What is Red Cat Holdings's free cash flow?

Red Cat Holdings had negative free cash flow of $95.78M in fiscal 2026 (fiscal year ended Dec 31, 2025), operating cash flow of −$89.13M minus $6.65M of capital expenditures.

How much does Red Cat Holdings spend on capital expenditures?

Red Cat Holdings spent $6.65M on capital expenditures in fiscal 2026, compared with $163.55K a year earlier.

Does Red Cat Holdings pay dividends or buy back shares?

Red Cat Holdings's cash flow statement for fiscal 2026 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment.

Red Cat Holdings (RCAT) Cash Flow: Operating & Free Cash Flow

Red Cat Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Red Cat Holdings, Inc. (RCAT) - 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
Operating Activities
Net Income	-72.08	-65.42	-24.05	-24.05	-28.11	-11.69	-13.24	-13.24	-1.66	-0.75	1.13	-3.38
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
Deferred Income Tax	-0.54	0.00	0.00	-0.03	0.00	0.00	0.00	-	0.00	-0.07	0.00	0.00
Stock Based Compensation	10.56	6.15	3.61	3.61	3.70	3.54	3.39	3.39	0.00	0.07	0.00	0.00
Change in Working Capital	-37.58	0.44	-4.67	-4.67	-6.02	-7.09	0.19	0.19	0.32	-0.07	0.79	-0.10
Change in Accounts Receivable	-25.67	3.87	-3.64	-3.64	-0.29	-0.07	-0.07	-0.07	0.00	0.00	0.00	0.00
Change in Inventory	-10.50	-4.65	0.91	0.91	-5.71	-2.23	-0.06	-0.06	0.05	-0.62	0.39	0.00
Change in Accounts Payable	1.57	0.47	0.19	0.19	0.43	-1.17	0.01	0.01	0.07	0.02	0.31	-0.01
Change in Other Working Capital	11.44	0.75	-2.13	-7.12	-0.16	-3.61	0.31	1.10	0.20	0.53	0.09	-0.09
Other Operating Activities	11.44	36.17	5.13	-7.12	-0.32	-0.79	8.22	1.10	0.53	-0.08	-3.45	1.88
Net Cash from Operating Activities	-89.13	-20.54	-18.56	-18.60	-29.78	-16.02	-1.40	-1.40	-0.81	-0.75	-1.35	-1.59
Investing Activities
Capital Expenditures	-6.65	-0.16	-0.26	-0.26	-2.45	-0.36	0.00	-	0.00	-0.97	0.00	-0.01
Acquisitions	0.00	0.00	1.00	-	0.00	0.02	-0.05	-0.05	0.05	0.10	0.00	0.00
Purchases of Investments	0.00	0.00	0.00	12.83	-0.25	-57.62	0.00	-	0.00	-0.10	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	12.83	12.83	32.29	11.36	0.00	-	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	4.48	0.00	-	0.00	0.02	0.00	-	0.00	0.13	0.09	0.00
Net Cash from Investing Activities	-6.65	4.24	13.57	13.57	29.59	-46.60	-0.05	-0.05	0.05	-0.85	0.09	-0.01
Financing Activities
Debt Repayment	-1.65	13.06	-0.57	-0.57	-0.61	-2.90	1.29	-0.51	0.35	1.24	1.69	0.00
Common Stock Issued	249.25	6.33	0.00	9.21	0.00	70.17	0.20	0.20	0.15	0.68	0.24	1.83
Common Stock Repurchased	0.00	0.00	-0.03	-	0.00	-0.83	0.00	-	0.00	0.00	0.00	0.00
Other Financing Activities	-15.48	0.00	8.41	-0.80	-0.03	-0.83	0.00	0.06	0.00	-1.24	0.00	1.83
Net Cash from Financing Activities	254.49	19.39	7.80	7.84	-0.63	66.43	1.49	1.49	0.50	0.69	1.69	1.82
Summary
Effect of Forex Changes on Cash	0.00	2.81	0.00	-	0.00	0.00	0.00	-	0.50	0.36	0.00	0.00
Net Change in Cash	158.71	5.89	2.81	2.81	-0.82	3.81	0.04	0.04	0.23	-0.07	0.25	0.22
Cash at Beginning of Period	9.15	3.26	3.26	3.26	4.08	0.28	0.24	0.24	0.01	0.57	0.23	0.00
Cash at End of Period	167.87	9.15	6.07	6.07	3.26	4.08	0.28	0.28	0.24	0.50	0.56	0.23
Free Cash Flow	-95.78	-20.70	-18.82	-18.85	-32.23	-16.38	-1.40	-1.40	-0.81	-1.73	-1.35	-1.60
Supplemental Disclosures
Interest Paid	-	-	-	0.07	0.12	0.16	-	0.02	-	-	-	-

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

Red Cat Holdings (RCAT) Cash Flow Statement

Red Cat Holdings Cash Flow Statement Analysis

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