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Red Cat Holdings, Inc.

RCAT Clue Score44
United States Fiscal year ends December CIK 0000748268
$5.77 -2.37% Close, 9 Oct 2026
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Price $5.77 +89.80% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 22 Sep 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.2Operating income−1.5Net income−3.4EPS, diluted−0.12Fiscal year 2017Revenue0.0 −99.5%Operating income−1.1Net income1.1EPS, diluted0.04Fiscal year 2018Revenue0.1 +11,167.8%Operating income−2.1Net income−2.6 −334.2%EPS, diluted−0.02Fiscal year 2019Operating income−0.8Net income−0.8Fiscal year 2020Revenue0.4Operating income−1.7Net income−1.6Fiscal year 2021Revenue5.0 +1,137.7%Net income−13.2Fiscal year 2022Revenue6.4 +28.6%Net income−11.7Fiscal year 2023Revenue1.3 −79.6%Operating income−26.4Net income−28.1EPS, diluted−0.52Fiscal year 2024Revenue17.8 +1,259.0%Operating income−19.3Net income−24.1EPS, diluted−0.40Fiscal year 2025Revenue40.7 +128.4%Operating income−66.6Net income−72.1EPS, diluted−0.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.2 0.0 0.1 n/a 0.4 5.0 6.4 1.3 17.8 40.7
Growth −99.5% +11,167.8% +1,137.7% +28.6% −79.6% +1,259.0% +128.4%
Operating income −1.5 −1.1 −2.1 −0.8 −1.7 n/a n/a −26.4 −19.3 −66.6
Net income −3.4 1.1 −2.6 −0.8 −1.6 −13.2 −11.7 −28.1 −24.1 −72.1
Growth −334.2%
EPS, diluted −0.12 0.04 −0.02 n/a n/a n/a n/a −0.52 −0.40 −0.73

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin100.0%Operating margin−713.2%Net margin−1,658.2%Free cash flow margin−786.0%Fiscal year 2017Gross margin70.0%Operating margin−117,064.7%Net margin120,989.0%Fiscal year 2018Gross margin−234.7%Operating margin−1,979.0%Net margin−2,514.4%Free cash flow margin−1,824.4%Fiscal year 2019Fiscal year 2020Gross margin19.4%Operating margin−410.7%Net margin−396.6%Fiscal year 2021Gross margin21.4%Net margin−264.7%Fiscal year 2022Gross margin14.4%Net margin−181.8%Free cash flow margin−254.8%Fiscal year 2023Gross margin−63.6%Operating margin−2,009.8%Net margin−2,141.6%Free cash flow margin−2,411.5%Fiscal year 2024Gross margin20.6%Operating margin−108.2%Net margin−134.9%Free cash flow margin−100.8%Fiscal year 2025Gross margin3.1%Operating margin−163.5%Net margin−177.0%Free cash flow margin−235.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 100.0% 70.0% −234.7% n/a 19.4% 21.4% 14.4% −63.6% 20.6% 3.1%
Operating margin −713.2% −117,064.7% −1,979.0% n/a −410.7% n/a n/a −2,009.8% −108.2% −163.5%
Net margin −1,658.2% 120,989.0% −2,514.4% n/a −396.6% −264.7% −181.8% −2,141.6% −134.9% −177.0%
Free cash flow margin −786.0% n/a −1,824.4% n/a n/a n/a −254.8% −2,411.5% −100.8% −235.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−1.6Capital expenditure−0.0Free cash flow−1.6Fiscal year 2017Operating cash flow−1.4Fiscal year 2018Operating cash flow−0.9Capital expenditure−1.0Free cash flow−1.9Fiscal year 2019Operating cash flow−0.8Fiscal year 2020Operating cash flow−0.8Fiscal year 2021Operating cash flow−1.4Fiscal year 2022Operating cash flow−16.0Capital expenditure−0.4Free cash flow−16.4Fiscal year 2023Operating cash flow−29.2Capital expenditure−2.5Free cash flow−31.6Fiscal year 2024Operating cash flow−17.7Capital expenditure−0.3Free cash flow−18.0Fiscal year 2025Operating cash flow−89.1Capital expenditure−6.6Free cash flow−95.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −1.6 −1.4 −0.9 −0.8 −0.8 −1.4 −16.0 −29.2 −17.7 −89.1
Capital expenditure −0.0 n/a −1.0 n/a n/a n/a −0.4 −2.5 −0.3 −6.6
Free cash flow −1.6 n/a −1.9 n/a n/a n/a −16.4 −31.6 −18.0 −95.8
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.2Shareholders’ equity−3.9Fiscal year 2017Cash0.6Shareholders’ equity−3.4Fiscal year 2018Cash0.0Shareholders’ equity−2.5Fiscal year 2019Shareholders’ equity−0.2Fiscal year 2020Cash0.2Shareholders’ equity1.5Fiscal year 2021Cash0.3Shareholders’ equity5.3Fiscal year 2022Cash4.1Total debt1.0Net cash (debt)3.1Shareholders’ equity79.1Debt to equity0.01Fiscal year 2023Cash3.2Total debt0.4Net cash (debt)2.8Shareholders’ equity54.8Debt to equity0.01Fiscal year 2024Cash6.1Shareholders’ equity43.6Fiscal year 2025Shareholders’ equity245.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.2 0.6 0.0 n/a 0.2 0.3 4.1 3.2 6.1 n/a
Total debt n/a n/a n/a n/a n/a n/a 1.0 0.4 n/a n/a
Net cash (debt) n/a n/a n/a n/a n/a n/a 3.1 2.8 n/a n/a
Shareholders’ equity −3.9 −3.4 −2.5 −0.2 1.5 5.3 79.1 54.8 43.6 245.8
Debt to equity n/a n/a n/a n/a n/a n/a 0.01 0.01 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 30 Apr 2019 FY2020 30 Apr 2020 FY2021 30 Apr 2021 FY2022 30 Apr 2022 FY2023 30 Apr 2023 FY2024 30 Apr 2024 FY2025 31 Dec 2025
Margins
100.0% 70.0% −234.7% n/a 19.4% 21.4% 14.4% −63.6% 20.6% 3.1%
−713.2% −117,064.7% −1,979.0% n/a −410.7% n/a n/a −2,009.8% −108.2% −163.5%
n/a n/a n/a n/a n/a n/a n/a n/a −120.7% −175.9%
−1,658.2% 120,989.0% −2,514.4% n/a −396.6% −264.7% −181.8% −2,141.6% −134.9% −177.0%
−786.0% n/a −1,824.4% n/a n/a n/a −254.8% −2,411.5% −100.8% −235.2%
Spending
422.6% 106,531.0% n/a n/a 121.1% 10.3% 40.5% 426.3% 35.1% 43.9%
n/a n/a n/a n/a 235.1% 25.6% 86.3% 943.6% 62.9% 90.5%
4.3% n/a 926.8% n/a n/a n/a 5.7% 186.7% 1.5% 16.3%
Returns
n/a n/a n/a n/a −104.8% −251.3% −14.8% −51.3% −55.2% −29.3%
−578.8% 150.5% −1,007.4% −124.5% −57.0% −113.2% −13.7% −46.3% −49.6% −26.3%
Balance and payout
n/a n/a n/a n/a n/a n/a 0.01 0.01 n/a n/a
758.8% 347.8% 1,055.5% 131.0% n/a n/a n/a 9.8% 10.2% 10.2%