Red Cat (NASDAQ: RCAT) revenue jumps 161% in 2025 as net loss widens
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Red Cat Holdings reported a breakout 2025 with rapid growth but heavy losses. Full-year revenue reached $40.7 million, up 161% from $15.6 million. Fourth-quarter revenue was $26.2 million, a 1,985% increase from $1.3 million and up 172% sequentially, reflecting accelerating demand for its defense drone and robotic systems.
The company remained unprofitable, posting a 2025 net loss of $72.1 million, deeper than the $53.5 million loss in 2024, and an adjusted EBITDA loss of $51.3 million. Operating cash outflow was $89.1 million, but Red Cat ended 2025 with a much stronger liquidity position, as cash rose to $167.9 million from $9.2 million, largely driven by $234.3 million of net equity issuance and new convertible notes.
Red Cat significantly expanded its manufacturing footprint to 254,000 square feet across BlueOps, FlightWave, and Teal, and highlighted major business milestones including new Black Widow™ drone orders from a second Asia-Pacific ally and the launch of its FANG™ FPV platform and new uncrewed surface vessels. Management emphasized a strategy focused on scaling production, advancing autonomy, and broadening global defense customer relationships.
Positive
- Exceptional revenue growth: 2025 revenue rose 161% to $40.7 million, with Q4 revenue jumping 1,985% year over year to $26.2 million, indicating rapidly accelerating demand for Red Cat’s defense drone and robotic solutions.
- Strengthened balance sheet and capacity: Cash increased to $167.9 million from $9.2 million, supported by $234.3 million of equity issuance, while production capacity expanded to 254,000 square feet to support future scaling.
Negative
- Significant ongoing losses: Net loss widened to $72.1 million in 2025 from $53.5 million, with adjusted EBITDA at a negative $51.3 million, showing profitability remains far from breakeven despite strong revenue growth.
- Heavy cash burn from operations: Net cash used in operating activities was $89.1 million for 2025, highlighting substantial cash consumption to support expansion and raising execution risk if growth slows.
Insights
Explosive revenue growth and cash influx, but losses and cash burn remain substantial.
Red Cat delivered sharp top-line expansion, with 2025 revenue of $40.7M, up 161%, and Q4 revenue of $26.2M, up 1,985% year over year and 172% sequentially. This shift reflects rapid scaling in defense drone and robotic contracts, including new Black Widow™ orders from a second Asia-Pacific ally.
Profitability lags far behind growth. The company reported a 2025 net loss of $72.1M and adjusted EBITDA of $(51.3)M, with operating cash outflow of $89.1M. Operating expenses more than doubled to $67.9M, driven by R&D, sales and marketing, and G&A, suggesting a deliberate investment phase rather than cost containment.
Liquidity is a clear bright spot: cash increased to $167.9M from $9.2M, helped by $234.3M in net equity issuance and $14.4M in new convertible notes. This supports the 520% uplift in production capacity and a total of 254,000 square feet of facilities as of December 31, 2025. Future filings will clarify whether revenue can continue scaling fast enough to narrow losses as this expanded footprint is utilized.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 18, 2026
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02 Results of Operations and Financial Condition.
On March 18, 2026, Red Cat Holdings, Inc. (the “Company”) issued a press release and will hold a conference call regarding its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
d)Exhibits.
| Exhibit No. | Description | |||||||
99.1 | Press release dated March 18, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RED CAT HOLDINGS, INC. | ||||||||
| Dated: March 18, 2026 | By: | /s/ Jeffrey Thompson | ||||||
| Name: | Jeffrey Thompson | |||||||
| Title: | Chief Executive Officer | |||||||
Exhibit 99.1
RED CAT REPORTS RECORD Q4 REVENUE GROWTH AND 161% FULL-YEAR REVENUE INCREASE YoY; INCREASED PRODUCTION CAPACITY BY 520% WITH MOMENTUM BUILDING INTO 2026
SALT LAKE CITY, UT., March 18, 2026 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat" or the "Company"), a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security, reports its financial results for the year ended December 31, 2025.
Fourth Quarter and Full-Year 2025 Financial Highlights
Fourth quarter 2025 total revenue was $26.2 million, representing an increase of 1,985% or $24.9 million from $1.3 million in the prior year.
Fourth quarter 2025 total revenue increased sequentially by 172% to $26.2 million.
Full-year 2025 total revenue was $40.7 million, representing an increase of 161% or $25.1 million from $15.6 million in the prior year.
Business Highlights
•Secured new orders for Black Widow™ drones from an Asia-Pacific ally. This is the second Asia-Pacific ally to recently order Black Widow systems for military use.
•Across divisions, Red Cat expanded BlueOps to 166,000 sq. ft., expanded FlightWave to 51,000 sq. ft., expanded Teal to 37,000 sq. ft. Red Cat achieved total capacity of 254,000 sq. ft. as of December 31, 2025.
•Red Cat’s Innovation Day on February 27, 2026 showcased its transformation into a true multi‑domain autonomous defense platform, highlighted by the launch and live demonstration of its new USVs operating seamlessly with Black Widow drones, and reinforced by massive manufacturing scale‑up efforts across air and maritime systems.
•Strengthened ecosystem of defense partners - including an expanded partnership with AeroVironment and established a new partnership with Redwire - to integrate Black Widow™ and FANG™ into broader mission-system architectures, enhancing interoperability, modularity, and deployment flexibility.
“2025 was a transformative year for Red Cat as we strengthened our position as a trusted provider of advanced drone solutions for defense and government customers,” said Jeff Thompson, CEO of Red Cat. “We delivered year-over-year revenue growth of 161%, launched our FANG™ FPV platform, and expanded our Army relationship, and received our first order for 100 Black Widows through the NSPA - a major milestone that underscores growing international demand for our products."
"Our continued and deliberate investments in innovation, manufacturing scale, and strategic partnerships are delivering tangible results. At our inaugural Innovation Day last month, we discussed how well-positioned we remain to rapidly scale production across drones and USVs - which are supported by our major facility expansions in order to capitalize on the expanding addressable market across multi-domain defense."
"As we head into 2026, we continue to see strong momentum in customer engagement and contract activity, validating both our technology roadmap and our long‑term growth strategy. Our focus is clear: scaling production capacity to meet surging demand, advancing our autonomy roadmap, and expanding our customer base both domestically and with allied nations. We're not just responding to market opportunities - we're defining the future of American-made tactical drone systems. This is an exciting phase for Red Cat as we turn innovation into scale and opportunity.”
Balance Sheet
Cash at December 31, 2025 totaled $167.9 million, compared to $9.2 million at December 31, 2024.
Inventory and prepaid inventory at December 31, 2025 totaled $30.4 million, compared to $13.6 million at December 31, 2024.
Conference Call Details
Red Cat will host a live video webinar to discuss its 2025 financial results at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) on March 18, 2026. Participants may register in advance to join the live Video Webinar on Zoom at Red Cat's Investor Relations website at https://ir.redcatholdings.com/news-events. Log-in instructions will be available after registering for the event. An archived replay of the event will be available on Red Cat’s investor relations website beginning approximately two hours after the call concludes.
About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security. Through its wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat develops American-made hardware and software that support military, government, and public safety operations across air, land, and sea. Its Family of Systems, led by Black Widow™, delivers unmatched tactical capabilities in small, unmanned aircraft systems (sUAS). Expanding into the maritime domain through Blue Ops, Inc., Red Cat is also innovating in uncrewed surface vessels (USVs), delivering integrated platforms designed to enhance safety and multi-domain mission effectiveness. Learn more at www.redcat.red.
Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements relating to the expected timing of the offering and the satisfaction of customary closing conditions related to the offerings, and our intended use of proceeds from the offering. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-KT filed with the Securities and Exchange Commission on March 31, 2025, Red Cat's quarterly reports on Form 10-Q, and the other filings Red Cat makes with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.
Contact:
INVESTORS:
Ankit Hira
Solebury Strategic Communications for Red Cat Holdings, Inc.
E-mail: RCAT@soleburystrat.com
NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com
RED CAT HOLDINGS, INC. | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(In thousands) | |||||||||||
December 31, | |||||||||||
2025 | 2024 | ||||||||||
ASSETS | |||||||||||
Cash | $ | 167,865 | $ | 9,154 | |||||||
Accounts receivable, net | 26,155 | 489 | |||||||||
Inventory, including prepaid inventory | 30,394 | 13,593 | |||||||||
Prepaid expenses and other current assets | 2,524 | 2,562 | |||||||||
Total current assets | 226,938 | 25,798 | |||||||||
Goodwill and intangible assets, net | 24,590 | 26,124 | |||||||||
Property and equipment, net | 7,797 | 1,881 | |||||||||
Other | 1,227 | 310 | |||||||||
Operating lease right-of-use assets | 13,125 | 1,491 | |||||||||
Total long-term assets | 46,739 | 29,806 | |||||||||
TOTAL ASSETS | $ | 273,677 | $ | 55,604 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Accounts payable and accrued expenses | $ | 8,706 | $ | 3,290 | |||||||
Debt obligations - short term | 350 | 350 | |||||||||
Contract liabilities and deposits | 261 | 227 | |||||||||
Operating lease liabilities | 1,011 | 312 | |||||||||
Convertible notes payable | 4,518 | — | |||||||||
Total current liabilities | 14,846 | 4,179 | |||||||||
Deferred income taxes | 443 | — | |||||||||
Operating lease liabilities | 12,556 | 1,306 | |||||||||
Total long-term liabilities | 12,999 | 1,306 | |||||||||
Total liabilities | 27,845 | 5,485 | |||||||||
Stockholders’ equity | 442,652 | 174,864 | |||||||||
Accumulated deficit | (196,820) | (124,745) | |||||||||
Total stockholders’ equity | 245,832 | 50,119 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 273,677 | $ | 55,604 | |||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||
2025 | 2024* | 2025 | 2024* | ||||||||||||||||||||
Revenues, net | $ | 26,235 | $ | 1,258 | $ | 40,729 | $ | 15,584 | |||||||||||||||
Cost of goods sold | 25,122 | 2,285 | 39,455 | 15,614 | |||||||||||||||||||
Gross profit (loss) | 1,113 | (1,027) | 1,274 | (30) | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Research and development | 4,891 | 3,235 | 17,890 | 8,073 | |||||||||||||||||||
Sales and marketing | 3,619 | 3,929 | 13,106 | 9,512 | |||||||||||||||||||
General and administrative | 16,543 | 4,868 | 36,875 | 14,799 | |||||||||||||||||||
Impairment loss | — | — | — | 506 | |||||||||||||||||||
Total operating expenses | 25,053 | 12,032 | 67,871 | 32,890 | |||||||||||||||||||
Operating loss | (23,940) | (13,059) | (66,597) | (32,920) | |||||||||||||||||||
Interest (income) expense, net | (1,730) | — | (2,711) | 39 | |||||||||||||||||||
Other (income) expense, net | (2,303) | 13,082 | 7,746 | 19,183 | |||||||||||||||||||
Total other (income) expense, net | (4,033) | 13,082 | 5,035 | 19,222 | |||||||||||||||||||
Net loss from continuing operations | (19,907) | (26,141) | (71,632) | (52,142) | |||||||||||||||||||
Income tax (benefit) expense | (251) | — | 443 | — | |||||||||||||||||||
Loss from discontinued operations | — | — | — | (1,373) | |||||||||||||||||||
Net loss | $ | (19,656) | $ | (26,141) | $ | (72,075) | $ | (53,515) | |||||||||||||||
Loss per share - basic and diluted | $ | (0.17) | $ | (0.33) | $ | (0.73) | $ | (0.70) | |||||||||||||||
Weighted average shares outstanding - basic and diluted | 119,445 | 79,657 | 98,957 | 75,963 | |||||||||||||||||||
*The Condensed Consolidated Statements of Operations for the fourth quarter 2024 and calendar year 2024 have not been previously presented. The Company included the prior calendar periods for comparability purposes.
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024* | ||||||||||
(In thousands) | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net loss from continuing operations | $ | (72,075) | $ | (51,936) | |||||||
Adjustments to reconcile net loss to net cash from operations: | |||||||||||
Stock based compensation | 10,562 | 5,698 | |||||||||
Depreciation and amortization of intangible assets | 2,265 | 2,098 | |||||||||
Deferred income taxes | 443 | — | |||||||||
Payments of taxes related to equity transactions | (982) | (942) | |||||||||
Loss on sale of equity method investment and note receivable | — | 4,008 | |||||||||
Gain on divestiture of consumer segment | — | (9,642) | |||||||||
Impairment on equity method investment | — | 11,354 | |||||||||
Equity method loss | — | 1,238 | |||||||||
Impairment on goodwill and intangible assets | — | 506 | |||||||||
Convertible note payable fair value adjustment | 11,444 | 13,121 | |||||||||
Gain on extinguishment of convertible notes payable | (3,211) | — | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | (25,666) | 603 | |||||||||
Inventory | (10,501) | (835) | |||||||||
Prepaid inventory | (6,300) | 634 | |||||||||
Prepaid expenses and other | (879) | (1,144) | |||||||||
Operating lease right-of-use assets and liabilities | 315 | 5 | |||||||||
Contract liabilities and deposits | 34 | (15) | |||||||||
Accounts payable | 1,569 | (102) | |||||||||
Accrued expenses | 3,848 | 262 | |||||||||
Net cash used in operating activities | (89,134) | (25,089) | |||||||||
Cash Flows from Investing Activities | |||||||||||
Purchases of property and equipment | (6,647) | (183) | |||||||||
Proceeds from divestiture of consumer segment | — | 1,000 | |||||||||
Proceeds from sale of equity method investment and note receivable | — | 4,400 | |||||||||
Net cash (used in) provided by investing activities | (6,647) | 5,217 | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of convertible notes payable, net of issuance costs | 14,433 | 13,456 | |||||||||
Proceeds from issuance of common stock, net | 234,339 | — | |||||||||
Redemption of convertible notes payable | (1,650) | — | |||||||||
Payments under debt obligations | — | (598) | |||||||||
Proceeds from exercise of stock options and warrants | 7,370 | 6,325 | |||||||||
Net cash provided by financing activities | 254,492 | 19,183 | |||||||||
Net cash used in discontinued operations | — | (195) | |||||||||
Net increase (decrease) in cash | 158,711 | (884) | |||||||||
Cash, beginning of period | 9,154 | 10,038 | |||||||||
Cash, end of period | $ | 167,865 | $ | 9,154 | |||||||
*The Condensed Consolidated Statements of Operations for the fourth quarter 2024 and calendar year 2024 have not been previously presented. The Company included the prior calendar periods for comparability purposes.
Reconciliation of Non-GAAP adjusted EBITDA (Unaudited) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
Net loss | $ | (19,656) | $ | (26,141) | $ | (72,075) | $ | (53,515) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Income tax (benefit) expense | (251) | — | 443 | — | |||||||||||||||||||
Interest (income) expense, net | (1,730) | — | (2,711) | 39 | |||||||||||||||||||
Depreciation and amortization | 611 | 887 | 2,265 | 2,098 | |||||||||||||||||||
Other (income) expense, net(1) | (2,303) | 13,082 | 7,746 | 19,183 | |||||||||||||||||||
Impairment loss(2) | — | — | — | 506 | |||||||||||||||||||
Restructuring costs(3) | 44 | — | 120 | 30 | |||||||||||||||||||
Stock based compensation | 3,307 | 2,657 | 10,562 | 5,698 | |||||||||||||||||||
Non-routine legal expenses(4) | 2,214 | 81 | 2,399 | 244 | |||||||||||||||||||
Other adjustment items(5) | — | 250 | — | 250 | |||||||||||||||||||
Adjusted EBITDA | $ | (17,764) | $ | (9,184) | $ | (51,251) | $ | (25,467) | |||||||||||||||
(1) Other (income) expense, net. Represents convertible note payable fair value adjustment, gain on extinguishment of convertible notes payable, loss on sale of equity method investment, equity method loss, and other income, net.
(2) Impairment loss. Represents an impairment charge to goodwill and or intangible assets.
(3) Restructuring costs. Represents restructuring costs incurred for cost reduction actions which may include employee termination costs, facility shut-down related costs, costs for unused, excess or exited facilities.
(4) Non-routine legal expenses. Represents external legal expenses incurred in connection with pending legal settlements and other legal related matters.
(5) Other adjustment items. Represents other adjustments that are non-recurring and outside the normal course of operations that do not readily fall into any other categories.
Notice Regarding Use of Non-GAAP Financial Measures
This press release contains Non-GAAP financial measures, including Adjusted EBITDA (which excludes, among other things, income tax expenses (benefits), net interest (income) expenses, depreciation and amortization, other expenses (income), impairment losses, restructuring related items, stock based compensation expense, non-routine legal expenses, and any other one-time adjustments. The Company’s management uses these non-GAAP financial measures, along with the most directly comparable GAAP financial measures, in evaluating the Company’s performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial results. In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.
FAQ
How did Red Cat Holdings (RCAT) perform financially in 2025?
Red Cat grew strongly in 2025 but remained unprofitable. Revenue reached $40.7 million, up 161% from $15.6 million in 2024. However, the company reported a net loss of $72.1 million and an adjusted EBITDA loss of $51.3 million over the same period.
What were Red Cat Holdings’ Q4 2025 revenue results?
Red Cat posted explosive Q4 2025 revenue growth. Fourth-quarter revenue was $26.2 million, a 1,985% increase from $1.3 million in the prior-year quarter and 172% sequential growth, reflecting accelerating demand for its defense-focused drone and robotic systems.
Is Red Cat Holdings (RCAT) profitable based on its latest results?
No, Red Cat is not yet profitable. For 2025, the company recorded a net loss of $72.1 million and an adjusted EBITDA loss of $51.3 million, despite strong revenue growth, indicating that operating expenses and scaling investments still outweigh gross profit.
What is Red Cat Holdings’ cash position and financing activity?
Red Cat ended 2025 with a much stronger cash position. Cash increased to $167.9 million from $9.2 million, primarily due to $234.3 million of net common stock issuance and $14.4 million of convertible notes, offsetting significant operating cash outflows.
How is Red Cat Holdings expanding its production capacity?
Red Cat has significantly scaled its manufacturing footprint. By December 31, 2025, it expanded BlueOps to 166,000 square feet, FlightWave to 51,000 square feet, and Teal to 37,000 square feet, reaching 254,000 square feet of total capacity to support future growth.
What are the key growth drivers for Red Cat Holdings’ revenue?
Growth is driven by defense-focused drones, USVs, and new contracts. The company highlighted strong demand for its Black Widow™ drones, including orders from a second Asia-Pacific ally, the FANG™ FPV platform launch, and expansion into maritime uncrewed surface vessels via Blue Ops.
What non-GAAP metric does Red Cat Holdings use and why?
Red Cat uses adjusted EBITDA as a key non-GAAP measure. Adjusted EBITDA excludes items like interest, taxes, depreciation, stock-based compensation, non-routine legal expenses, and other one-time adjustments to help management evaluate performance, capital resources, and cash flow alongside GAAP results.
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