Red Cat Holdings, Inc. (RCAT) Financial Statements
Industry: Prepackaged Software (Services)
In fiscal 2025, Red Cat reported revenue of $40.7M, up 128.3% from $17.8M the year before. Net income was -$72.1M (a -177.0% net margin), or -$0.73 per diluted share. Gross margin was 3.1% and operating margin was -163.5%. Operating activities generated -$89.1M of cash, leaving -$95.8M of free cash flow. At fiscal year end, Red Cat held $273.7M in total assets against $27.8M in total liabilities.
Open the full interactive Red Cat financials → Quarterly statements, key ratios, valuation history and price charts.
Red Cat Key Stats
| Share Price | $5.18 |
|---|---|
| Market Cap | $709.8M |
| Revenue YoY Growth | +128.4% |
| 52-Week Range | $5.18 – $17.36 |
| Shares Outstanding | 136.9 million (basic, 2026 Q2) |
Red Cat Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $403,940 | $5.0M | $6.4M | $9.9M | $17.8M | $40.7M |
| Cost of Goods Sold | $325,379 | $3.9M | $5.5M | $10.2M | $14.2M | $39.5M |
| Gross Profit | $78,561 | $1.1M | $925,515 | -$336,795 | $3.7M | $1.3M |
| Operating Income | -$1.7M | -$4.9M | -$13.0M | -$27.1M | -$21.5M | -$66.6M |
| Pre-Tax Income | -$1.6M | -$13.2M | -$11.7M | -$27.1M | -$24.1M | -$71.6M |
| Income Tax | — | — | — | — | — | $443,000 |
| Net Income | -$1.6M | -$13.2M | -$11.7M | -$27.1M | -$24.1M | -$72.1M |
| Diluted EPS | -$0.12 | -$0.56 | — | — | — | -$0.73 |
Red Cat Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $9.6M | $26.2M | $15.5M | $20.2M |
| Net Income | -$16.0M | -$19.7M | -$26.6M | -$35.3M |
| Diluted EPS | -$0.16 | -$0.20 | -$0.22 | -$0.26 |
Red Cat Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Current Assets | $318,338 | $1.6M | $55.7M | $32.2M | $22.4M | $226.9M |
| Total Assets | $2.8M | $11.7M | $85.1M | $60.2M | $48.5M | $273.7M |
| Current Liabilities | $829,266 | $4.7M | $5.4M | $4.8M | $3.7M | $14.8M |
| Total Long-Term Debt | $450,000 | — | $973,707 | $401,569 | — | $350,000 |
| Total Liabilities | $1.3M | $6.4M | $7.2M | $5.6M | $5.0M | $27.8M |
| Shareholders' Equity | $1.5M | $5.3M | $77.9M | $54.6M | $43.6M | $245.8M |
Red Cat Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$811,584 | -$1.4M | -$16.0M | -$29.2M | -$17.7M | -$89.1M |
| Cash From Investing | $46,327 | -$48,368 | -$46.6M | $29.6M | — | — |
| Cash From Financing | $498,487 | $1.5M | $66.4M | -$1.2M | — | — |
| Free Cash Flow | — | — | -$16.4M | -$31.6M | -$17.9M | -$95.8M |
Figures from Red Cat's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Red Cat financials page for every line item.
Red Cat Company Profile
| Ticker | RCAT |
|---|---|
| Exchange | Nasdaq |
| Industry | Prepackaged Software (Services) |
| Headquarters | South Salt Lake, Utah |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000748268 |
Frequently Asked Questions
What was Red Cat's revenue in fiscal 2025?
Red Cat (RCAT) reported revenue of $40.7M for fiscal 2025.
What is Red Cat's annual revenue history?
Red Cat's annual revenue by fiscal year: 2020: $403,940; 2021: $5.0M; 2022: $6.4M; 2023: $9.9M; 2024: $17.8M; 2025: $40.7M.
What was Red Cat's net income in fiscal 2025?
Red Cat reported net income of -$72.1M for fiscal 2025.
What was Red Cat's earnings per share (EPS) in fiscal 2025?
Red Cat's diluted EPS was -$0.73 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Red Cat generate in fiscal 2025?
Red Cat generated -$95.8M of free cash flow in fiscal 2025.
What was Red Cat's revenue last quarter?
In its most recent reported quarter (2026 Q2), Red Cat reported revenue of $20.2M.
How much debt does Red Cat have?
Red Cat reported $350,000 of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Red Cat are outstanding?
Red Cat reported a weighted average of 136.9 million basic shares outstanding in 2026 Q2.
What is Red Cat's market cap?
Based on its latest closing price, Red Cat (RCAT) has a market capitalization of about $709.8M.
When does Red Cat's fiscal year end?
Red Cat's fiscal year end, as registered with the SEC, is December 31.
Where is Red Cat headquartered?
Red Cat lists its business address in South Salt Lake, Utah in its SEC filings.