Red Cat Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 04/30/24 | FY 04/30/23 | FY 04/30/22 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $40.7M | — | $17.8M | $4.6M | $6.4M |
| Cost of revenue | $39.5M | — | $14.2M | $5.5M | $5.5M |
| Gross profit | $1.3M | — | $3.7M | -$834,311 | $925,515 |
| Research and development | $17.9M | — | $6.3M | $5.6M | $2.6M |
| Operating expenses | $67.9M | — | $23.0M | $24.5M | $13.9M |
| Operating income | -$66.6M | — | -$19.3M | -$26.4M | — |
| Interest expense | — | — | $68,609 | $122,004 | $147,724 |
| Pretax income | -$71.6M | — | -$21.5M | — | — |
| Income tax expense | $443,000 | — | $0 | — | — |
| Net income | -$72.1M | — | -$24.1M | -$28.1M | -$11.7M |
| Balance Sheet | |||||
| Current assets | $226.9M | $25.8M | $22.4M | $32.2M | $55.7M |
| Total assets | $273.7M | $55.6M | $48.5M | $60.7M | $85.1M |
| Current liabilities | $14.8M | $4.2M | $3.7M | $4.1M | $5.4M |
| Total liabilities | $27.8M | $5.5M | — | — | — |
| Total debt | — | — | $370,537 | $895,709 | — |
| Stockholders' equity | $245.8M | $50.1M | $43.6M | $54.8M | $79.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$89.1M | — | -$17.7M | -$29.2M | -$16.0M |
| Depreciation and amortization | $2.3M | — | $1.4M | $311,545 | $40,165 |
| Stock-based compensation | $10.6M | — | $3.6M | $3.7M | $3.3M |
| Capital expenditure | $6.6M | — | $259,000 | $2.5M | $363,689 |
| Free cash flow | -$95.8M | — | -$18.0M | -$31.6M | -$16.4M |
| Impairments | — | — | $11.4M | — | — |
Shares outstanding 122.7M · Free float 87.4%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.