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NASDAQ · SERVICES-PREPACKAGED SOFTWARE · SMALL CAP

Red Cat Holdings, Inc. RCAT

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$40.7M
$-72.1M
$-95.8M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Red Cat Holdings, Inc. is a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications. The company develops American-made hardware and software that supports military, government, and public safety operations across air, land, and sea. Its 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. The company was originally incorporated under the laws of the State of Colorado in 1984 under the name Oravest International, Inc., changed its name to TimefireVR, Inc. in November 2016 and re-incorporated in Nevada, and following a May 2019 share exchange agreement with Propware changed its name to Red Cat Holdings, Inc. The company operates as one operating segment, evaluated by its Chief Operating Decision Maker (its Chief Executive Officer) on a consolidated net income (loss) basis. As of December 31, 2025, the Company had 244 full-time employees. During the year ended December 31, 2025, the company incurred research and development costs of $16.7 million, excluding $1.2 million of stock-based compensation.

Written from the business description in Red Cat Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 19 March 2026. Every sentence was checked against that document before publication.

Growth

USD 40.7M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 40.7 · Net income -72.1
15M30M-30M-60M
201020132016201920222025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−177 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -163.5% · Net -177.0%
-10000%-20000%
201020172025
ROE
FY2025 · ROE -29.3%
-500%
201020172025
Three returns, three denominators.

Each USD of equity lost 29 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -95.8
-40M-80M
201020172025

Total assetsUSD 273.7M
EquityUSD 245.8M
Gross debtUSD 350,000.00
Current ratio15.29×

Equity funds 90% of total assets.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
RCAT, 15-year financial record
Metric 202520232022202120202019201820172016201520142013201220112010
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.1−0.0−0.0◌◌−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.1−0.0−0.0◌◌◌−0.0◌◌−0.0−0.0−0.0◌◌◌
Income tax $B0.00.0◌◌◌◌◌◌◌0.00.00.00.0◌◌
Net income $B−0.1−0.0−0.0−0.0−0.0−0.0−0.00.0−0.0−0.0−0.00.00.0−0.0−0.0
Free cash flow $B−0.1−0.0−0.0−0.0◌◌−0.0◌−0.0−0.0−0.0◌◌◌◌
EPS, diluted $−0.73−0.40◌◌−0.56−0.120.140.04−0.12−0.15−2.030.14◌◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————
ROE %−29.3−48.9−42.0−27.7−389.6—————−953.179.1———
Shares out B0.120.070.050.050.030.020.000.050.040.020.000.000.170.14◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 1 failure in 66 reconciliationsAUDITED

Reconciled in 14 of the 15 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Six checks were skipped: cost of revenue is not tagged before 2013. Three checks were skipped: EPS is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency1 failure
ActivityServices-Prepackaged Software
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2010

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