Red Cat Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022	Apr '21 Apr 30, 2021
Net Income	-90.46	-65.42	-24.05	-28.11	-11.69	-13.24
Depreciation & Amortization	2.56	2.12	1.42	0.97	0.26	0.04
Other Amortization	-	-	-	-	-	1.1
Loss (Gain) From Sale of Assets	9.64	-	-9.64	-	-	-
Asset Writedown & Restructuring Costs	-0.37	0.14	0.41	2.83	-	-
Loss (Gain) From Sale of Investments	-9.35	6.01	12.21	0.3	-	-
Loss (Gain) on Equity Investments	-0.14	1.1	0.5	-	-	-
Stock-Based Compensation	10.37	6.15	3.61	3.7	3.54	3.39
Other Operating Activities	28.82	18.42	2.49	1.15	-1.04	7.12
Change in Accounts Receivable	0.02	5.81	-3.64	-0.29	-0.07	-0.07
Change in Inventory	-25.76	-6.97	0.91	-5.71	-2.23	-0.06
Change in Accounts Payable	2.47	0.7	0.19	0.43	-1.17	0.01
Change in Unearned Revenue	0.23	-0.03	-0.1	-0.14	0.33	-0.02
Change in Other Net Operating Assets	3.21	1.16	-2.03	-0.02	-3.95	0.33
Operating Cash Flow	-68.69	-30.8	-18.6	-29.78	-16.02	-1.4
Capital Expenditures	-1.34	-0.25	-0.26	-2.45	-0.36	-
Cash Acquisitions	-	-	-	-	0.02	-0.05
Divestitures	-1	-	1	-	-	-
Investment in Securities	2.2	6.6	12.83	32.04	-46.26	-
Investing Cash Flow	-0.14	6.35	13.57	29.59	-46.6	-0.05
Short-Term Debt Issued	-	-	-	0.01	-	0.74
Long-Term Debt Issued	-	-	-	-	-	1.08
Total Debt Issued	15	-	-	0.01	-	1.82
Short-Term Debt Repaid	-	-	-	-0.04	-1.97	-0.53
Long-Term Debt Repaid	-	-	-0.57	-0.61	-0.93	-
Total Debt Repaid	-1.65	-0.59	-0.57	-0.65	-2.9	-0.53
Net Debt Issued (Repaid)	13.35	-0.59	-0.57	-0.63	-2.9	1.29
Issuance of Common Stock	282.97	29.67	9.21	-	70.17	0.2
Repurchase of Common Stock	-	-	-	-	-0.83	-
Other Financing Activities	-15.35	-	-0.8	-	-	-
Financing Cash Flow	280.97	29.08	7.84	-0.63	66.43	1.49
Net Cash Flow	212.13	4.63	2.81	-0.82	3.81	0.04
Free Cash Flow	-70.04	-31.05	-18.85	-32.23	-16.38	-1.4
Free Cash Flow Margin	-940.88%	-426.77%	-105.71%	-697.52%	-254.83%	-27.98%
Free Cash Flow Per Share	-0.78	-0.40	-0.31	-0.60	-0.34	-0.06
Cash Interest Paid	-	0.02	0.07	0.12	0.16	0.02
Levered Free Cash Flow	-	-	-7.48	-23.15	-10.06	3.07
Unlevered Free Cash Flow	-	-	-7.44	-23.07	-9.96	2.73
Change in Working Capital	-19.84	0.67	-4.67	-5.72	-7.09	0.19

Source: S&P Global Market Intelligence. Standard template. Financial Sources.