Red Cat Holdings, Inc. (RCAT) financials
NASDAQ · Industrials · Aerospace & Defense · 244 employees · CEO Jeffrey Thompson
- Price
- $4.63 -8.32%
- Market cap
- $707M
- Enterprise value
- $406M
- Last report
- Q2 '27 filed 2026-08-06
Revenue (TTM)–– vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)–– vs a year agoOperating income –
Net income (TTM)–– vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)–– vs a year agoSum of the last 4 quarters
Net cash$301M+583.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $707M EV $406M
- Revenue
- – Trailing 12 months
- Revenue growth
- +273% FY2026 consensus
- Profit margin
- – Net income / revenue, TTM
- P/E
- -5.4× Forward 42.1× (FY2026)
- P/S
- 11.1× Price / sales, TTM
- EV / EBITDA
- -4.0× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- – Trailing 12 months
- Revenue estimate
- $152M FY2026 consensus
- Earnings
- –
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue missed by 10.9%, EPS missed by 27.5%Revenue $20.2M vs $22.7M expected (-10.9%); EPS -$0.26 vs -$0.20 (-27.5%).
- Revenue growth slowing: 527.3% year on yearQ2 '27 revenue $20.2M, against an average of 849.3% over the four quarters before.
- Diluted share count up 49.9% in a year137M diluted shares in Q2 '27, 91.3M a year earlier.
- Net cash $301MCash + short-term investments $326M, debt incl. leases $24.9M; a year ago net cash $44M.
Last quarter: Q2 '27
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $20.2M | $3.22M | +527.3% |
| Gross margin | 16.1% | 11.7% | +4.5 pp |
| Operating income | -$38.6M | -$12.6M | -205.6% |
| Operating margin | -191.4% | -392.9% | +201.5 pp |
| Net income | -$35.3M | -$13.3M | -165.5% |
| Diluted EPS | -$0.26 | -$0.15 | -73.3% |
| Operating cash flow | -$78.7M | -$12.9M | -510.6% |
| Capex | $12.6M | $307K | +3,996.6% |
| Free cash flow | -$91.3M | -$13.2M | -591.5% |
| R&D | $14.2M | $3.6M | +295.2% |
| Stock-based compensation | $9.86M | $0 | – |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $20.2M | $22.7M | -10.9% |
| EPS (as estimated) | -$0.26 | -$0.20 | -27.5% |
From the report of 2026-08-06 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $19.7M | – | 97.6% | $81.3M | – | |
| Service | $477K | – | 2.4% | $4.76M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -5.4× | – | – |
| EV / EBITDA | -4.0× | – | – |
| EV / Sales | 6.4× | 36.9× | 4.9× – 135.1× |
| Price / FCF | -2.7× | – | – |
| Price / Book | 1.3× | 5.6× | 0.8× – 19.8× |
| FCF yield | -37.2% | -24.0% | -70.4% – -2.1% |
| Return on invested capital | -20.4% | -40.0% | -74.4% – -16.1% |
| Return on equity | -35.0% | -56.3% | -130.5% – -15.0% |
Analysts
Consensus target $15.67 (+238.4%)
range $6.00 – $25.00 · rating Buy
Strong buy0
Buy3
Hold1
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $152M | +273.4% | $0.11 | +118.3% | 42.1× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 245 figures Red Cat Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $12.8M | $1.48M | +762.7% | $3.62M | $2.05M | +76.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $9.54M | $1.01M | +842.5% | $26.2M | $489K | +5,248.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $02025-12-31 | $500K | -100.0% | $0 | $500K | -100.0% |
| Accrued Liabilities, Current | $7.84M | $1.84M | +325.9% | $5.09M | $1.24M | +310.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.75M | $1.86M | +47.7% | $1.49M | $1.54M | -2.9% |
| Additional Paid in Capital | $730M | $257M | +184.3% | $443M | $175M | +153.2% |
| Amortization of Intangible Assets | $600K | $400K | +50.0% | $1.5M | – | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 219K | 842K | -74.0% | 7.41M | 7.7M | -3.8% |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $5.04M | $2.04M | +147.8% | $10.6M | – | – |
| Asset Impairment Charges | – | – | – | $11.4M2024-04-30 | – | – |
| Assets | $527M | $121M | +334.6% | $274M | $55.6M | +392.2% |
| Assets, Current | $425M | $91.6M | +364.2% | $227M | $25.8M | +779.7% |
| Assets, Noncurrent | $102M | $29.8M | +243.6% | $46.7M | $29.8M | +56.8% |
| Business Combination, Contingent Consideration, Liability, Current | $5.4M | – | – | – | – | – |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $12.1M | – | – | – | – | – |
| Cash | $326M | $65.9M | +393.8% | $168M | $9.15M | +1,733.8% |
| Cash Provided by (Used in) Financing Activities, Discontinued Operations | $02025-12-31 | – | – | $0 | – | – |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | $02025-12-31 | – | – | $0 | – | – |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $02025-12-31 | – | – | $0 | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $326M | $65.9M | +393.8% | $168M | $9.15M | +1,733.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $194M | $58.2M | +232.7% | $2.81M2024-04-30 | -$825K | +440.4% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations | -$38.6M2025-12-31 | – | – | $159M | – | – |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | – | – | – | $7.622025-04-09 | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 1M2025-02-28 | – | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares, Issued | 153M | 98.5M | +55.0% | 120M | 85.2M | +40.9% |
| Common Stock, Shares, Outstanding | 153M | 98.5M | +55.0% | 120M | 85.2M | +40.9% |
| Common Stock, Value, Issued | $153K | $98.5K | +55.3% | $120K | $85K | +41.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | – | – | – | -$72.1M | – | – |
| Construction in Progress, Gross | $3.48M | – | – | $4.24M | $0 | – |
| Contract with Customer, Asset, after Allowance for Credit Loss | $2.48M2025-09-30 | – | – | – | – | – |
| Contract with Customer, Liability | $300K | $230K | +30.3% | $300K | $200K | +50.0% |
| Contract with Customer, Liability, Current | $258K | $566K | -54.4% | $261K | $227K | +15.0% |
| Contract with Customer, Liability, Noncurrent | $2702025-09-30 | – | – | – | – | – |
| Convertible Debt, Current | $0 | $19.4M | -100.0% | $4.52M | $0 | – |
| Convertible Debt, Fair Value Disclosures | $13.4M2025-09-30 | – | – | – | – | – |
| Convertible Notes Payable | – | – | – | $16.5M2025-02-28 | – | – |
| Cost of Goods and Services Sold | $16.9M | $2.84M | +495.3% | $39.5M | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | – | – |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | – | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $0 | – | – |
| Debt Instrument, Interest Rate, Stated Percentage | – | – | – | 8.0%2024-02-16 | – | – |
| Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | – | – | – | $400K2024-11-30 | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $364K | – | – |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | $443K | – | – |
| Deferred Income Tax Expense (Benefit) | -$252K2025-12-31 | – | – | $443K | – | – |
| Deferred Income Tax Liabilities, Net | $3.07M | – | – | $443K | $0 | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $79K | – | – |
| Deferred Tax Asset, Interest Carryforward | $529K2025-12-31 | $500K | +5.8% | $529K | $500K | +5.8% |
| Deferred Tax Assets, Gross | $46.2M2025-12-31 | $27.1M | +70.3% | $46.2M | $27.1M | +70.3% |
| Deferred Tax Assets, Inventory | $611K2025-12-31 | $77K | +693.5% | $611K | $77K | +693.5% |
| Deferred Tax Assets, Investments | – | – | – | $46K2024-12-31 | – | – |
| Deferred Tax Assets, Net of Valuation Allowance | $3.93M2025-12-31 | $1.34M | +193.6% | $3.93M | $1.34M | +193.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $34.6M2025-12-31 | $19.8M | +75.0% | $34.6M | $19.8M | +75.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | $144K2025-12-31 | $144K | 0.0% | $144K | $144K | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $4.41M2025-12-31 | $3.18M | +38.8% | $4.41M | $3.18M | +38.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $30K2025-12-31 | $29K | +3.4% | $30K | $29K | +3.4% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $66K2025-12-31 | $7K | +842.9% | $66K | $7K | +842.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | $107K2025-12-31 | $144K | -25.7% | $107K | $144K | -25.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-10-31, 10-Q 2024-07-31, 10-K 2024-04-30
Data as of 2026-11-02