Red Cat Holdings, Inc. (RCAT)

Red Cat Holdings Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2025	Dec 31, 2024	Apr 30, 2024	Apr 30, 2023	Apr 30, 2022	Apr 30, 2021
Revenue	7.44	7.28	17.84	4.62	6.43	5
Revenue Growth (YoY)	-54.80%	-59.21%	286.00%	-28.13%	28.59%	1137.69%
Cost of Revenue	10.31	9.31	14.16	5.46	5.5	3.93
Gross Profit	-2.87	-2.03	3.68	-0.83	0.93	1.07
Selling, General & Admin	41.52	27.22	16.65	17.21	10.81	4.16
Research & Development	17.53	9.37	5.91	5.46	3.12	1.79
Operating Expenses	59.05	36.59	22.57	22.68	13.93	5.95
Operating Income	-61.92	-38.62	-18.89	-23.51	-13	-4.88
Interest Expense	-	-	-0.07	-0.12	-0.15	-1.22
Interest & Investment Income	1.11	0.08	-	0.08	0.36	-
Earnings From Equity Investments	0.14	-1.1	-0.5	-	-	-
Other Non Operating Income (Expenses)	-0.36	0.05	0.71	0	1.11	-7.14
EBT Excluding Unusual Items	-61.05	-39.59	-18.75	-23.55	-11.69	-13.24
Gain (Loss) on Sale of Investments	9.35	-6.01	-12.01	-	-	-
Gain (Loss) on Sale of Assets	-9.64	-	9.64	-	-	-
Asset Writedown	0.37	-0.14	-0.41	-2.83	-	-
Other Unusual Items	-30.17	-19.68	-	-	-	-
Pretax Income	-91.14	-65.42	-21.53	-26.38	-11.69	-13.24
Earnings From Continuing Operations	-91.84	-65.42	-21.53	-26.38	-11.69	-13.24
Earnings From Discontinued Operations	1.37	-	-2.53	-1.73	-	-
Net Income	-90.46	-65.42	-24.05	-28.11	-11.69	-13.24
Net Income to Common	-90.46	-65.42	-24.05	-28.11	-11.69	-13.24
Shares Outstanding (Basic)	90	77	60	54	48	24
Shares Outstanding (Diluted)	90	77	60	54	48	24
Shares Change (YoY)	28.41%	28.15%	11.62%	11.70%	103.84%	72.27%
EPS (Basic)	-1.00	-0.85	-0.40	-0.52	-0.24	-0.56
EPS (Diluted)	-1.01	-0.85	-0.40	-0.52	-0.24	-0.56
Free Cash Flow	-70.04	-31.05	-18.85	-32.23	-16.38	-1.4
Free Cash Flow Per Share	-0.78	-0.40	-0.31	-0.60	-0.34	-0.06
Gross Margin	-38.54%	-27.96%	20.64%	-18.05%	14.40%	21.40%
Operating Margin	-831.86%	-530.86%	-105.89%	-508.80%	-202.25%	-97.54%
Profit Margin	-1215.28%	-899.20%	-134.85%	-608.27%	-181.82%	-264.75%
Free Cash Flow Margin	-940.88%	-426.77%	-105.71%	-697.52%	-254.83%	-27.98%
EBITDA	-59.36	-36.5	-17.46	-22.54	-12.74	-4.84
EBITDA Margin	-	-	-97.91%	-	-198.13%	-96.80%
D&A For EBITDA	2.56	2.12	1.42	0.97	0.26	0.04
EBIT	-61.92	-38.62	-18.89	-23.51	-13	-4.88
EBIT Margin	-	-	-105.89%	-	-202.25%	-97.54%
Advertising Expenses	-	-	-	-	-	0.06

Updated Nov 13, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q