Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Red Cat Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.2
0
0.11
0.4
5
6.43
4.62
17.8
40.7
Cost of revenue
0
0.33
3.93
5.5
5.46
14.2
39.5
Gross profit
0.2
0
-0.25
0.08
1.07
0.93
-0.83
3.68
1.27
Research and development
0.86
0.99
0.37
0.49
0.52
2.61
5.86
6.27
17.9
Selling and marketing
0.17
1.13
4.08
5.09
13.1
General and administrative
0.38
0.95
1.28
5.55
12.7
11.2
36.9
Operating expenses
1.66
1.09
1.83
0.75
1.71
5.95
13.9
25.5
23
67.9
Operating income
-1.45
-1.09
-2.08
-0.75
-1.66
-26.3
-19.3
-66.6
Interest expense
0.38
0.5
0.03
1.22
0.15
0.12
0.07
Other non-operating income
-1.92
3.85
-1.23
0.03
-8.36
1.31
0.04
-2.23
-5.04
Pre-tax income
-3.38
2.76
-3.31
-0.75
-1.63
-4.88
-13
-25.4
-21.5
-71.6
Income tax
0
0.44
Income from continuing operations
-26.4
-21.5
-72.1
Net income
-3.38
1.13
-2.64
-0.75
-1.6
-13.2
-11.7
-28.1
-24.1
-72.1
EBITDA
-1.44
-1.08
-1.93
-26
-17.9
-64.3
EPS, basic
-0.24
0.06
-0.02
0.14
-0.12
-0.56
-0.52
-0.40
-0.73
EPS, diluted
-0.24
0.04
-0.02
0.14
-0.12
-0.56
-0.52
-0.40
-0.73
Shares, basic (weighted)
21
46.4
197
5.33
13.7
23.7
53.9
60.1
99
Shares, diluted (weighted)
21
69.7
197
5.33
13.7
23.7
53.9
60.1
99
Balance sheet
FY2017
FY2017
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.23
0.56
0.01
0.5
0.24
0.28
4.08
3.17
6.07
168
Short-term investments
12.8
Receivables
0
0
0.32
0.5
0.72
4.36
26.2
Inventory
0.08
0.36
3.9
8.92
8.01
23.5
Other current assets
0.1
0
0.68
2.35
1.26
3.96
2.52
Total current assets
0.5
0.69
0.17
0.6
0.32
1.64
55.7
32.2
22.4
227
Property, plant and equipment
0.04
0.03
0.09
0.51
2.65
2.34
7.8
Lease right-of-use assets
1.02
1.6
1.48
13.1
Goodwill
2.47
8.02
25.1
17
9.09
17.7
Intangible assets
0.02
2.03
2.7
6.89
3.79
6.92
Other non-current assets
0
0
0.06
0.3
0.29
1.23
Total assets
0.58
0.75
0.26
0.6
2.81
11.7
85.1
60.7
48.5
274
Accounts payable
0.03
0.14
0.14
0.02
0.25
0.54
1.02
1.39
1.58
3.62
Accrued liabilities
0.29
0.49
0.02
0.09
0.61
1.08
0.41
1.07
5.09
Deferred revenue
0.04
0.05
0.44
0.16
0.05
0.26
Short-term debt
0.06
0.27
0.96
0.92
0.75
0.35
Total current liabilities
0.03
2.41
2.69
0.79
0.83
4.67
5.44
4.05
3.65
14.8
Long-term debt
0.97
0.4
Lease liabilities
0.75
1.48
1.32
12.6
Total liabilities
4.43
2.61
2.77
0.79
1.28
6.43
5.99
5.98
4.97
27.8
Total debt
0.97
0.4
Paid-in capital
-1.52
-0.67
2.64
0.78
4.04
21
107
113
125
443
Retained earnings
-3.87
-2.74
-5.38
-0.97
-2.57
-15.8
-27.5
-57.1
-81.1
-197
Other comprehensive income
-1.47
-0.86
0
Shareholders' equity
-3.87
-3.36
-2.51
-0.19
1.53
5.27
79.1
54.8
43.6
246
Total equity
-3.87
-3.36
-2.51
-0.19
1.53
5.27
79.1
54.8
43.6
246
Total liabilities and equity
0.58
0.75
0.26
0.6
2.81
11.7
85.1
60.7
48.5
274
Shares outstanding
22.3
47.3
235
0.18
20
29.4
53.7
54.6
74.3
120
Cash flow statement
FY2017
FY2017
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-3.38
1.13
-2.64
-0.75
-1.6
-13.2
-11.7
-28.1
-24.1
-72.1
Depreciation and amortization
0.01
0.01
0.15
0.04
0.31
1.42
2.27
Stock-based compensation
0.1
0.13
0.13
0.27
3.39
3.29
3.66
3.61
10.6
Deferred income tax
0
0.44
Change in receivables
0
0
0.07
0.07
-0.29
-3.64
-25.7
Change in inventory
-0.05
0.06
2.23
-5.71
0.91
-10.5
Change in payables
-0.01
0.31
-0.01
0.02
0.07
0.01
-1.17
0.43
0.19
1.57
Cash from operations
-1.59
-1.44
-0.94
-0.75
-0.81
-1.4
-16
-29.2
-17.7
-89.1
Capital expenditures
-0.01
-0.97
-0.36
-2.45
-0.26
-6.65
Acquisitions
-0.05
Purchases of investments
-57.6
Sales and maturities of investments
11.4
32.3
12.8
0
Cash from investing
-0.01
0.09
-0.85
0.05
-0.05
-46.6
29.6
13.6
-6.65
Debt issued
0.66
Debt repaid
-0.51
-0.93
-0.61
-0.57
Stock issued
70.1
9.2
249
Cash from financing
1.82
1.69
1.24
0.69
0.5
1.49
66.4
-1.22
7.84
254
Net change in cash
0.22
0.33
-0.55
-0.07
-0.27
0.04
3.81
-0.82
2.81
Free cash flow
-1.6
-1.92
-16.4
-31.6
-18
-95.8
Interest paid
0
0
0.02
0.16
0.12
0.07
0
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.66 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
9.7%
Gross profit / revenue.
Operating margin
-150.2%
Operating income / revenue.
EBITDA margin
-146.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-135.6%
Pre-tax income / revenue.
Net margin
-136.3%
Net income / revenue.
FCF margin
-220.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-194.4%
Cash from operations / revenue.
Return on equity (ROE)
-20.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-18.5%
Net income / average total assets.
Return on invested capital (ROIC)
-57.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
46.2%
Research and development expense / revenue.
Stock-based pay / revenue
23.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
26.0%
Capital expenditures / revenue.
D&A / revenue
3.8%
Depreciation and amortization / revenue.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.9x
Current assets / current liabilities.
Quick ratio
11.7x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.4x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.2%
Total debt / total assets.
Liabilities / assets
10.7%
Total liabilities / total assets.
Net debt
-$324.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.71
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.52
Revenue / diluted weighted shares.
FCF per share
-$1.15
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.02
Cash from operations / diluted weighted shares.
Book value per share
$3.09
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
14.2x
Market cap / revenue.
P/B
2.16x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.52x
Market cap / tangible book value, when positive.
EV/Sales
9.68x
Enterprise value / revenue.
FCF yield
-15.5%
Free cash flow / market cap.
Earnings yield
-9.6%
Net income / market cap (the inverse of P/E).
What was Red Cat Holdings, Inc.'s revenue in fiscal 2025?
Red Cat Holdings, Inc. reported revenue of $40.7M for fiscal 2025, 128.3% higher than the year before.
Was Red Cat Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $72.1M.
How much free cash flow did Red Cat Holdings, Inc. generate in fiscal 2025?
Cash from operations of $89.1M minus capital expenditures of $6.6M left free cash flow of -$95.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.