Red Cat Holdings, Inc. filings document the regulatory record for a Nevada operating company whose common stock trades on the Nasdaq Capital Market under RCAT. Form 8-K reports cover operating and financial results, purchase orders tied to Teal Drones and the U.S. Army Short Range Reconnaissance Program of Record, and material events involving Red Cat’s defense drone and robotic systems business.
The company’s filings also record completed acquisition activity, including Apium Swarm Robotics and its distributed autonomy technology for unmanned systems. Other disclosure areas include material definitive agreements, common-stock offering terms, capital-structure matters, and proxy materials addressing board governance, executive compensation, equity awards, shareholder voting items, and related public-company controls.
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, Inc. posted a dramatic Q1 2026 revenue surge to $15.5 million, up 849% from $1.6 million a year earlier. The company swung gross margin to 12.7% from a negative 52.1%, generating $2.0 million of gross profit versus a prior gross loss.
Despite stronger sales and margins, operating expenses rose sharply, leading to an operating loss of $27.3 million and a net loss of $26.6 million, or $0.22 per share. Cash fell to $131.9 million as the company invested heavily in inventory, property, and acquisitions, while Adjusted EBITDA remained negative at $21.5 million.
Management highlighted new military and defense contracts, strategic partnerships in Ukraine and Asia-Pacific, the acquisition of Apium Swarm Robotics, and a pending purchase of Quaze Technologies. They are targeting short- to medium-term annual revenue between $150 million and $180 million as they scale drone and uncrewed surface vessel platforms.
Red Cat Holdings, Inc. director Funk Paul II settled a previously granted equity award into common shares. On April 30, 2026, 7,429 restricted stock units converted into 7,429 shares of Red Cat common stock at a stated price of $0.00 per share.
These restricted stock units were originally granted on May 22, 2025 and vested on April 30, 2026, when they were settled in shares on their scheduled vesting date. After this settlement, Funk Paul II directly holds 165,028 shares of Red Cat common stock and no restricted stock units remain outstanding from this grant.
Red Cat Holdings, Inc. director Nicholas Reyland Liuzza Jr. exercised restricted stock units into common shares. On April 30, 2026, 7,429 restricted stock units settled into 7,429 shares of common stock at a stated price of $0.0000 per share, reflecting a scheduled vesting rather than an open‑market purchase.
The footnote explains these units were originally granted on May 22, 2025 and vested on April 30, 2026. After the settlement, Liuzza directly holds 544,874 shares of Red Cat common stock. The filing shows no open‑market buying or selling activity, only the conversion of vested equity awards into shares.
Red Cat Holdings director Joseph David Freedman settled restricted stock units into common shares. On April 30, 2026, 7,429 restricted stock units vested and were converted into 7,429 shares of Red Cat common stock at no cash exercise price. Following this settlement, he directly held 342,689 shares of common stock. The RSUs were originally granted on May 22, 2025, and this transaction reflects routine equity compensation vesting rather than an open-market purchase or sale.
Red Cat Holdings director Christopher R. Moe reported a routine equity compensation event. On April 30, 2026, he exercised 7,429 restricted stock units, receiving 7,429 shares of Red Cat common stock at a stated price of $0.00 per share.
The footnotes explain these restricted stock units were originally granted on May 22, 2025 and vested on April 30, 2026, with each unit converting into one share. After this settlement, Moe directly holds 230,502 shares of Red Cat common stock, and there are no remaining RSUs from this grant.
Red Cat Holdings, Inc. is asking stockholders to vote at its 2026 telephonic Annual Meeting on June 18, 2026. Investors will elect five directors for one-year terms, ratify KPMG as independent auditor for 2026 and cast a non-binding advisory vote on executive pay.
The record date is April 23, 2026, with 122,051,175 common shares entitled to one vote each and a quorum set at 33 1/3% of outstanding shares. The company uses internet delivery for proxy materials and offers detailed instructions for registered and beneficial holders to vote online, by mail, or during the call.
Red Cat Holdings, Inc. Chairman and CEO Jeffrey M. Thompson received a grant of employee stock options covering 1,000,000 shares of common stock. The options have a $6.73 exercise price and were granted in lieu of a base salary and participation in the traditional bonus plan.
The grant vests over three years: 50% on the first anniversary of the grant date, 25% on the second, and 25% on the third. Following this grant, Thompson holds options for 1,000,000 shares directly, with the options expiring on May 22, 2035.
Moe Christopher R. reported acquisition or exercise transactions in this Form 4 filing.
Red Cat Holdings director Christopher R. Moe received a grant of 7,429 restricted stock units as equity compensation. Each unit represents a contingent right to receive one share of Red Cat common stock. The restricted stock units vest on April 30, 2026, and are held directly by Moe.