RCAT
Red Cat Holdings, Inc.7.37
-0.11-1.47%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
879.77MP/E (TTM)
-Basic EPS (TTM)
-0.51Dividend Yield
0%Recent Filings
8-K
8-K
Auditor switch to KPMG
Red Cat Holdings dismissed its auditor dbbmckennon effective August 28, 2025, and appointed KPMG as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. The switch followed clean audit reports but amid a previously disclosed material weakness in internal controls. No disagreements arose with the prior firm. This change aims to strengthen financial oversight.
10-Q
Q2 FY2025 results
Red Cat Holdings posted Q2 FY2025 revenue of $3.2M, down 50% y/y from $6.4M amid a manufacturing pivot from Teal 2 to Black Widow drones, yet gross profit climbed 40% y/y to $0.4M with margins expanding to 12% from 4% on reduced warranty costs. Operating expenses ballooned to $13.0M, up over 130% y/y, driven by R&D and headcount growth for the U.S. Army's Short Range Reconnaissance program, yielding an operating loss of $12.6M versus $5.4M last year. Net loss widened to $13.3M or $0.15 per diluted share on 91.3M shares, versus $8.2M or $0.11 last year, with the gap to operating loss tied to a $4.6M extinguishment loss on convertible notes offset by a $3.8M fair value gain. Cash swelled to $65.9M from public offerings netting $71.8M, bolstering $67.4M working capital against $19.4M in convertible notes due May 2026; the September 2024 FlightWave acquisition added $8.7M goodwill for government vendor ties. Cash burn hit $28.8M in operations, with free cash flow not disclosed in the 10-Q. Funding uncertainties shadow U.S. government contracts.
8-K
Annual meeting elects mixed board
Red Cat Holdings held its 2025 Annual Meeting on June 18, with 50.4 million shares represented, forming a quorum from 90.5 million outstanding. Shareholders withheld votes from four directors, electing Jeffrey M. Thompson while rejecting others like Joseph Freedman amid low support. They ratified dbbmckennon as auditors and approved issuing shares under convertible notes to Lind entities. Board refresh signals governance shift.
8-K
Red Cat raises $46.75M
Red Cat Holdings closed a registered direct offering on June 18, 2025, selling 6,448,276 shares at $7.25 each to institutional investors, netting about $46.75 million in gross proceeds. The cash bolsters working capital, especially for ramping up the new unmanned surface vessel division amid drone tech expansion. Yet dilution hits shareholders hard. Funds fuel growth now.
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