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Red Cat Holdings Inc
NASDAQ:RCAT

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Red Cat Holdings Inc
NASDAQ:RCAT
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Price: 11.8499 USD -9.13%
Market Cap: $1.4B

Red Cat Holdings Inc
Investor Relations

Red Cat Holdings, Inc. provides products, services and solutions to the drone industry. The firm provides its services to the enterprise, military, and consumer markets. The company designs, develops, markets, and sells drone software and products. Red Cat's Golden Eagle drones are approved by the Department of Defense for reconnaissance, public safety, and inspection applications. The technology of Skypersonic Inc, a subsidiary of the Company enables drones to complete inspection services in locations where Global Positioning System (GPS) is not available, yet still record and transmit data even while being operated from thousands of miles away. The firm's offering also includes First Person View (FPV) video goggles that give pilots a better perspective to control their drone in flight. Red Cat Holdings Inc operates through several subsidiaries, including Teal Acquisition I Corp and Rotor Riot, LLC.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 18, 2026
AI Summary
Q4 2025

Revenue: Q4 revenue was $26.2 million, a sharp YoY increase and sequential acceleration driven by government and defense demand.

Production ramp: Management says manufacturing is scaling fast — Black Widow target of 1,000 units/month in H1 2026 and USV production capacity building in Georgia (155,000 sq ft).

Ukraine traction: Red Cat received a letter of request from Ukrainian forces for Black Widow ISR replacements and signed a joint development agreement with a Ukrainian state-owned partner.

Blue Ops USVs: Variant 7 USV demonstrated short- and long-range counter-drone configurations (ACS Bullfrog + Aeon’s Zeus); company expects first boat deliveries in Q2 2026 and plans to scale beyond 100 USVs in 2026.

Balance sheet: Cash improved dramatically to $167.9 million at year-end 2025 from $9.2 million a year earlier, giving the company flexibility to scale.

Guidance stance: Management is not issuing formal 2026 guidance until contracts are signed; they mentioned a $100M–$170M range and are comfortable in the top half but won’t commit yet.

Key programs: Company highlighted opportunities from Drone Dominance, SRR/Epic Fury demand, and urgent maritime needs (Strait of Hormuz) as near-term commercial drivers.

Key Financials
Revenue (Q4 2025)
$26.2 million
Revenue (Full Year 2025)
$40.7 million
Gross margin (Q4 2025)
4.2%
Gross margin (Full Year 2025)
3.1%
Operating expenses (2025)
$67.8 million
Research and development (2025)
$17.9 million
Cash (end of 2025)
$167.9 million
Inventory (end of 2025)
$30.4 million
Black Widow production target
1,000 units per month
USV production capacity (Valdosta)
155,000 sq ft facility; management expects to build over 100 USVs in 2026 and room to produce more than 100 boats per month
Facility footprint
254,000 sq ft total across locations
Management 2026 outlook range (not official guidance)
$100 million to $170 million
Market program reference — Drone Dominance
350,000 FPV drones total award referenced
Ukrainian ISR consumption referenced
350,000 ISR drones per year (Chinese ISR drones cited)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jeffrey M. Thompson
Founder, Chairman, President & CEO
No Bio Available
Ms. Leah Lunger
CFO, Principal Financial Officer & Interim Principal Accounting Officer
No Bio Available
Mr. Stan Nowak
Vice President of Marketing
No Bio Available
Mr. Geoffrey Hitchcock
Chief Revenue Officer
No Bio Available

Contacts

Address
Humacao
370 Harbour Drive
Contacts
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