Red Cat Holdings Inc (RCAT)

Name: Red Cat Holdings Inc Financial Statements
Creator: Quarter Results

Technology | Computer Hardware

Latest reporting period: 2025-12-31

Latest Quarter

2025-12-31

Revenue

$26.2M

Net Income

-$19.7M

Operating Margin

-91.3%

Free Cash Flow

-$20.7M

Debt / Assets

9.9%

Values are in USD and rounded to the nearest whole number unless noted.

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Income statement quarterly history for Red Cat Holdings Inc (RCAT).
Income Statement (Quarterly)	2025-12-31	2025-10-31	2025-09-30	2025-07-31
Revenue	26,235,000	9,646,392	9,646,392	3,218,577
Cost of Revenue	25,122,000	9,008,890	9,008,890	2,843,523
Gross Profit	1,113,000	637,502	637,502	375,054
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	20,162,000	12,200,460	12,200,460	9,423,334
Operating Expenses	25,053,000	18,168,591	16,653,950	13,021,601
Operating Income	-23,940,000	-17,531,089	-16,016,448	-12,646,547
Interest Expense	0	0	771,101	0
Income Before Tax	-19,907,000	-15,321,886	-15,321,886	-13,278,960
Income Tax Expense	-251,000	694,562	694,562	0
Net Income	-19,656,000	-16,016,448	-16,016,448	-13,278,960
Per Share
EPS	-0.16	-0.16	-0.16	-0.15
EPS Diluted	0.00	0.00	0.00	0.00

Income statement annual history for Red Cat Holdings Inc (RCAT).
Income Statement (Annual)	2025-04-30	2024-12-31	2024-04-30	2023-04-30	2022-04-30
Revenue	7,275,456	7,275,456	17,836,382	9,911,780	6,428,963
Cost of Revenue	9,309,567	9,309,567	14,155,836	10,248,575	5,503,448
Gross Profit	-2,034,110	-2,034,110	3,680,546	-336,795	925,515
Operating Expenses
R&D Expenses	0	0	0	0	0
SG&A Expenses	26,671,807	26,671,807	16,300,754	14,303,327	9,967,756
Operating Expenses	36,727,853	36,727,853	22,979,882	23,963,348	13,927,801
Operating Income	-38,761,964	-38,761,964	-19,299,336	-27,127,061	-13,002,286
Interest Expense	0	0	68,609	122,004	147,724
Income Before Tax	-62,895,024	-62,895,024	-21,526,696	-27,087,737	-11,689,128
Income Tax Expense	0	0	0	-873,747	-1,313,158
Net Income	-65,420,957	-65,420,957	-24,052,629	-27,087,737	-10,375,970
Per Share
EPS	-0.85	-0.85	-0.40	-0.50	-0.22
EPS Diluted	0.00	0.00	0.00	0.00	0.00

Balance sheet quarterly history for Red Cat Holdings Inc (RCAT).
Balance Sheet (Quarterly)	2025-04-30	2024-12-31	2024-04-30	2023-04-30
Assets
Cash and Cash Equivalents	9,154,297	9,154,297	6,067,169	3,260,305
Short Term Investments	0	0	0	12,814,038
Net Receivables	489,316	489,316	6,513,949	932,640
Inventory	13,592,900	13,592,900	8,007,237	11,986,527
Total Current Assets	25,798,257	25,798,257	22,397,549	32,175,012
Property Plant Equipment	3,372,054	3,372,054	3,821,498	3,355,209
Goodwill and Intangibles	26,124,133	26,124,133	12,882,939	24,355,836
Total Assets	55,604,267	55,604,267	48,537,612	60,193,090
Liabilities
Account Payables	2,049,519	2,049,519	1,580,422	1,999,422
Short Term Debt	661,532	661,532	947,208	1,253,396
Total Current Liabilities	4,178,650	4,178,650	3,651,130	4,760,616
Long Term Debt	2,612,128	1,306,064	1,321,952	822,849
Total Liabilities	5,484,714	5,484,714	4,973,082	5,583,465
Shareholders Equity
Retained Earnings	-124,744,703	-124,744,703	-81,130,732	-54,586,793
Total Shareholders Equity	50,119,553	50,119,553	43,564,530	54,609,625

Balance sheet annual history for Red Cat Holdings Inc (RCAT).
Balance Sheet (Annual)	2025-04-30	2024-12-31	2024-04-30	2023-04-30	2022-04-30
Assets
Cash and Cash Equivalents	9,154,297	9,154,297	6,067,169	3,260,305	4,084,815
Short Term Investments	0	0	0	12,814,038	44,790,369
Net Receivables	489,316	489,316	6,513,949	932,640	913,089
Inventory	13,592,900	13,592,900	8,007,237	11,986,527	3,895,870
Total Current Assets	25,798,257	25,798,257	22,397,549	32,175,012	55,653,297
Property Plant Equipment	3,372,054	3,372,054	3,821,498	3,355,209	1,531,014
Goodwill and Intangibles	26,124,133	26,124,133	12,882,939	24,355,836	27,837,281
Total Assets	55,604,267	55,604,267	48,537,612	60,193,090	85,078,625
Liabilities
Account Payables	2,049,519	2,049,519	1,580,422	1,999,422	1,018,747
Short Term Debt	661,532	661,532	947,208	1,253,396	1,250,696
Total Current Liabilities	4,178,650	4,178,650	3,651,130	4,760,616	5,439,421
Long Term Debt	2,612,128	1,306,064	1,321,952	822,849	1,723,532
Total Liabilities	5,484,714	5,484,714	4,973,082	5,583,465	7,162,953
Shareholders Equity
Retained Earnings	-124,744,703	-124,744,703	-81,130,732	-54,586,793	-27,499,056
Total Shareholders Equity	50,119,553	50,119,553	43,564,530	54,609,625	77,915,672

Cash flow quarterly history for Red Cat Holdings Inc (RCAT).
Cash Flow Statement (Quarterly)	2024-12-31	2024-04-30	2023-04-30	2022-04-30
Operating Activities
Net Income	-65,420,956	-24,052,629	-27,087,737	-11,689,128
Depreciation & Amortization	2,119,276	1,423,124	966,072	264,803
Stock Based Compensation	0	3,609,267	3,656,724	2,789,026
Change in Working Capital	444,208	-4,672,816	-8,876,755	-7,094,901
Operating Cash Flow	-20,535,977	-18,595,544	-29,199,420	-16,019,320
Investing Activities
Capital Expenditure	-163,553	-259,139	-2,450,213	-363,689
Investments	-163,555	-259,139	-2,450,213	-363,689
Investing Cash Flow	4,236,445	13,567,078	29,590,235	-46,603,486
Financing Activities
Debt Repayment	13,061,394	-572,137	-606,897	-929,952
Common Stock Issued/Repurchased	6,325,266	8,404,812	-543,137	69,230,984
Dividends Paid	0	0	0	0
Financing Cash Flow	19,386,660	7,802,076	-1,215,325	66,430,274
Summary
Free Cash Flow	-20,699,530	-18,854,683	-31,649,633	-16,383,009
Net Change in Cash	5,893,992	2,806,864	-824,510	3,807,468

Cash flow annual history for Red Cat Holdings Inc (RCAT).
Cash Flow Statement (Annual)	2024-12-31	2024-04-30	2023-04-30	2022-04-30	2021-04-30
Operating Activities
Net Income	-65,420,956	-24,052,629	-27,087,737	-11,689,128	-13,236,175
Depreciation & Amortization	2,119,276	1,423,124	966,072	264,803	36,831
Stock Based Compensation	0	3,609,267	3,656,724	2,789,026	3,388,216
Change in Working Capital	444,208	-4,672,816	-8,876,755	-7,094,901	188,945
Operating Cash Flow	-20,535,977	-18,595,544	-29,199,420	-16,019,320	-1,399,001
Investing Activities
Capital Expenditure	-163,553	-259,139	-2,450,213	-363,689	0
Investments	-163,555	-259,139	-2,450,213	-363,689	0
Investing Cash Flow	4,236,445	13,567,078	29,590,235	-46,603,486	-48,368
Financing Activities
Debt Repayment	13,061,394	-572,137	-606,897	-929,952	-510,645
Common Stock Issued/Repurchased	6,325,266	8,404,812	-543,137	69,230,984	0
Dividends Paid	0	0	0	0	0
Financing Cash Flow	19,386,660	7,802,076	-1,215,325	66,430,274	1,488,048
Summary
Free Cash Flow	-20,699,530	-18,854,683	-31,649,633	-16,383,009	-1,399,001
Net Change in Cash	5,893,992	2,806,864	-824,510	3,807,468	40,679