Red Cat Holdings, Inc. RCAT
We are a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications. We develop American-made hardware and software that supports military, government, and public safety operations across air, land, and sea. Our family of systems delivers tactical capabilities in small, unmanned aircraft systems (sUAS) and uncrewed surface vessels (USVs), delivering integrated platforms designed to enhance safety and multi-domain mission effectiveness.
We were originally incorporated under the laws of the State of Colorado in 1984 under the name Oravest International, Inc. In November 2016, we changed our name to TimefireVR, Inc. and re-incorporated in Nevada. In May 2019, the Company completed a share exchange agreement with Propware which resulted in the Propware shareholders acquiring an 83% ownership interest, and management control, of the Company. In connection with the share exchange agreement, we changed our name to Red Cat Holdings, Inc. ("Red Cat" or the "Company" or "we"). Following the share exchange agreement and our name change, we completed a series of acquisitions and financings which have broadened the scope of our activities in the drone industry.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.7M | — | $17.8M | $1.3M | $6.4M | $5.0M | $403.9K | $105.1K | $933 | $203.6K |
| Cost of revenue | $39.5M | — | $14.2M | $5.5M | $5.5M | $3.9M | $325.4K | — | $280 | — |
| Gross profit | $1.3M | — | $3.7M | -$834.3K | $925.5K | $1.1M | $78.6K | -$246.7K | $653 | $203.6K |
| R&D | $17.9M | — | $6.3M | $5.9M | $2.6M | $516.1K | $489.0K | $366.6K | $993.9K | $860.5K |
| SG&A | $36.9M | — | $11.2M | $12.7M | $5.5M | $1.3M | $949.6K | $384.7K | — | — |
| Total operating expenses | $67.9M | — | $23.0M | $25.5M | $13.9M | $5.9M | $1.7M | $751.3K | $1.1M | $1.7M |
| Operating income | -$66.6M | — | -$19.3M | -$26.3M | — | — | -$1.7M | -$751.3K | -$1.1M | -$1.5M |
| Interest expense | — | — | $68.6K | $122.0K | $147.7K | $1.2M | $29.2K | $500.2K | $344.1K | $10.4K |
| Pre-tax income | -$71.6M | — | -$21.5M | — | — | — | — | — | — | — |
| Income tax | $443.0K | — | $0 | — | — | — | — | — | — | — |
| Net income | -$72.1M | — | -$27.1M | -$28.1M | -$11.7M | -$13.2M | -$1.6M | -$751.3K | $1.1M | -$3.4M |
| EPS, basic | -0.73 | — | -0.40 | -0.52 | — | — | — | -0.02 | 0.06 | -0.12 |
| EPS, diluted | -0.73 | — | -0.40 | -0.52 | — | -0.56 | -0.12 | 0.14 | 0.04 | -0.12 |
| Shares, diluted (wtd. avg.) | 99.0M | — | 60.1M | 53.9M | — | — | — | 196.8M | 69.7M | 42.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $9.2M | $6.1M | $3.2M | $4.1M | $277.3K | — | $5.8K | $559.2K | $225.4K |
| Short-term investments | — | — | — | $12.8M | — | — | — | — | — | — |
| Receivables | $26.2M | $489.0K | $4.4M | $719.9K | $495.5K | $321.7K | — | $938 | $38 | — |
| Inventory | $23.5M | $13.0M | $8.0M | $8.9M | $3.9M | $362.1K | $78.7K | — | — | — |
| Total current assets | $226.9M | $25.8M | $22.4M | $32.2M | $55.7M | $1.6M | $318.3K | $603.4K | $690.5K | $499.8K |
| Property, plant and equipment | $7.8M | $1.9M | $2.3M | $2.7M | $511.7K | — | — | $91.7K | $26.1K | $38.7K |
| Goodwill | $17.7M | $17.7M | $9.1M | $17.0M | $25.1M | $8.0M | $2.5M | — | — | — |
| Other intangibles | $6.9M | $8.5M | $3.8M | $6.9M | $2.7M | $2.0M | $20.0K | — | — | — |
| Total assets | $273.7M | $55.6M | $48.5M | $60.7M | $85.1M | $11.7M | $2.8M | $603.4K | $750.2K | $583.4K |
| Accounts payable | $3.6M | $2.0M | $1.6M | $1.4M | $1.0M | $541.9K | $249.1K | $20.9K | $144.7K | $34.5K |
| Short-term debt | $350.0K | $350.0K | $751.6K | $922.1K | $956.9K | $269.0K | — | — | $57.4K | — |
| Total current liabilities | $14.8M | $4.2M | $3.7M | $4.1M | $5.4M | $4.7M | $829.3K | $790.7K | $2.4M | $34.5K |
| Long-term debt | — | — | — | $401.6K | $973.7K | — | — | — | — | — |
| Total liabilities | $27.8M | $5.5M | $5.0M | $6.0M | — | — | — | $2.8M | $2.6M | $4.4M |
| Retained earnings | -$196.8M | -$124.7M | -$81.1M | -$57.1M | -$27.5M | -$15.8M | -$2.6M | -$971.8K | -$2.7M | -$3.9M |
| Total equity | $245.8M | $50.1M | $43.6M | $54.8M | $79.1M | $5.3M | $1.5M | -$187.3K | $514.1K | -$3.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$89.1M | — | -$17.7M | -$24.9M | -$16.0M | -$1.4M | -$811.6K | -$753.4K | -$1.4M | -$1.6M |
| Depreciation and amortisation | $2.3M | — | $1.4M | $311.5K | $40.2K | — | — | $154.7K | — | — |
| Stock-based compensation | — | — | — | $3.7M | $3.3M | $3.4M | $269.9K | — | — | — |
| Capital expenditure | $6.6M | — | $259.0K | $2.5M | $363.7K | — | — | $974.3K | — | $8.7K |
| Investing cash flow | -$6.6M | — | $13.6M | $29.6M | -$46.6M | -$48.4K | $46.3K | -$849.8K | $86.4K | -$8.3K |
| Financing cash flow | $254.5M | — | $7.8M | -$633.5K | $66.4M | $1.5M | $498.5K | $686.5K | $1.7M | $1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-028755.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $203.6K | $933 | $105.1K | $403.9K | $5.0M | $6.4M | $1.3M | $17.8M | — | $40.7M |
| Gross profit | $203.6K | $653 | -$246.7K | $78.6K | $1.1M | $925.5K | -$834.3K | $3.7M | — | $1.3M |
| Net income | -$3.4M | $1.1M | -$751.3K | -$1.6M | -$13.2M | -$11.7M | -$28.1M | -$27.1M | — | -$72.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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