Red Cat Holdings Inc (RCAT) financial statements: income statement, balance sheet and cash flow
Red Cat Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Red Cat Holdings Inc reported revenue of $40.7M and net income of ($72.1M).
Income statement
Red Cat Holdings Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Apr 30, 2024 · FY
Apr 30, 2023 · FY
Apr 30, 2022 · FY
Revenues
$40.7M
—
—
—
Cost of goods sold
$39.5M
$14.2M
$10.2M
$5.5M
Gross profit (loss)
$1.3M
$3.7M
($336.8K)
$925.5K
Research and development
$17.9M
$5.9M
$5.2M
$2.6M
Sales and marketing
$13.1M
—
—
—
General and administrative
$36.9M
$10.7M
$6.6M
$5.5M
Impairment loss
$0
$413.0K
$2.8M
—
Total operating expenses
$67.9M
$21.6M
$26.8M
$13.9M
Operating loss
($66.6M)
($17.9M)
($27.1M)
($13.0M)
Convertible note payable fair value adjustment
$11.4M
—
—
—
Gain on extinguishment of convertible notes payable
($3.2M)
—
—
—
Interest (income) expense, net
($2.7M)
—
—
—
Loss on sale of equity method investment
$0
$503.6K
—
—
Gain on divestiture of consumer segment
$0
($9.6M)
—
—
Impairment on equity method investment
$0
—
—
—
Equity method loss
$0
—
—
—
Other income, net
($487.0K)
$3.7M
($39.3K)
($1.3M)
Total other expense
$5.0M
—
—
—
Loss from continuing operations before provision for income taxes
($71.6M)
—
—
—
Provision for income taxes
$443.0K
—
—
—
Net loss from continuing operations
($72.1M)
—
—
—
Loss from discontinued operations
$0
—
—
—
Net loss
($72.1M)
($24.1M)
($27.1M)
($11.7M)
Change in foreign currency translation adjustments
$0
—
—
—
Unrealized gain on marketable securities
$0
—
—
—
Comprehensive loss
($72.1M)
—
—
—
Continuing operations - basic (in USD per share)
-$0.73
—
—
—
Continuing operations - diluted (in USD per share)
-$0.73
—
—
—
Discontinued operations - basic (in USD per share)
$0.00
—
—
—
Discontinued operations - diluted (in USD per share)
$0.00
—
—
—
Loss per share - basic (in USD per share)
-$0.73
—
—
—
Loss per share - diluted (in USD per share)
-$0.73
—
—
—
Weighted average shares outstanding - basic (in shares
99.0M
—
—
—
Weighted average shares outstanding - diluted (in shares)
99.0M
—
—
—
Red Cat Holdings Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$20.2M
$15.5M
$9.6M
—
Cost of goods sold
$16.9M
$13.5M
$9.0M
$2.8M
Gross profit (loss)
$3.3M
$2.0M
$637.5K
$375.1K
Research and development
$14.2M
$8.0M
$6.0M
$3.6M
Sales and marketing
$6.4M
$4.6M
$3.0M
$3.2M
General and administrative
$21.2M
$16.7M
$9.2M
$6.2M
Total operating expenses
$41.9M
$29.3M
$18.2M
$13.0M
Operating loss
($38.6M)
($27.3M)
($17.5M)
($12.6M)
Convertible notes payable fair value adjustment
$0
$867.0K
$1.5M
($3.8M)
Loss (gain) on extinguishment of convertible notes payable
$0
($326.0K)
($2.4M)
$4.6M
Interest income, net
($1.9M)
($1.3M)
($771.1K)
($155.3K)
Other, net
($1.5M)
—
($441.8K)
—
Total other (income) expense
($3.4M)
($754.0K)
($2.2M)
$632.4K
Loss before provision for income taxes
($35.2M)
($26.5M)
($15.3M)
—
Provision for income taxes
$23.0K
$5.0K
$694.6K
—
Net loss
($35.3M)
($26.6M)
($16.0M)
($13.3M)
Loss per share - basic (in USD per share)
-$0.26
-$0.22
-$0.16
-$0.15
Loss per share - diluted (in USD per share)
-$0.26
-$0.22
-$0.16
-$0.15
Weighted average shares outstanding - basic (in shares)
136.9M
120.8M
99.6M
91.3M
Weighted average shares outstanding - diluted (in shares)
136.9M
120.8M
99.6M
91.3M
Balance sheet
Red Cat Holdings Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Apr 30, 2024 · FY
Apr 30, 2023 · FY
Apr 30, 2022 · FY
Cash
$167.9M
$6.1M
$3.3M
$4.1M
Accounts receivable, net
$26.2M
$4.4M
$781.0K
$495.5K
Inventory
$23.5M
$8.0M
$12.0M
$3.9M
Prepaid inventory
$6.9M
—
—
—
Prepaid expenses and other current assets
$2.5M
—
—
—
Total current assets
$226.9M
$22.4M
$32.2M
$55.7M
Goodwill
$17.7M
$9.1M
$17.0M
$25.1M
Intangible assets, net
$6.9M
$3.8M
$7.3M
$2.7M
Property and equipment, net
$7.8M
$2.3M
$2.7M
$511.7K
Other
$1.2M
$293.1K
$307.0K
$57.0K
Operating lease right-of-use assets
$13.1M
$1.5M
$704.9K
$1.0M
Total long-term assets
$46.7M
$26.1M
$28.0M
$29.4M
TOTAL ASSETS
$273.7M
$48.5M
$60.2M
$85.1M
Accounts payable
$3.6M
$1.6M
$2.0M
$1.0M
Accrued expenses
$5.1M
$1.1M
$518.9K
$1.1M
Debt obligations - short term
$350.0K
$751.6K
$922.1K
$956.9K
Contract liabilities and deposits
$261.0K
$53.9K
$400.7K
$437.9K
Operating lease liabilities
$1.0M
$195.6K
$331.3K
$293.8K
Convertible notes payable
$4.5M
—
—
—
Total current liabilities
$14.8M
$3.7M
$4.8M
$5.4M
Deferred income taxes
$443.0K
—
—
—
Operating lease liabilities
$12.6M
$1.3M
$421.3K
$749.8K
Total long-term liabilities
$13.0M
$1.3M
$822.8K
$1.7M
Total liabilities
$27.8M
—
—
—
Series B preferred stock - shares authorized 4,300,000; issued and outstanding 4,676 and 4,676
0
—
—
—
Common stock - shares authorized 500,000,000; issued and outstanding 120,070,244 and 85,215,136
120.0K
74.3K
54.6K
53.7K
Additional paid-in capital
$442.5M
$124.6M
$110.0M
$106.8M
Accumulated deficit
($196.8M)
($81.1M)
($54.6M)
($27.5M)
Total stockholders’ equity
$245.8M
$43.6M
$54.6M
$77.9M
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$273.7M
$48.5M
$60.2M
$85.1M
Preferred stock, shares issued (in shares)
4.7K
—
—
—
Red Cat Holdings Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash
$325.6M
$131.9M
$206.4M
$65.9M
Accounts receivable, net
$9.5M
$10.6M
$6.1M
$1.0M
Inventory
$73.4M
$50.5M
$22.6M
$16.2M
Prepaid inventory
$11.5M
$12.2M
$8.0M
$4.8M
Prepaid expenses and other current assets
$5.2M
$4.5M
$5.7M
—
Total current assets
$425.1M
$209.7M
$248.8M
$91.6M
Goodwill
$45.3M
$31.5M
$17.7M
$17.7M
Intangible assets, net
$22.0M
$12.5M
$7.3M
$7.7M
Property and equipment, net
$19.1M
$14.1M
$2.6M
$2.1M
Other long-term assets
$2.8M
$1.2M
$1.2M
$363.1K
Operating lease right-of-use assets
$13.2M
$12.8M
$8.4M
$2.0M
Total long-term assets
$102.4M
$72.2M
$37.2M
$29.8M
TOTAL ASSETS
$527.5M
$281.9M
$286.0M
$121.4M
Accounts payable
$12.8M
$9.2M
$3.0M
$1.5M
Accrued expenses
$7.8M
$6.4M
$6.2M
$1.8M
Debt obligations - short-term
$892.0K
$350.0K
$350.0K
$350.0K
Contract liabilities and deposits
$258.0K
$281.0K
$467.9K
$565.5K
Operating lease liabilities
$1.4M
$1.1M
$550.0K
$459.1K
Acquisition consideration payable
$5.4M
$1.7M
—
—
Convertible notes payable
$0
$0
$13.4M
$19.4M
Total current liabilities
$28.6M
$19.1M
$23.9M
$24.1M
Deferred income taxes
$3.1M
$443.0K
$694.6K
—
Operating lease liabilities
$12.5M
$12.3M
$8.2M
$1.7M
Acquisition consideration payable
$12.1M
$11.3M
—
—
Total long-term liabilities
$27.7M
$24.1M
$8.9M
$1.7M
Total liabilities
$56.3M
$43.1M
$32.8M
$25.8M
Series B preferred stock, $0.001 par value - shares authorized 4,300,000; issued and outstanding 4,676 and 4,676
0
0
47
47
Common stock, $0.001 par value - shares authorized 500,000,000; issued and outstanding 120,070,244 and 85,215,136
153.0K
122.0K
118.2K
98.5K
Additional paid-in capital
$729.7M
$462.0M
$430.3M
$256.6M
Accumulated deficit
($258.6M)
($223.4M)
($177.2M)
($161.1M)
Total stockholders’ equity
$471.2M
$238.7M
$253.3M
$95.6M
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$527.5M
$281.9M
$286.0M
$121.4M
Cash flow statement
Red Cat Holdings Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Apr 30, 2024 · FY
Apr 30, 2023 · FY
Apr 30, 2022 · FY
Net loss
($72.1M)
($24.1M)
($27.1M)
($11.7M)
Net loss from discontinued operations
$0
($2.5M)
—
—
Net loss from continuing operations
($72.1M)
($21.5M)
—
—
Stock based compensation
$10.6M
—
—
—
Realized loss from sale of marketable securities
$0
—
—
—
Depreciation and amortization of intangible assets
$2.3M
—
—
—
Deferred income taxes
$443.0K
—
—
—
Payments of taxes related to equity transactions
($982.0K)
($33.3K)
($581.8K)
($834.2K)
Gain on divestiture of consumer segment
$0
—
—
—
Loss on sale of equity method investment and note receivable
$0
—
—
—
Impairment on equity method investment
$0
—
—
—
Equity method loss
$0
$503.6K
—
—
Impairment on goodwill and intangible assets
$0
$413.0K
$2.8M
—
Convertible note payable fair value adjustment
$11.4M
—
—
—
Gain on extinguishment of convertible notes payable
($3.2M)
—
—
—
Accounts receivable
($25.7M)
($3.6M)
($285.5K)
($74.3K)
Inventory
($10.5M)
$913.3K
($8.1M)
($2.2M)
Prepaid inventory
($6.3M)
—
—
—
Prepaid expenses and other
($879.0K)
—
—
—
Operating lease right-of-use assets and liabilities
$315.0K
($4.2K)
—
—
Contract liabilities and deposits
$34.0K
($102.0K)
($37.3K)
$328.8K
Accounts payable
$1.6M
$187.9K
$980.7K
($1.2M)
Accrued expenses
$3.8M
$661.7K
($489.2K)
($336.2K)
Net cash used in operating activities of continuing operations
($89.1M)
($17.7M)
—
—
Proceeds from divestiture of consumer segment
$0
$1.0M
—
—
Purchases of property and equipment
($6.6M)
($259.1K)
($2.5M)
($363.7K)
Proceeds from sale of marketable securities
$0
$12.8M
$32.3M
—
Proceeds from sale of equity method investment and note receivable
$0
—
—
—
Net cash (used in) provided by investing activities of continuing operations
($6.6M)
$13.6M
—
—
Proceeds from issuance of common stock through public offerings
$249.2M
—
—
$70.1M
Payment of costs related to public offerings
($14.9M)
—
—
—
Proceeds from issuance of common stock through ATM facility, net
$0
—
—
—
Proceeds from issuance of convertible notes payable
$15.0M
—
—
—
Debt issuance costs
($567.0K)
—
—
—
Redemption of convertible notes payable
($1.6M)
—
—
—
Payments under debt obligations
$0
($572.1K)
($606.9K)
($930.0K)
Proceeds from exercise of stock options
$1.7M
$2.7K
—
—
Proceeds from exercise of warrants
$5.7M
—
—
$100.0K
Net cash provided by financing activities of continuing operations
$254.5M
$7.8M
—
—
Operating activities
$0
($875.2K)
—
—
Investing activities
$0
—
—
—
Financing activities
$0
—
—
—
Net cash used in discontinued operations
$0
($875.2K)
—
—
Net increase in cash
$158.7M
—
—
$3.8M
Cash, beginning of period
$9.2M
$3.3M
$4.1M
$277.3K
Red Cat Holdings Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($61.8M)
($26.6M)
($52.4M)
($36.4M)
Stock-based compensation
$9.9M
$4.8M
$7.3M
—
Depreciation and amortization of intangible assets
$2.3M
$812.0K
—
—
Convertible notes payable fair value adjustment
$867.0K
$867.0K
$12.9M
$6.9M
(Gain) loss on extinguishment of convertible notes payable
($326.0K)
($326.0K)
($2.4M)
$4.6M
Unrealized gain on equity securities
($1.5M)
—
—
—
Change in fair value of contingent consideration
$42.0K
—
—
—
Accounts receivable
$16.6M
$15.6M
($5.6M)
($523.2K)
Inventory
($49.9M)
($27.1M)
($9.7M)
($3.2M)
Prepaid inventory
($4.5M)
($5.2M)
($7.3M)
($4.2M)
Prepaid expenses and other
($2.0M)
($2.0M)
($4.0M)
($1.1M)
Operating lease right-of-use assets and liabilities
$313.0K
$163.0K
$157.4K
$48.0K
Contract liabilities and deposits
($3.0K)
$20.0K
$240.4K
$338.1K
Accounts payable
$9.1M
$5.6M
$925.3K
($568.4K)
Accrued expenses
$2.3M
$1.3M
$5.0M
$599.6K
Net cash used in operating activities
($78.7M)
($31.9M)
—
—
Cash paid for acquisition, net of cash acquired
($427.0K)
—
—
—
Purchases of property and equipment
($12.6M)
($6.8M)
($1.2M)
($579.6K)
Net cash used in investing activities
($13.0M)
($6.8M)
—
—
Proceeds from issuance of common stock through public offerings
$258.8M
—
$249.2M
—
Payment of costs related to public offerings
($13.5M)
—
($14.9M)
—
Proceeds from issuance of convertible notes payable
$0
$0
$15.0M
$14.4M
Debt issuance costs
$0
$0
($567.1K)
—
Payments of convertible notes payable
$0
—
($1.6M)
($1.6M)
Proceeds from exercise of warrants
$4.3M
$2.8M
$2.6M
$300.0K
Payments of taxes withheld upon vesting of employee stock awards