# Red Cat Holdings, Inc. (RCAT)

**Exchange:** NASDAQ  
**Sector:** Industrials

> Red Cat Holdings, Inc. is a U.S.-based drone and robotic technology company focused on advanced all-domain solutions for defense and national security applications. The company integrates robotic hardware and software to support military, government, and public safety operations across air, land, and sea. Through its subsidiaries, including Teal Drones and FlightWave Aerospace, Red Cat Holdings, Inc. provides American-made unmanned systems designed for intelligence, surveillance, reconnaissance, and precision strike missions.

Current offerings include the Arachnid family of ISR and precision strike drones, the Black Widow small unmanned ISR system, and the WEB (Warfighter Electronic Bridge) ground control system for unified command and control of multiple drone platforms. The portfolio also features Edge 130 Blue drone systems, the Trichon fixed-wing VTOL platform for extended endurance, and FANG FPV drones tailored for high-agility military use. Operating in the industrials sector within the aerospace and defense industry, Red Cat Holdings, Inc. serves domestic and allied defense and security customers from its headquarters in San Juan, Puerto Rico, and plays a specialized role in the rapidly evolving unmanned systems market.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $41M | $1M | -$67M | -$72M | $-0.73 |
| 2024 | $18M | $4M | -$19M | -$24M | $-0.40 |
| 2023 | $1M | -$834,311 | -$26M | -$28M | $-0.52 |
| 2022 | $6M | $925,515 | — | -$12M | — |
| 2021 | $5M | $1M | — | -$13M | — |
| 2020 | $403,940 | $78,561 | -$2M | -$2M | — |
| 2018 | $105,129 | -$246,714 | -$2M | -$3M | $-0.02 |
| 2017 | $933 | $653 | -$1M | $1M | $0.04 |
| 2016 | $203,640 | $203,640 | -$1M | -$3M | $-0.12 |
| 2015 | $59,404 | $9,635 | -$239,038 | — | $-0.15 |
| 2014 | $42,094 | $22,010 | -$394,993 | -$7M | $-2.03 |
| 2013 | $8,467 | $8,467 | -$28,076 | $158,394 | $0.14 |
| 2012 | $633 | $7,273 | -$130,203 | $851,928 | — |
| 2011 | $7,600 | $7,600 | -$84,736 | -$84,736 | — |
| 2010 | $7,600 | — | -$70,375 | -$70,375 | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $274M | $28M | $246M | — | — |
| 2024 | $49M | $5M | $44M | — | — |
| 2023 | $61M | $6M | $55M | — | $401,569 |
| 2022 | $85M | $6M | $79M | — | $973,707 |
| 2021 | $12M | $6M | $5M | $277,347 | — |
| 2020 | $3M | $1M | $2M | $236,668 | — |
| 2018 | $211,053 | $68,628 | $142,425 | $5,787 | — |
| 2017 | $750,153 | $3M | -$4,425 | $559,237 | — |
| 2016 | $583,390 | $4M | -$4M | $225,379 | — |
| 2015 | $129,040 | $312,749 | -$242,610 | $3,165 | — |
| 2014 | $2M | $308,576 | $1M | — | — |
| 2013 | $307,045 | $27,701 | $279,344 | $7,045 | — |
| 2012 | $219,642 | $98,692 | $120,950 | $94,642 | — |
| 2011 | $36,924 | $1M | -$1M | $11,957 | — |
| 2010 | $86,464 | $1M | -$970,749 | — | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2023 | -$29M | — | — |
| 2022 | -$16M | — | — |
| 2021 | -$1M | — | — |
| 2020 | -$811,584 | — | — |
| 2019 | -$753,388 | — | — |
| 2018 | -$943,640 | — | — |
| 2017 | -$1M | — | — |
| 2016 | -$2M | — | — |
| 2015 | -$112,543 | — | -$112,543 |
| 2014 | -$216,666 | — | -$216,666 |
| 2013 | $105,036 | — | — |
| 2012 | -$314,408 | — | — |
| 2011 | -$59,523 | — | — |
| 2010 | -$40,862 | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/RCAT)