.00K	$1.47M
Stock-Based Compensation	$1.60M	$2.04M	$3.62M	$3.31M	$4.82M	$5.04M
Investing Cash Flow	-$273.00K	-$306.63K	-$669.59K	-$5.40M	-$6.78M	-$6.20M
Financing Cash Flow	$14.75M	$71.41M	$165.02M	$3.31M	$2.78M	$246.64M
Net Change in Cash	-$1.43M	$58.21M	$140.50M	-$38.56M	-$35.95M	$193.63M

Market Snapshot

About

Red Cat Holdings, Inc. is a drone technology company focused on providing military-grade unmanned aircraft systems and related software for defense and security applications. The company manufactures small tactical drones and tethered drone systems used for reconnaissance, surveillance, and combat support missions. Red Cat primarily serves the U.S. Department of Defense and allied military forces with American-made drone solutions designed to meet strict security and performance requirements.