RCAT on Nasdaq

Red Cat Holdings, Inc.

We are a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerRCAT on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersSouth Salt Lake, Utah1
  • Business address2800 S West Temple, Suite 5, South Salt Lake, Ut 841152
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We are a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications. We develop American-made hardware and software that supports military, government, and public safety operations across air, land, and sea. Our family of systems delivers tactical capabilities in small, unmanned aircraft systems (sUAS) and uncrewed surface vessels (USVs), delivering integrated platforms designed to enhance safety and multi-domain mission effectiveness.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.1%Gross margin4
-163.5%Operating margin4
-177.0%Net margin4
128.4%Revenue growth, 20254
-29.3%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 93% of the revenue Red Cat Holdings, Inc. broke down this way in fiscal 2025.

  1. Product$37.9M493%up 177% from 2024
  2. Service$2.9M47%down 32% from 2024
Products and services by year
Products and services20242025
Product$13.7M$37.9M
Service$4.2M$2.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue68¢$39.5M
  • Research and development31¢$17.9M
  • Income tax1¢$443.0K

Out of $40.7M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$40.7M in 2025+9983% since 2020
0$20.0M$40.0M$60.0M2020: $403.9K$403.9K20202021: $5.0M$5.0M2021+1138%2022: $6.4M$6.4M2022+29%2023: $1.3M$1.3M2023−80%2024: $17.8M$17.8M2024+1259%2025: $40.7M$40.7M2025+128%
Gross profit56784$1.3M in 2025+1522% since 2020
-$2.0M0$2.0M$4.0M2020: $78.6K$78.6K20202021: $1.1M$1.1M2021+1262%2022: $925.5K$925.5K2022−13%2023: -$834.3K-$834.3K20232024: $3.7M$3.7M20242025: $1.3M$1.3M2025−65%
Operating income984-$66.6M in 2025+8764% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$751.3K-$751.3K20192020: -$1.7M-$1.7M2020+121%2023: -$26.4M-$26.4M2023+1490%2024: -$19.3M-$19.3M2024−27%2025: -$66.6M-$66.6M2025+245%
Net income956784-$72.1M in 2025+9493% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$751.3K-$751.3K20192020: -$1.6M-$1.6M2020+113%2021: -$13.2M-$13.2M2021+726%2022: -$11.7M-$11.7M2022−12%2023: -$28.1M-$28.1M2023+140%2024: -$24.1M-$24.1M2024−14%2025: -$72.1M-$72.1M2025+200%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-04-30
Revenues$40.7M$17.8M
Cost of goods sold$39.5M$14.2M
Gross profit (loss)$1.3M$3.7M
Research and development$17.9M$6.3M
Sales and marketing$13.1M$5.1M
General and administrative$36.9M$11.2M
Impairment loss$0$413.0K
Total operating expenses$67.9M$23.0M
Operating loss-$66.6M-$19.3M
Convertible note payable fair value adjustment$11.4M$0
Gain on extinguishment of convertible notes payable-$3.2M$0
Interest (income) expense, net-$2.7M$69.0K
Loss on sale of equity method investment$0$0
Gain on divestiture of consumer segment$0-$9.6M
Impairment on equity method investment$0$11.4M
Equity method loss$0$504.0K
Other income, net-$487.0K-$56.0K
Total other expense$5.0M$2.2M
Loss from continuing operations before provision for income taxes-$71.6M-$21.5M
Provision for income taxes$443.0K$0
Net loss from continuing operations-$72.1M-$21.5M
Loss from discontinued operations$0-$2.5M
Net loss-$72.1M-$24.1M
Change in foreign currency translation adjustments$0$2.0K
Unrealized gain on marketable securities$0$864.0K
Comprehensive loss-$72.1M-$23.2M
Continuing operations - basic (in USD per share)-$1-$0
Continuing operations - diluted (in USD per share)-$1-$0
Discontinued operations - basic (in USD per share)$0-$0
Discontinued operations - diluted (in USD per share)$0-$0
Loss per share - basic (in USD per share)-$0.73-$0.40
Loss per share - diluted (in USD per share)-$0.73-$0.40
Weighted average shares outstanding - basic (in shares99.0M shares60.1M shares
Weighted average shares outstanding - diluted (in shares)99.0M shares60.1M shares

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Leadership

Who has led Red Cat Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Craig Crawford2014
  2. Jonathan R. Read2016–2018
  3. Jeffrey Rassas2017
  4. Jeffrey M. Thompson2019–2021
  5. Allan Thomas Evans2021–2022
  6. George Michael Matus2021–2024

Chair

  1. Jeffrey M. Thompson2021–now

President

  1. Joseph Michael King2011–2012
  2. Damon Wagley2014
  3. Craig Crawford2014
  4. John M. Wise2016
  5. Jeffrey M. Thompson2019

Chief financial officer

  1. Craig Crawford2014–2015
  2. Jessica L. Smith2016–2017
  3. Joseph P. Hernon2020–2023
  4. Leah Lunger2024–2025
  5. Christian Ericson2025
  6. Christian Spenst Morrison2025–now

Chief operating officer

  1. Allan Thomas Evans2022–2023
  2. Christian Ericson2025–now
201520202025
Board members and other officers (21)

Former names

  • TimefireVR Inc.Dec 2, 2016 to Jul 31, 20192
  • EnergyTEK Corp.Jul 23, 2014 to Nov 18, 20162
  • BROADLEAF CAPITAL PARTNERS INCJun 21, 2002 to Jun 30, 20142
  • BROADLEAF CAPITAL PARTNERS INCMay 6, 2002 to Sep 28, 20042
  • PEACOCK FINANCIAL CORPAug 20, 1996 to Feb 21, 20022

Timeline

  1. Oct 5, 2021New chief executive George Michael Matus becomes CEO13
  2. Jan 19, 2021New chief executive Allan Thomas Evans becomes CEO12
  3. May 16, 2019New chief executive Jeffrey M. Thompson becomes CEO14
  4. Mar 14, 2017New chief executive Jeffrey Rassas becomes CEO15
  5. Dec 7, 2016New chief executive Jonathan R. Read becomes CEO16
  6. Oct 31, 2014New chief executive Craig Crawford becomes CEO17

Filings

329 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 80 major events, 135 insider forms, 16 large holders, 77 other. The latest 20:

  1. Oct 15, 2026144 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Sep 17, 20264 EDGAR
  4. Sep 1, 20264 EDGAR
  5. Aug 28, 2026144 EDGAR
  6. Aug 19, 20264 EDGAR
  7. Aug 18, 2026144 EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 13, 20264 EDGAR
  10. Aug 13, 20264 EDGAR
  11. Aug 11, 2026144 EDGAR
  12. Aug 11, 2026144 EDGAR
  13. Aug 7, 2026SCHEDULE 13G EDGAR
  14. Aug 6, 202610-Q EDGAR
  15. Aug 6, 20268-K EDGAR
  16. Jul 22, 20268-K EDGAR
  17. Jul 16, 20264 EDGAR
  18. Jul 15, 2026144 EDGAR
  19. Jun 25, 20268-K EDGAR
  20. Jun 15, 20264 EDGAR

The 329 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

62 open-market trades by officers, directors and large owners since October 2021: 25 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Thompson Jeffrey MChairman of the Board, CEOSale150,000$7.74$1.2MForm 4
Aug 28, 2026Liuzza Nicholas Reyland JRDirectorSale65,000$8.50$552.5KForm 4
Aug 17, 2026Thompson Jeffrey MChairman of the Board, CEOSale150,000$10.45$1.6MForm 4
Aug 11, 2026Moe Christopher R.DirectorSale20,000$10.51$210.2KForm 4
Aug 11, 2026Liuzza Nicholas Reyland JRDirectorSale55,000$10.63$584.6KForm 4
Jul 15, 2026Thompson Jeffrey MChairman of the Board, CEOSale150,000$8.51$1.3MForm 4
Jun 11, 2026Funk Paul IIDirectorSale165,028$11.50$1.9MForm 4
Sep 29, 2025Moe Christopher R.DirectorSale10,000$10.91$109.1KForm 4
Sep 12, 2025Moe Christopher R.DirectorSale10,000$10.96$109.6KForm 4
Sep 11, 2025Moe Christopher R.DirectorSale30,000$10.11$303.3KForm 4
Sep 8, 2025Moe Christopher R.DirectorSale10,000$8.90$89.0KForm 4
Aug 25, 2025Moe Christopher R.DirectorSale10,000$10.04$100.4KForm 4
Aug 21, 2025Moe Christopher R.DirectorSale16,833$9.58$161.3KForm 4
Aug 20, 2025Moe Christopher R.DirectorSale10,000$8.93$89.3KForm 4
Jun 30, 2025Freedman Joseph DavidDirectorSale150,000$7.37$1.1MForm 4
Jun 10, 2025Liuzza Nicholas Reyland JRDirectorSale100,000$8.58$858.0KForm 4
May 21, 2025Liuzza Nicholas Reyland JRDirectorSale100,309$6.70$672.1KForm 4
Dec 30, 2024Freedman Joseph DavidDirectorSale15,000$14.24$213.6KForm 4
Dec 30, 2024Liuzza Nicholas Reyland JRDirectorSale80,000$13.46$1.1MForm 4
Dec 27, 2024Freedman Joseph DavidDirectorSale10,000$12.25$122.5KForm 4

All 62 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
State Street Corp12,091,447$128.8M0.0%+4,928,540
BlackRock, Inc.11,230,987$119.6M0.0%−445,997
Hood River Capital Management LLC10,578,223$112.7M0.8%+7,545,218
Vanguard Capital Management LLC5,861,166$62.4M0.0%+1,328,558
Citadel Advisors LLC3,441,774$36.7M0.0%+3,275,575
Geode Capital Management, LLC3,132,448$33.4M0.0%+535,717
Van Eck Associates Corp2,553,337$27.2M0.0%New
Morgan Stanley2,385,654$25.4M0.0%+582,111
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,591,139$16.9M0.0%+83,816
UBS Group AG1,468,101$15.6M0.0%−36,568
Charles Schwab Investment Management Inc1,051,540$11.2M0.0%+189,196
Vanguard Portfolio Management LLC1,043,630$11.1M0.0%+173,974
Northern Trust Corp977,622$10.4M0.0%+148,658
Vanguard Fiduciary Trust Co925,972$9.9M0.0%+194,514
Cantor Fitzgerald, L. P.896,710$9.5M0.1%+256,168
AWM Investment Company, Inc.874,460$9.3M0.8%+500,000
Bank Of America Corp /de/864,910$9.2M0.0%+661,544
First Trust Advisors LP813,669$8.7M0.0%New
Vident Advisory, LLC809,046$8.6M0.1%+428,286
Ameriprise Financial Inc726,189$7.7M0.0%+687,676
Defiance ETFs, LLC712,621$7.5M0.1%−1,239,001
Needham Investment Management LLC687,500$7.3M0.2%+307,500
IMC-Chicago, LLC680,359$7.2M0.1%New
Sei Investments Co635,943$6.8M0.0%+458,092
Marex Group Ltd561,908$6.0M0.0%+20,869

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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