Symbols / RCAT $13.28 +2.63% Red Cat Holdings, Inc.

Industrials • Aerospace & Defense • United States • NCM
RCAT Chart
About

Red Cat Holdings, Inc., together with its subsidiaries, provides drone and robotic solutions for defense, national security, and commercial applications in the United States. The company designs and manufactures small and tactical unmanned aircraft systems (UAS), such as BLACK WIDOW, a short-range reconnaissance war fighter with selectable integrated AI software capabilities; TEAL 2, a blue UAS product of defense used by combat soldiers, police officers, firefighters, wildlife managers, and industrial inspectors; and FANG, a first-person view small UAS. It also develops and produces long-endurance, vertical takeoff, and landing fixed-wing unmanned aircraft systems designed for extended-range intelligence, surveillance, and reconnaissance missions, such as THE EDGE 130. In addition, the company develops BLUE OPS, a battle-tested uncrewed surface vessel weapons system. Further, it provides FANG FPV DRONE, part of ARACHNID family of unmanned intelligence. Red Cat Holdings, Inc. is based in South Salt Lake, Utah.

Fundamentals
Scroll to Statements
Sector Industrials Industry Aerospace & Defense Market Cap 1.61B
Enterprise Value 1.42B Income -72.08M Sales 40.73M
Book/sh 2.05 Cash/sh 1.39 Dividend Yield —
Payout 0.00% Employees 244 IPO —
P/E — Forward P/E -44.27 PEG —
P/S 39.50 P/B 6.49 P/C —
EV/EBITDA -22.04 EV/Sales 34.82 Quick Ratio 13.07
Current Ratio 15.29 Debt/Eq 7.50 LT Debt/Eq —
EPS (ttm) -0.73 EPS next Y -0.30 EPS Growth —
Revenue Growth — Earnings 2026-05-15 ROA -25.28%
ROE -48.71% ROIC — Gross Margin 3.13%
Oper. Margin -91.26% Profit Margin -176.96% Shs Outstand 121.14M
Shs Float 107.21M Short Float 24.26% Short Ratio 1.36
Short Interest — 52W High 18.78 52W Low 4.60
Beta 1.36 Avg Volume 16.70M Volume 9.85M
Target Price $21.75 Recom Strong_buy Prev Close $12.94
Price $13.28 Change 2.63%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$21.75
Mean price target
2. Current target
$13.06
Latest analyst target
3. DCF / Fair value
$-10.76
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$13.06
Low
$20.00
High
$25.00
Mean
$21.75

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-19 main Needham Buy → Buy $20
2026-03-03 main Ladenburg Thalmann Buy → Buy $20
2026-03-02 reit Needham Buy → Buy $16
2026-01-13 main Needham Buy → Buy $16
2025-11-14 main Needham Buy → Buy $12
2025-10-03 init Needham — → Buy $17
2025-03-11 init Northland Capital Markets — → Outperform $13
2024-06-14 init Ladenburg Thalmann — → Buy $4
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-17 ERICSON CHRISTIAN Chief Operating Officer — 12,500 — —
2026-03-11 ERICSON CHRISTIAN Chief Operating Officer — 25,000 — —
2025-12-29 THOMPSON JEFFREY M Chief Executive Officer — 9,500 $0.00 $0
2025-10-01 HITCHCOCK GEOFFREY WAYNE Officer — 262,500 — —
2025-09-29 MOE CHRISTOPHER R. Director — 10,000 $10.91 $109,100
2025-09-12 MOE CHRISTOPHER R. Director — 50,000 $8.90 $501,900
2025-08-21 MOE CHRISTOPHER R. Director — 26,833 $8.93 $250,560
2025-07-18 THOMPSON JEFFREY M Chief Executive Officer — 441,983 $1.06 $541,665
2025-06-30 FREEDMAN JOSEPH DAVID Director — 150,000 $2.51 $376,500
2025-06-30 FREEDMAN JOSEPH DAVID Director — 150,000 $7.37 $1,105,500
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-04-30 2023-04-30 2022-04-30
Total Revenue
40.73
+128.35%
17.84
+285.99%
4.62
-28.12%
6.43
Operating Revenue
40.73
+128.35%
17.84
+285.99%
4.62
-28.12%
6.43
Cost Of Revenue
39.45
+178.74%
14.15
+159.48%
5.46
-0.88%
5.50
Reconciled Cost Of Revenue
39.45
+178.74%
14.15
+159.48%
5.46
-0.88%
5.50
Gross Profit
1.27
-65.39%
3.68
+541.20%
-0.83
-190.15%
0.93
Operating Expense
67.87
+200.75%
22.57
-0.48%
22.68
+62.82%
13.93
Research And Development
17.89
+185.51%
6.27
+6.92%
5.86
+124.86%
2.61
Selling General And Administration
49.98
+206.61%
16.30
-3.06%
16.82
+68.71%
9.97
Selling And Marketing Expense
13.11
+157.64%
5.09
+24.75%
4.08
+261.65%
1.13
General And Administrative Expense
36.88
+228.83%
11.21
-11.97%
12.74
+44.10%
8.84
Salaries And Wages
—
—
3.66
+11.09%
3.29
Other Gand A
36.88
+228.83%
11.21
-11.97%
12.74
+129.58%
5.55
Other Operating Expenses
—
—
4.41
+225.85%
1.35
Total Expenses
107.33
+192.27%
36.72
+30.54%
28.13
+44.78%
19.43
Operating Income
-66.60
-252.63%
-18.89
+19.67%
-23.51
-80.82%
-13.00
Total Operating Income As Reported
-66.60
-245.08%
-19.30
+26.73%
-26.34
-102.56%
-13.00
EBITDA
-64.33
-268.39%
-17.46
+22.54%
-22.54
-99.93%
-11.28
Normalized EBITDA
-67.54
-340.34%
-15.34
+22.53%
-19.80
-56.22%
-12.67
Reconciled Depreciation
2.27
+59.17%
1.42
+47.30%
0.97
+264.83%
0.26
EBIT
-66.60
-252.63%
-18.89
+19.67%
-23.51
-103.71%
-11.54
Total Unusual Items
3.21
+251.18%
-2.12
+22.60%
-2.74
-296.30%
1.40
Total Unusual Items Excluding Goodwill
3.21
+251.18%
-2.12
+22.60%
-2.74
-296.30%
1.40
Special Income Charges
3.21
+251.18%
-2.12
+24.87%
-2.83
0.00
Other Special Charges
-3.21
—
—
—
Write Off
0.00
-100.00%
11.77
+316.25%
2.83
0.00
Net Income
-72.08
-199.65%
-24.05
+14.42%
-28.11
-140.45%
-11.69
Pretax Income
-71.63
-232.75%
-21.53
+18.39%
-26.38
-125.65%
-11.69
Net Non Operating Interest Income Expense
2.71
+4028.99%
-0.07
+43.44%
-0.12
+17.41%
-0.15
Interest Expense Non Operating
—
0.07
-43.76%
0.12
-17.41%
0.15
Net Interest Income
2.71
+4028.99%
-0.07
+43.44%
-0.12
+17.41%
-0.15
Interest Expense
—
0.07
-43.76%
0.12
-17.41%
0.15
Other Income Expense
-7.75
-201.17%
-2.57
+6.26%
-2.74
-287.81%
1.46
Other Non Operating Income Expenses
-10.96
-19666.07%
0.06
+14222.25%
0.00
-99.38%
0.06
Gain On Sale Of Security
—
-0.65
-887.39%
0.08
-94.08%
1.40
Gain On Sale Of Business
0.00
-100.00%
9.64
0.00
—
Tax Provision
0.44
0.00
—
—
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.67
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-72.08
-199.65%
-24.05
+14.42%
-28.11
-140.45%
-11.69
Net Income From Continuing Operation Net Minority Interest
-72.08
-234.81%
-21.53
+18.39%
-26.38
-125.65%
-11.69
Net Income From Continuing And Discontinued Operation
-72.08
-199.65%
-24.05
+14.42%
-28.11
-140.45%
-11.69
Net Income Continuous Operations
-72.08
-234.81%
-21.53
+18.39%
-26.38
-125.65%
-11.69
Net Income Discontinuous Operations
0.00
+100.00%
-2.53
-45.98%
-1.73
—
Normalized Income
-74.61
-284.54%
-19.40
+17.90%
-23.63
-80.58%
-13.09
Net Income Common Stockholders
-72.08
-199.65%
-24.05
+14.42%
-28.11
-140.45%
-11.69
Diluted EPS
—
-0.40
+23.08%
-0.52
-116.67%
-0.24
Basic EPS
—
-0.40
+23.08%
-0.52
-116.67%
-0.24
Basic Average Shares
—
60.12
+11.62%
53.86
+11.70%
48.22
Diluted Average Shares
—
60.12
+11.62%
53.86
+11.70%
48.22
Diluted NI Availto Com Stockholders
-72.08
-199.65%
-24.05
+14.42%
-28.11
-140.45%
-11.69
Earnings From Equity Interest
0.00
+100.00%
-0.50
0.00
—
Total Other Finance Cost
-2.71
-4028.99%
0.07
-43.44%
0.12
—
Line Item Trend 2025-12-31 2024-12-31 2024-04-30 2023-04-30
Total Assets
273.68
+392.19%
55.60
+14.56%
48.54
-20.09%
60.74
Current Assets
226.94
+779.67%
25.80
+15.18%
22.40
-30.39%
32.18
Cash Cash Equivalents And Short Term Investments
167.87
+1733.79%
9.15
+50.88%
6.07
-62.05%
15.99
Cash And Cash Equivalents
167.87
+1733.79%
9.15
+50.88%
6.07
+91.17%
3.17
Cash Financial
167.87
+1733.79%
9.15
+50.88%
6.07
+91.17%
3.17
Other Short Term Investments
—
—
0.00
-100.00%
12.81
Receivables
26.16
+5248.67%
0.49
-92.49%
6.51
+647.41%
0.87
Accounts Receivable
26.16
+5248.67%
0.49
-88.79%
4.36
+505.82%
0.72
Gross Accounts Receivable
26.66
+5350.92%
0.49
—
—
Allowance For Doubtful Accounts Receivable
-0.50
0.00
—
—
Other Receivables
—
—
2.15
—
Accrued Interest Receivable
—
—
0.00
-100.00%
0.15
Inventory
23.45
+81.08%
12.95
+61.74%
8.01
-10.24%
8.92
Raw Materials
19.79
+135.06%
8.42
+46.44%
5.75
-29.29%
8.13
Work In Process
3.75
+317.24%
0.90
-30.31%
1.29
+153.25%
0.51
Finished Goods
2.40
-42.09%
4.15
+329.30%
0.97
+246.57%
0.28
Prepaid Assets
6.94
+981.31%
0.64
-64.51%
1.81
+62.69%
1.11
Assets Held For Sale Current
—
—
0.00
-100.00%
5.28
Other Current Assets
2.52
-1.48%
2.56
—
—
Total Non Current Assets
46.74
+56.81%
29.81
+14.02%
26.14
-8.50%
28.57
Net PPE
20.92
+520.46%
3.37
-11.76%
3.82
-10.10%
4.25
Gross PPE
22.41
+356.74%
4.91
+3.68%
4.73
+3.04%
4.59
Accumulated Depreciation
-1.49
+2.93%
-1.53
-68.41%
-0.91
-166.00%
-0.34
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
—
—
1.48
-7.47%
1.60
Machinery Furniture Equipment
1.27
+461.67%
0.23
+39.02%
0.16
+23.00%
0.13
Construction In Progress
4.24
0.00
—
—
Other Properties
15.24
+387.93%
3.12
+3.39%
3.02
+1.17%
2.99
Leases
1.65
+6.23%
1.56
+0.52%
1.55
+5.03%
1.47
Goodwill And Other Intangible Assets
24.59
-5.87%
26.12
+102.78%
12.88
-46.11%
23.91
Goodwill
17.67
+0.00%
17.67
+94.43%
9.09
-46.58%
17.01
Other Intangible Assets
6.92
-18.15%
8.45
+122.78%
3.79
-44.95%
6.89
Investments And Advances
0.69
+176.80%
0.25
-95.36%
5.39
+2057.00%
0.25
Long Term Equity Investment
—
—
5.14
0.00
Non Current Prepaid Assets
0.54
+791.67%
0.06
+39.13%
0.04
-18.91%
0.05
Other Non Current Assets
—
—
—
0.11
Total Liabilities Net Minority Interest
27.84
+407.66%
5.49
+10.29%
4.97
-16.77%
5.98
Current Liabilities
14.85
+255.25%
4.18
+14.46%
3.65
-9.85%
4.05
Payables And Accrued Expenses
8.71
+164.62%
3.29
+24.15%
2.65
+47.06%
1.80
Payables
3.62
+76.54%
2.05
+29.71%
1.58
+13.49%
1.39
Accounts Payable
3.62
+76.54%
2.05
+29.71%
1.58
+13.49%
1.39
Current Accrued Expenses
5.09
+310.24%
1.24
+15.94%
1.07
+161.23%
0.41
Current Debt And Capital Lease Obligation
5.88
+788.07%
0.66
-30.11%
0.95
-12.42%
1.08
Current Debt
4.87
+1290.86%
0.35
-53.43%
0.75
-18.50%
0.92
Other Current Borrowings
4.87
+1290.86%
0.35
-53.43%
0.75
-18.50%
0.92
Current Capital Lease Obligation
1.01
+224.04%
0.31
+59.48%
0.20
+22.72%
0.16
Current Deferred Liabilities
0.26
+14.98%
0.23
+320.85%
0.05
-65.42%
0.16
Current Deferred Revenue
0.26
+14.98%
0.23
+320.85%
0.05
-65.42%
0.16
Other Current Liabilities
—
—
—
1.01
Total Non Current Liabilities Net Minority Interest
13.00
+895.33%
1.31
-1.21%
1.32
-31.34%
1.93
Liabilities Heldfor Sale Non Current
—
—
0.00
-100.00%
0.04
Long Term Debt And Capital Lease Obligation
12.56
+861.41%
1.31
-1.21%
1.32
-29.82%
1.88
Long Term Debt
—
—
—
0.40
Long Term Capital Lease Obligation
12.56
+861.41%
1.31
-1.21%
1.32
-10.80%
1.48
Non Current Deferred Liabilities
0.44
0.00
—
—
Non Current Deferred Taxes Liabilities
0.44
0.00
—
—
Stockholders Equity
245.83
+390.50%
50.12
+15.05%
43.56
-20.46%
54.77
Common Stock Equity
245.83
+390.50%
50.12
+15.05%
43.56
-20.44%
54.76
Capital Stock
0.12
+41.18%
0.09
+14.35%
0.07
+15.37%
0.06
Common Stock
0.12
+41.18%
0.09
+14.42%
0.07
+36.14%
0.05
Preferred Stock
0.00
0.00
-100.00%
0.00
-99.52%
0.01
Share Issued
120.07
+40.90%
85.22
+14.71%
74.29
+36.14%
54.57
Ordinary Shares Number
120.07
+40.90%
85.22
+14.71%
74.29
+36.14%
54.57
Additional Paid In Capital
442.53
+153.20%
174.78
+40.25%
124.62
+10.63%
112.64
Retained Earnings
-196.82
-57.78%
-124.75
-53.76%
-81.13
-42.14%
-57.08
Gains Losses Not Affecting Retained Earnings
—
—
0.00
+100.54%
-0.86
Other Equity Adjustments
—
—
0.00
+100.54%
-0.86
Total Equity Gross Minority Interest
245.83
+390.50%
50.12
+15.05%
43.56
-20.46%
54.77
Total Capitalization
245.83
+390.50%
50.12
+15.05%
43.56
-21.04%
55.17
Working Capital
212.09
+881.04%
21.62
+15.32%
18.75
-33.35%
28.12
Invested Capital
250.70
+396.74%
50.47
+13.88%
44.32
-20.98%
56.08
Total Debt
18.43
+836.74%
1.97
-13.27%
2.27
-23.47%
2.97
Net Debt
—
—
—
—
Capital Lease Obligations
13.57
+738.50%
1.62
+6.62%
1.52
-7.54%
1.64
Net Tangible Assets
221.24
+822.03%
24.00
-21.79%
30.68
-0.58%
30.86
Tangible Book Value
221.24
+822.03%
24.00
-21.79%
30.68
-0.55%
30.85
Available For Sale Securities
0.69
+176.80%
0.25
+0.00%
0.25
+0.00%
0.25
Current Notes Payable
—
—
—
—
Duefrom Related Parties Current
—
—
—
0.00
Dueto Related Parties Current
—
—
—
0.00
Inventories Adjustments Allowances
-2.50
-380.19%
-0.52
—
—
Investmentin Financial Assets
0.69
+176.80%
0.25
+0.00%
0.25
+0.00%
0.25
Non Current Note Receivables
—
—
4.00
0.00
Preferred Stock Equity
—
—
0.00
-99.52%
0.01
Line Item Trend 2025-12-31 2024-04-30 2023-04-30 2022-04-30
Operating Cash Flow
-89.13
-379.34%
-18.59
+25.31%
-24.90
-55.41%
-16.02
Cash Flow From Continuing Operating Activities
-89.13
-403.01%
-17.72
+33.45%
-26.63
-66.21%
-16.02
Cash From Discontinued Operating Activities
0.00
+100.00%
-0.88
—
—
Net Income From Continuing Operations
-72.08
-234.81%
-21.53
+23.41%
-28.11
-140.45%
-11.69
Depreciation Amortization Depletion
2.27
+59.17%
1.42
+47.30%
0.97
+264.83%
0.26
Depreciation
—
0.57
+82.58%
0.31
+675.66%
0.04
Amortization Cash Flow
2.27
+59.17%
1.42
+117.41%
0.65
+191.37%
0.22
Depreciation And Amortization
2.27
+59.17%
1.42
+47.30%
0.97
+264.83%
0.26
Amortization Of Intangibles
2.27
+59.17%
1.42
+117.41%
0.65
+191.37%
0.22
Other Non Cash Items
11.44
+260.81%
-7.12
-502.28%
1.77
+606.48%
0.25
Stock Based Compensation
10.56
+192.66%
3.61
-1.31%
3.66
+11.09%
3.29
Asset Impairment Charge
0.00
-100.00%
11.77
+316.25%
2.83
0.00
Deferred Tax
-0.54
-1584.38%
-0.03
+94.50%
-0.58
—
Deferred Income Tax
-0.54
-1584.38%
-0.03
+94.50%
-0.58
—
Operating Gains Losses
-3.21
+61.25%
-8.29
-2899.55%
0.30
+128.40%
-1.04
Gain Loss On Investment Securities
—
0.85
+187.83%
0.30
+128.40%
-1.04
Change In Working Capital
-37.58
-704.19%
-4.67
+18.32%
-5.72
+19.36%
-7.09
Change In Receivables
-25.67
-604.92%
-3.64
-1159.92%
-0.29
-288.86%
-0.07
Changes In Account Receivables
-25.67
-604.92%
-3.64
-1159.92%
-0.29
-288.86%
-0.07
Change In Inventory
-10.50
-1250.16%
0.91
+116.00%
-5.71
-156.00%
-2.23
Change In Prepaid Assets
-7.18
-167.08%
-2.69
—
—
Change In Payables And Accrued Expense
5.42
+538.04%
0.85
+588.92%
-0.17
+88.50%
-1.51
Change In Accrued Expense
3.85
+482.15%
0.66
+208.64%
-0.61
-81.00%
-0.34
Change In Payable
1.57
+734.57%
0.19
-56.76%
0.43
+137.05%
-1.17
Change In Account Payable
1.57
+734.57%
0.19
-56.76%
0.43
+137.05%
-1.17
Change In Other Working Capital
0.35
+429.25%
-0.11
-123.62%
0.45
+113.68%
-3.28
Investing Cash Flow
-6.65
-148.99%
13.57
-54.15%
29.59
+163.49%
-46.60
Cash Flow From Continuing Investing Activities
-6.65
-148.99%
13.57
-54.15%
29.59
+163.49%
-46.60
Cash From Discontinued Investing Activities
0.00
0.00
—
—
Net PPE Purchase And Sale
-6.65
-2466.41%
-0.26
+89.43%
-2.45
-573.71%
-0.36
Purchase Of PPE
-6.65
-2466.41%
-0.26
+89.43%
-2.45
-573.71%
-0.36
Capital Expenditure
-6.65
-2466.41%
-0.26
+89.43%
-2.45
-573.71%
-0.36
Net Investment Purchase And Sale
0.00
-100.00%
12.83
-60.28%
32.29
+169.80%
-46.26
Purchase Of Investment
—
—
0.00
+100.00%
-57.62
Sale Of Investment
0.00
-100.00%
12.83
-60.28%
32.29
+184.37%
11.36
Net Business Purchase And Sale
0.00
-100.00%
1.00
0.00
-100.00%
0.02
Purchase Of Business
—
—
-0.25
0.00
Gain Loss On Sale Of Business
0.00
+100.00%
-9.64
0.00
—
Net Other Investing Changes
—
1.00
+500.00%
-0.25
—
Financing Cash Flow
254.49
+3148.14%
7.83
+1336.68%
-0.63
-100.95%
66.43
Cash Flow From Continuing Financing Activities
254.49
+3148.14%
7.83
+1336.68%
-0.63
-100.95%
66.43
Net Issuance Payments Of Debt
13.35
+2433.92%
-0.57
+5.75%
-0.61
+34.74%
-0.93
Issuance Of Debt
15.00
0.00
0.00
0.00
Repayment Of Debt
-1.65
-188.46%
-0.57
+5.75%
-0.61
+34.74%
-0.93
Long Term Debt Issuance
15.00
0.00
0.00
0.00
Long Term Debt Payments
-1.65
-188.46%
-0.57
+5.75%
-0.61
+34.74%
-0.93
Net Long Term Debt Issuance
13.35
+2433.92%
-0.57
+5.75%
-0.61
+34.74%
-0.93
Net Common Stock Issuance
249.25
+2606.58%
9.21
0.00
-100.00%
70.07
Proceeds From Stock Option Exercised
7.37
+368400.00%
0.00
0.00
-100.00%
0.10
Net Other Financing Charges
-15.48
-1825.00%
-0.80
-2916.55%
-0.03
+99.05%
-2.80
Changes In Cash
158.71
+5554.11%
2.81
+440.44%
-0.82
-121.66%
3.81
Beginning Cash Position
9.15
+180.80%
3.26
-20.19%
4.08
+1372.82%
0.28
End Cash Position
167.87
+2666.85%
6.07
+86.09%
3.26
-20.18%
4.08
Free Cash Flow
-95.78
-408.01%
-18.85
+31.05%
-27.35
-66.91%
-16.38
Interest Paid Supplemental Data
0.00
-100.00%
0.07
-42.67%
0.12
-25.81%
0.16
Income Tax Paid Supplemental Data
0.00
0.00
0.00
0.00
Common Stock Issuance
249.25
+2606.58%
9.21
0.00
-100.00%
70.07
Earnings Losses From Equity Investments
0.00
-100.00%
0.50
0.00
—
Issuance Of Capital Stock
249.25
+2606.58%
9.21
0.00
-100.00%
70.07
Sale Of Business
0.00
-100.00%
1.00
0.00
-100.00%
0.02
Cash Flow From Discontinued Operation
—
-0.88
+82.09%
-4.89
—
Cash From Discontinued Financing Activities
0.00
0.00
—
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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