Red Cat (RCAT) financial statements
Red Cat reported revenue of $41M in fiscal 2025, up 80.2% a year over 9 years.
Net income was -$72M and the operating margin -163.5%, against -713.2% in 2016.
Free cash flow was -$96M.
The diluted share count rose 136% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Red Cat's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $203,640 | $933 | $105,129 | — | $403,940 | $5M | $6M | $5M | $18M | $41M |
| Cost of revenue | — | $280 | — | — | $325,379 | $4M | $6M | $5M | $14M | $39M |
| Gross profit | $203,640 | $653 | -$246,714 | — | $78,561 | $1M | $925,515 | -$834,311 | $4M | $1M |
| Research and development | $860,533 | $993,934 | — | $366,590 | $488,990 | $516,084 | $3M | $6M | $6M | $18M |
| Selling, general and admin | — | — | — | $384,742 | $949,636 | $1M | $6M | $17M | $16M | $50M |
| Operating income | -$1M | -$1M | -$2M | -$751,332 | -$2M | — | — | -$26M | -$19M | -$67M |
| Interest expense | — | $376,085 | $500,182 | — | $29,186 | $1M | $147,724 | $122,004 | $68,609 | — |
| Pre-tax income | -$3M | $3M | -$3M | -$751,332 | -$2M | -$5M | -$13M | -$25M | -$22M | -$72M |
| Income tax | — | — | — | — | — | — | — | — | $0 | $443,000 |
| Net income | -$3M | $1M | -$3M | -$751,332 | -$2M | -$13M | -$12M | -$28M | -$24M | -$72M |
| EPS (diluted) | -$0.12 | $0.04 | -$0.02 | $0.14 | -$0.12 | -$0.56 | — | -$0.52 | -$0.40 | -$0.73 |
| Diluted shares | 42M | 70M | 197M | 5M | 14M | 24M | — | 54M | 60M | 99M |
| Gross margin | 100.0% | 70.0% | -234.7% | — | 19.4% | 21.4% | 14.4% | -18.1% | 20.6% | 3.1% |
| Operating margin | -713.2% | -117064.7% | -1979.0% | — | -410.7% | — | — | -570.0% | -108.2% | -163.5% |
| Net margin | -1658.2% | 120989.0% | -2514.4% | — | -396.6% | -264.7% | -181.8% | -608.3% | -134.9% | -177.0% |
Balance sheet
Fiscal years, from Red Cat's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $225,379 | $558,732 | $5,787 | $503,438 | $236,668 | $277,347 | $4M | $16M | $6M | $168M |
| Receivables | — | $38 | $938 | — | — | $321,693 | $495,506 | $719,862 | $4M | $26M |
| Inventory | — | — | — | — | $78,650 | $362,072 | $4M | $9M | $8M | $23M |
| Total current assets | $499,779 | $690,525 | $170,711 | $603,438 | $318,338 | $2M | $56M | $32M | $22M | $227M |
| Property, plant and equipment | $38,735 | $26,128 | $91,676 | — | — | — | $511,690 | $3M | $2M | $8M |
| Goodwill | — | — | — | — | $2M | $8M | $25M | $17M | $9M | $18M |
| Total assets | $583,390 | $750,153 | $262,387 | $603,438 | $3M | $12M | $85M | $61M | $49M | $274M |
| Total current liabilities | $34,450 | $2M | $3M | $790,710 | $829,266 | $5M | $5M | $4M | $4M | $15M |
| Long-term debt | — | — | — | — | — | — | $973,707 | $401,569 | — | — |
| Total liabilities | $4M | $3M | $3M | $790,710 | $1M | $6M | $6M | $6M | $5M | $28M |
| Shareholders' equity | -$4M | -$3M | -$3M | -$187,272 | $2M | $5M | $79M | $55M | $44M | $246M |
| Net debt | -$225,379 | -$558,732 | -$5,787 | -$503,438 | -$236,668 | -$277,347 | -$3M | -$3M | -$6M | -$168M |
Cash flow
Fiscal years, from Red Cat's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2M | -$1M | -$943,640 | -$753,388 | -$811,584 | -$1M | -$16M | -$29M | -$18M | -$89M |
| Capital spending | $8,736 | — | $974,305 | — | — | — | $363,689 | $2M | $259,000 | $7M |
| Free cash flow | -$2M | — | -$2M | — | — | — | -$16M | -$32M | -$18M | -$96M |
| Stock-based compensation | $97,306 | $128,693 | $128,693 | — | $269,895 | $3M | $3M | $4M | $4M | $11M |
| Net borrowing | — | — | — | — | — | $150,274 | -$929,952 | -$606,897 | -$572,137 | — |
| Free cash flow margin | -786.0% | — | -1824.4% | — | — | — | -254.8% | -684.9% | -100.8% | -235.2% |
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Open RCAT in InvestinglyQuestions
What was Red Cat's revenue in 2025?
$41M in fiscal 2025, from its 10-K filing.
How much free cash flow does Red Cat generate?
-$96M in fiscal 2025 (operating cash flow minus capital spending).
From Red Cat's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.