Red Cat Holdings, Inc. financials
Source: EDGAR filings · Built 2026-06-02T03:55:03Z
Custom taxonomy namespace:
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Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -95.78M | -17.98M | -31.65M | -16.38M | — | — |
| EBITDA | -64.33M | -17.88M | -25.37M | — | — | — |
| Working Capital | 212.09M | 18.75M | 28.12M | 50.21M | -3.03M | -510.93K |
| Net Debt | -149.43M | -5.31M | -2.75M | -2.07M | 260.74K | 332.10K |
| Gross Margin | 3.13% | 20.64% | -63.57% | 14.40% | 21.40% | 19.45% |
| Operating Margin | -163.51% | -108.20% | -2006.80% | — | — | -410.74% |
| Net Margin | -176.96% | -134.86% | -2141.61% | -181.82% | -264.75% | -396.58% |
| Return on Equity (ROE) | -29.32% | -55.21% | -51.32% | -14.78% | -251.34% | -104.77% |
| Return on Assets (ROA) | -26.34% | -49.56% | -46.27% | -13.74% | -113.19% | -57.04% |
| Current Ratio | 15.29× | 6.13× | 7.94× | 10.23× | 0.35× | 0.38× |
| Debt-to-Equity | 0.07× | 0.02× | 0.01× | 0.03× | 0.10× | 0.37× |
| Effective Tax Rate | -0.62% | 0.00% | — | — | — | — |
| Cash Conversion Ratio | 1.24× | 0.74× | 1.04× | 1.37× | 0.11× | 0.51× |
| Accruals Ratio | 0.06× | -0.13× | 0.02× | 0.05× | -1.01× | -0.28× |
| SBC % of Revenue | 25.93% | 20.23% | 278.62% | 51.20% | 67.77% | 66.82% |
| CapEx Coverage | -13.41× | -68.42× | -11.92× | -44.05× | — | — |
| Free Cash Flow Per Share | $-0.97 | $-0.30 | $-0.59 | — | — | — |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 40.73M | 17.84M | 1.31M | — | — | — |
| Revenues | — | 17.84M | 4.62M | 6.43M | 5.00M | 403.94K |
| Cost of Goods and Services Sold | 39.45M | 14.15M | 5.46M | 5.50M | 3.93M | 325.38K |
| Gross Profit | 1.27M | 3.68M | -834.31K | 925.51K | 1.07M | 78.56K |
| Research and Development Expense | 17.89M | 6.27M | 5.86M | 2.61M | 516.08K | 488.99K |
| Operating Expenses | 67.87M | 22.98M | 25.50M | 13.93M | 5.95M | 1.71M |
| Operating Income (Loss) | -66.60M | -19.30M | -26.34M | — | — | -1.66M |
| Income Tax Expense (Benefit) | 443.00K | 0 | — | — | — | — |
| Net Income (Loss) Attributable to Parent | -72.08M | -24.05M | -28.11M | -11.69M | -13.24M | -1.60M |
| Earnings Per Share, Basic | $-0.73 | $-0.40 | $-0.52 | — | — | — |
| Weighted Average Number of Shares Outstanding, Basic | 98.96M | 60.12M | 53.86M | — | — | — |
| Earnings Per Share, Diluted | $-0.73 | $-0.40 | $-0.52 | — | — | — |
| Weighted Average Number of Shares Outstanding, Diluted | 98.96M | 60.12M | 53.86M | — | — | — |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | — | — | — | — | 277.35K | 236.67K |
| Assets, Current | 226.94M | 22.40M | 32.18M | 55.65M | 1.64M | 318.34K |
| Assets | 273.68M | 48.54M | 60.74M | 85.08M | 11.69M | 2.81M |
| Liabilities, Current | 14.85M | 3.65M | 4.05M | 5.44M | 4.67M | 829.27K |
| Long-term Debt, Excluding Current Maturities | — | — | 401.57K | 973.71K | — | — |
| Liabilities | 27.84M | 4.97M | 5.98M | — | — | — |
| Stockholders' Equity Attributable to Parent | 245.83M | 43.56M | 54.77M | 79.09M | 5.27M | 1.53M |
| Common Stock, Shares, Outstanding | 120.07M | 74.29M | 54.57M | 53.75M | 29.43M | 20.01M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | — | — | -29.20M | -16.02M | -1.40M | -811.58K |
| Net Cash Provided by (Used in) Investing Activities | — | — | 29.59M | -46.60M | -48.37K | 46.33K |
| Net Cash Provided by (Used in) Financing Activities | — | — | -1.22M | 66.43M | 1.49M | 498.49K |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -38.73M | -41.88M | -53.91M | -29.38M | -16.18M | -20.70M |
| EBITDA | -26.49M | -23.39M | — | — | -11.89M | -24.43M |
| Working Capital | 190.58M | 212.09M | 224.92M | 67.44M | 506.12K | 21.62M |
| Net Debt | -118.13M | -149.43M | -184.01M | -44.01M | 20.09M | 2.41M |
| Gross Margin | 12.70% | 4.24% | 6.61% | 33.24% | -52.15% | -27.96% |
| Operating Margin | -176.47% | -91.26% | -181.74% | -1120.85% | -765.52% | -532.80% |
| Net Margin | -171.63% | -74.93% | -166.04% | -1176.90% | -1418.59% | -899.26% |
| Return on Equity (ROE) | -11.12% | -8.00% | -6.32% | -13.90% | -79.98% | -87.02% |
| Return on Assets (ROA) | -9.42% | -7.18% | -5.60% | -10.94% | -38.76% | -78.44% |
| Current Ratio | 10.99× | 15.29× | 10.42× | 3.80× | 1.02× | 6.17× |
| Debt-to-Equity | 0.06× | 0.07× | 0.09× | 0.23× | 0.96× | 0.23× |
| Effective Tax Rate | -0.02% | 1.26% | -4.53% | — | 0.00% | 0.00% |
| Cash Conversion Ratio | 1.20× | 1.86× | 3.29× | 2.17× | 0.69× | 0.47× |
| Accruals Ratio | 0.02× | 0.06× | 0.13× | 0.13× | -0.12× | -0.41× |
| SBC % of Revenue | 31.14% | 12.60% | 75.21% | 322.08% | 98.10% | 84.60% |
| CapEx Coverage | -4.71× | -6.76× | -42.15× | -49.70× | -58.27× | -125.22× |
| Free Cash Flow Per Share | $-0.32 | $-0.42 | $-0.54 | $-0.32 | $-0.19 | $-0.27 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 15.47M | 26.23M | 9.65M | 1.13M | 1.63M | 4.85M |
| Revenues | — | — | — | 3.22M | 1.63M | 4.85M |
| Cost of Goods and Services Sold | 13.51M | 25.12M | 9.01M | 2.84M | 2.48M | 6.21M |
| Gross Profit | 1.97M | 1.11M | 637.50K | 375.05K | -850.00K | -1.36M |
| Research and Development Expense | 7.97M | 4.89M | 5.97M | 3.60M | 3.43M | 6.61M |
| Operating Expenses | 29.27M | 25.05M | 18.17M | 13.02M | 11.63M | 24.48M |
| Operating Income (Loss) | -27.30M | -23.94M | -17.53M | -12.65M | -12.48M | -25.84M |
| Income Tax Expense (Benefit) | 5.00K | -251.56K | 694.56K | — | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -26.55M | -19.66M | -16.02M | -13.28M | -23.12M | -43.61M |
| Earnings Per Share, Basic | $-0.22 | $-0.16 | $-0.16 | $-0.15 | $-0.27 | $-0.57 |
| Weighted Average Number of Shares Outstanding, Basic | 120.85M | 98.96M | 99.58M | 91.30M | 85.51M | 77.04M |
| Earnings Per Share, Diluted | $-0.22 | $-0.16 | $-0.16 | $-0.15 | $-0.27 | $-0.57 |
| Weighted Average Number of Shares Outstanding, Diluted | 120.85M | 98.96M | 99.58M | 91.30M | 85.51M | 77.04M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Assets, Current | 209.66M | 226.94M | 248.80M | 91.57M | 29.41M | 25.80M |
| Assets | 281.88M | 273.68M | 286.02M | 121.37M | 59.66M | 55.60M |
| Long-term Debt | 350.00K | — | — | — | — | — |
| Liabilities, Current | 19.08M | 14.85M | 23.89M | 24.13M | 28.91M | 4.18M |
| Liabilities | 43.15M | 27.84M | 32.75M | 25.80M | 30.74M | 5.49M |
| Stockholders' Equity Attributable to Parent | 238.74M | 245.83M | 253.27M | 95.57M | 28.91M | 50.12M |
| Common Stock, Shares, Outstanding | 121.84M | 120.07M | 118.16M | 98.51M | 85.65M | 85.22M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -31.95M | — | — | — | -15.91M | — |
| Net Cash Provided by (Used in) Investing Activities | -6.78M | — | — | — | -273.00K | — |
| Net Cash Provided by (Used in) Financing Activities | 2.78M | — | — | — | 14.75M | — |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (RCAT CIK 0000748268),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
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statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.