Red Cat Holdings (RCAT) Financial Statements & Analysis

Red Cat Holdings (RCAT) Income Statement

Red Cat Holdings reported revenue of $40.73M in fiscal 2026 (fiscal year ended Dec 31, 2025), up 459.8% from $7.28M a year earlier. Red Cat Holdings posted a net loss of $72.08M, compared with a net loss of $65.42M a year earlier. Gross margin was 3.1% and operating margin -163.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $20.19M, up 527.2% from the same quarter a year earlier.

Red Cat Holdings Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Red Cat Holdings, Inc. income statement - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Jun 2025	Jul 2024	Apr 2024	Apr 2023	Apr 2022	Jul 2021	Apr 2021	Apr 2020	Apr 2019	Dec 2017	Dec 2016
Revenue & Gross Profit
Revenue	40.73	7.28	17.84	17.84	4.62	6.43	5.00	5.00	0.40	0.11	0.00	0.20
Cost of Revenue	39.46	9.31	14.16	14.16	5.46	5.50	3.93	3.93	0.33	0.35	0.00	0.11
Gross Profit	1.27	-2.03	3.68	3.68	-0.83	0.93	1.07	1.07	0.08	-0.25	0.00	0.10
Operating Expenses
Research & Development	17.89	9.92	6.29	6.27	5.46	2.61	0.52	0.52	0.49	0.37	0.99	0.86
Selling, General & Administrative	49.98	26.67	15.25	16.30	17.21	9.97	4.84	4.84	1.22	0.38	1.64	0.73
Operating Expenses	67.87	36.73	21.56	22.57	24.54	13.93	5.95	5.95	1.71	1.98	2.69	1.55
Operating Income	-66.60	-38.76	-17.88	-18.89	-25.37	-13.00	-4.88	-4.88	-1.63	-2.23	-0.19	-1.45
Other Income/Expense
Interest Income	0.00	0.08	0.00	0.08	0.08	0.36	0.00	-	0.00	0.01	0.00	0.00
Interest Expense	0.00	0.00	0.07	0.07	-0.12	0.15	1.22	1.22	0.03	0.50	0.38	0.01
Other Income/Expense	-17.37	-26.66	-3.65	-2.57	0.04	1.46	-8.36	-7.14	0.03	-1.09	0.00	-1.92
Income
Income Before Tax	-71.63	-65.42	-21.53	-21.53	-26.38	-11.69	-13.24	-13.24	-1.60	-3.31	-0.19	-3.38
Income Tax Expense	0.44	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Net Income	-72.08	-65.42	-24.05	-24.05	-28.11	-11.69	-13.24	-13.24	-1.60	-0.75	1.13	-3.38
Net Income - Continuous Operations	-72.08	-65.42	-24.05	-21.53	-26.38	-11.69	-13.24	-13.24	-1.60	-0.75	1.13	-3.38
Net Income - Discontinued Operations	-	-	-	-2.53	-1.73	-	-	-	-	-	-	-
EBITDA	-64.33	-36.50	-16.04	-17.46	-22.54	-11.28	-11.98	-11.98	-1.57	-2.66	3.11	-3.35
EBIT	-66.60	-	-	-18.89	-23.51	-11.54	-	-12.01	-	-	-	-
Depreciation & Amortization	2.27	2.12	1.42	1.42	0.97	0.26	0.04	0.04	0.00	0.15	0.01	0.01
Earnings Per Share
Basic EPS	-1.00	-1.00	-	-	-1.00	-	-1.00	-1.00	-	-3.00	29.00	-144.00
Diluted EPS	-1.00	-1.00	-	-	-1.00	-	-1.00	-1.00	-	-3.00	19.00	-144.00
Basic Shares Outstanding	98.96	77.04	60.12	60.12	53.86	48.22	23.66	23.66	13.73	0.28	0.04	0.03
Diluted Shares Outstanding	98.96	77.04	60.12	60.12	53.86	48.22	23.66	23.66	13.73	0.29	0.06	0.03

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Red Cat Holdings Financial Statements

What was Red Cat Holdings's revenue in fiscal 2026?

Red Cat Holdings reported revenue of $40.73M in fiscal 2026 (fiscal year ended Dec 31, 2025). That was up 459.8% from $7.28M a year earlier.

Is Red Cat Holdings profitable?

No. Red Cat Holdings reported a net loss of $72.08M in fiscal 2026. In fiscal 2025 it lost $65.42M.

What is Red Cat Holdings's operating margin?

Red Cat Holdings's operating income was −$66.60M on revenue of $40.73M in fiscal 2026, an operating margin of -163.5%, compared with -532.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition