Red Cat Hldgs Inc Financials

RCAT

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE April

Financial Health Signals

Financial Profile 50/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Red Cat Hldgs Inc has an operating margin of -108.2%, meaning the company retains $-108 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -570.0% the prior year.

Growth

100

Red Cat Hldgs Inc's revenue surged 286.0% year-over-year to $17.8M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Liquidity

100

With a current ratio of 5.08, Red Cat Hldgs Inc holds $5.08 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Red Cat Hldgs Inc generated -$17.7M in operating cash flow, capex of $259K consumed most of it, leaving -$18.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Red Cat Hldgs Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.74x

For every $1 of reported earnings, Red Cat Hldgs Inc generates $0.74 in operating cash flow (-$17.7M OCF vs -$24.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-281.3x

Red Cat Hldgs Inc earns $-281.3 in operating income for every $1 of interest expense (-$19.3M vs $69K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Red Cat Hldgs Inc (RCAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$17.8M

YoY+286.0%

5Y CAGR+179.2%

10Y CAGR+115.0%

Red Cat Hldgs Inc generated $17.8M in revenue in fiscal year 2024. This represents an increase of 286.0% from the prior year.

EBITDA

-$17.9M

YoY+29.5%

Red Cat Hldgs Inc's EBITDA was -$17.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.5% from the prior year.

Free Cash Flow

-$18.0M

YoY+43.2%

Red Cat Hldgs Inc generated -$18.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 43.2% from the prior year.

Net Income

-$24.1M

YoY+14.4%

Red Cat Hldgs Inc reported -$24.1M in net income in fiscal year 2024. This represents an increase of 14.4% from the prior year.

EPS (Diluted)

$-0.40

YoY+23.1%

Red Cat Hldgs Inc earned $-0.40 per diluted share (EPS) in fiscal year 2024. This represents an increase of 23.1% from the prior year.

Cash & Debt

$7.7M

YoY+724.6%

5Y CAGR+321.9%

10Y CAGR+101.4%

Red Cat Hldgs Inc held $7.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

75M

YoY+34.3%

5Y CAGR-20.5%

Red Cat Hldgs Inc had 75M shares outstanding in fiscal year 2024. This represents an increase of 34.3% from the prior year.

Gross Margin

20.6%

YoY+38.7pp

5Y CAGR+255.3pp

10Y CAGR-79.4pp

Red Cat Hldgs Inc's gross margin was 20.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 38.7 percentage points from the prior year.

Operating Margin

-108.2%

YoY+461.8pp

5Y CAGR+1870.8pp

10Y CAGR+223.4pp

Red Cat Hldgs Inc's operating margin was -108.2% in fiscal year 2024, reflecting core business profitability. This is up 461.8 percentage points from the prior year.

Net Margin

-134.8%

YoY+473.4pp

5Y CAGR+2379.5pp

10Y CAGR-2005.6pp

Red Cat Hldgs Inc's net profit margin was -134.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 473.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$6.3M

YoY+6.9%

5Y CAGR+76.4%

Red Cat Hldgs Inc invested $6.3M in research and development in fiscal year 2024. This represents an increase of 6.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$259K

YoY-89.4%

5Y CAGR-23.3%

Red Cat Hldgs Inc invested $259K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 89.4% from the prior year.

RCAT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Revenue	$17.8M+286.0%	$4.6M-28.1%	$6.4M+28.6%	$5.0M+1137.7%	$404K+284.2%	$105K
Cost of Revenue	$14.2M+159.5%	$5.5M-0.9%	$5.5M+40.0%	$3.9M+1107.8%	$325K	N/A
Gross Profit	$3.7M+541.1%	-$834K-190.1%	$926K-13.5%	$1.1M+1261.6%	$79K+131.8%	-$247K
R&D Expenses	$6.3M+6.9%	$5.9M+124.9%	$2.6M+405.0%	$516K+5.5%	$489K+33.4%	$367K
SG&A Expenses	$11.2M-12.0%	$12.7M+129.6%	$5.5M+333.7%	$1.3M+34.7%	$950K+146.8%	$385K
Operating Income	-$19.3M+26.7%	-$26.3M	N/A	N/A	-$1.7M+20.3%	-$2.1M
Interest Expense	$69K-43.8%	$122K-17.4%	$148K-87.9%	$1.2M+4093.0%	$29K-94.2%	$500K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$24.1M+14.4%	-$28.1M-140.5%	-$11.7M+11.7%	-$13.2M-726.3%	-$1.6M+39.4%	-$2.6M
EPS (Diluted)	$-0.40+23.1%	$-0.52	N/A	N/A	N/A	$-0.02

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23
Revenue	$9.6M+199.7%	$3.2M+97.5%	$1.6M-72.1%	$5.8M+281.0%	$1.5M-76.8%	$6.6M+68.3%	$3.9M+124.9%	$1.7M
Cost of Revenue	$9.0M+216.8%	$2.8M+14.7%	$2.5M-47.7%	$4.7M+181.8%	$1.7M-69.3%	$5.5M+101.2%	$2.7M+73.5%	$1.6M
Gross Profit	$638K+70.0%	$375K+144.1%	-$850K-177.2%	$1.1M+381.1%	-$392K-135.0%	$1.1M-6.6%	$1.2M+587.4%	$175K
R&D Expenses	$6.0M+65.9%	$3.6M+4.8%	$3.4M+61.5%	$2.1M+13.1%	$1.9M-29.6%	$2.7M+20.1%	$2.2M+64.2%	$1.4M
SG&A Expenses	$9.2M+47.8%	$6.2M+27.8%	$4.9M+242.1%	$1.4M-65.3%	$4.1M+33.2%	$3.1M+8.7%	$2.8M-0.9%	$2.9M
Operating Income	-$17.5M-38.6%	-$12.6M-1.3%	-$12.5M-180.6%	-$4.4M+47.3%	-$8.4M-39.7%	-$6.0M-15.2%	-$5.2M+6.3%	-$5.6M
Interest Expense	N/A	N/A	N/A	$16K+206.0%	-$15K	N/A	$20K-9.9%	$22K
Income Tax	$695K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$16.0M-20.6%	-$13.3M+42.6%	-$23.1M-321.3%	-$5.5M+55.9%	-$12.4M-83.4%	-$6.8M-16.0%	-$5.8M-0.1%	-$5.8M
EPS (Diluted)	$-0.16-6.7%	$-0.15+44.4%	$-0.27	N/A	$-0.16-77.8%	$-0.09	N/A	N/A

RCAT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Total Assets	$38.0M-29.9%	$54.2M-33.1%	$81.0M-2.9%	$83.4M+3012.5%	$2.7M+1169.6%	$211K
Current Assets	$21.5M-19.1%	$26.5M-48.2%	$51.2M-26.6%	$69.7M+36694.9%	$190K-10.2%	$211K
Cash & Equivalents	$7.7M+724.6%	$938K-85.0%	$6.2M-90.6%	$66.1M+118243.6%	$56K+865.4%	$6K
Inventory	$10.5M+11.6%	$9.4M+104.5%	$4.6M+418.1%	$885K+562.2%	$134K	N/A
Accounts Receivable	$682K-5.4%	$721K-22.5%	$930K+247.2%	$268K	N/A	$938
Goodwill	$9.0M-47.1%	$17.0M-32.3%	$25.1M+115.8%	$11.7M+372.4%	$2.5M	$0
Total Liabilities	-$464K-111.5%	$4.0M-33.6%	$6.1M-1.9%	$6.2M+333.0%	$1.4M+1978.8%	$69K
Current Liabilities	$4.2M+18.2%	$3.6M-21.4%	$4.6M-0.1%	$4.6M+366.6%	$977K+1323.1%	$69K
Long-Term Debt	N/A	$250K-70.1%	$836K	N/A	N/A	N/A
Total Equity	$38.4M-23.4%	$50.1M-33.1%	$74.9M-3.0%	$77.2M+6063.8%	$1.3M+779.6%	$142K
Retained Earnings	-$93.5M-54.9%	-$60.4M-92.9%	-$31.3M-80.3%	-$17.4M-487.3%	-$3.0M-360.5%	-$642K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23
Total Assets	$286.0M+135.7%	$121.4M+103.4%	$59.7M+7.3%	$55.6M+8.8%	$51.1M+5.3%	$48.5M-4.1%	$50.6M-6.5%	$54.2M
Current Assets	$248.8M+171.7%	$91.6M+211.3%	$29.4M+14.0%	$25.8M+23.4%	$20.9M-6.6%	$22.4M-3.7%	$23.3M-12.3%	$26.5M
Cash & Equivalents	$206.4M+213.1%	$65.9M+753.8%	$7.7M-15.6%	$9.2M+98.5%	$4.6M-24.0%	$6.1M+330.6%	$1.4M+50.2%	$938K
Inventory	$22.6M+40.0%	$16.2M+16.7%	$13.9M+7.0%	$13.0M+6.5%	$12.2M+51.9%	$8.0M-13.5%	$9.3M-1.3%	$9.4M
Accounts Receivable	$6.1M+503.2%	$1.0M-34.9%	$1.6M+217.6%	$489K-56.4%	$1.1M-74.3%	$4.4M+45.9%	$3.0M+314.8%	$721K
Goodwill	$17.7M0.0%	$17.7M0.0%	$17.7M0.0%	$17.7M-23.0%	$23.0M+152.7%	$9.1M-46.6%	$17.0M0.0%	$17.0M
Total Liabilities	$32.8M+26.9%	$25.8M-16.1%	$30.7M+460.6%	$5.5M-77.2%	$24.1M+383.9%	$5.0M+4.4%	$4.8M+18.3%	$4.0M
Current Liabilities	$23.9M-1.0%	$24.1M-16.5%	$28.9M+591.8%	$4.2M-71.5%	$14.7M+301.9%	$3.7M-17.1%	$4.4M+23.1%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$91K-63.6%	$250K
Total Equity	$253.3M+165.0%	$95.6M+230.5%	$28.9M-42.3%	$50.1M+48.1%	$33.8M-26.1%	$45.8M-0.1%	$45.8M-8.5%	$50.1M
Retained Earnings	-$177.2M-9.9%	-$161.1M-9.0%	-$147.9M-18.5%	-$124.7M-16.7%	-$106.9M-31.7%	-$81.1M-22.8%	-$66.1M-9.4%	-$60.4M

RCAT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Operating Cash Flow	-$17.7M+39.3%	-$29.2M-82.3%	-$16.0M-1045.1%	-$1.4M-72.4%	-$812K+14.0%	-$944K
Capital Expenditures	$259K-89.4%	$2.5M+573.7%	$364K	N/A	N/A	$974K
Free Cash Flow	-$18.0M+43.2%	-$31.6M-93.2%	-$16.4M	N/A	N/A	-$1.9M
Investing Cash Flow	N/A	$29.6M+163.5%	-$46.6M-96251.9%	-$48K-204.4%	$46K+105.5%	-$850K
Financing Cash Flow	N/A	-$1.2M-101.8%	$66.4M+4364.3%	$1.5M+198.5%	$498K-59.8%	$1.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23
Operating Cash Flow	-$23.9M-84.9%	-$12.9M+18.9%	-$15.9M-97.7%	-$8.0M+0.9%	-$8.1M-85.7%	-$4.4M-1.4%	-$4.3M+37.7%	-$6.9M
Capital Expenditures	$670K+118.4%	$307K+12.2%	$273K+586.8%	$40K-36.5%	$63K-17.6%	$76K-43.6%	$135K+2567.3%	$5K
Free Cash Flow	-$24.5M-85.7%	-$13.2M+18.4%	-$16.2M-100.1%	-$8.1M+1.2%	-$8.2M-83.9%	-$4.5M0.0%	-$4.4M+35.8%	-$6.9M
Investing Cash Flow	N/A	N/A	N/A	$2.6M	N/A	N/A	$5.2M+6.1%	$4.9M
Financing Cash Flow	N/A	N/A	N/A	$8.2M	N/A	N/A	-$140K+4.6%	-$147K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RCAT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Gross Margin	20.6%+38.7pp	-18.1%-32.5pp	14.4%-7.0pp	21.4%+1.9pp	19.4%+254.1pp	-234.7%
Operating Margin	-108.2%+461.8pp	-570.0%	N/A	N/A	-410.7%+1568.3pp	-1979.0%
Net Margin	-134.8%+473.4pp	-608.3%-426.4pp	-181.8%+82.9pp	-264.8%+131.8pp	-396.6%+2117.8pp	-2514.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-63.4%-11.5pp	-51.9%-37.5pp	-14.4%+1.4pp	-15.9%+43.9pp	-59.8%+1192.7pp	-1252.4%
Current Ratio	5.08-2.3	7.41-3.8	11.24-4.1	15.30+15.1	0.19-2.9	3.08
Debt-to-Equity	-0.01-0.0	0.010.0	0.01-0.1	0.08-1.1	1.14+0.7	0.48
FCF Margin	-100.8%+584.1pp	-684.9%-430.1pp	-254.8%	N/A	N/A	-1824.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q2'23	Q1'23
Gross Margin	6.6%-5.0pp	11.7%+63.8pp	-52.2%-71.0pp	18.8%+44.4pp	-25.5%-42.5pp	17.0%-13.6pp	30.5%+20.6pp	10.0%
Operating Margin	-181.7%+211.2pp	-392.9%+372.8pp	-765.7%-689.6pp	-76.0%+474.0pp	-550.0%-458.7pp	-91.4%+42.0pp	-133.4%+186.6pp	-320.0%
Net Margin	-166.0%+246.5pp	-412.6%+1006.3pp	-1418.9%-1325.0pp	-93.8%+716.3pp	-810.2%-707.6pp	-102.5%+46.1pp	-148.7%+185.2pp	-333.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.6%+5.3pp	-10.9%+27.8pp	-38.8%-28.8pp	-9.9%+14.4pp	-24.3%-10.4pp	-14.0%-2.4pp	-11.6%-0.8pp	-10.8%
Current Ratio	10.42+6.6	3.80+2.8	1.02-5.2	6.17+4.7	1.43-4.7	6.13+0.9	5.28-2.1	7.41
Debt-to-Equity	0.13-0.1	0.27-0.8	1.06+1.0	0.11-0.6	0.71+0.6	0.11+0.1	0.000.0	0.01
FCF Margin	-254.2%+156.0pp	-410.2%+582.7pp	-992.9%-921.8pp	-71.1%+462.3pp	-533.4%-466.1pp	-67.3%+45.9pp	-113.2%+283.3pp	-396.5%

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Frequently Asked Questions

What is Red Cat Hldgs Inc's annual revenue?

Red Cat Hldgs Inc (RCAT) reported $17.8M in total revenue for fiscal year 2024. This represents a 286.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Red Cat Hldgs Inc's revenue growing?

Red Cat Hldgs Inc (RCAT) revenue grew by 286% year-over-year, from $4.6M to $17.8M in fiscal year 2024.

Is Red Cat Hldgs Inc profitable?

No, Red Cat Hldgs Inc (RCAT) reported a net income of -$24.1M in fiscal year 2024, with a net profit margin of -134.8%.

What is Red Cat Hldgs Inc's earnings per share (EPS)?

Red Cat Hldgs Inc (RCAT) reported diluted earnings per share of $-0.40 for fiscal year 2024. This represents a 23.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Red Cat Hldgs Inc's EBITDA?

Red Cat Hldgs Inc (RCAT) had EBITDA of -$17.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Red Cat Hldgs Inc's gross margin?

Red Cat Hldgs Inc (RCAT) had a gross margin of 20.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Red Cat Hldgs Inc's operating margin?

Red Cat Hldgs Inc (RCAT) had an operating margin of -108.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Red Cat Hldgs Inc's net profit margin?

Red Cat Hldgs Inc (RCAT) had a net profit margin of -134.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Red Cat Hldgs Inc's free cash flow?

Red Cat Hldgs Inc (RCAT) generated -$18.0M in free cash flow during fiscal year 2024. This represents a 43.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Red Cat Hldgs Inc's operating cash flow?

Red Cat Hldgs Inc (RCAT) generated -$17.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Red Cat Hldgs Inc's total assets?

Red Cat Hldgs Inc (RCAT) had $38.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Red Cat Hldgs Inc's capital expenditures?

Red Cat Hldgs Inc (RCAT) invested $259K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Red Cat Hldgs Inc spend on research and development?

Red Cat Hldgs Inc (RCAT) invested $6.3M in research and development during fiscal year 2024.

How many shares does Red Cat Hldgs Inc have outstanding?

Red Cat Hldgs Inc (RCAT) had 75M shares outstanding as of fiscal year 2024.

What is Red Cat Hldgs Inc's current ratio?

Red Cat Hldgs Inc (RCAT) had a current ratio of 5.08 as of fiscal year 2024, which is generally considered healthy.

What is Red Cat Hldgs Inc's debt-to-equity ratio?

Red Cat Hldgs Inc (RCAT) had a debt-to-equity ratio of -0.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Red Cat Hldgs Inc's return on assets (ROA)?

Red Cat Hldgs Inc (RCAT) had a return on assets of -63.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Red Cat Hldgs Inc's cash runway?

Based on fiscal year 2024 data, Red Cat Hldgs Inc (RCAT) had $7.7M in cash against an annual operating cash burn of $17.7M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Red Cat Hldgs Inc's Piotroski F-Score?

Red Cat Hldgs Inc (RCAT) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Red Cat Hldgs Inc's earnings high quality?

Red Cat Hldgs Inc (RCAT) has an earnings quality ratio of 0.74x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Red Cat Hldgs Inc cover its interest payments?

Red Cat Hldgs Inc (RCAT) has an interest coverage ratio of -281.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Red Cat Hldgs Inc?

Red Cat Hldgs Inc (RCAT) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.