What is Red Cat Holdings, Inc.'s earnings per share (EPS)?

Red Cat Holdings, Inc. (RCAT) reported diluted earnings per share of -$0.73 for fiscal year 2025. This represents a -82.5% 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.

Red Cat Holdings, Inc. (RCAT) Financials

RCAT

Trailing 12 months to June 30, 2026

Revenue $71.5M YoY not available

Net Income -$97.5M YoY not available

EPS (Diluted) -$0.80 YoY not available

Free Cash Flow -$157.7M YoY not available

Market Cap $977.4M as of Oct 3, 2026

Price / Sales 13.7x on $71.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 2.1x on $471.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RCAT SEC filings page.

Red Cat Holdings, Inc. (RCAT) reported $71.5M in revenue over the twelve months to Jun 30, 2026. 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).

Rhea AI RCAT FY2025 2026-10-04

Sales are scaling, but shrinking gross margin and widening cash needs show a business still investing ahead of its revenue base.

Revenue more than doubled from FY2024 to FY2025, yet gross margin fell from 20.6% to 3.1%; growth therefore arrived with a much heavier cost burden or a less profitable sales mix. Operating cash flow of -$89.1M exceeded the net loss of $72.1M in magnitude, indicating that FY2025 losses required more cash than the accounting loss alone captured.

Operating expenses outran the sales base in FY2025: selling, general and administrative costs plus research and development totaled $54.8M against $40.7M of revenue. That structure produced an operating margin of -163.5%, so the central constraint is expense absorption rather than simply gross production cost.

The balance sheet is funded primarily by equity, with total liabilities of $27.8M against equity of $245.8M, while the current ratio reached 15.3x. Reported liquidity amounted to 22.6 months of the latest annual operating outflow, making short-term obligations modest relative to the reported resource base.

Financial Health Signals

Financial Health Score 51/100

Scored as: Emerging companies peer group

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 Holdings, 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.

Cash Runway

Red Cat Holdings, Inc. held $167.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $89.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Red Cat Holdings, Inc. scores 48/100 among other emerging companies.

Dilution

Red Cat Holdings, Inc. had 121M shares outstanding at the end of fiscal year 2025, against 75M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Red Cat Holdings, Inc. scores 20/100 among other emerging companies.

R&D Intensity

Red Cat Holdings, Inc. spent $17.9M on research and development in fiscal year 2025, which was 16.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Red Cat Holdings, Inc. scores 47/100 among other emerging companies.

Revenue Progress

Red Cat Holdings, Inc. reported revenue of $40.7M in fiscal year 2025, against $17.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Red Cat Holdings, Inc. scores 91/100 among other emerging companies.

Burn Trend

Red Cat Holdings, Inc.'s operations used $89.1M of cash in fiscal year 2025, against $17.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Red Cat Holdings, Inc. scores 11/100 among other emerging companies.

Balance Sheet

Red Cat Holdings, Inc.'s cash, cash equivalents and investments came to $167.9M at the end of fiscal year 2025, against $27.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Red Cat Holdings, Inc. scores 91/100 among other emerging companies.

Altman Z-Score Safe

20.33

Red Cat Holdings, Inc. scores 20.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($977.4M) 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.

Piotroski F-Score Partial

2/8

Red Cat Holdings, 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.

Earnings Quality No Cash Backing

N/A

Red Cat Holdings, 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

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Earnings & Revenue

Revenue

$20.2M

YoY+527.3%

QoQ+30.5%

5Y CAGR+56.6%

Red Cat Holdings, Inc. generated $20.2M in revenue in Q2 2026. This represents an increase of 527.3% from the same quarter a year earlier. Against the prior quarter it is up 30.5%.

EBITDA

-$37.2M

YoY-206.6%

QoQ-40.3%

Red Cat Holdings, Inc.'s EBITDA was -$37.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 206.6% from the same quarter a year earlier. Against the prior quarter it is down 40.3%.

Net Income

-$35.3M

YoY-165.5%

QoQ-32.8%

Red Cat Holdings, Inc. reported -$35.3M in net income in Q2 2026. This represents a decrease of 165.5% from the same quarter a year earlier. Against the prior quarter it is down 32.8%.

EPS (Diluted)

-$0.26

QoQ-18.2%

Red Cat Holdings, Inc. earned -$0.26 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 18.2%.

Cash & Balance Sheet

Free Cash Flow

-$52.6M

YoY-298.2%

QoQ-35.8%

Red Cat Holdings, Inc. recorded an outflow of $52.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 298.2% from the same quarter a year earlier. Against the prior quarter it is down 35.8%.

Cash & Debt

$325.6M

YoY+393.8%

QoQ+146.8%

5Y CAGR+269.7%

10Y CAGR+175.3%

Red Cat Holdings, Inc. held $325.6M in cash against $892K in long-term debt as of Q2 2026.

Shares Outstanding

153M

QoQ+24.4%

Red Cat Holdings, Inc. had 153M shares outstanding in Q2 2026. Against the prior quarter it is up 24.4%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

16.2%

YoY+4.5pp

QoQ+3.5pp

5Y change-10.4pp

Red Cat Holdings, Inc.'s gross margin was 16.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.5 percentage points.

Return on Equity

-7.5%

YoY+6.4pp

QoQ+3.6pp

Red Cat Holdings, Inc.'s ROE was -7.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.6 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$14.2M

YoY+295.2%

QoQ+78.4%

5Y CAGR+143.0%

Red Cat Holdings, Inc. invested $14.2M in research and development in Q2 2026. This represents an increase of 295.2% from the same quarter a year earlier. Against the prior quarter it is up 78.4%.

Capital Expenditures

$5.8M

YoY+1780.8%

QoQ-14.9%

Red Cat Holdings, Inc. invested $5.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 1780.8% from the same quarter a year earlier. Against the prior quarter it is down 14.9%.

Share Buybacks

Not reported for Q2 2026.

RCAT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RCAT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
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
EBITDA	N/A	-$64.3M-259.9%	-$17.9M+29.5%	-$25.4M	N/A	N/A	N/A	N/A	-$1.1M+25.0%	-$1.4M-515.6%	-$234K+37.5%	-$374K-1233.5%	-$28K+78.4%	-$130K	N/A	N/A
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 (Basic)	N/A	-$0.73-82.5%	-$0.40+23.1%	-$0.52	N/A	N/A	N/A	-$0.02-133.3%	$0.06+150.0%	-$0.12+25.0%	-$0.16+97.3%	-$6.03-4407.1%	$0.14+2233.3%	$0.01+1100.0%	$0.00-20.0%	$0.00
EPS (Diluted)	-$0.80	-$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+92.6%	-$2.03	$0.14	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	99M+64.6%	60M+11.6%	54M	N/A	N/A	N/A	197M+182.3%	70M+66.1%	42M+91.7%	22M+1693.8%	1M	1M	N/A	144M+3.2%	140M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q
Revenue	$20.2M+527.3%	$15.5M+849.3%	$26.2M+1609.4%	$9.6M	$3.2M-49.9%	$1.6M-75.4%	$1.5M-61.0%	$6.4M+495.0%
Cost of Revenue	$16.9M+495.3%	$13.5M+444.6%	$25.1M+1391.4%	$9.0M	$2.8M-53.8%	$2.5M-54.9%	$1.7M-38.3%	$6.2M+204.2%
Gross Profit	$3.3M+769.3%	$2.0M+331.2%	$1.1M+383.6%	$638K	$375K+40.0%	-$850K-175.8%	-$392K-132.6%	$268K+128.4%
R&D Expenses	$14.2M+295.2%	$8.0M+132.2%	$4.9M+160.2%	$6.0M	$3.6M+1144.9%	$3.4M+28.6%	$1.9M-15.4%	$289K-90.1%
SG&A Expenses	$21.2M+240.7%	$16.7M+242.6%	$16.5M+302.6%	$9.2M	$6.2M+127.7%	$4.9M+58.2%	$4.1M+44.8%	$2.7M-67.6%
Operating Income	-$38.6M-205.6%	-$27.3M-118.8%	-$23.9M-183.6%	-$17.5M	-$12.6M-135.2%	-$12.5M-106.5%	-$8.4M-61.0%	-$5.4M
EBITDA	-$37.2M-206.6%	-$26.5M-122.8%	N/A	N/A	-$12.1M-147.3%	-$11.9M-111.2%	-$8.1M-64.5%	-$4.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	-$15K-174.3%	-$25K-197.6%
Income Tax	$23K	$5K	-$252K	$695K	$0	$0	$0	N/A
Net Income	-$35.3M-165.5%	-$26.6M-14.8%	-$19.7M-58.1%	-$16.0M	-$13.3M-62.7%	-$23.1M-241.0%	-$12.4M-112.8%	-$8.2M+34.1%
EPS (Basic)	-$0.26-73.3%	-$0.22+18.5%	-$0.160.0%	-$0.16	-$0.15-36.4%	-$0.27-200.0%	-$0.16	-$0.11
EPS (Diluted)	-$0.26	-$0.22+18.5%	-$0.16	-$0.16	-$0.15-36.4%	-$0.27-200.0%	-$0.16	-$0.11
Diluted Shares (Avg)	137M	121M+41.3%	N/A	100M	91M+23.0%	86M+15.2%	76M	74M

RCAT Balance Sheet

RCAT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
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
Short-Term Investments	$0	$0-100.0%	$12.8M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$13.0M+883.3%	$1.3M-31.3%	$1.9M+11.7%	$1.7M-1.7%	$1.8M+289.6%	$450K	N/A	$199K-95.5%	$4.4M+7356.7%	$59K	$0	$0	$0	$0	$0
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q
Total Assets	$527.5M+334.6%	$281.9M+372.5%	$273.7M+435.7%	$286.0M	$121.4M+219.8%	$59.7M+22.9%	$51.1M+1.0%	$38.0M-37.5%
Current Assets	$425.1M+364.2%	$209.7M+612.8%	$226.9M+985.1%	$248.8M	$91.6M+326.5%	$29.4M+31.3%	$20.9M-10.1%	$21.5M-33.3%
Cash & Equivalents	$325.6M+393.8%	$131.9M+1608.3%	$167.9M+3540.5%	$206.4M	$65.9M+752.6%	$7.7M+27.3%	$4.6M+227.3%	$7.7M+143.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0-100.0%
Inventory	$73.4M+353.9%	$50.5M+264.7%	$23.5M+92.8%	$22.6M	$16.2M+54.5%	$13.9M+73.0%	$12.2M+31.4%	$10.5M+17.3%
Accounts Receivable	$9.5M+842.5%	$10.6M+580.1%	$26.2M+2232.4%	$6.1M	$1.0M+48.5%	$1.6M-64.4%	$1.1M-62.5%	$682K-5.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$45.3M+156.1%	$31.5M+78.4%	$17.7M-23.0%	$17.7M	$17.7M+96.4%	$17.7M+94.4%	$23.0M+35.0%	$9.0M-47.1%
Total Liabilities	$56.3M+118.2%	$43.1M+40.3%	$27.8M+15.7%	$32.8M	$25.8M+5664.9%	$30.7M+518.2%	$24.1M+405.3%	-$464K-107.8%
Current Liabilities	$28.6M+18.6%	$19.1M-34.0%	$14.8M+1.2%	$23.9M	$24.1M+470.4%	$28.9M+691.7%	$14.7M+233.1%	$4.2M+4.5%
Non-Current Liabilities	$27.7M+1555.4%	$24.1M+1209.1%	$13.0M+38.4%	$8.9M	$1.7M+31.8%	$1.8M+39.1%	$9.4M+2776.4%	$1.3M-34.1%
Long-Term Debt	$892K	$350K	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$471.2M+393.0%	$238.7M+725.8%	$245.8M+626.2%	$253.3M	$95.6M+148.7%	$28.9M-36.9%	$33.8M-26.2%	$38.4M-29.9%
Retained Earnings	-$258.6M-60.5%	-$223.4M-51.1%	-$196.8M-84.1%	-$177.2M	-$161.1M-72.3%	-$147.9M-82.3%	-$106.9M-61.7%	-$93.5M-63.9%

RCAT Cash Flow Statement

RCAT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
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
Depreciation & Amortization	N/A	$2.3M+59.2%	$1.4M+47.3%	$966K+264.8%	$265K	N/A	N/A	$155K+1127.2%	$13K+2.5%	$12K+140.9%	$5K-75.2%	$21K	$0	$0	N/A	N/A
Stock-Based Compensation	N/A	$10.6M+192.7%	$3.6M-1.3%	$3.7M+11.1%	$3.3M-2.9%	$3.4M+1155.4%	$270K	$129K0.0%	$129K+32.3%	$97K	$0-100.0%	$120K	$0	N/A	N/A	N/A
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q
Operating Cash Flow	-$46.8M-262.9%	-$31.9M-100.8%	-$36.5M-349.0%	-$23.9M	-$12.9M-449.2%	-$15.9M-263.6%	-$8.1M-88.3%	-$2.3M+81.1%
Depreciation & Amortization	$1.5M+182.0%	$812K+38.1%	N/A	N/A	$522K+10.1%	$588K+42.2%	$372K+9.9%	$474K+32.0%
Stock-Based Compensation	N/A	$4.8M+201.3%	N/A	N/A	N/A	$1.6M+98.5%	N/A	N/A
Capital Expenditures	$5.8M+1780.8%	$6.8M+2384.6%	$5.4M+8519.5%	$669K	$307K+207.1%	$273K+259.3%	$63K-53.5%	$100K-86.0%
Free Cash Flow	-$52.6M-298.2%	-$38.7M-139.4%	-$41.9M-411.6%	-$24.5M	-$13.2M-439.3%	-$16.2M-263.5%	-$8.2M-84.0%	-$2.4M+81.3%
Investing Cash Flow	-$6.2M-1919.9%	-$6.8M-2384.6%	N/A	N/A	-$307K	-$273K	N/A	N/A
Financing Cash Flow	$246.6M+245.4%	$2.8M-81.1%	N/A	N/A	$71.4M	$14.7M	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

RCAT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RCAT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
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
Asset Turnover	0.15-0.2x	0.37+0.3x	0.080.0x	0.08-0.4x	0.43+0.3x	0.14	0.50+0.5x	0.00-0.3x	0.35-0.1x	0.46+0.4x	0.030.0x	0.030.0x	0.00-0.2x	0.21+0.1x	0.09
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q
Gross Margin	16.2%+4.5pp	12.7%+64.9pp	4.2%+29.8pp	6.6%	11.7%+7.5pp	-52.2%-69.1pp	-25.5%-56.1pp	4.2%+91.6pp
Operating Margin	-191.4%	-176.5%	-91.3%	-181.7%	-392.9%	-765.7%	-550.0%	-83.7%
Net Margin	-174.6%	-171.6%	-74.9%	-166.0%	-412.6%	-1418.9%	-810.2%	-127.1%
Return on Equity	-7.5%+6.4pp	-11.1%+68.9pp	-8.0%+28.7pp	-6.3%	-13.9%+7.3pp	-80.0%-65.2pp	-36.7%-24.0pp	-21.2%+1.4pp
Return on Assets	-6.7%+4.3pp	-9.4%+29.3pp	-7.2%+17.2pp	-5.6%	-10.9%+10.6pp	-38.8%-24.8pp	-24.3%-12.8pp	-21.5%-1.1pp
Current Ratio	14.86+11.1x	10.99+10.0x	15.29+13.9x	10.42	3.80-1.3x	1.02-5.1x	1.43-3.9x	5.08-2.9x
Debt-to-Equity	0.00-0.3x	0.00-1.1x	0.11-0.6x	0.13	0.27	1.06+1.0x	0.71+0.7x	N/A
Asset Turnover	0.040.0x	0.050.0x	0.10+0.1x	0.03	0.03-0.1x	0.03-0.1x	0.030.0x	0.17+0.2x
FCF Margin	-260.4%	-250.3%	-159.6%	-254.2%	-410.3%	-992.8%	-533.4%	-38.1%

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: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Red Cat Holdings, Inc. RCAT	FY2025	$40.7M	-$72.1M	N/A	$977.4M	51/100
Redwire Corporation RDW	FY2025	$335.4M	-$226.6M	-67.5%	$2.7B	43/100
EHang Holdings Limited EH	FY2025	$59.8M	-$39.5M	-66.0%	$314.0M	50/100
Intuitive Machines, Inc. LUNR	FY2025	$210.1M	-$83.3M	-39.6%	$2.4B	37/100
Eve Holding, Inc. EVEX	FY2025	N/A	-$224.3M	N/A	$606.4M	—
Mobilicom Limited Warrants MOBBW	FY2025	$3.4M	-$23.7M	N/A	$1.8B	40/100

Where Red Cat Holdings, Inc. Ranks

Frequently Asked Questions

What is Red Cat Holdings, Inc.'s annual revenue?

Red Cat Holdings, 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 Holdings, Inc.'s revenue growing?

Red Cat Holdings, Inc. (RCAT) revenue grew by 128.3% year-over-year, from $17.8M to $40.7M in fiscal year 2025.

Is Red Cat Holdings, Inc. profitable?

No, Red Cat Holdings, Inc. (RCAT) reported a net income of -$72.1M in fiscal year 2025.

What is Red Cat Holdings, Inc.'s EBITDA?

Red Cat Holdings, Inc. (RCAT) had EBITDA of -$64.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Red Cat Holdings, Inc.'s gross margin?

Red Cat Holdings, 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 Holdings, Inc.'s return on equity (ROE)?

Red Cat Holdings, 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 Holdings, Inc.'s free cash flow?

Red Cat Holdings, 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 Holdings, Inc.'s operating cash flow?

Red Cat Holdings, 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 Holdings, Inc.'s total assets?

Red Cat Holdings, Inc. (RCAT) had $273.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Red Cat Holdings, Inc.'s capital expenditures?

Red Cat Holdings, Inc. (RCAT) invested $6.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Red Cat Holdings, Inc. spend on research and development?

Red Cat Holdings, Inc. (RCAT) invested $17.9M in research and development during fiscal year 2025.

How many shares does Red Cat Holdings, Inc. have outstanding?

Red Cat Holdings, Inc. (RCAT) had 121M shares outstanding as of fiscal year 2025.

What is Red Cat Holdings, Inc.'s current ratio?

Red Cat Holdings, Inc. (RCAT) had a current ratio of 15.29 as of fiscal year 2025, which is generally considered healthy.

What is Red Cat Holdings, Inc.'s debt-to-equity ratio?

Red Cat Holdings, 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 Holdings, Inc.'s return on assets (ROA)?

Red Cat Holdings, 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 Holdings, Inc.'s P/E ratio?

Red Cat Holdings, Inc. (RCAT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $977.4M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Red Cat Holdings, Inc.'s price-to-sales ratio?

Red Cat Holdings, Inc. (RCAT) trades at 13.7x sales, its market capitalization divided by revenue of $71.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $977.4M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Red Cat Holdings, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Red Cat Holdings, Inc. (RCAT) held $167.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $89.1M over that year. Dividing the one by the other, the reported balance equals about 23 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Red Cat Holdings, Inc.'s Altman Z-Score?

Red Cat Holdings, Inc. (RCAT) has an Altman Z-Score of 20.33, 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 Holdings, Inc.'s Piotroski F-Score?

Red Cat Holdings, 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 Holdings, Inc.'s earnings high quality?

Red Cat Holdings, 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 Holdings, Inc.?

Red Cat Holdings, Inc. (RCAT) scores 51 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.