Red Cat Holdings, Inc. income statement RCAT

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Red Cat Holdings, Inc. reported revenue of $40.7 million, up 128.4% from the year before. It recorded a net loss of $72.1 million. The operating loss came to $66.6 million, an operating margin of -163.5%. Diluted earnings per share were -$0.73. Over the twelve months ended Jun 30, 2026, revenue was $71.5 million and the net loss was $97.5 million. Across the 10 fiscal years shown, revenue grew from $42,094 in fiscal 2014 to $40.7 million in fiscal 2025, about 114.7% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Apr 30, 2024	FY 2023 Apr 30, 2023	FY 2022 Apr 30, 2022	FY 2021 Apr 30, 2021	FY 2020 Apr 30, 2020	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2015 Dec 31, 2015	FY 2014 Dec 31, 2014
Revenue	72 +227.5%	41 +128.4%	18 +286.0%	5 -28.1%	6 +28.6%	5 +1137.7%	0	0 +11167.8%	0	0 +41.1%	0 +397.2%
Cost of revenue	65 +325.5%	39 +178.7%	14 +159.5%	5 -0.9%	6 +40.0%	4 +1107.8%	0	—	0	0 +147.8%	0
Gross profit	7 +281.2%	1 -65.4%	4 +541.2%	-1 -190.1%	1 -13.5%	1 +1261.6%	0	-0 -37881.6%	0	0 -56.2%	0
Research and development	33 +240.0%	18 +185.5%	6 +6.9%	6 +124.9%	3 +405.0%	1 +5.5%	0	—	1	—	—
Selling, general and administrative	81 +389.2%	50 +206.6%	16 +28.0%	13 +129.6%	6 +333.7%	1 +34.7%	1	—	—	—	—
Operating expenses	114	68	—	—	—	—	—	—	—	—	—
Operating income	-107	-67 -245.1%	-19	—	—	—	-2	-2 -90.5%	-1	-0 +39.5%	-0 -1306.9%
Other income (expense)	10	-5 -126.0%	-2	—	—	—	—	—	—	-3	—
Pretax income	—	-72	—	—	—	—	—	—	—	—	—
Income tax	—	0	—	—	—	—	—	—	—	0	0 -100.0%
Net income	-97 -99.9%	-72 -199.7%	-24 +14.4%	-28 -140.5%	-12 +11.7%	-13 -726.3%	-2	-3 -334.2%	1	—	-7
Basic EPS	-0.82	-0.73 -82.5%	-0.40	—	—	—	—	-0.02 -133.3%	0.06	-0.16 +97.3%	-6.03 -4407.1%
Diluted EPS	-0.82	-0.73 -82.5%	-0.40	—	—	—	—	-0.02 -150.0%	0.04	-0.15 +92.6%	-2.03
Weighted average shares, basic	119	99 +64.6%	60	—	—	—	—	197 +323.9%	46	22 +1693.8%	1
Weighted average shares, diluted	119	99 +64.6%	60	—	—	—	—	197 +182.3%	70	22 +1693.8%	1
Other measures
Depreciation and amortization	—	2	—	—	—	—	—	—	0	0 -75.2%	0
EBITDA	—	-64	—	—	—	—	—	—	-1	-0 +37.5%	-0
Interest coverage	—	—	-281.29x	—	—	—	—	—	—	-2.28x	-90.70x
Margins
Gross margin	9.75%	3.13%	20.64%	-18.06%	14.40%	21.40%	19.45%	-234.68%	69.99%	16.22%	52.29%
Operating margin	-150.15%	-163.51%	-108.20%	—	—	—	-410.74%	-1,979.03%	-117,064.74%	-402.39%	-938.36%
Pretax margin	—	-175.87%	—	—	—	—	—	—	—	—	—
Profit margin	-136.26%	-176.96%	-134.86%	-608.27%	-181.82%	-264.75%	-396.58%	-2,514.35%	120,988.96%	—	-17,485.24%
EBITDA margin	—	-157.95%	—	—	—	—	—	—	-115,713.50%	-393.80%	-889.42%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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Company profile

Industry: Services-Prepackaged Software (SIC 7372)
Listed as: RCAT (Nasdaq)
Fiscal year ends: December 31
Headquarters: South Salt Lake, UT
SEC filer status: Non-accelerated filer, Smaller reporting company
SEC CIK: 748268
Former names: TimefireVR Inc. (until Jul 31, 2019); EnergyTEK Corp. (until Nov 18, 2016); BROADLEAF CAPITAL PARTNERS INC (until Jun 30, 2014); BROADLEAF CAPITAL PARTNERS INC (until Sep 28, 2004); PEACOCK FINANCIAL CORP (until Feb 21, 2002)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.