Red Cat Hldgs Inc SEC Filings

Red Cat Holdings, Inc. reported an equity award to its Chief Financial Officer, Christian Morrison. On December 2, 2025, the CFO received 30,150 restricted stock units, each representing the right to receive one share of Red Cat common stock. The units were reported as derivative securities with a price of $0 and are held as direct beneficial ownership.

The restricted stock units will vest in two equal installments: 50% on December 2, 2026, and 50% on December 2, 2027, contingent on the CFO’s continued employment with Red Cat Holdings, Inc. The report notes that it was filed outside the usual filing period due to an administrative delay in obtaining EDGAR filing credentials amid a high volume of submissions.

Red Cat Holdings, Inc. disclosed an initial ownership report for its Chief Financial Officer, who is identified as an officer and sole reporting person. The report states that, at the time of the reportable event on 12/02/2025, the reporting person beneficially owned no securities of Red Cat Holdings. The document explains that the submission was made after the required period due to an administrative delay in receiving EDGAR filing credentials from the SEC during a high volume of submissions, and that the reporting person sought those credentials promptly and submitted the form promptly upon receiving them.

Red Cat Holdings (RCAT) filed its Q3 2025 10‑Q, showing sharply higher quarterly revenue and a much stronger balance sheet after recent equity raises.

Revenue for the quarter reached $9.65 million versus $1.29 million a year ago, driven mainly by product sales, with gross profit of $0.64 million. Operating expenses rose as the company scaled R&D and operations, resulting in an operating loss of $17.53 million and a net loss of $16.02 million for the quarter. For the nine months, revenue was $14.49 million and net loss was $52.42 million.

The balance sheet strengthened materially: cash was $206.43 million, stockholders’ equity was $253.27 million, and total liabilities were $32.75 million as of September 30, 2025. The company completed registered direct offerings in April, June, and September, including a September offering with $172.50 million in gross proceeds, and now states it no longer has substantial doubt about its ability to continue as a going concern.

Convertible notes payable measured at fair value were $13.35 million, with ongoing monthly conversions. As of November 11, 2025, common shares outstanding were 119,371,139. Subsequent to quarter end, the U.S. Army’s SRR UAS Tranche 2 LRIP contract was expanded to approximately $35 million.

Red Cat Holdings, Inc. director Paul Funk II received 868 restricted stock units (RSUs), each representing the contingent right to one share of RCAT common stock. The RSUs vested on 10/02/2025, converting into 868 shares held directly by Mr. Funk at a reported acquisition price of $0 per share. This transaction reflects a routine equity grant payout converting compensation awards into ordinary shares rather than an open-market purchase or sale. The position after vesting is 868 shares of common stock held directly.

Geoffrey Hitchcock, Chief Revenue Officer of Red Cat Holdings, Inc. (RCAT), reported changes in his holdings on a Form 4. On 10/01/2025 he was credited with 262,500 restricted stock units (RSUs) that convert one-for-one into common stock; those RSUs reflect the first half of a 525,000 RSU grant originally awarded on 11/24/2024 and vesting in equal installments on 10/01/2025 and 10/01/2026. The filing shows a sale of 89,838 shares at $10.47 each on the same date. After these transactions, the reporting person’s disclosed beneficial ownership of common stock is 204,987 shares (per the filing's corrected counting method, the report notes amended filings will follow).

Christopher R. Moe, a director of Red Cat Holdings, Inc. (RCAT), reported a sale of common stock. On 09/29/2025 he disposed of 10,000 shares at a weighted-average price of $10.91 per share (transactions ranged from $10.57 to $11.03). After the sale he beneficially owned 53,073 shares, reported as direct ownership. The Form 4 was signed on 09/30/2025 and includes an explanatory footnote offering to provide transaction-level price details on request.

Red Cat Holdings is offering 15,625,000 shares of common stock to institutional investors, with an underwriter option for an additional 2,343,750 shares. The prospectus cites a public offering price of $9.60 per share and estimates net proceeds of approximately $141.3 million to be used for general corporate purposes, including capital investments for a new unmanned surface vessel division. Immediately after the offering the company expects about 115.7 million shares outstanding (118.0 million if the option is fully exercised). The filing discloses a previously identified material weakness in internal control over financial reporting. Pro forma net tangible book value rises from $0.71 to $1.85 per share, creating an immediate dilution to new investors of $7.75 per share.

Red Cat Holdings, Inc. (RCAT) filed a preliminary prospectus supplement on a shelf registration to sell additional shares of common stock on Nasdaq. The offering size, public offering price, and exact dates are left blank in this preliminary document, but the company disclosed a last sale price of $10.83 per share on September 16, 2025 and 100,041,485 shares outstanding as of September 15, 2025. Net proceeds are estimated to be approximately a stated amount in millions (amount redacted here) and are intended for general corporate and working capital purposes, including investments related to a new unmanned surface vessel division. The company disclosed historical acquisitions (Rotor Riot, Fat Shark, Skypersonic, Teal, FlightWave) and noted identified material weaknesses in internal control over financial reporting and related remediation efforts. The prospectus emphasizes significant investment risks, potential dilution, and Nasdaq listing risks.