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Red Cat Holdings, Inc.
RCATCIK 0000748268NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareFY ends Dec 31
Period
FY 2025
Revenue
$40.73M
Net Income
$-72.08M
Total Assets
$273.68M
Equity
$245.83M
Shares Out
121.14M
Op. Cash Flow
$-89.13M
Business
Red Cat Holdings, Inc. develops, manufactures, and integrates unmanned aircraft systems (UAS) and associated software and services for defense, public safety and government customers. Its main products and services include the Teal family of military-grade small UAS (including the Teal 2), ISR payloads, mission software, manufacturing, training, logistics and aftermarket support. The company operates an Enterprise segment focused on military and government applications and maintains an IP subsidiary that holds patents and trademarks. It sells primarily to U.S. federal, state and local agencies and allied foreign governments through government contracts, BPAs and direct sales channels.
Summary from filing dated 2024-08-08
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| Revenues | 41 | 18 | — | — | — | |
| Cost of goods sold | 39 | 14 | 5 | 6 | 4 | |
| Gross profit (loss) | 1 | 4 | −834,311 | 925,515 | 1 | |
| Research and development | 18 | 6 | 6 | 3 | 516,084 | |
| Sales and marketing | 13 | 5 | — | — | — | |
| General and administrative | 37 | 11 | 12 | 6 | 1 | |
| Impairment loss | 0 | 413,000 | 3 | — | — | |
| Total operating expenses | 68 | 23 | 25 | 14 | 6 | |
| Operating loss | −67 | −19 | −26 | — | — | |
| Convertible note payable fair value adjustment | 11 | 0 | — | — | — | |
| Gain on extinguishment of convertible notes payable | −3 | 0 | — | — | — | |
| Interest (income) expense, net | −3 | 69,000 | — | — | — | |
| Loss on sale of equity method investment | 0 | 0 | — | — | — | |
| Gain on divestiture of consumer segment | 0 | −10 | — | — | — | |
| Impairment on equity method investment | 0 | 11 | — | — | — | |
| Equity method loss | 0 | 504,000 | — | — | — | |
| Other income, net | −487,000 | −56,000 | 1 | −1 | 8 | |
| Total other expense | 5 | 2 | — | — | — | |
| Loss from continuing operations before provision for income taxes | −72 | −22 | — | — | — | |
| Provision for income taxes | 443,000 | 0 | — | — | — | |
| Net loss from continuing operations | −72 | −22 | — | — | — | |
| Loss from discontinued operations | 0 | −3 | — | — | — | |
| Net loss | −72 | −24 | −28 | −12 | −13 | |
| Change in foreign currency translation adjustments | 0 | 2,000 | — | — | — | |
| Unrealized gain on marketable securities | 0 | 900,000 | — | — | — | |
| Comprehensive loss | −72 | −23 | — | — | — | |
| Continuing operations - basic (in USD per share) | −0.73 | −0.36 | — | — | — | |
| Continuing operations - diluted (in USD per share) | −0.73 | −0.36 | — | — | — | |
| Discontinued operations - basic (in USD per share) | 0 | −0.04 | — | — | — | |
| Discontinued operations - diluted (in USD per share) | 0 | −0.04 | — | — | — | |
| Loss per share - basic (in USD per share) | −0.73 | −0.4 | — | — | — | |
| Loss per share - diluted (in USD per share) | −0.73 | −0.4 | — | — | — | |
| Weighted average shares outstanding - basic (in shares | 99 | 60 | — | — | — | |
| Weighted average shares outstanding - diluted (in shares) | 99 | 60 | — | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 |
|---|---|---|---|---|---|---|
| Cash | 168 | 9 | 6 | 3 | 4 | |
| Accounts receivable, net | 26 | 489,000 | 4 | 719,862 | 495,506 | |
| Inventory | 23 | 13 | 8 | 9 | 4 | |
| Prepaid inventory | 7 | 642,000 | — | — | — | |
| Prepaid expenses and other current assets | 3 | 3 | — | — | — | |
| Total current assets | 227 | 26 | 22 | 32 | 56 | |
| Goodwill | 18 | 18 | 9 | 17 | 25 | |
| Intangible assets, net | 7 | 8 | 4 | 7 | 3 | |
| Property and equipment, net | 8 | 2 | 2 | 3 | 511,690 | |
| Other | 1 | 310,000 | 293,126 | 303,180 | 57,033 | |
| Operating lease right-of-use assets | 13 | 1 | 1 | 2 | 1 | |
| Total long-term assets | 47 | 30 | 26 | 29 | 29 | |
| TOTAL ASSETS | 274 | 56 | 49 | 61 | 85 | |
| Accounts payable | 4 | 2 | 2 | 1 | 1 | |
| Accrued expenses | 5 | 1 | 1 | 409,439 | 1 | |
| Debt obligations - short term | 350,000 | 350,000 | 751,570 | 922,138 | 956,897 | |
| Contract liabilities and deposits | 261,000 | 227,000 | 53,939 | 155,986 | 437,930 | |
| Operating lease liabilities | 1 | 312,000 | 195,638 | 159,423 | 293,799 | |
| Convertible notes payable | 5 | 0 | — | — | — | |
| Total current liabilities | 15 | 4 | 4 | 4 | 5 | |
| Deferred income taxes | 443,000 | 0 | — | — | — | |
| Operating lease liabilities | 13 | 1 | 1 | 1 | 749,825 | |
| Total long-term liabilities | 13 | 1 | 1 | 2 | 2 | |
| Total liabilities | 28 | 5 | — | — | — | |
| Series B preferred stock - shares authorized 4,300,000; issued and outstanding 4,676 and 4,676 | 0 | 0 | — | — | — | |
| Common stock - shares authorized 500,000,000; issued and outstanding 120,070,244 and 85,215,136 | 120,000 | 85,000 | 74,289 | 54,568 | 53,749 | |
| Additional paid-in capital | 443 | 175 | 125 | 113 | 107 | |
| Accumulated deficit | −197 | −125 | −81 | −57 | −27 | |
| Total stockholders equity | 246 | 50 | 44 | 55 | 79 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 274 | 56 | 49 | 61 | 85 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-04-30 | FY 2023 2023-04-30 | FY 2022 2022-04-30 | FY 2021 2021-04-30 |
|---|---|---|---|---|---|---|
| Stock based compensation | 11 | 4 | — | — | — | |
| Realized loss from sale of marketable securities | 0 | 852,000 | — | — | — | |
| Depreciation and amortization of intangible assets | 2 | 1 | — | — | — | |
| Deferred income taxes | 443,000 | 0 | — | — | — | |
| Payments of taxes related to equity transactions | −982,000 | −32,000 | −581,775 | −834,219 | — | |
| Gain on divestiture of consumer segment | 0 | −10 | — | — | — | |
| Loss on sale of equity method investment and note receivable | 0 | 0 | — | — | — | |
| Impairment on equity method investment | 0 | 11 | — | — | — | |
| Equity method loss | 0 | 504,000 | — | — | — | |
| Convertible note payable fair value adjustment | 11 | 0 | — | — | — | |
| Accounts receivable | −26 | −4 | −288,986 | −74,317 | −72,534 | |
| Inventory | −11 | 913,000 | −6 | −2 | −60,042 | |
| Prepaid inventory | −6 | −243,000 | — | — | — | |
| Prepaid expenses and other | −879,000 | −2 | — | — | — | |
| Operating lease right-of-use assets and liabilities | 315,000 | −4,000 | 25,733 | — | — | |
| Contract liabilities and deposits | 34,000 | −102,000 | −136,628 | 328,841 | −17,517 | |
| Accounts payable | 2 | 188,000 | 434,803 | −1 | 13,818 | |
| Accrued expenses | 4 | 661,000 | −608,452 | −336,162 | 616,866 | |
| Net cash used in operating activities of continuing operations | −89 | −18 | −24 | — | — | |
| Proceeds from divestiture of consumer segment | 0 | 1 | — | — | — | |
| Purchases of property and equipment | −7 | −259,000 | −2 | −363,689 | — | |
| Proceeds from sale of marketable securities | 0 | 13 | 32 | 11 | — | |
| Proceeds from sale of equity method investment and note receivable | 0 | 0 | — | — | — | |
| Net cash (used in) provided by investing activities of continuing operations | −7 | 14 | 30 | — | — | |
| Proceeds from issuance of common stock through public offerings | 249 | 9 | — | 70 | — | |
| Proceeds from issuance of common stock through ATM facility, net | 0 | 9,000 | — | — | — | |
| Proceeds from issuance of convertible notes payable | 15 | 0 | — | — | 1 | |
| Debt issuance costs | −567,000 | 0 | — | — | — | |
| Redemption of convertible notes payable | −2 | 0 | — | — | — | |
| Payments under debt obligations | 0 | −572,000 | — | — | — | |
| Proceeds from exercise of stock options | 2 | 2,000 | — | — | — | |
| Proceeds from exercise of warrants | 6 | 0 | — | — | 201,249 | |
| Net cash provided by financing activities of continuing operations | 254 | 8 | −1 | — | — | |
| Operating activities | 0 | −875,000 | −5 | — | — | |
| Investing activities | 0 | 0 | — | — | — | |
| Financing activities | 0 | 0 | — | — | — | |
| Net cash used in discontinued operations | 0 | −875,000 | −5 | — | — | |
| Net increase in cash | 159 | 3 | — | — | — | |
| Cash paid for interest | 0 | 70,000 | 122,103 | 164,573 | 15,835 | |
| Cash paid for income taxes | 0 | 0 | — | — | — | |
| Conversion of convertible notes into common stock | 16 | 0 | — | — | — | |
| Fair value of shares issued in acquisition | 0 | 0 | — | — | — | |
| Net assets assumed in acquisition | 0 | 0 | — | — | — | |
| Equity method investment from divestiture of consumer segment | 0 | 17 | — | — | — | |
| Note receivable from divestiture of consumer segment | 0 | 4 | — | — | — | |
| Unrealized gain on marketable securities | 0 | 864,000 | — | — | — | |
| Conversion of preferred stock into common stock | 0 | 10,000 | — | 11,407 | — |
Filings
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