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Red Cat Holdings, a U.S.-based defense drone and robotics provider, has acquired Apium Swarm Robotics, a California developer of distributed control systems for autonomous swarming drones and uncrewed surface vessels. Apium will operate as an independent Red Cat company, advancing its multi-agent autonomy architecture for integration across Red Cat’s Family of Systems.
The deal is aimed at strengthening Red Cat’s ability to deliver intelligent unmanned systems that coordinate in contested, GPS- and communications-denied environments. By embedding Apium’s swarm autonomy into platforms such as the Black Widow tactical drone and emerging maritime systems, Red Cat expects enhanced coordination, survivability, and operational flexibility for defense and national security customers.
Red Cat Holdings Inc ownership disclosure: The Vanguard Group filed an amendment stating it beneficially owns 0 shares of Common Stock, representing 0% of the class. The amendment explains an internal realignment of Vanguard subsidiaries and that certain subsidiaries will report ownership separately pursuant to SEC Release No. 34-39538.
The filing is an administrative ownership update reflecting disaggregation of prior aggregated reporting; no voting or dispositive power is reported.
Red Cat Holdings, Inc. files its annual report describing a growing U.S.-based business providing advanced drone and robotic systems for defense, national security and commercial uses. The company develops American-made small unmanned aircraft and uncrewed surface vessels through divisions including Teal, FlightWave and new USV-focused Blue Ops.
Red Cat highlights heavy exposure to U.S. government demand, noting that approximately 73% of fiscal 2025 revenue came from U.S. Government contracts, alongside significant budget and procurement risks. It reports an accumulated deficit of $196.8 million as of December 31, 2025 and warns it may need additional capital to fund operations.
The company emphasizes investment in innovation, with research and development expenses of $16.7 million for the year ended December 31, 2025 (excluding stock-based compensation), and an employee base of 244 full-time staff as of that date. Key themes include competition from larger defense contractors, supply-chain dependence, cybersecurity and AI-related risks, and evolving regulatory frameworks from the FAA, FCC and American Security Drone Act. As of March 17, 2026, Red Cat had 121,138,764 shares of common stock outstanding.
Red Cat Holdings, Inc. reported a routine equity compensation event for its Chief Operating Officer, Christian Ericson. On March 17, 2026, Ericson exercised 12,500 restricted stock units, receiving the same number of common shares at a stated price of $0.00 per share. Of these, 3,607 shares were withheld at $15.54 per share to cover tax obligations, a non-market disposition, leaving him with 26,023 common shares held directly after the transactions. The RSUs stem from a 25,000-unit grant awarded on December 2, 2025, scheduled to vest in two equal installments on March 17, 2026 and March 17, 2027.
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.
Red Cat Holdings Chief Operating Officer Christian Ericson exercised 25,000 restricted stock units into common shares on March 11, 2026. These units had been granted earlier and vested in two equal installments. To cover tax obligations, 7,870 of the resulting common shares were withheld at a value of $14.67 per share. After the exercise and tax withholding, Ericson holds 17,130 shares of Red Cat common stock directly, reflecting a routine compensation-related transaction rather than an open-market trade.
State Street Corporation filed a Schedule 13G reporting beneficial ownership of 6,612,153 shares of Red Cat Holdings Inc. common stock, equal to 5.5% of the outstanding class as of the event date.
State Street reports shared voting power over 6,435,960 shares and shared dispositive power over 6,612,153 shares, with no sole voting or dispositive authority. The filing states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Red Cat.
The Vanguard Group filed a Schedule 13G reporting beneficial ownership of 6,000,037 shares of Red Cat Holdings Inc common stock, representing 5.02% of the class as of 12/31/2025.
Vanguard reports shared voting power over 848,959 shares and shared dispositive power over all 6,000,037 shares, with no sole voting or dispositive power. The filing states the holdings are in the ordinary course of business and not for changing or influencing control. Vanguard notes an internal realignment effective 01/12/2026, after which certain subsidiaries may report beneficial ownership separately, while pursuing the same investment strategies. Vanguard’s clients have rights to dividends and sale proceeds, and no other single person has more than 5% interest in these securities.
BlackRock, Inc. has filed an amended Schedule 13G reporting a passive ownership stake in Red Cat Holdings, Inc. common stock. BlackRock reports beneficial ownership of 8,761,474 shares, representing 7.3% of the outstanding common stock as of 12/31/2025. It has sole power to vote 8,602,387 shares and sole power to dispose of 8,761,474 shares, with no shared voting or dispositive power.
BlackRock states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Red Cat. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of Red Cat’s outstanding common shares.
Red Cat Holdings, Inc. reported that it has released preliminary, unaudited revenue results for the fourth quarter and full year ended December 31, 2025. These figures were shared through a press release dated January 13, 2026, which is attached as an exhibit to this report.
The company explains that these preliminary numbers are based on current expectations and may change after it completes its year-end audit, closing procedures, and internal reviews. They are not a full picture of Red Cat’s financial performance and are not a substitute for audited results prepared under U.S. GAAP.
Red Cat notes that its final audited results will be included in its upcoming Form 10-K for fiscal 2025, and that the preliminary information is treated as “furnished,” meaning it is not subject to certain Exchange Act liabilities and will not be automatically incorporated into other SEC filings.