PerpEquities

Equity · Technology

Is Red Cat Holdings, Inc. (RCAT) tradable as a perp? Not right now

Red Cat Holdings, Inc. provides drone technology and UAV solutions for commercial and government use, including FPV goggles and GPS-denied inspection systems.

Currently not listed on any perp exchange

RCAT traded as a perpetual on Ourbit, Bitget, BingX until September 22, 2026. No venue lists it at the moment; we keep tracking it, and with the next listing this page becomes a full market page again. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 3h ago
Market cap
$878.1M
Updated 3h ago
Revenue
$63.5M
Trailing 12 months
Revenue growth
+273%
Next fiscal year
Profit margin
-164.6%
P/E
-6.7
Peer P/E -5.4
Free cash flow
-$263.2M
Trailing 12 months
More metrics
Net income
-$104.6M
Trailing 12 months
P/S
13.8
Peer P/E
-5.4
Similar listed perps
Revenue estimate
$152.1M
Next fiscal year
Earnings
2026-08-06
Revenue $20.2M · Updated 3h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$40.7M
Net margin-177.0%
Free cash flow-$95.8M
Net debt-$149.4M
2021$5M
2022$6.4M
2023$4.6M
2024$17.8M
2025$7.3M
2026$40.7M
PeriodRevenueGrowthNet incomeFCF
2021$5M+1,138%-$13.2M-$1.4M
2022$6.4M+29%-$11.7M-$16.4M
2023$4.6M-28%-$28.1M-$32.2M
2024$17.8M+286%-$24.1M-$18.8M
2025$7.3M-59%-$65.4M-$20.7M
2026$40.7M+460%-$72.1M-$95.8M
PeriodGross marginOperating marginNet marginROEROA
2021+21.4%-97.5%-264.7%-251.3%-113.2%
2022+14.4%-202.2%-181.8%-15.0%-13.7%
2023-18.1%-570.0%-608.3%-51.3%-46.3%
2024+20.6%-100.2%-134.9%-55.2%-49.6%
2025-28.0%-532.8%-899.2%-130.5%-117.7%
2026+3.1%-163.5%-177.0%-29.3%-26.3%
PeriodCashDebtNet debtCurrent ratio
2021$277.3K$2M$1.7M0.35
2022$4.1M$3.7M-$360.8K10.23
2023$3.2M$3M-$208.6K7.94
2024$6.1M$2.3M-$3.8M6.13
2025$9.2M$2M-$7.2M6.17
2026$167.9M$18.4M-$149.4M15.29
PeriodMarket capEnterprise valueP/SP/E
2021$95.6M$97.3M19.1-7.2
2022$97.9M$97.5M15.2-8.5
2023$45.8M$45.6M9.9-1.7
2024$92M$88.2M5.2-3.8
2025$990M$982.8M136.1-15.1
2026$947.2M$797.8M23.3-13.2
Q3 2025$1.3M
Q4 2025$1.6M
Q1 2026$3.2M
Q2 2026$9.6M
Q3 2026$26.2M
Q4 2026$1.6M
Q1 2027$15.5M
Q2 2027$20.2M
PeriodRevenueGrowthNet incomeFCF
Q3 2025$1.3M-77%-$16.5M-$16.1M
Q4 2025$1.6M-75%-$23.1M-$16.2M
Q1 2026$3.2M+16%-$13.3M-$13.2M
Q2 2026$9.6M+529%-$16M-$24.5M
Q3 2026$26.2M+1,866%-$19.7M-$41.9M
Q4 2026$1.6M0%-$23.1M-$38.7M
Q1 2027$15.5M+381%-$26.6M-$91.3M
Q2 2027$20.2M+109%-$35.3M-$91.3M
PeriodGross marginOperating marginNet marginROEROA
Q3 2025-50.7%-707.4%-1,239.9%-33.0%-29.8%
Q4 2025-52.2%-765.7%-1,418.9%-80.0%-38.8%
Q1 2026+11.7%-392.9%-412.6%-13.9%-10.9%
Q2 2026+6.6%-181.7%-166.0%-6.3%-5.6%
Q3 2026+4.2%-91.3%-74.9%-8.0%-7.2%
Q4 2026-52.3%-766.1%-1,419.5%-9.7%-8.2%
Q1 2027+12.7%-176.5%-171.6%-11.1%-9.4%
Q2 2027+16.1%-191.4%-174.6%-7.5%-6.7%
PeriodCashDebtNet debtCurrent ratio
Q3 2025$9.2M$2M-$7.2M6.17
Q4 2025$7.7M$27.8M$20.1M1.02
Q1 2026$65.9M$21.9M-$44M3.80
Q2 2026$206.4M$22.4M-$184M10.42
Q3 2026$167.9M$18.4M-$149.4M15.29
Q4 2026$131.9M$13.8M-$118.1M10.99
Q1 2027$131.9M$13.4M-$118.5M10.99
Q2 2027$325.6M$24.9M-$300.7M14.86
PeriodMarket capEnterprise valueP/SP/E
Q3 2025$1.1B$1.1B823.3-13.4
Q4 2025$502.8M$522.9M308.5-5.4
Q1 2026$664.6M$620.6M206.5-12.1
Q2 2026$1B$846.7M106.8-16.2
Q3 2026$947.2M$797.8M36.1-12.4
Q4 2026$947.2M$829.1M581.4-9.0
Q1 2027$1.8B$1.7B115.8-14.9
Q2 2027$1.5B$1.2B72.2-10.2

Refreshed 3h ago

Charts: revenue, profit, cash flow & valuation
Revenue$20.2MQ2 2027
$6.6M$13.1M$19.7M$26.2MQ3 2024: $5.8MQ4 2024: $6.6MQ1 2025: $2.8MQ2 2025: $1.5MQ3 2025: $1.3MQ4 2025: $1.6MQ1 2026: $3.2MQ2 2026: $9.6MQ3 2026: $26.2MQ4 2026: $1.6MQ1 2027: $15.5MQ2 2027: $20.2MQ3 2024Q2 2027
Net income-$35.3MQ2 2027
-$26.4M-$17.6M-$8.8MQ3 2024: -$5.5MQ4 2024: -$6.8MQ1 2025: -$12.4MQ2 2025: -$13.3MQ3 2025: -$16.5MQ4 2025: -$23.1MQ1 2026: -$13.3MQ2 2026: -$16MQ3 2026: -$19.7MQ4 2026: -$23.1MQ1 2027: -$26.6MQ2 2027: -$35.3MQ3 2024Q2 2027
EBITDA-$33MQ2 2027
-$24.7M-$16.5M-$8.2MQ3 2024: -$3.8MQ4 2024: -$5MQ1 2025: -$7.2MQ2 2025: -$13MQ3 2025: -$4.3MQ4 2025: -$22.5MQ1 2026: -$12.8MQ2 2026: -$14.8MQ3 2026: -$19.3MQ4 2026: -$22.3MQ1 2027: -$26.4MQ2 2027: -$33MQ3 2024Q2 2027
Free cash flow-$91.3MQ2 2027
-$68.5M-$45.7M-$22.8MQ3 2024: -$4.4MQ4 2024: -$4.5MQ1 2025: -$2.2MQ2 2025: -$10.2MQ3 2025: -$16.1MQ4 2025: -$16.2MQ1 2026: -$13.2MQ2 2026: -$24.5MQ3 2026: -$41.9MQ4 2026: -$38.7MQ1 2027: -$91.3MQ2 2027: -$91.3MQ3 2024Q2 2027
EPS-$0.26Q2 2027
-$0.2-$0.14-$0.07Q3 2024: -$0.1Q4 2024: -$0.1Q1 2025: -$0.17Q2 2025: -$0.17Q3 2025: -$0.24Q4 2025: -$0.27Q1 2026: -$0.15Q2 2026: -$0.16Q3 2026: -$0.16Q4 2026: -$0.22Q1 2027: -$0.22Q2 2027: -$0.26Q3 2024Q2 2027
Cash / Debt$325.6MQ2 2027
$81.4M$162.8M$244.2M$325.6MQ3 2024 · Cash: $7.7MQ3 2024 · Debt: $1.4MQ4 2024 · Cash: $6.1MQ4 2024 · Debt: $2.3MQ1 2025 · Cash: $1.4MQ1 2025 · Debt: $1.6MQ2 2025 · Cash: $4.6MQ2 2025 · Debt: $13.8MQ3 2025 · Cash: $9.2MQ3 2025 · Debt: $2MQ4 2025 · Cash: $7.7MQ4 2025 · Debt: $27.8MQ1 2026 · Cash: $65.9MQ1 2026 · Debt: $21.9MQ2 2026 · Cash: $206.4MQ2 2026 · Debt: $22.4MQ3 2026 · Cash: $167.9MQ3 2026 · Debt: $18.4MQ4 2026 · Cash: $131.9MQ4 2026 · Debt: $13.8MQ1 2027 · Cash: $131.9MQ1 2027 · Debt: $13.4MQ2 2027 · Cash: $325.6MQ2 2027 · Debt: $24.9MQ3 2024Q2 2027
CashDebt
Profitability+16.1%Q2 2027
-1,059.9%-700.3%-340.7%+18.8%Q3 2024 · Gross margin: +18.8%Q4 2024 · Gross margin: +17.0%Q1 2025 · Gross margin: -17.4%Q2 2025 · Gross margin: -1.5%Q3 2025 · Gross margin: -50.7%Q4 2025 · Gross margin: -52.2%Q1 2026 · Gross margin: +11.7%Q2 2026 · Gross margin: +6.6%Q3 2026 · Gross margin: +4.2%Q4 2026 · Gross margin: -52.3%Q1 2027 · Gross margin: +12.7%Q2 2027 · Gross margin: +16.1%Q3 2024 · Operating margin: -76.0%Q4 2024 · Operating margin: -91.4%Q1 2025 · Operating margin: -278.3%Q2 2025 · Operating margin: -594.0%Q3 2025 · Operating margin: -707.4%Q4 2025 · Operating margin: -765.7%Q1 2026 · Operating margin: -392.9%Q2 2026 · Operating margin: -181.7%Q3 2026 · Operating margin: -91.3%Q4 2026 · Operating margin: -766.1%Q1 2027 · Operating margin: -176.5%Q2 2027 · Operating margin: -191.4%Q3 2024 · Net margin: -93.9%Q4 2024 · Net margin: -102.5%Q1 2025 · Net margin: -447.2%Q2 2025 · Net margin: -868.9%Q3 2025 · Net margin: -1,239.9%Q4 2025 · Net margin: -1,418.9%Q1 2026 · Net margin: -412.6%Q2 2026 · Net margin: -166.0%Q3 2026 · Net margin: -74.9%Q4 2026 · Net margin: -1,419.5%Q1 2027 · Net margin: -171.6%Q2 2027 · Net margin: -174.6%Q3 2024Q2 2027
Gross marginOperating marginNet margin
Revenue growth+109.3%Q2 2027
+408.6%+894.3%+1,380.1%+1,865.9%Q2 2025: -61.0%Q3 2025: -77.2%Q4 2025: -75.4%Q1 2026: +15.9%Q2 2026: +528.5%Q3 2026: +1,865.9%Q4 2026: 0.0%Q1 2027: +380.7%Q2 2027: +109.3%Q3 2024Q2 2027
Shares outstanding136.9MQ2 2027
34.2M68.4M102.7M136.9MQ3 2024: 55.7MQ4 2024: 74.3MQ1 2025: 74.5MQ2 2025: 76.2MQ3 2025: 85.5MQ4 2025: 85.5MQ1 2026: 91.3MQ2 2026: 99.6MQ3 2026: 119.4MQ4 2026: 119.4MQ1 2027: 136.9MQ2 2027: 136.9MQ3 2024Q2 2027
Valuation-10.2Q2 2027
193.7403.6613.4823.3Q3 2024 · P/E: -1.7Q4 2024 · P/E: -4.0Q1 2025 · P/E: -3.0Q2 2025 · P/E: -4.5Q3 2025 · P/E: -13.4Q4 2025 · P/E: -5.4Q1 2026 · P/E: -12.1Q2 2026 · P/E: -16.2Q3 2026 · P/E: -12.4Q4 2026 · P/E: -9.0Q1 2027 · P/E: -14.9Q2 2027 · P/E: -10.2Q3 2024 · P/S: 6.4Q4 2024 · P/S: 17.2Q1 2025 · P/S: 53.9Q2 2025 · P/S: 151.9Q3 2025 · P/S: 823.3Q4 2025 · P/S: 308.5Q1 2026 · P/S: 206.5Q2 2026 · P/S: 106.8Q3 2026 · P/S: 36.1Q4 2026 · P/S: 581.4Q1 2027 · P/S: 115.8Q2 2027 · P/S: 72.2Q3 2024Q2 2027
P/EP/S
Revenue$40.7M2026
$10.2M$20.4M$30.5M$40.7M2019: $105.1K2020: $403.9K2021: $5M2022: $6.4M2023: $4.6M2024: $17.8M2025: $7.3M2026: $40.7M20192026
Net income-$72.1M2026
-$54.1M-$36M-$18M2019: -$751.3K2020: -$1.6M2021: -$13.2M2022: -$11.7M2023: -$28.1M2024: -$24.1M2025: -$65.4M2026: -$72.1M20192026
EBITDA-$69.4M2026
-$52M-$34.7M-$17.3M2019: -$2.7M2020: -$1.6M2021: -$12M2022: -$11.3M2023: -$22.5M2024: -$16M2025: -$36.5M2026: -$69.4M20192026
Free cash flow-$95.8M2026
-$71.8M-$47.9M-$23.9M2019: -$1.7M2020: -$811.6K2021: -$1.4M2022: -$16.4M2023: -$32.2M2024: -$18.8M2025: -$20.7M2026: -$95.8M20192026
EPS-$0.62026
-$1.97-$1.32-$0.662019: -$2.632020: -$0.122021: -$0.562022: -$0.242023: -$0.492024: -$0.42025: -$0.852026: -$0.620192026
Cash / Debt$167.9M2026
$42M$83.9M$125.9M$167.9M2019 · Cash: $503.4K2019 · Debt: $2.1M2020 · Cash: $236.7K2020 · Debt: $568.8K2021 · Cash: $277.3K2021 · Debt: $2M2022 · Cash: $4.1M2022 · Debt: $3.7M2023 · Cash: $3.2M2023 · Debt: $3M2024 · Cash: $6.1M2024 · Debt: $2.3M2025 · Cash: $9.2M2025 · Debt: $2M2026 · Cash: $167.9M2026 · Debt: $18.4M20192026
CashDebt
Profitability+3.1%2026
-1,584.5%-1,049.2%-513.9%+21.4%2019 · Gross margin: -234.7%2020 · Gross margin: +19.4%2021 · Gross margin: +21.4%2022 · Gross margin: +14.4%2023 · Gross margin: -18.1%2024 · Gross margin: +20.6%2025 · Gross margin: -28.0%2026 · Gross margin: +3.1%2019 · Operating margin: -2,119.8%2020 · Operating margin: -403.5%2021 · Operating margin: -97.5%2022 · Operating margin: -202.2%2023 · Operating margin: -570.0%2024 · Operating margin: -100.2%2025 · Operating margin: -532.8%2026 · Operating margin: -163.5%2019 · Net margin: -714.7%2020 · Net margin: -396.6%2021 · Net margin: -264.7%2022 · Net margin: -181.8%2023 · Net margin: -608.3%2024 · Net margin: -134.9%2025 · Net margin: -899.2%2026 · Net margin: -177.0%20192026
Gross marginOperating marginNet margin
Revenue growth+459.8%2026
+240.0%+539.2%+838.5%+1,137.7%2020: +284.2%2021: +1,137.7%2022: +28.6%2023: -28.1%2024: +286.0%2025: -59.2%2026: +459.8%20192026
Shares outstanding119.4M2026
29.9M59.7M89.6M119.4M2019: 285.3K2020: 13.7M2021: 23.7M2022: 48.2M2023: 53.9M2024: 60.1M2025: 77M2026: 119.4M20192026
Valuation-13.22026
22.760.598.3136.12019 · P/E: -1.82020 · P/E: -12.52021 · P/E: -7.22022 · P/E: -8.52023 · P/E: -1.72024 · P/E: -3.82025 · P/E: -15.12026 · P/E: -13.22019 · P/S: 12.72020 · P/S: 51.02021 · P/S: 19.12022 · P/S: 15.22023 · P/S: 9.92024 · P/S: 5.22025 · P/S: 136.12026 · P/S: 23.320192026
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20260.11$152.1M+273%1
Q4 2026-0.20$37.7M+2,216%1
Q4 2026-0.21$38.8M+2,282%1
Q1 2027-0.19$45.8M+196%1
Q1 2027-0.19$44M+185%1
Q2 2027-0.16$53.3M+164%1

Company events

6
2026-08-06Earnings · After market closeActual -0.26 / Estimate -0.2Miss
2026-05-07EarningsActual -0.22 / Estimate -0.14Miss
2026-03-30EarningsActual -0.22 / Estimate -0.16Miss
2026-03-18EarningsActual -0.17 / Estimate -0.14Miss
2025-11-13EarningsActual -0.16 / Estimate -0.07Miss
2025-08-14EarningsActual -0.15 / Estimate -0.11Miss

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
POET$920.1M537.2-9.8-4,420.7%7DEEPEXI$831.3M9.8--116.1%1KOPN$826.4M18.9100.9+18.1%3UMAC$995.5M31.3-125.0-20.3%1HIVE$684.1M2.1-1.8-98.0%1BBAI$1.1B8.7-14.1-65.2%1SHAZ$1.3B430.2-1.3-15,658.3%15ARQQ$299.8M276.1-5.4-4,715.4%2

FMP company data

Company intelligence

Updated: Sep 18, 2026, 12:12 AM UTC

Company profile

Sector
Industrials
Industry
Aerospace & Defense
Chief executive
Jeffrey Thompson
Employees
244
IPO date
Jan 16, 2002
Country
US
Exchange
NASDAQ Capital Market
Website
Altman Z-scorei11.27
Piotroski scorei3/9
FMP ratingiC
Owner earningsi-$31.62M-$0.26 per share
ESG risk ratingiBIndustry rank: 13 out of 14

Rating factors

Return on equityi
1
Return on assetsi
1
Debt to equityi
4
Price to earningsi
1
Price to booki
2

Company press releases

Blue Ops, a Red Cat Company, and Havoc Partner to Develop Open-Architecture Autonomous Maritime Defense SystemsGlobeNewsWireRed Cat Promotes Mitch McDonald to Divisional CEO of its UAS OperationsGlobeNewsWireRed Cat Announces Multiyear Partnership with Washington Commanders to Support America's Military CommunityGlobeNewsWireBlue Ops Integrates Volvo Penta D4-320 Propulsion System into Variant 7 Uncrewed Surface VesselGlobeNewsWireRed Cat Receives $2.49 Million U.S. Air Force Order for Black Widow SystemsGlobeNewsWireRed Cat Advances R&D and Innovation Strategy Following Successful Validation Event with Industry PartnersGlobeNewsWire
Market cap history
$990.38M-26.8%Jun 26 – Sep 26
$937.76M$1.15B$1.35BHigh: $1.35B · 2026-06-17Low: $937.76M · 2026-07-20Latest: $990.38M · 2026-09-17Jun 26Jul 26Aug 26Sep 26
Latest: $990.38M · 2026-09-17High: $1.35B · 2026-06-17Low: $937.76M · 2026-07-20
Largest fund holders
FundWeightShares held
XAR1.04%9M
VTI0%4.2M
IWM0.03%2.9M
NJM0.04%2.4M
DFNG.L0.24%2.4M
FSSNX0.04%1.8M
VXF0.01%1.5M
SHLD0.14%1.4M
ITA0.08%1.3M
IDEF0.21%1.1M
KOMP0.29%1.1M
IWO0.06%1M

Analyst track record

How the analysts covering RCAT have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings4050
Analysts99
Buy / hold / sell39 / 1 / 049 / 1 / 0
Upgrades / downgrades / initiations0 / 0 / 50 / 0 / 7
Price targets hit / missed0 / 40 (0%)1 / 49 (2%)
Avg. return after a rating (TipRanks)-67.1%-62.9%
Best / worst call-34.3% / -76.4%+47.8% / -76.4%

After buy calls on this stock: median 21-day move -5.5% vs S&P 500 -4.8% (n = 48)

Latest ratings

DateAnalystCallTarget
Sep 17, 2026Michael LatimoreNorthland SecuritiesBuyMaintained$13.00article ↗
Sep 2, 2026Clarke JeffriesPiper SandlerHoldInitiated$9.00article ↗
Aug 31, 2026Amit DaryananiEvercore ISIBuyInitiated$15.00article ↗
Aug 18, 2026Michael LatimoreNorthland SecuritiesBuyMaintained$15.00article ↗
Aug 18, 2026Brian DobsonClear StreetBuyReiterated$19.00article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$6.00$8.00$10.00$12.00$14.00$16.00$18.00$20.00$22.00Nov 25 · Buy 3 · Hold 0 · Sell 0Nov 25Dec 25 · Buy 4 · Hold 0 · Sell 0Jan 26 · Buy 4 · Hold 0 · Sell 0Jan 26Feb 26 · Buy 4 · Hold 0 · Sell 0Mar 26 · Buy 4 · Hold 0 · Sell 0Mar 26Apr 26 · Buy 5 · Hold 0 · Sell 0May 26 · Buy 5 · Hold 0 · Sell 0May 26Jun 26 · Buy 6 · Hold 0 · Sell 0Jul 26 · Buy 6 · Hold 0 · Sell 0Jul 26Aug 26 · Buy 6 · Hold 0 · Sell 0Sep 26 · Buy 6 · Hold 1 · Sell 0Sep 26Oct 26 · Buy 6 · Hold 1 · Sell 0Nov 25 · avg. target $15.00Dec 25 · avg. target $15.00Jan 26 · avg. target $17.00Feb 26 · avg. target $17.00Mar 26 · avg. target $19.25Apr 26 · avg. target $19.80May 26 · avg. target $20.80Jun 26 · avg. target $21.00Jul 26 · avg. target $21.00Aug 26 · avg. target $18.17Sep 26 · avg. target $16.57Oct 26 · avg. target $16.57Nov 25 · month-end close $7.42Dec 25 · month-end close $7.93Jan 26 · month-end close $13.50Feb 26 · month-end close $11.65Mar 26 · month-end close $13.09Apr 26 · month-end close $11.72May 26 · month-end close $14.50Jun 26 · month-end close $10.65Jul 26 · month-end close $7.53Aug 26 · month-end close $8.59Sep 26 · month-end close $6.46Oct 26 · month-end close $5.77

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 9, 2026 · 40 ratings