Red Cat Holdings, Inc. (RCAT)

Red Cat Holdings Cash Flow 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
Net Income	-72.08	-24.05	-28.11	-11.69	-13.24
Depreciation & Amortization	2.27	1.42	0.97	0.26	0.04
Stock-Based Compensation	10.56	3.61	3.66	3.29	3.39
Other Adjustments	7.69	3.45	3.16	-0.79	8.22
Change in Receivables	-25.67	-3.64	-0.29	-0.07	-0.07
Changes in Inventories	-16.8	0.67	-5.71	-2.23	-0.06
Changes in Accounts Payable	1.57	0.19	0.43	-1.17	0.01
Changes in Accrued Expenses	3.85	0.66	-0.61	-0.34	0.62
Changes in Unearned Revenue	0.03	-0.1	-0.14	0.33	-0.02
Changes in Other Operating Activities	-0.56	-3.32	-4.3	-3.61	-0.29
Operating Cash Flow	-89.13	-17.72	-24.31	-16.02	-1.4
Capital Expenditures	-6.65	-0.26	-2.45	-0.36	-
Purchases of Investments	-	-	-0.25	-57.62	-
Proceeds from Sale of Investments	-	12.83	32.29	11.36	-
Payments for Business Acquisitions	-	-	-	-	-0.05
Proceeds from Business Divestments	-	1	-	-	-
Other Investing Activities	-	-	-	0.02	-
Investing Cash Flow	-6.65	13.57	29.59	-46.6	-0.05
Long-Term Debt Issued	15	-	0.01	-	1.82
Long-Term Debt Repaid	-1.65	-0.57	-0.65	-2.9	-0.53
Net Long-Term Debt Issued (Repaid)	13.35	-0.57	-0.63	-2.9	1.29
Issuance of Common Stock	256.62	9.21	-	70.17	0.2
Net Common Stock Issued (Repurchased)	256.62	9.21	-	70.17	0.2
Other Financing Activities	-15.48	-0.8	-0.58	-0.83	-
Financing Cash Flow	254.49	7.84	-1.22	66.43	1.49
Net Cash Flow	158.71	2.81	-0.82	3.81	0.04
Free Cash Flow	-95.78	-17.98	-26.76	-16.38	-1.4
FCF Margin	-235.17%	-100.80%	-579.20%	-254.83%	-27.98%
Free Cash Flow Per Share	-0.97	-0.30	-0.50	-0.34	-0.06
Levered Free Cash Flow	-75.02	-25.37	-40.54	-21.71	-11.65
Unlevered Free Cash Flow	-83.3	-20.04	-37.17	-20.12	-4.58

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

SEC Filings: 10-K · 10-Q