Red Cat Holdings, Inc. (RCAT)RCATRed Cat Holdings, Inc.

Financials

Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	10/31/2024	07/31/2024
Revenue	29.965M	15.471M	1.629M	9.646M	3.219M	1.630M	1.335M	1.535M	2.777M
Cost of Goods Sold	27.839M	13.506M	2.481M	9.009M	2.844M	2.480M	2.011M	1.558M	3.260M
Gross Profit	2.126M	1.965M	-852K	638K	375K	-850K	-677K	-23K	-483K
Gross Profit Margin	12.7%	12.7%	-52.3%	6.6%	11.7%	-52.2%	-50.7%	-1.5%	-17.4%
Total Operating Expenses	72.085M	29.267M	11.628M	18.169M	13.022M	11.628M	8.763M	9.093M	7.244M
Research & Development	20.971M	7.972M	3.433M	5.968M	3.598M	3.433M	2.626M	2.231M	1.626M
Selling, General & Administrative	51.114M	21.295M	8.195M	12.200M	9.423M	8.195M	6.091M	6.861M	5.525M
Operating Income (EBIT)	-69.959M	-27.302M	-12.479M	-17.531M	-12.647M	-12.478M	-9.440M	-9.116M	-7.727M
Operating Margin	-176.5%	-176.5%	-766.1%	-181.7%	-392.9%	-765.7%	-707.4%	-594.0%	-278.3%
Income Before Tax (EBT)	-78.273M	-26.548M	-23.124M	-15.322M	-13.279M	-23.123M	-16.547M	-13.335M	-12.416M
Interest Income	-435K	1.295M	-2.656M	771K	155K	55K	-9K	15K	25K
Interest Expense	—	—	—	—	—	—	—	—	—
Other Income/Expense	-8.314M	754K	-10.645M	2.209M	-632K	-10.645M	-7.107M	-4.218M	-4.689M
Net Income	-78.972M	-26.553M	-23.124M	-16.016M	-13.279M	-23.123M	-16.547M	-13.335M	-12.416M
Income Tax Expense	699K	5K	-562.00	695K	0.00	0.00	0.00	0.00	0.00
Net Profit Margin	-171.6%	-171.6%	-1419.5%	-166.0%	-412.6%	-1418.9%	-1239.9%	-868.9%	-447.2%
EBITDA	-77.102M	-27.031M	-22.536M	-14.780M	-12.755M	-22.536M	-4.490M	-12.962M	-7.160M
EBITDA Margin	-174.7%	-174.7%	-1383.4%	-153.2%	-396.3%	-1382.9%	-336.4%	-844.6%	-257.9%
Depreciation & Amortization	2.466M	812K	588K	542K	524K	588K	685K	372K	474K
EPS Basic	-0.75	-0.22	-0.22	-0.16	-0.15	-0.27	-0.24	-0.17	-0.17
EPS Diluted	-0.75	-0.22	-0.22	-0.16	-0.15	-0.27	-0.24	-0.17	-0.17
Shares Outstanding	120.846M	120.846M	119.445M	99.581M	91.295M	85.506M	85.506M	76.185M	74.500M
Diluted Shares Outstanding	120.846M	120.846M	119.445M	99.581M	91.295M	85.506M	85.506M	76.185M	74.500M

Annual Income Statement (USD)

Annual Report	12/31/2025	03/31/2025	12/31/2024	04/30/2024	04/30/2023	04/30/2022	04/30/2021	04/30/2020
Revenue	40.729M	7.275M	—	17.836M	4.621M	6.429M	5.000M	404K
Cost of Goods Sold	39.455M	9.310M	—	14.156M	5.455M	5.503M	3.930M	325K
Gross Profit	1.274M	-2.034M	—	3.681M	-834K	926K	1.070M	79K
Gross Profit Margin	3.1%	-28.0%	—	20.6%	-18.1%	14.4%	21.4%	19.4%
Total Operating Expenses	67.871M	36.728M	—	21.557M	25.504M	13.928M	5.946M	1.709M
Research & Development	17.890M	9.916M	—	6.291M	5.860M	2.606M	516K	489K
Selling, General & Administrative	49.981M	26.672M	—	15.248M	16.816M	9.968M	4.840M	1.220M
Operating Income (EBIT)	-66.597M	-38.762M	—	-17.876M	-26.338M	-13.002M	-4.877M	-1.630M
Operating Margin	-163.5%	-532.8%	—	-100.2%	-570.0%	-202.2%	-97.5%	-403.5%
Income Before Tax (EBT)	-71.632M	-65.421M	—	-21.527M	-26.377M	-11.689M	-13.236M	-1.602M
Interest Income	—	85K	—	—	—	—	—	—
Interest Expense	—	—	—	69K	122K	148K	1.224M	29K
Other Income/Expense	-5.035M	-26.659M	—	-3.650M	-39K	1.313M	-8.360M	28K
Net Income	-72.075M	-65.421M	-65.421M	-24.053M	-28.107M	-11.689M	-13.236M	-1.602M
Income Tax Expense	443K	0.00	—	0.00	0.00	0.00	0.00	0.00
Net Profit Margin	-177.0%	-899.2%	—	-134.9%	-608.3%	-181.8%	-264.7%	-396.6%
EBITDA	-69.367M	-36.503M	—	-16.040M	-22.545M	-11.277M	-11.976M	-1.573M
EBITDA Margin	-170.3%	-501.7%	—	-89.9%	-487.9%	-175.4%	-239.5%	-389.4%
Depreciation & Amortization	2.265M	2.119M	2.119M	1.423M	966K	265K	37K	0.00
EPS Basic	-0.60	-0.85	—	-0.40	-0.49	-0.24	-0.56	-0.12
EPS Diluted	-0.60	-0.85	—	-0.40	-0.49	-0.24	-0.56	-0.12
Shares Outstanding	119.445M	77.040M	—	60.119M	53.860M	48.220M	23.656M	13.732M
Diluted Shares Outstanding	119.445M	77.040M	—	60.119M	53.860M	48.220M	23.656M	13.732M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Red Cat Holdings, Inc.

Red Cat Holdings, Inc. (RCAT) operates as a multifaceted provider within the drone industry, offering a comprehensive suite of products, services, and innovative solutions. The company develops and supplies unmanned aerial vehicle (UAV) technology tailored for both commercial and government sectors, addressing critical applications such as reconnaissance, public safety, and detailed inspection. Its product portfolio also includes immersive First Person View (FPV) video goggles, alongside specialized software and hardware designed to enable drones to perform inspection tasks even in environments where global positioning systems are inaccessible. Furthermore, Red Cat Holdings actively markets and sells FPV drones and related equipment, predominantly serving the consumer marketplace. The company's operations are headquartered in San Juan, Puerto Rico.

San Juan, PR

115 employees

www.redcatholdings.com

Technology / Computer Hardware

Sector: Technology
Industry: Computer Hardware
CEO: Jeffrey Thompson

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