Growth & profitability
- Revenue has grown 457.1% per year over the past 5 years.
Financial health
- Total debt has grown slower than revenue (-31.4% vs 457.1% per year).
RCAT Financials Red Cat Holdings, Inc.
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $41M | -$72M | 3.1% | -163.5% | -29.3% | -26.3% | -$96M | — | — |
| 2024 | $18M | -$24M | 20.6% | -108.2% | -55.2% | -49.6% | -$18M | — | $6M |
| 2023 | — | -$27M | — | — | -52.3% | — | — | — | — |
| 2023 | $1M | -$28M | -63.6% | -2006.8% | -51.3% | -46.3% | -$27M | $1M | $3M |
| 2022 | — | -$12M | — | — | -14.8% | -13.7% | — | $2M | $4M |
| 2021 | — | -$13M | — | — | -251.3% | -113.2% | — | — | $277347 |
| 2020 | — | -$2M | — | — | -104.8% | -57.0% | — | — | — |
| 2019 | — | -$751332 | — | — | 401.2% | -124.5% | — | — | — |
| 2018 | — | -$3M | — | — | -1855.9% | -1252.4% | — | — | — |
| 2017 | — | $1M | — | — | -25510.2% | 150.5% | — | — | — |
| 2016 | — | -$3M | — | — | 87.3% | -578.8% | — | — | — |
| 2014 | — | -$7M | — | — | -581.8% | -467.7% | — | — | — |
| 2013 | — | $158394 | — | — | 56.7% | 51.6% | — | $0 | — |
| 2012 | — | $851928 | — | — | 704.4% | 387.9% | — | $0 | — |
| 2011 | — | -$84736 | — | — | 8.1% | -229.5% | — | $0 | — |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $20M | -$35M | 16.1% | -191.4% | -7.5% | -6.7% | -$53M | $2M | — |
| Mar '26 | $15M | -$27M | 12.7% | -176.5% | -11.1% | -9.4% | -$39M | $700000 | — |
| Dec '25 | $26M | -$20M | 4.2% | -91.3% | -8.0% | -7.2% | — | — | — |
| Sep '25 | $10M | -$16M | 6.6% | -181.7% | -6.3% | -5.6% | — | — | — |
| Jun '25 | $3M | -$13M | 11.6% | -392.9% | -13.9% | -10.9% | -$13M | — | — |
| Mar '25 | $2M | -$23M | -52.1% | -765.5% | -80.0% | -38.8% | -$16M | — | — |
| Dec '24 | $4M | -$18M | -21.4% | -2.3% | -35.6% | -32.1% | — | — | $9M |
| Oct '24 | — | -$13M | — | — | -49.3% | -26.1% | — | — | $5M |
| Sep '24 | $1M | -$12M | -30.3% | -653.2% | -36.7% | — | — | — | — |
| Jul '24 | $886440 | -$12M | -54.5% | -1400.7% | -38.3% | -32.7% | — | — | $8M |
| Jun '24 | $3M | -$8M | 8.3% | -167.4% | -21.2% | — | — | — | — |
| Apr '24 | — | -$24M | — | — | -55.2% | -49.6% | — | — | $6M |
| Mar '24 | — | -$7M | — | — | -14.8% | — | — | — | — |
| Jan '24 | — | -$5M | — | — | -11.1% | -9.9% | -$4M | — | $8M |
| Oct '23 | $529437 | -$6M | 226.8% | -990.5% | -12.7% | -11.5% | -$4M | $1M | $1M |
| Jul '23 | $310881 | -$6M | 56.2% | -1799.5% | -11.6% | -10.8% | -$7M | $1M | $937756 |
| Apr '23 | — | -$12M | — | — | -22.6% | -20.4% | -$9M | $1M | $3M |
| Jan '23 | — | -$6M | — | — | -8.7% | -8.0% | -$8M | $1M | $4M |
| Oct '22 | — | -$6M | — | — | -9.0% | -8.3% | -$6M | $2M | $2M |
| Jul '22 | — | -$4M | — | — | -5.1% | -4.7% | -$4M | $2M | $6M |
Valuation over time
How the market has priced RCAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 107.1× (May '23) to 32.0× (Sep '26).
P/S
Frequently asked questions
Is RCAT growing its revenue and profit?
Over the past 5 years, Red Cat Holdings, Inc.'s revenue has grown 457.1% per year. These are computed facts, not advice.
How much debt does RCAT have?
As of FY2025, Red Cat Holdings, Inc. reported — of total debt against — of cash.
What is RCAT's profit margin?
In FY2025, gross margin was 3.1%, operating margin -163.5%, and net margin -177.0%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.