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Red Cat (RCAT) Financials

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$9.40 -0.34 (-3.44%)
As of 01:33 PM Eastern
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Annual Income Statements for Red Cat

Annual Income Statements for Red Cat

This table shows Red Cat's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 4/30/2019 4/30/2020 4/30/2021 4/30/2022 4/30/2023 4/30/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 -4.88 3.89 -5.96 -2.25 -1.33 -13 -12 -28 -24 -72
Consolidated Net Income / (Loss)		 0.00 -3.38 1.13 -2.64 -0.75 -1.33 -13 -12 -28 -24 -72
Net Income / (Loss) Continuing Operations		 0.00 -8.86 2.76 -3.31 -1.50 -1.33 -13 -12 -26 -22 -72
Total Pre-Tax Income 		0.00 -8.86 2.76 -3.31 -1.50 -1.33 -13 -12 -26 -22 -72
Total Operating Income		 0.00 -1.45 -1.09 -2.08 -1.50 -1.30 -4.88 -13 -26 -19 -67
Total Gross Profit		 0.00 0.20 0.00 -0.25 0.00 -1.30 1.07 0.93 -0.83 3.68 1.27
Total Revenue		 0.00 0.20 0.00 0.11 0.00 0.40 5.00 6.43 4.62 18 41
Operating Revenue		 0.00 0.20 0.00 0.11 0.00 0.40 5.00 6.43 4.62 18 41
Total Cost of Revenue		 0.00 0.00 0.00 0.35 0.00 1.71 3.93 5.50 5.46 14 39
Operating Cost of Revenue		 - 0.00 0.00 0.35 0.00 1.71 3.93 5.50 5.46 14 39
Total Operating Expenses		 0.00 1.66 1.09 1.83 1.50 0.00 5.96 14 25 23 68
Selling, General & Admin Expense		 0.00 0.49 0.92 1.15 0.38 - 1.87 6.90 12 11 37
Marketing Expense		 - - - - - - 0.17 1.13 3.73 5.09 13
Research & Development Expense		 0.00 0.86 0.00 0.00 0.37 - 0.52 2.61 5.60 6.27 18
Impairment Charge		 - - 0.00 0.01 - - - 0.00 2.83 0.41 0.00
Total Other Income / (Expense), net		 0.00 -7.41 3.85 -1.23 0.00 -0.03 -8.35 1.31 -1.00 -2.23 -5.04
Interest Expense		 0.00 0.01 0.34 0.50 - 0.03 1.22 0.15 0.12 0.00 -3.21
Interest & Investment Income		 0.00 0.00 0.00 0.01 - - 0.00 0.36 0.08 -0.57 2.71
Other Income / (Expense), net		 0.00 -7.40 4.19 -0.74 0.00 - -7.12 1.11 -0.97 -1.66 -11
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 - - - - 0.00 0.44
Net Income / (Loss) Discontinued Operations		 - - -1.63 0.67 - - - - -1.73 -2.53 0.00
Basic Earnings per Share		 $0.00 ($0.12) $0.06 ($0.02) $0.14 - ($0.56) ($0.24) - ($0.40) ($0.73)
Weighted Average Basic Shares Outstanding		 0.00 41.98M 46.42M 196.80M 5.33M 13.73M 23.66M 48.22M 53.86M 60.12M 98.96M
Diluted Earnings per Share		 $0.00 ($0.12) $0.04 ($0.02) $0.14 - ($0.56) ($0.24) - ($0.40) ($0.73)
Weighted Average Diluted Shares Outstanding		 0.00 41.98M 69.72M 196.80M 5.33M 13.73M 23.66M 48.22M 53.86M 60.12M 98.96M
Weighted Average Basic & Diluted Shares Outstanding		 22.20M - - 235.46M 5.33M 13.73M 23.66M 48.22M 53.86M 60.12M 121.14M

Quarterly Income Statements for Red Cat

This table shows Red Cat's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 1/31/2023 4/30/2023 3/31/2024 6/30/2024 9/30/2024 4/30/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -5.67 -12 -6.78 -8.16 -12 -7.07 -23 -13 -16 -20 -27
Consolidated Net Income / (Loss)		 -5.67 -12 -6.78 -8.16 -12 -7.07 -23 -13 -16 -20 -27
Net Income / (Loss) Continuing Operations		 -5.34 -12 -5.41 -8.16 -12 -6.69 -23 -13 -16 -20 -27
Total Pre-Tax Income 		-5.34 -12 -5.41 -8.16 -12 -6.69 -23 -13 -15 -20 -27
Total Operating Income		 -5.18 -11 -6.04 -5.38 -8.44 -7.51 -12 -13 -18 -24 -27
Total Gross Profit		 -0.10 -0.94 1.12 0.27 -0.39 1.20 -0.85 0.38 0.64 1.11 1.97
Total Revenue		 1.67 1.08 6.61 6.42 1.29 6.31 1.63 3.22 9.65 26 15
Operating Revenue		 1.67 1.08 6.61 6.42 1.29 6.31 1.63 3.22 9.65 26 15
Total Cost of Revenue		 1.76 2.02 5.49 6.15 1.68 5.11 2.48 2.84 9.01 25 14
Operating Cost of Revenue		 1.76 2.02 5.49 6.15 1.68 5.11 2.48 2.84 9.01 25 14
Total Operating Expenses		 5.09 9.41 7.16 5.64 8.05 5.06 12 13 18 25 29
Selling, General & Admin Expense		 2.06 4.98 3.08 2.74 4.11 4.67 4.88 6.24 9.22 17 17
Marketing Expense		 1.02 1.75 1.41 2.20 1.97 2.02 3.32 3.19 2.98 3.62 4.58
Research & Development Expense		 1.22 2.66 2.67 0.29 1.88 0.64 3.43 3.60 5.97 4.89 7.97
Total Other Income / (Expense), net		 -0.15 -1.26 0.64 -2.78 -3.99 -2.83 -11 -0.63 2.21 4.03 0.75
Interest Expense		 0.03 0.03 - 0.00 0.00 0.01 0.00 4.62 -2.45 - -0.33
Interest & Investment Income		 0.07 -0.21 -0.44 -0.70 -4.03 -12 0.06 0.16 0.77 1.73 1.30
Other Income / (Expense), net		 -0.19 -1.03 1.07 -2.09 0.03 8.96 -11 3.84 -1.01 -3.08 -0.87
Income Tax Expense		 - - - - 0.00 - 0.00 - 0.69 - 0.01
Basic Earnings per Share		 - - ($0.09) ($0.11) ($0.16) - ($0.27) ($0.15) ($0.16) ($0.15) ($0.22)
Weighted Average Basic Shares Outstanding		 54.29M 53.86M 74.20M 74.25M 75.74M 60.12M 85.51M 91.30M 99.58M 98.96M 120.85M
Diluted Earnings per Share		 - - ($0.09) ($0.11) ($0.16) - ($0.27) ($0.15) ($0.16) ($0.15) ($0.22)
Weighted Average Diluted Shares Outstanding		 54.29M 53.86M 74.20M 74.25M 75.74M 60.12M 85.51M 91.30M 99.58M 98.96M 120.85M
Weighted Average Basic & Diluted Shares Outstanding		 54.29M 53.86M 54.94M 55.61M 55.69M 60.12M 90.92M 99.76M 119.37M 121.14M 122.74M

Annual Cash Flow Statements for Red Cat

This table details how cash moves in and out of Red Cat's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 4/30/2019 4/30/2020 4/30/2021 4/30/2022 4/30/2023 4/30/2024 12/31/2025
Net Change in Cash & Equivalents		 0.00 0.22 0.33 -0.55 0.13 -0.61 0.04 12 -1.37 2.81 159
Net Cash From Operating Activities		 0.00 -1.59 -1.44 -0.94 -0.75 -0.81 -1.40 -16 -25 -18 -89
Net Cash From Continuing Operating Activities		 0.00 -1.50 0.29 -0.82 -0.55 -1.16 -3.94 -7.46 -24 -18 -89
Net Income / (Loss) Continuing Operations		 0.00 -3.38 4.38 0.00 -0.75 -1.60 -13 -12 -30 -22 -72
Consolidated Net Income / (Loss)		 0.00 -3.38 2.76 - -0.75 -1.60 -13 -12 -28 -24 -72
Net Income / (Loss) Discontinued Operations		 - - -1.63 - - - - - 1.73 -2.53 0.00
Depreciation Expense		 0.00 0.01 0.01 0.15 - - 0.00 0.04 0.31 1.42 2.27
Non-Cash Adjustments To Reconcile Net Income		 0.00 -0.32 -4.16 -0.37 0.07 0.47 4.63 0.25 -1.25 6.81 12
Changes in Operating Assets and Liabilities, net		 0.00 2.18 0.00 -0.67 -0.07 0.32 3.53 3.72 5.26 -4.43 -31
Net Cash From Investing Activities		 0.00 -0.01 0.09 -0.85 0.00 0.05 -0.05 -47 30 14 -6.65
Net Cash From Continuing Investing Activities		 0.00 -0.01 0.09 -0.85 0.00 0.05 -0.05 -47 30 14 -6.65
Purchase of Property, Plant & Equipment		 0.00 -0.01 0.00 -0.97 - - 0.00 -0.36 -2.70 -0.26 -6.65
Divestitures		 0.00 0.00 0.00 0.10 0.00 0.05 0.00 0.02 0.00 1.00 0.00
Sale and/or Maturity of Investments		 - - 0.00 0.02 - - - 11 32 13 0.00
Net Cash From Financing Activities		 0.00 1.82 1.69 1.24 0.69 0.50 1.49 66 -1.22 7.84 254
Net Cash From Continuing Financing Activities		 0.00 1.82 1.69 1.24 0.69 0.50 1.49 66 -1.22 7.84 254
Repayment of Debt		 0.00 -0.03 0.00 -0.08 0.00 -0.10 -0.53 -2.90 -0.65 -0.57 -0.57
Repurchase of Common Equity		 - - - - - - - - - -0.80 -15
Issuance of Debt		 0.00 0.03 1.57 1.32 0.00 0.45 1.82 0.00 0.01 0.00 15
Issuance of Common Equity		 - - - - 0.68 - 0.00 70 - 9.21 249
Other Financing Activities, net		 - 0.33 0.12 - 0.00 0.15 0.20 -0.83 -0.58 0.00 5.72
Other Net Changes in Cash		 - - - - - - - - -4.89 -0.88 0.00
Cash Interest Paid		 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.16 0.12 0.07 0.00
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Red Cat

This table details how cash moves in and out of Red Cat's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 1/31/2023 4/30/2023 3/31/2024 10/31/2023 1/31/2024 4/30/2024 3/31/2025 10/31/2024 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -6.60 6.82 -3.79 0.10 -3.94 -0.04 -1.43 -5.83 140 -39 -36
Net Cash From Operating Activities		 -7.28 -8.05 -4.38 -4.68 -4.11 -6.47 -16 -13 -24 -36 -32
Net Cash From Continuing Operating Activities		 -16 0.49 -4.38 -4.31 -14 3.52 -16 -10 -24 -36 -32
Net Income / (Loss) Continuing Operations		 -20 -0.32 -5.41 -6.44 -19 3.10 -23 -13 -16 -20 -27
Consolidated Net Income / (Loss)		 -20 2.37 -6.78 -5.84 -20 7.77 -23 -13 -16 -20 -27
Depreciation Expense		 0.08 0.14 0.21 0.12 0.13 0.21 0.59 0.19 0.17 1.77 0.81
Non-Cash Adjustments To Reconcile Net Income		 -0.28 -0.72 1.42 -1.53 -0.19 -3.20 9.68 -1.32 -0.34 0.92 0.30
Changes in Operating Assets and Liabilities, net		 3.89 0.63 -0.80 2.96 4.41 -0.93 -3.05 1.44 -8.03 -18 -6.51
Net Cash From Investing Activities		 10 7.29 0.92 5.18 2.58 0.93 -0.27 -0.02 -0.67 -5.40 -6.78
Net Cash From Continuing Investing Activities		 10 7.29 0.92 5.18 2.58 0.93 -0.27 -0.02 -0.67 -5.40 -6.78
Purchase of Property, Plant & Equipment		 -0.45 -0.96 -0.08 -0.13 -0.04 -0.07 -0.27 -0.02 -0.67 -5.40 -6.78
Net Cash From Financing Activities		 -0.16 -0.12 -0.15 -0.14 8.25 -0.16 15 7.04 165 3.31 2.78
Net Cash From Continuing Financing Activities		 -0.16 -0.12 -0.15 -0.14 8.24 -0.15 15 7.04 165 3.31 2.78
Repayment of Debt		 -0.13 -0.13 -0.15 -0.14 -0.14 -0.15 -0.57 -0.24 1.08 0.00 0.00
Issuance of Debt		 - - 0.00 - - 8.40 15 - 0.57 - 0.00
Other Financing Activities, net		 -0.03 0.01 0.00 -0.01 -0.00 -0.01 0.32 -0.40 0.79 3.32 2.78
Cash Interest Paid		 0.03 0.03 0.01 0.02 0.02 0.01 0.00 0.01 - - 0.00
Cash Income Taxes Paid		 - - 0.00 - - - 0.00 - - - 0.00

Annual Balance Sheets for Red Cat

This table presents Red Cat's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 4/30/2020 4/30/2021 4/30/2022 4/30/2023 12/31/2024 12/31/2025
Total Assets		 1.57 0.10 0.58 0.75 0.21 2.81 12 85 61 56 274
Total Current Assets		 0.00 0.06 0.50 0.69 0.21 0.32 1.64 56 32 26 227
Cash & Equivalents		 0.00 0.00 0.23 0.56 0.21 0.24 0.28 4.08 3.17 9.15 168
Accounts Receivable		 0.00 - 0.00 0.00 0.00 0.00 0.32 0.50 0.72 0.49 26
Inventories, net		 - - - - - 0.08 0.36 3.90 8.92 14 30
Prepaid Expenses		 - 0.00 0.12 0.13 0.00 - - - - 2.56 2.52
Plant, Property, & Equipment, net		 0.23 0.04 0.04 0.00 0.00 0.00 0.00 0.51 2.65 1.88 7.80
Total Noncurrent Assets		 1.34 0.00 0.04 0.06 0.00 2.49 10 29 29 28 39
Goodwill		 0.26 - - - 0.00 2.47 8.02 25 17 18 18
Intangible Assets		 1.09 0.00 - - - 0.02 2.03 2.70 6.89 8.45 6.92
Other Noncurrent Operating Assets		 - 0.00 0.04 0.06 - 0.00 0.00 1.08 1.90 1.80 14
Total Liabilities & Shareholders' Equity		 1.57 0.10 0.58 0.75 0.21 2.81 12 85 61 56 274
Total Liabilities		 0.31 0.35 4.43 2.61 0.07 1.28 6.43 7.16 5.98 5.49 28
Total Current Liabilities		 0.31 0.32 0.03 2.41 0.07 0.83 4.67 5.44 4.05 4.18 15
Short-Term Debt		 0.22 - 0.00 0.00 - 0.12 0.27 0.96 0.92 0.35 4.87
Accounts Payable		 0.06 0.00 0.03 0.14 0.00 0.58 0.93 1.02 1.39 2.05 3.62
Accrued Expenses		 - 0.00 0.00 0.29 0.07 0.09 0.61 1.08 0.41 1.24 5.09
Current Deferred Revenue		 - 0.16 - - - - - - - 0.23 0.26
Other Current Liabilities		 0.03 0.16 0.00 1.46 0.00 0.00 2.81 1.90 0.16 0.31 1.01
Total Noncurrent Liabilities		 0.00 0.03 4.39 0.20 0.00 0.45 1.75 1.72 1.93 1.31 13
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - 0.00 0.44
Other Noncurrent Operating Liabilities		 - 0.00 4.39 0.20 - - 0.00 0.75 1.48 1.31 13
Total Equity & Noncontrolling Interests		 1.27 -0.24 -5.34 -3.36 0.14 1.53 5.27 78 55 50 246
Total Preferred & Common Equity		 1.27 -0.24 -5.34 -3.36 0.14 1.53 5.27 78 55 50 246
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.04 - - - 0.00 0.00
Total Common Equity		 1.26 -0.24 -5.34 -3.36 0.14 1.49 5.27 78 55 50 246
Common Stock		 23 0.25 -1.47 -0.62 0.78 4.06 21 107 113 175 443
Retained Earnings		 -21 -0.49 -3.87 -2.74 -0.64 -2.57 -16 -27 -57 -125 -197

Quarterly Balance Sheets for Red Cat

This table presents Red Cat's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 7/31/2022 10/31/2022 1/31/2023 7/31/2023 10/31/2023 1/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 81 75 71 54 51 55 60 121 286 282
Total Current Assets		 51 45 41 27 23 28 29 92 249 210
Cash & Equivalents		 6.25 1.58 3.89 0.94 1.41 7.70 7.72 66 206 132
Accounts Receivable		 0.94 0.92 2.06 0.72 2.99 5.09 1.55 1.01 6.11 11
Inventories, net		 4.58 6.56 9.29 9.38 9.26 9.09 17 21 31 63
Prepaid Expenses		 - - - - - - 3.03 3.63 5.67 4.48
Plant, Property, & Equipment, net		 1.03 1.70 2.08 2.55 2.57 2.48 1.97 2.13 2.63 14
Total Noncurrent Assets		 30 30 28 25 25 25 28 30 35 58
Goodwill		 25 20 20 17 17 17 18 18 18 32
Intangible Assets		 2.64 7.78 7.56 7.11 6.89 6.67 8.05 7.67 7.29 12
Other Noncurrent Operating Assets		 0.98 0.91 1.09 0.86 0.79 0.76 2.55 2.32 9.62 14
Total Liabilities & Shareholders' Equity		 81 75 71 54 51 55 60 121 286 282
Total Liabilities		 6.06 5.82 6.20 4.16 4.73 5.74 31 26 33 43
Total Current Liabilities		 4.55 4.52 5.14 3.58 4.41 5.23 29 24 24 19
Short-Term Debt		 0.88 0.90 0.91 0.94 0.95 0.90 25 20 14 2.04
Accounts Payable		 0.97 1.65 2.44 0.82 1.62 2.28 1.52 1.48 2.97 9.24
Accrued Expenses		 0.47 0.54 0.39 0.45 0.64 0.94 1.19 1.84 6.19 6.39
Customer Deposits		 0.23 0.12 - 0.05 0.06 0.05 0.22 0.57 - 0.28
Other Current Liabilities		 1.99 1.31 1.17 0.85 0.70 0.58 0.49 0.46 0.55 1.13
Total Noncurrent Liabilities		 1.51 1.30 1.06 0.58 0.33 0.52 1.84 1.67 8.86 24
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - 0.69 0.44
Other Noncurrent Operating Liabilities		 0.67 0.60 0.51 0.30 0.22 0.19 1.84 1.67 8.17 24
Total Equity & Noncontrolling Interests		 75 69 65 50 46 50 29 96 253 239
Total Preferred & Common Equity		 75 69 65 50 46 50 29 96 253 239
Preferred Stock		 - - - - - - 0.00 0.00 0.00 0.00
Total Common Equity		 75 69 65 50 46 50 29 96 253 239
Common Stock		 108 108 109 111 112 121 177 257 430 462
Retained Earnings		 -31 -38 -43 -60 -66 -72 -148 -161 -177 -223

Annual Metrics And Ratios for Red Cat

This table displays calculated financial ratios and metrics derived from Red Cat's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 4/30/2019 4/30/2020 4/30/2021 4/30/2022 4/30/2023 4/30/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 119,371,139.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 119,371,139.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.60
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 0.00 -1.02 -1.09 -1.46 -1.05 -0.91 -3.41 -9.10 -18 -15 -47
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - -18.60%
Earnings before Interest and Taxes (EBIT)		 0.00 -8.85 6.20 -5.65 -1.50 -1.30 -12 -12 -27 -13 -78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.00 -8.84 6.33 -5.21 -1.50 -1.30 -11 -12 -26 -11 -75
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 2.61 -6.51 -6.45 -1.19 -2.77 -8.56 -33 -23 -12 -88
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -0.44 -4.07 -1.91 -0.14 0.00 1.86 7.01 31 36 33 83
Increase / (Decrease) in Invested Capital		 -3.85 -3.63 5.82 1.77 0.14 1.86 5.15 24 4.79 -2.66 42
Book Value per Share		 ($0.02) ($0.01) ($0.12) $0.00 $0.00 $0.08 $0.19 $1.45 $1.01 $0.59 $2.06
Tangible Book Value per Share		 ($0.02) ($0.01) ($0.12) $0.00 $0.00 ($0.05) ($0.17) $0.93 $0.57 $0.41 $1.85
Total Capital		 -0.44 -5.34 -3.72 0.28 0.00 2.10 7.29 80 56 44 251
Total Debt		 0.05 0.00 0.00 0.00 0.00 0.57 2.02 1.93 1.32 0.75 4.87
Total Long-Term Debt		 0.03 0.00 0.00 0.00 0.00 0.45 1.75 0.97 0.40 0.00 0.00
Net Debt		 0.04 -0.23 -1.12 -0.21 0.00 0.33 1.74 -47 -15 -10 -163
Capital Expenditures (CapEx)		 0.00 0.01 0.00 0.92 0.00 0.00 0.00 0.36 2.70 0.26 6.65
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.52 0.24 -4.56 -0.14 0.00 -0.63 -3.04 2.30 13 13 49
Debt-free Net Working Capital (DFNWC)		 -0.52 0.47 -3.44 0.28 0.00 -0.39 -2.77 51 29 19 217
Net Working Capital (NWC)		 -0.52 0.47 -3.44 0.28 0.00 -0.51 -3.03 50 28 19 212
Net Nonoperating Expense (NNE)		 0.00 2.36 -2.22 2.37 -0.30 0.42 9.82 2.59 9.64 8.98 25
Net Nonoperating Obligations (NNO)		 0.04 1.27 -0.10 -0.42 0.00 0.33 1.74 -47 -19 -10 -163
Total Depreciation and Amortization (D&A)		 0.00 0.01 0.13 0.44 0.00 0.00 1.14 0.26 0.97 1.42 2.27
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.16) ($0.12) $0.02 ($0.02) $0.14 $0.12 $0.00 $0.00 ($0.50) $0.00 ($0.73)
Adjusted Weighted Average Basic Shares Outstanding		 21.90M 41.98M 46.42M 196.80M 5.33M 13.73M 23.66M 0.00 55.54M 60.12M 98.96M
Adjusted Diluted Earnings per Share		 ($0.15) ($0.12) $0.02 ($0.02) $0.14 $0.12 $0.00 $0.00 ($0.50) $0.00 ($0.73)
Adjusted Weighted Average Diluted Shares Outstanding		 21.90M 41.98M 69.72M 196.80M 5.33M 13.73M 23.66M 0.00 55.54M 60.12M 98.96M
Adjusted Basic & Diluted Earnings per Share		 ($0.16) $0.00 $0.00 $0.00 $0.14 $0.12 $0.00 $0.00 ($0.50) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 22.20M 0.00 0.00 235.46M 5.33M 13.73M 23.66M 0.00 53.86M 60.12M 121.14M
Normalized Net Operating Profit after Tax (NOPAT)		 0.00 -1.02 -0.76 -1.45 -1.05 -0.91 -1.03 -6.80 -16 -15 -47
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Red Cat

This table displays calculated financial ratios and metrics derived from Red Cat's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 119,371,139.00 121,138,764.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 119,371,139.00 121,138,764.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.16 -0.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -10.18% -17.77% 55.18% 425.79% 250.66% 484.76% 58.83% -60.96% 646.37% - 849.14%
EBITDA Growth		 -92.27% -148.18% -46.50% 13.42% 27.86% 115.49% -36.89% -164.62% -123.39% - -21.10%
EBIT Growth		 -101.26% -145.57% -51.78% 11.01% 25.29% 111.69% -37.57% -154.62% -120.51% - -21.53%
NOPAT Growth		 -63.86% -110.47% -60.80% 17.42% 14.21% 33.94% -38.13% -73.83% -107.67% - -118.80%
Net Income Growth		 -120.91% -156.63% -53.13% 6.42% 3.13% 42.90% -112.72% -128.18% -28.81% - -14.83%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 18.52%
Operating Cash Flow Growth		 -109.66% -102.29% -41.33% 18.11% 43.47% 19.60% -93.36% -174.56% -193.63% - -100.82%
Free Cash Flow Firm Growth		 -261.79% 54.09% -119.63% 88.59% 97.27% 79.62% 188.43% 59.20% -717.01% - -371.81%
Invested Capital Growth		 0.00% 15.45% 13.37% 3.07% -4.49% -7.43% -33.67% -11.28% 51.93% - 133.24%
Revenue Q/Q Growth		 123.07% -35.30% 62.02% 124.86% 48.77% 7.89% -55.99% -44.73% 199.71% - -41.03%
EBITDA Q/Q Growth		 10.36% -137.00% 56.14% 7.08% 16.56% 150.90% -487.55% -79.63% -117.19% - -8.33%
EBIT Q/Q Growth		 8.81% -130.66% 54.84% 6.31% 15.12% 136.10% -631.28% -73.40% -110.44% - -4.24%
NOPAT Q/Q Growth		 18.37% -119.18% 50.77% 6.26% 2.46% -68.79% -2.94% -17.97% -38.62% - -14.04%
Net Income Q/Q Growth		 9.26% -118.58% 52.87% -0.12% 3.39% -28.86% -75.56% -7.40% -20.62% - -35.09%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -6.67% - -46.67%
Operating Cash Flow Q/Q Growth		 -27.41% -10.62% 33.04% 13.23% 4.63% -57.32% -61.05% -23.21% -84.94% - 12.43%
Free Cash Flow Firm Q/Q Growth		 -7.03% 71.91% 33.92% 42.58% 71.55% -109.57% 386.71% -126.50% -71.91% - -39.49%
Invested Capital Q/Q Growth		 10.01% -14.29% 6.74% 2.41% 1.94% -16.93% -23.51% 36.97% 22.52% - 31.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -5.81% -87.43% 9.99% 30.54% 18.84% 19.08% -17.41% -1.53% 6.61% - 12.70%
EBITDA Margin		 -304.44% -1,115.19% -301.89% -124.76% -62.63% 29.54% -260.19% -845.56% -186.59% - -176.83%
Operating Margin		 -310.86% -1,053.10% -320.02% -133.41% -76.05% -118.98% -278.31% -594.01% -181.74% - -176.47%
EBIT Margin		 -322.15% -1,148.48% -320.10% -133.37% -68.63% 22.97% -277.27% -869.81% -192.21% - -182.08%
Profit (Net Income) Margin		 -339.75% -1,147.83% -333.89% -148.66% -93.85% -112.09% -447.19% -868.86% -166.04% - -171.63%
Tax Burden Percent		 106.19% 106.61% 104.34% 111.43% 131.01% 105.75% 100.00% 100.00% 104.53% - 100.02%
Interest Burden Percent		 99.32% 93.75% 99.97% 100.03% 104.38% -461.53% 161.28% 99.89% 82.64% - 94.25%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -50.62% -102.07% -32.69% -20.43% -16.45% -43.14% -115.76% -185.63% -45.63% - -86.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 -33.04% -88.63% -25.45% -9.02% -2.00% -30.80% -41.81% -1,772.03% -41.93% - -73.41%
Return on Net Nonoperating Assets (RNNOA)		 11.79% 44.05% 10.81% 2.98% 0.58% 9.23% 9.61% -21.31% 28.03% - 30.75%
Return on Equity (ROE)		 -38.83% -58.02% -21.88% -17.45% -15.88% -33.91% -106.15% -206.94% -17.60% - -55.93%
Cash Return on Invested Capital (CROIC)		 -268.49% -69.67% -68.05% -52.79% -38.96% -36.04% -11.68% -40.29% -103.02% - -153.26%
Operating Return on Assets (OROA)		 -22.00% -72.79% -24.84% -17.89% -13.69% 7.50% -113.58% -281.71% -20.28% - -58.18%
Return on Assets (ROA)		 -23.20% -72.75% -25.91% -19.94% -18.72% -36.59% -183.18% -281.40% -17.52% - -54.84%
Return on Common Equity (ROCE)		 -38.83% -58.02% -21.88% -17.45% -15.87% -33.91% -106.15% -206.93% -17.60% - -55.93%
Return on Equity Simple (ROE_SIMPLE)		 -31.66% 0.00% -60.27% -64.81% -59.24% 0.00% -94.38% -141.05% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.63 -7.95 -3.92 -3.67 -3.11 -5.25 -5.41 -6.38 -12 -17 -19
NOPAT Margin		 -217.60% -737.17% -224.01% -93.39% -53.23% -83.28% -194.82% -415.81% -127.22% - -123.53%
Net Nonoperating Expense Percent (NNEP)		 -17.59% -13.44% -7.24% -11.41% -14.45% -12.34% -73.95% 1,586.40% -3.70% - -13.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -7.82% - - - -16.24% -4.60% -6.68% -7.94%
Cost of Revenue to Revenue		 105.81% 187.43% 90.01% 69.46% 81.16% 80.92% 117.41% 101.53% 93.39% - 87.30%
SG&A Expenses to Revenue		 123.60% 461.20% 163.82% 72.20% 33.41% 74.07% 125.45% 294.36% 95.54% - 108.06%
R&D to Revenue		 73.26% 246.21% 77.43% 56.53% 36.34% 10.22% 58.58% 145.40% 61.87% - 51.53%
Operating Expenses to Revenue		 305.04% 872.53% 314.97% 155.00% 94.89% 80.19% 260.90% 592.48% 188.35% - 189.17%
Earnings before Interest and Taxes (EBIT)		 -5.37 -12 -5.60 -5.24 -4.01 1.45 -7.70 -13 -19 -27 -28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.08 -12 -5.28 -4.90 -3.66 1.86 -7.22 -13 -18 -25 -27
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.01 0.88 1.13 1.06 1.00 2.61 4.60 8.54 4.08 - 6.64
Price to Tangible Book Value (P/TBV)		 1.75 1.56 2.19 2.20 1.92 3.70 7.52 369.69 4.52 - 8.14
Price to Revenue (P/Rev)		 13.54 10.43 10.81 5.75 3.94 6.37 7.91 14.01 57.35 - 29.06
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.02 0.94 1.28 1.16 1.08 3.12 5.61 6.87 13.87 - 13.37
Enterprise Value to Revenue (EV/Rev)		 8.77 7.26 9.34 5.39 3.41 5.79 7.54 14.48 46.64 - 26.68
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.45 0.05 - 0.01
Long-Term Debt to Equity		 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.30 0.00 - 0.00
Financial Leverage		 -0.36 -0.50 -0.42 -0.33 -0.29 -0.30 -0.23 0.01 -0.67 - -0.42
Leverage Ratio		 1.10 1.10 1.08 1.09 1.10 1.11 1.12 1.40 1.13 - 1.28
Compound Leverage Factor		 1.09 1.03 1.08 1.09 1.15 -5.13 1.80 1.39 0.93 - 1.20
Debt to Total Capital		 2.20% 2.36% 2.32% 2.23% 1.78% 1.70% 1.81% 31.22% 5.13% - 0.85%
Short-Term Debt to Total Capital		 1.37% 1.64% 1.83% 2.03% 1.78% 1.70% 1.81% 10.41% 5.13% - 0.85%
Long-Term Debt to Total Capital		 0.83% 0.72% 0.49% 0.19% 0.00% 0.00% 0.00% 20.81% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 97.79% 97.64% 97.68% 97.77% 98.22% 98.30% 98.19% 68.78% 94.87% - 99.15%
Debt to EBITDA		 -0.08 -0.05 -0.04 -0.04 -0.04 -0.07 -0.05 -0.58 -0.34 - -0.03
Net Debt to EBITDA		 1.21 0.56 0.27 0.11 0.27 0.94 0.54 -0.36 4.77 - 1.62
Long-Term Debt to EBITDA		 -0.03 -0.02 -0.01 0.00 0.00 0.00 0.00 -0.39 0.00 - 0.00
Debt to NOPAT		 -0.10 -0.07 -0.06 -0.05 -0.05 -0.05 -0.04 -0.64 -0.44 - -0.04
Net Debt to NOPAT		 1.62 0.79 0.38 0.16 0.38 0.69 0.43 -0.40 6.21 - 2.28
Long-Term Debt to NOPAT		 -0.04 -0.02 -0.01 0.00 0.00 0.00 0.00 -0.42 0.00 - 0.00
Altman Z-Score		 5.93 3.48 6.88 4.58 3.86 12.30 13.21 2.43 18.84 - 21.62
Noncontrolling Interest Sharing Ratio		 0.02% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 7.88 7.94 7.41 5.28 5.34 6.13 5.08 1.43 10.42 - 10.99
Quick Ratio		 5.19 4.13 2.68 1.59 2.45 2.86 1.99 0.39 8.90 - 7.47
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -45 -13 -8.42 -4.83 -1.24 -2.60 7.44 -1.97 -33 -58 -81
Operating Cash Flow to CapEx		 -1,599.90% -834.93% -106,678.57% -3,470.38% -9,210.64% -8,676.24% -10,429.63% -53,887.57% -3,562.18% - -470.96%
Free Cash Flow to Firm to Interest Expense		 -1,582.21 -506.23 -385.16 -245.42 -79.89 -224.81 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 -253.90 -319.95 -246.67 -237.52 -265.34 -560.49 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -269.77 -358.27 -246.90 -244.37 -268.22 -566.95 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.06 0.08 0.13 0.20 0.33 0.41 0.32 0.11 - 0.32
Accounts Receivable Turnover		 2.35 7.60 6.30 4.31 3.52 7.02 26.90 8.01 3.22 - 9.00
Inventory Turnover		 0.47 0.85 0.86 1.02 1.20 1.67 1.60 1.37 0.76 - 1.27
Fixed Asset Turnover		 2.34 2.92 2.93 3.95 5.53 7.15 8.03 7.25 7.04 - 6.77
Accounts Payable Turnover		 1.81 4.52 6.66 4.95 4.68 9.52 10.91 9.14 5.77 - 9.38
Days Sales Outstanding (DSO)		 155.19 48.00 57.92 84.62 103.59 51.99 13.57 45.55 113.51 - 40.55
Days Inventory Outstanding (DIO)		 768.51 428.77 425.78 356.75 303.07 218.24 228.55 266.48 477.81 - 288.49
Days Payable Outstanding (DPO)		 202.16 80.67 54.81 73.71 77.91 38.33 33.46 39.93 63.28 - 38.90
Cash Conversion Cycle (CCC)		 721.53 396.10 428.89 367.67 328.76 231.90 208.66 272.10 528.04 - 290.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 42 36 38 39 40 33 25 35 61 83 109
Invested Capital Turnover		 0.23 0.14 0.15 0.22 0.31 0.52 0.59 0.45 0.36 - 0.70
Increase / (Decrease) in Invested Capital		 42 4.79 4.50 1.16 -1.87 -2.66 -13 -4.41 21 42 62
Enterprise Value (EV)		 43 34 49 45 43 103 142 238 840 - 1,456
Market Capitalization		 66 48 57 48 50 114 149 231 1,033 - 1,586
Book Value per Share		 $1.19 $1.01 $0.90 $0.82 $0.67 $0.59 $0.44 $0.36 $2.54 $2.06 $1.97
Tangible Book Value per Share		 $0.69 $0.57 $0.47 $0.39 $0.35 $0.41 $0.27 $0.01 $2.29 $1.85 $1.61
Total Capital		 66 56 51 47 50 44 33 39 267 251 241
Total Debt		 1.46 1.32 1.19 1.04 0.90 0.75 0.60 12 14 4.87 2.04
Total Long-Term Debt		 0.55 0.40 0.25 0.09 0.00 0.00 0.00 8.18 0.00 0.00 0.00
Net Debt		 -23 -15 -7.67 -2.98 -6.80 -10 -7.13 7.66 -193 -163 -130
Capital Expenditures (CapEx)		 0.45 0.96 0.01 0.13 0.04 0.07 0.10 0.02 0.67 5.40 6.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 12 13 15 16 16 13 10 5.72 32 49 61
Debt-free Net Working Capital (DFNWC)		 36 29 24 20 24 19 18 10 239 217 193
Net Working Capital (NWC)		 35 28 23 19 23 19 17 6.24 225 212 191
Net Nonoperating Expense (NNE)		 2.04 4.43 1.92 2.17 2.38 1.82 7.01 6.95 3.74 2.90 7.44
Net Nonoperating Obligations (NNO)		 -23 -19 -12 -6.78 -9.72 -10 -7.13 7.66 -193 -163 -130
Total Depreciation and Amortization (D&A)		 0.30 0.36 0.32 0.34 0.35 0.42 0.47 0.37 0.54 1.77 0.81
Debt-free, Cash-free Net Working Capital to Revenue		 240.48% 282.62% 286.54% 187.37% 126.26% 75.30% 53.57% 34.73% 178.79% - 111.23%
Debt-free Net Working Capital to Revenue		 747.75% 628.61% 455.55% 235.13% 187.32% 109.32% 94.56% 62.73% 1,325.29% - 352.97%
Net Working Capital to Revenue		 729.03% 608.66% 437.69% 223.81% 180.18% 105.10% 91.39% 37.89% 1,249.20% - 349.24%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.16) ($0.15) ($0.22)
Adjusted Weighted Average Basic Shares Outstanding		 54.45M 53.86M 55.64M 74.16M 74.28M 60.12M 75.41M 80.16M 99.58M 98.96M 120.85M
Adjusted Diluted Earnings per Share		 ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.16) ($0.15) ($0.22)
Adjusted Weighted Average Diluted Shares Outstanding		 54.45M 53.86M 55.64M 74.16M 74.28M 60.12M 75.41M 80.16M 99.58M 98.96M 120.85M
Adjusted Basic & Diluted Earnings per Share		 ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.29M 53.86M 54.94M 55.61M 55.69M 60.12M 74.50M 76.18M 119.37M 121.14M 122.74M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.08 -7.95 -3.92 -3.67 -2.70 -5.25 -5.34 -6.38 -12 -17 -19
Normalized NOPAT Margin		 -184.49% -737.17% -224.01% -93.39% -46.22% -83.28% -192.47% -415.81% -127.22% - -123.53%
Pre Tax Income Margin		 -319.96% -1,076.71% -320.02% -133.41% -71.64% -106.00% -447.19% -868.86% -158.84% - -171.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -187.41 -492.43 -256.02 -266.18 -258.82 125.47 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 -126.59 -316.07 -179.16 -186.38 -200.76 -454.99 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 -203.28 -530.75 -256.25 -273.03 -261.70 119.01 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 -142.46 -354.39 -179.40 -193.23 -203.64 -461.45 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Red Cat Holdings, Inc. (RCAT) has shown a dramatic liquidity boost in 2025, driven mainly by a large equity financing event, while continuing to burn cash and post losses. The latest quarter (Q4 2025) shows a substantial revenue ramp but margin and cash-flow challenges persist. Here are the key takeaways based on quarterly data from 2022 through 2025.

  • Equity financing in 2025 Q3 produced a large cash infusion: Issuance of Common Equity of $177.48M and a net financing cash inflow of about $165.02M, significantly strengthening the capital base.
  • Cash balance improved meaningfully in 2025 Q3: Cash & equivalents rose to approximately $206.4M, up from about $65.9M in Q2 2025, reflecting the impact of the financing activity.
  • Total equity grew to roughly $253.3M by 2025 Q3, signaling a stronger balance sheet and greater equity cushion to support growth initiatives.
  • Revenue ramp culminated in Q4 2025, with quarterly operating revenue of about $26.23M, indicating potential scale-up and growing top-line traction.
  • No long-term debt outstanding across the 2025 quarters, which reduces ongoing interest costs and leverage risk (a neutral implication for capital structure).
  • Total assets increased in 2025 largely due to financing activity, not purely operating growth, reflecting a funding-driven balance sheet expansion.
  • Gross margin has been variable across quarters (ranging from roughly 4% to the high teens in earlier years), suggesting margin stability is not yet proven and may hinge on cost control and mix.
  • Net income remains materially negative across the latest quarters, including a net loss to common shareholders of about $19.66M in Q4 2025, highlighting ongoing profitability challenges.
  • Operating cash flow is consistently negative through 2025, with Q4 2025 net cash from continuing operating activities around -$36.46M, signaling persistent cash burn from core operations.
  • High operating expenses relative to revenue persist (for example, SG&A around $16.5M and related costs on a $26.2M revenue base in Q4 2025), which weighs on margins and long-term sustainability without continued financing support.
05/15/26 10:50 AM ETAI Generated. May Contain Errors.

Red Cat Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Red Cat's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Red Cat's net income appears to be on an upward trend, with a most recent value of -$72.08 million in 2025, falling from $0.00 in 2015. The previous period was -$24.05 million in 2024. See Red Cat's forecast for analyst expectations on what's next for the company.

Red Cat's total operating income in 2025 was -$66.60 million, based on the following breakdown:
  • Total Gross Profit: $1.27 million
  • Total Operating Expenses: $67.87 million

Over the last 10 years, Red Cat's total revenue changed from $0.00 in 2015 to $40.73 million in 2025, a change of 4,072,900,000.0%.

Red Cat's total liabilities were at $27.85 million at the end of 2025, a 407.7% increase from 2024, and a 8,923.7% increase since 2014.

In the past 10 years, Red Cat's cash and equivalents has ranged from $923.00 in 2014 to $167.87 million in 2025, and is currently $167.87 million as of their latest financial filing in 2025.

Over the last 10 years, Red Cat's book value per share changed from -0.02 in 2015 to 2.06 in 2025, a change of -9,906.7%.


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Financial statements for NASDAQ:RCAT last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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'Dark Energy': Elon Musk's Next Potential $10 Trillion Move A highly secure site in West Texas now houses a...
Altimetry | Sponsoredtc pixel
SpaceX just filed. The clock is ticking.
Reuters reports Elon Musk filed secretly. Barron's says it's being finalized behind closed doors. CNBC just re...
The Oxford Club | Sponsoredtc pixel