Red Cat Holdings, Inc. (RCAT)

Red Cat Holdings Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Apr 30, 2024	Apr 30, 2023	Apr 30, 2022	Apr 30, 2021
Revenue	40.73	17.84	4.62	6.43	5
Revenue Growth (YoY)	128.35%	285.99%	-28.13%	28.59%	1137.69%
Cost of Revenue	39.46	14.16	5.46	5.5	3.93
Gross Profit	1.27	3.68	-0.83	0.93	1.07
Selling, General & Admin	49.98	16.3	16.12	9.97	4.84
Research & Development	17.89	6.27	5.6	2.61	0.52
Other Operating Expenses	-	0.41	2.83	1.35	0.59
Total Operating Expenses	67.87	22.98	24.54	13.93	5.95
Operating Income	-66.6	-19.3	-25.37	-13	-4.88
Interest Expense	-2.71	0.07	0.12	0.15	1.22
Other Non-Operating Income (Expense)	-14.66	-21.5	-0.08	-1.04	-2.14
Total Non-Operating Income (Expense)	-17.37	-21.43	0.04	-0.89	-0.91
Pretax Income	-71.63	-21.53	-25.33	-13.9	-5.79
Provision for Income Taxes	0.44	-	-	-	-
Net Income	-72.08	-24.05	-28.11	-11.69	-13.24
Earnings From Discontinued Operations	-	-2.53	-1.73	-	-
Net Income to Common	-72.08	-24.05	-28.11	-11.69	-13.24
Shares Outstanding (Basic)	99	60	54	48	24
Shares Outstanding (Diluted)	99	60	54	48	24
Shares Change (YoY)	64.60%	11.62%	11.70%	103.84%	72.27%
EPS (Basic)	-0.73	-0.40	-0.52	-0.24	-0.56
EPS (Diluted)	-0.73	-0.40	-0.52	-0.24	-0.56
Free Cash Flow	-95.78	-17.98	-26.76	-16.38	-1.4
Free Cash Flow Per Share	-0.97	-0.30	-0.50	-0.34	-0.06
Gross Margin	3.13%	20.64%	-18.06%	14.40%	21.40%
Operating Margin	-163.51%	-108.20%	-549.07%	-202.25%	-97.54%
Profit Margin	-176.96%	-120.69%	-570.82%	-216.16%	-115.82%
FCF Margin	-235.17%	-100.80%	-579.20%	-254.83%	-27.98%
EBITDA	-64.33	-17.88	-24.41	-12.74	-4.84
EBITDA Margin	-157.95%	-100.22%	-528.17%	-198.13%	-96.80%
EBIT	-66.6	-19.3	-25.37	-13	-4.88
EBIT Margin	-163.51%	-108.20%	-549.07%	-202.25%	-97.54%
Effective Tax Rate	-0.62%	0.00%	0.00%	0.00%	0.00%

Updated Mar 18, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q