Every 10-Q that Red Cat Hldgs Inc (RCAT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow RCAT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RCAT filings page.
Red Cat Holdings reported sharp top-line growth but continued heavy losses for the quarter ended March 31, 2026. Revenue rose to $15.5 million from $1.6 million, driven mainly by scaling drone deliveries to the U.S. Army’s SRR program. Gross margin improved to 13% from a negative 52% as prior-year inventory write-offs subsided.
Operating expenses more than doubled to $29.3 million, led by higher R&D, sales and marketing, and stock-based compensation, resulting in an operating loss of $27.3 million and a net loss of $26.6 million. Cash was $131.9 million with working capital of $190.6 million, reflecting large 2025 equity raises but also a significant inventory build to $50.5 million. The company closed a $19.8 million Apium acquisition and signed a share purchase agreement to acquire Quaze Technologies, subject to Canadian regulatory approval. Management again reported material weaknesses in internal controls and disclosed ongoing contract and shareholder litigation, while stating it has sufficient liquidity for at least the next 12 months.
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.