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, 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.
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.