Red Cat Hldgs Inc Financials
Red Cat Hldgs Inc (RCAT) reported $40.7M in revenue for fiscal year 2025, up 128.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue expansion increased scale, but thin gross profit and much heavier operating spending intensified cash consumption.
Revenue more than doubled from FY2024 to FY2025, yet gross margin fell from20.6% to3.1% . The resulting$1.3M of gross profit was only a fraction of$54.8M in SG&A plus research and development, so growth did not translate into operating self-funding.
Liquidity is currently equity-funded rather than internally generated: cash reached
The business became more asset-heavy as total assets rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Red Cat Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Red Cat Hldgs Inc scores 31.81, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.5B) relative to total liabilities ($27.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Red Cat Hldgs Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Red Cat Hldgs Inc reported a net loss of $72.1M while operations used $89.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Red Cat Hldgs Inc generated $40.7M in revenue in fiscal year 2025. This represents an increase of 128.3% from the prior year.
Red Cat Hldgs Inc's EBITDA was -$64.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 259.9% from the prior year.
Red Cat Hldgs Inc reported -$72.1M in net income in fiscal year 2025. This represents a decrease of 166.1% from the prior year.
Red Cat Hldgs Inc earned -$0.73 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 82.5% from the prior year.
Cash & Balance Sheet
Red Cat Hldgs Inc recorded an outflow of $95.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 432.7% from the prior year.
Red Cat Hldgs Inc held $167.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Red Cat Hldgs Inc's gross margin was 3.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 17.5 percentage points from the prior year.
Red Cat Hldgs Inc's ROE was -29.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 29.8 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Red Cat Hldgs Inc invested $17.9M in research and development in fiscal year 2025. This represents an increase of 185.5% from the prior year.
Red Cat Hldgs Inc invested $6.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2466.4% from the prior year.
Not reported for fiscal year 2025.
RCAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.5M | $40.7M+128.3% | $17.8M+286.0% | $4.6M-28.1% | $6.4M+28.6% | $5.0M+1137.7% | $404K | $105K+11167.8% | $933-99.5% | $204K+242.8% | $59K+41.1% | $42K+397.2% | $8K+1237.6% | $633-91.7% | $8K0.0% | $8K |
| Cost of Revenue | $64.6M | $39.5M+178.7% | $14.2M+159.5% | $5.5M-0.9% | $5.5M+40.0% | $3.9M+1107.8% | $325K | N/A | $280 | N/A | $50K+147.8% | $20K | $0 | N/A | N/A | N/A |
| Gross Profit | $7.0M | $1.3M-65.4% | $3.7M+541.2% | -$834K-190.1% | $926K-13.5% | $1.1M+1261.6% | $79K | -$247K-37881.6% | $653-99.7% | $204K+2013.5% | $10K-56.2% | $22K+160.0% | $8K | N/A | $8K | N/A |
| R&D Expenses | $33.0M | $17.9M+185.5% | $6.3M+6.9% | $5.9M+124.9% | $2.6M+405.0% | $516K+5.5% | $489K | $367K-63.1% | $994K+15.5% | $861K | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $63.7M | $36.9M+228.8% | $11.2M-12.0% | $12.7M+129.6% | $5.5M+333.7% | $1.3M+34.7% | $950K | $385K | N/A | N/A | N/A | N/A | N/A | $230K+328.4% | $54K+108.2% | $26K |
| Operating Income | -$107.4M | -$66.6M-245.1% | -$19.3M+26.7% | -$26.3M | N/A | N/A | -$1.7M | N/A | -$1.1M+24.8% | -$1.5M-507.6% | -$239K+39.5% | -$395K-1306.9% | -$28K+78.4% | -$130K-53.7% | -$85K-20.4% | -$70K |
| Interest Expense | N/A | N/A | $69K-43.8% | $122K-17.4% | $148K-87.9% | $1.2M+4093.0% | $29K | $500K+33.0% | $376K+3716.5% | -$10K-109.9% | $105K+2306.7% | $4K | $0-100.0% | $9K+124.6% | -$39K-205.5% | $37K |
| Income Tax | $471K | $443K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $9K+471.4% | $2K | N/A | N/A |
| Net Income | -$97.5M | -$72.1M-166.1% | -$27.1M+3.6% | -$28.1M-140.5% | -$11.7M+11.7% | -$13.2M-726.3% | -$1.6M | N/A | $1.1M | N/A | N/A | -$7.4M-4746.8% | $158K-81.4% | $852K+1105.4% | -$85K-20.4% | -$70K |
| EPS (Diluted) | — | -$0.73-82.5% | -$0.40+23.1% | -$0.52 | N/A | N/A | N/A | -$0.02-150.0% | $0.04+133.3% | -$0.12+20.0% | -$0.15 | -$2.03 | $0.14 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
No annual filing on record for: FY2019.
RCAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $273.7M+463.8% | $48.5M-20.1% | $60.7M-28.6% | $85.1M+627.6% | $11.7M+316.4% | $2.8M | $211K-71.9% | $750K+28.6% | $583K+352.1% | $129K-91.8% | $1.6M+412.5% | $307K+39.8% | $220K+494.8% | $37K-57.3% | $86K |
| Current Assets | $226.9M+913.2% | $22.4M-30.4% | $32.2M-42.2% | $55.7M+3293.5% | $1.6M+415.2% | $318K | $211K-69.4% | $691K+38.2% | $500K+6773.6% | $7K+370.0% | $2K-98.9% | $142K+50.1% | $95K+691.5% | $12K-71.2% | $41K |
| Cash & Equivalents | $167.9M+2666.8% | $6.1M+91.2% | $3.2M-22.3% | $4.1M+1372.8% | $277K+17.2% | $237K | $6K-99.0% | $559K+148.1% | $225K+7021.0% | $3K+242.9% | $923-86.9% | $7K-92.6% | $95K+691.5% | $12K-71.2% | $41K |
| Inventory | $23.5M+192.9% | $8.0M-10.2% | $8.9M+129.0% | $3.9M+976.0% | $362K+360.4% | $79K | N/A | N/A | N/A | N/A | N/A | N/A | $38K | $0 | N/A |
| Accounts Receivable | $26.2M+499.7% | $4.4M+505.8% | $720K+45.3% | $496K+54.0% | $322K | N/A | $938+2368.4% | $38 | N/A | $6240.0% | $624 | $0 | N/A | $0 | N/A |
| Goodwill | $17.7M+94.4% | $9.1M-46.6% | $17.0M-32.3% | $25.1M+213.6% | $8.0M+225.1% | $2.5M | $0 | N/A | N/A | $0-100.0% | $256K | $0 | N/A | N/A | N/A |
| Total Liabilities | $27.8M+459.9% | $5.0M-16.8% | $6.0M-0.2% | $6.0M-6.9% | $6.4M+402.4% | $1.3M | $69K-90.9% | $755K-83.0% | $4.4M+1091.0% | $372K+20.4% | $309K+1014.0% | $28K-71.9% | $99K-90.9% | $1.1M+2.4% | $1.1M |
| Current Liabilities | $14.8M+306.6% | $3.7M-9.8% | $4.1M-25.5% | $5.4M+16.4% | $4.7M+463.6% | $829K | $69K | N/A | $34K-89.0% | $313K+1.4% | $309K+1014.0% | $28K-71.9% | $99K-90.9% | $1.1M+2.4% | $1.1M |
| Long-Term Debt | N/A | N/A | $402K-58.8% | $974K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 | N/A |
| Total Equity | $245.8M+436.9% | $45.8M-16.4% | $54.8M-30.8% | $79.1M+1401.9% | $5.3M+244.4% | $1.5M | $142K+3318.6% | -$4K+99.9% | -$3.9M-1494.9% | -$243K-119.2% | $1.3M+352.9% | $279K+131.0% | $121K+111.6% | -$1.0M-7.7% | -$971K |
| Retained Earnings | -$196.8M-142.6% | -$81.1M-42.1% | -$57.1M-107.6% | -$27.5M-73.9% | -$15.8M-514.3% | -$2.6M | -$642K+76.6% | -$2.7M+29.2% | -$3.9M+84.5% | -$24.9M-16.6% | -$21.4M-52.5% | -$14.0M+1.1% | -$14.2M | N/A | N/A |
No annual filing on record for: FY2019.
RCAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$139.1M | -$89.1M-403.0% | -$17.7M+39.3% | -$29.2M-82.3% | -$16.0M-1045.1% | -$1.4M-72.4% | -$812K | -$944K+34.4% | -$1.4M+9.7% | -$1.6M-1314.5% | -$113K+48.1% | -$217K-306.3% | $105K+133.4% | -$314K-428.2% | -$60K-45.7% | -$41K |
| Capital Expenditures | $18.6M | $6.6M+2466.4% | $259K-89.4% | $2.5M+573.7% | $364K | N/A | N/A | $974K | N/A | $9K | $0 | $0 | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$157.7M | -$95.8M-432.7% | -$18.0M+43.2% | -$31.6M-93.2% | -$16.4M | N/A | N/A | N/A | N/A | -$1.6M-1322.3% | -$113K+48.1% | -$217K | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | $29.6M+163.5% | -$46.6M-96251.9% | -$48K-204.4% | $46K | -$850K-1083.8% | $86K+1138.7% | -$8K | $0 | $0 | $0-100.0% | $952K | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | -$1.2M-101.8% | $66.4M+4364.3% | $1.5M+198.5% | $498K | N/A | $1.7M-7.5% | $1.8M+1441.0% | $118K-43.8% | $211K+209.3% | -$193K+65.3% | -$555K-1950.6% | $30K-41.2% | $51K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
No annual filing on record for: FY2019.
RCAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.1%-17.5pp | 20.6%+38.7pp | -18.1%-32.5pp | 14.4%-7.0pp | 21.4%+1.9pp | 19.4% | -234.7% | 70.0%-30.0pp | 100.0%+83.8pp | 16.2%-36.1pp | 52.3%-47.7pp | 100.0% | N/A | 100.0% | N/A |
| Operating Margin | -163.5% | -108.2% | -570.0% | N/A | N/A | -410.7% | N/A | -117064.7% | -713.2% | -402.4% | -938.4% | -331.6% | -20569.2% | -1115.0% | -926.0% |
| Net Margin | -177.0% | -151.9% | -608.3% | -181.8% | -264.8% | -396.6% | N/A | 120989.0% | N/A | N/A | -17485.2% | 1870.7% | 134585.8% | -1115.0% | -926.0% |
| Return on Equity | -29.3%+29.8pp | -59.2%-7.8pp | -51.3%-36.5pp | -14.8%+236.6pp | -251.3%-146.6pp | -104.8% | N/A | N/A | N/A | N/A | -581.8%-638.5pp | 56.7%-647.7pp | 704.4% | N/A | N/A |
| Return on Assets | -26.3%+29.5pp | -55.8%-9.5pp | -46.3%-32.5pp | -13.7%+99.4pp | -113.2%-56.1pp | -57.0% | N/A | 150.5% | N/A | N/A | -467.7%-519.3pp | 51.6%-336.3pp | 387.9%+617.4pp | -229.5%-148.1pp | -81.4% |
| Current Ratio | 15.29+9.2x | 6.13-1.8x | 7.94-2.3x | 10.23+9.9x | 0.350.0x | 0.38 | 3.08 | N/A | 14.51+14.5x | 0.020.0x | 0.01-5.1x | 5.13+4.2x | 0.96+0.9x | 0.010.0x | 0.04 |
| Debt-to-Equity | 0.110.0x | 0.11+0.1x | 0.010.0x | 0.01-1.2x | 1.22+0.4x | 0.84 | 0.48 | N/A | N/A | N/A | 0.24+0.2x | 0.000.0x | 0.00 | N/A | N/A |
| FCF Margin | -235.2% | -100.8% | -684.9% | -254.8% | N/A | N/A | N/A | N/A | -786.0% | -189.5% | -514.7% | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
No annual filing on record for: FY2019.
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Where Red Cat Hldgs Inc Ranks
Frequently Asked Questions
What is Red Cat Hldgs Inc's annual revenue?
Red Cat Hldgs Inc (RCAT) reported $40.7M in total revenue for fiscal year 2025. This represents a 128.3% 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 128.3% year-over-year, from $17.8M to $40.7M in fiscal year 2025.
Is Red Cat Hldgs Inc profitable?
No, Red Cat Hldgs Inc (RCAT) reported a net income of -$72.1M in fiscal year 2025.
What is Red Cat Hldgs Inc's EBITDA?
Red Cat Hldgs Inc (RCAT) had EBITDA of -$64.3M in fiscal year 2025, 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 3.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Red Cat Hldgs Inc's return on equity (ROE)?
Red Cat Hldgs Inc (RCAT) has a return on equity of -29.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Red Cat Hldgs Inc's free cash flow?
Red Cat Hldgs Inc (RCAT) recorded an outflow of $95.8M in free cash flow during fiscal year 2025. This represents a -432.7% 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) recorded an outflow of $89.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Red Cat Hldgs Inc's total assets?
Red Cat Hldgs Inc (RCAT) had $273.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Red Cat Hldgs Inc's capital expenditures?
Red Cat Hldgs Inc (RCAT) invested $6.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Red Cat Hldgs Inc spend on research and development?
Red Cat Hldgs Inc (RCAT) invested $17.9M in research and development during fiscal year 2025.
What is Red Cat Hldgs Inc's current ratio?
Red Cat Hldgs Inc (RCAT) had a current ratio of 15.29 as of fiscal year 2025, 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 0.11 as of fiscal year 2025, 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 -26.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Red Cat Hldgs Inc's cash runway?
Based on fiscal year 2025 data, Red Cat Hldgs Inc (RCAT) had $167.9M in cash against an annual operating cash burn of $89.1M. This gives an estimated cash runway of approximately 23 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 Altman Z-Score?
Red Cat Hldgs Inc (RCAT) has an Altman Z-Score of 31.81, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Red Cat Hldgs Inc's Piotroski F-Score?
Red Cat Hldgs Inc (RCAT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $72.1M while operations used $89.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
How financially healthy is Red Cat Hldgs Inc?
Red Cat Hldgs Inc (RCAT) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.