RCAT

MKT CAP:$1B

Red Cat Holdings, Inc.

Market Cap

$1B

Technology·Computer Hardware·🇺🇸 United States·NASDAQ

Technology·Computer Hardware·🇺🇸·NASDAQ

Stock Price

$12.54+$3.38 (+36.90%)

Apr 23, 2026

Company Details

Red Cat Holdings, Inc., through its subsidiaries, provides various products, services, and solutions to the drone industry. It offers commercial and government unmanned aerial vehicle technology for reconnaissance, public safety, and inspec...

CEO

Jeffrey Thompson

IPO Date

Jan 16, 2002

Website

www.redcatholdings.com

Key Metrics TTM

Revenue

$41M

+548.0% YoY

Net Income

-$72M

EPS (Diluted)

-$0.74

Free Cash Flow

-$96M

Revenue / Share

$0.34

Gross Margin

3.1%

Operating Margin

-163.5%

Net Margin

-177.0%

FCF Margin

-235.2%

P/S

28.8x

P/E

—

Earnings Reports

Q4 2026

May 15, 2026

PENDING

Q3 2026

Mar 19, 2026

$26M+1865.9%EPS -$0.16

Q2 2026

Nov 13, 2025

$10M+528.5%EPS -$0.16

Q1 2026

Aug 14, 2025

$3MEPS -$0.15

FY 2025

Dec 31, 2024

$7M-59.2%EPS -$0.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$427.8K	$99.1K	-$489.9K
Q3 21	$2M	$569.7K	-$1M
Q4 21	$2M	$298.8K	-$3M
Q1 22	$1M	$102.4K	-$2M
Q2 22	$2M	$152.6K	-$3M
Q3 22	$2M	$339.8K	-$3M
Q4 22	$1M	$330.7K	-$5M
Q2 23	$747.6K	$123.9K	-$6M
Q3 23	$2M	-$96.9K	-$5M
Q1 24	$2M	$174.7K	-$5M
Q2 25	$2M	-$23.5K	-$9M
Q3 25	$1M	-$676.8K	-$9M
Q4 25	$2M	-$850.4K	-$12M
Q1 26	$3M	$375.1K	-$13M
Q2 26	$10M	$637.5K	-$18M
Q3 26	$26M	$1M	-$24M

Valuation

Quarter	P/S	P/E
Q2 21	23.2x	—
Q3 21	43.1x	—
Q4 21	26.8x	—
Q1 22	27.3x	—
Q2 22	21.5x	—
Q3 22	12.9x	—
Q4 22	17.2x	—
Q2 23	12.7x	—
Q3 23	11.3x	—
Q1 24	10.4x	—
Q2 25	40.9x	—
Q3 25	120.0x	—
Q4 25	76.1x	—
Q1 26	116.8x	—
Q2 26	64.5x	—
Q3 26	19.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$335.6K	-$335.6K
Q3 21	-$348.6K	-$348.6K
Q4 21	-$482.0K	-$482.0K
Q1 22	-$4M	-$4M
Q2 22	-$4M	-$4M
Q3 22	-$4M	-$4M
Q4 22	-$4M	-$4M
Q2 23	-$9M	-$9M
Q3 23	-$8M	-$8M
Q1 24	-$7M	-$7M
Q3 25	$8M	$8M
Q2 25	-$10M	-$10M
Q4 25	-$16M	-$16M
Q1 26	-$13M	-$13M
Q2 26	-$24M	-$25M
Q3 26	-$36M	-$42M

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$0
Q4 21	$5
Q1 22	$62.4K
Q2 22	$4
Q3 22	$92.6K
Q4 22	$271.1K
Q2 23	$736.0K
Q3 23	$454.9K
Q1 24	$5.1K
Q3 25	$144.5K
Q2 25	$23.8K
Q4 25	$273.1K
Q1 26	$306.5K
Q2 26	$669.6K
Q3 26	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	—	+324.6%
Q3 21	+6113.4%	+595.9%
Q4 21	+408.2%	+349.9%
Q1 22	+154.8%	+230.2%
Q2 22	+335.5%	+403.8%
Q3 22	-13.5%	+52.5%
Q4 22	-30.1%	+41.8%
Q2 23	-46.5%	+130.7%
Q3 23	-10.5%	+48.2%
Q1 24	-5.9%	+41.0%
Q2 25	+17.0%	+58.7%
Q3 25	+78.5%	+51.8%
Q4 25	-2.3%	+105.9%
Q1 26	+84.1%	+124.1%
Q2 26	+528.5%	+155.2%
Q3 26	+1865.9%	+365.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$107.1K	25.0%
Q3 21	$854.2K	39.8%
Q4 21	$2M	123.6%
Q1 22	$384.1K	27.5%
Q2 22	$899.9K	48.3%
Q3 22	$0	0.0%
Q4 22	$1M	93.4%
Q2 23	$1M	166.8%
Q3 23	$788.7K	47.3%
Q1 24	$911.6K	52.1%
Q3 25	-$4M	—
Q2 25	$1M	85.0%
Q4 25	$2M	—
Q1 26	$2M	—
Q2 26	$4M	—
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$86.6K	$357.4K	$24.7K
Q3 21	$168.0K	$1M	$48.7K
Q4 21	$174.2K	$2M	$116.7K
Q1 22	$244.3K	$1M	$100.6K
Q2 22	$493.4K	$2M	$185.4K
Q3 22	$811.3K	$2M	$238.6K
Q4 22	$1M	$3M	$800.5K
Q2 23	$1M	$3M	$563.8K
Q3 23	$1M	$2M	$1M
Q1 24	$1M	$3M	$1M
Q2 25	$2M	$5M	$2M
Q3 25	$3M	$4M	$2M
Q4 25	$3M	$5M	$3M
Q1 26	$4M	$6M	$3M
Q2 26	$6M	$9M	$3M
Q3 26	$5M	$17M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$7M	$48M	$56M
Q4 22	$4M	$45M	$49M
Q1 23	$6M	$37M	$43M
Q2 23	$2M	$31M	$33M
Q3 23	$4M	$21M	$25M
Q4 23	$3M	$13M	$16M
Q1 24	$937.8K	$8M	$9M
Q2 24	$1M	$3M	$4M
Q3 24	$8M	$0	$8M
Q4 24	$6M	$0	$6M
Q1 25	$1M	$3M	$4M
Q2 25	$5M	$0	$5M
Q4 25	$8M	$0	$8M
Q1 26	$66M	$0	$66M
Q2 26	$206M	$0	$206M
Q3 26	$168M	$0	$168M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	20M	+1.2%	+19.6%
Q3 21	26M	+29.6%	+47.9%
Q4 21	28M	+7.3%	+58.7%
Q1 22	34M	+21.1%	+70.3%
Q2 22	52M	+53.0%	+157.6%
Q3 22	54M	+2.8%	+104.3%
Q4 22	53M	-1.0%	+88.6%
Q2 23	54M	+1.9%	+58.7%
Q3 23	54M	+0.4%	+4.1%
Q1 24	55M	+1.2%	+2.5%
Q2 25	76M	+38.7%	+43.6%
Q3 25	86M	+12.2%	+58.1%
Q4 25	86M	0.0%	+57.5%
Q1 26	91M	+6.8%	+66.2%
Q2 26	100M	+9.1%	+30.7%
Q3 26	119M	+19.9%	+39.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$42.8K	10
Q3 21	$214.6K	10
Q4 21	$134.1K	14
Q1 22	$99.8K	14
Q2 22	$133.1K	14
Q3 22	$132.6K	14
Q4 22	$18.7K	70
Q2 23	$10.7K	70
Q3 23	$23.8K	70
Q1 24	$23.0K	76
Q2 25	$17.2K	89
Q3 25	$15.0K	89
Q4 25	$18.3K	89
Q1 26	$36.2K	89
Q2 26	$108.4K	89
Q3 26	$107.5K	244

Revenue / Employee