Red Cat Holdings, Inc.
Business
Red Cat Holdings is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications, developing American-made hardware and software for military and government operations. The company manufactures small unmanned aircraft systems (sUAS) through its Teal division, long-endurance vertical takeoff and landing fixed-wing systems through FlightWave, and uncrewed surface vessels through its Blue Ops division. Red Cat serves defense and public safety customers primarily through direct sales relationships with U.S. Federal Government military agencies and international government and military clients, with products engineered to meet domestic manufacturing and cybersecurity compliance requirements.
Summary from 10-K filed 2026-03-19
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Red Cat Holdings, Inc.'s CIK number?
Red Cat Holdings, Inc.'s SEC CIK number is 0000748268 (748268). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Red Cat Holdings, Inc.'s SEC filings?
All of Red Cat Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Red Cat Holdings, Inc. last report earnings?
Red Cat Holdings, Inc. (RCAT) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-032088). This is Red Cat Holdings, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Red Cat Holdings, Inc.'s most recent earnings 8-K?
Red Cat Holdings, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-032088. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Red Cat Holdings, Inc.'s latest earnings 8-K →
Look up any company's CIK number →