Red Cat Holdings, Inc. (RCAT) Balance Sheet
RCAT balance sheet, FY2026
April 30, 2026 · U.S. dollars$273.7M assets = $27.8M liabilities + $245.8M equity
Both columns are drawn to the same scale: what RCAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RCAT financial health
Descriptive bands, not a rating. Fiscal FY2026.
RCAT balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $583,390FY2017 | $273.7MFY2026 | +98.1%/yr | |
| Total liabilities | $5.9MFY2017 | $27.8MFY2026 | +18.8%/yr | |
| Shareholders’ equity | −$5.3MFY2017 | $245.8MFY2026 | — | |
| Cash & short-term investments | $225,379FY2017 | $167.9MFY2026 | +108.5%/yr | |
| Total debt | $1.6MFY2018 | $18.4MFY2026 | +36.1%/yr | |
| Net cash (debt) | −$1.0MFY2018 | $149.4MFY2026 | +$150.4M | |
| Working capital | $465,329FY2017 | $212.1MFY2026 | +$211.6M | |
| Book value per share | $1.62FY2022 | $2.06FY2026 | +6.2%/yr | |
| Debt / equity | 0.37FY2020 | 0.07FY2026 | −0.30 | |
| Shares outstanding | 48.2MFY2022 | 119.4MFY2026 | +25.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RCAT assets
RCAT liabilities and equity
RCAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RCAT balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $167.9M | $9.2M | $6.1M | $16.0M | $48.9M | $277,347 | $236,668 | $503,438 | $559,237 | $225,379 |
| Cash & equivalents | $167.9M | $9.2M | $6.1M | $3.2M | $4.1M | $277,347 | $236,668 | $503,438 | $559,237 | $225,379 |
| Short-term investments | — | — | $0 | $12.8M | $44.8M | $0 | — | $8,162 | — | — |
| Receivables | $26.2M | $489,000 | $6.5M | $871,533 | $913,089 | $396,693 | $3,020 | $111,368 | $38 | $38 |
| Inventory | $23.5M | $13.0M | $8.0M | $8.9M | $3.9M | $362,072 | $78,650 | −$11,368 | −$111,330 | −$38 |
| Other current assets | $9.5M | $3.2M | $1.8M | $6.4M | $2.0M | $603,898 | $0 | $0 | $242,580 | $274,400 |
| Total current assets | $226.9M | $25.8M | $22.4M | $32.2M | $55.7M | $1.6M | $318,338 | $603,438 | $690,525 | $499,779 |
| Property, plant & equipment (net) | $20.9M | $3.4M | $3.8M | $4.3M | $1.5M | $0 | $0 | $91,676 | $26,128 | $38,735 |
| Goodwill & intangible assets | $24.6M | $26.1M | $12.9M | $23.9M | $27.8M | $10.0M | $2.5M | $12,862 | $0 | $0 |
| Long-term investments | $692,000 | $250,000 | $5.4M | $250,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $535,000 | $60,000 | $4.0M | $161,577 | $57,033 | $3,853 | $3,853 | $0 | $33,500 | $44,876 |
| Total assets | $273.7M | $55.6M | $48.5M | $60.7M | $85.1M | $11.7M | $2.8M | $603,438 | $750,153 | $583,390 |
| Liabilities | ||||||||||
| Accounts payable | $3.6M | $2.0M | $1.6M | $1.4M | $1.0M | $541,903 | $249,050 | $20,894 | $144,660 | $34,450 |
| Short-term debt | $5.9M | $662,000 | $947,208 | $1.1M | $1.3M | $269,045 | $118,771 | $2.1M | $1.5M | — |
| Deferred revenue | $261,000 | $227,000 | $53,939 | $155,986 | $437,930 | $46,096 | $38,419 | −$2.0M | $438,707 | — |
| Total current liabilities | $14.8M | $4.2M | $3.7M | $4.1M | $5.4M | $4.7M | $829,266 | $790,710 | $2.4M | $34,450 |
| Long-term debt | $0 | $0 | $0 | $401,569 | $973,707 | $1.8M | $450,000 | $0 | $0 | $0 |
| Lease obligations | $13.6M | $1.6M | $1.5M | $752,538 | $1.0M | $0 | — | — | — | — |
| Other long-term liabilities | $13.0M | $1.3M | $1.3M | $1.5M | $749,825 | $0 | $0 | $79,088 | $1.7M | $5.9M |
| Total liabilities | $27.8M | $5.5M | $5.0M | $6.0M | $7.2M | $6.4M | $1.3M | $790,710 | $4.1M | $5.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $120,000 | $85,000 | $74,289 | $54,568 | $53,749 | $29,431 | $20,011 | $235,461 | $47,270 | $44,520 |
| Retained earnings (deficit) | −$196.8M | −$124.7M | −$81.1M | −$57.1M | −$27.5M | −$15.8M | −$2.6M | −$5.7M | −$2.7M | −$3.9M |
| Accumulated other comprehensive income | — | — | $4,621 | −$861,117 | −$1.5M | $0 | — | $1,000 | −$36,906 | −$24,299 |
| Total shareholders' equity | $245.8M | $50.1M | $43.6M | $54.8M | $77.9M | $5.3M | $1.5M | −$2.8M | −$3.4M | −$5.3M |
| Key figures | ||||||||||
| Total debt | $18.4M | $2.0M | $2.3M | $3.0M | $3.7M | $2.0M | $568,771 | $2.1M | $1.6M | — |
| Net cash (debt) | $149.4M | $7.2M | $3.8M | $13.0M | $45.2M | −$1.7M | −$332,103 | −$1.6M | −$1.0M | — |
| Working capital | $212.1M | $21.6M | $18.7M | $28.1M | $50.2M | −$3.0M | −$510,928 | −$187,272 | −$1.7M | $465,329 |
| Tangible book value | $221.2M | $24.0M | $30.7M | $30.9M | $50.1M | −$4.8M | −$957,075 | −$2.8M | −$3.4M | −$5.3M |
| Book value per share | $2.06 | $0.65 | $0.72 | $1.02 | $1.62 | — | — | — | — | — |
| Shares outstanding | 119.4M | 77.0M | 60.1M | 53.9M | 48.2M | — | — | — | — | — |
| Current ratio | 15.29 | 6.17 | 6.13 | 7.94 | 10.23 | 0.35 | 0.38 | 0.76 | 0.29 | 14.51 |
| Quick ratio | 13.07 | 2.31 | 3.45 | 4.16 | 9.15 | 0.14 | 0.29 | 0.78 | 0.23 | 6.54 |
| Debt / equity | 0.07 | 0.04 | 0.05 | 0.05 | 0.05 | 0.38 | 0.37 | — | — | — |
| Equity / assets | 89.8% | 90.1% | 89.8% | 90.2% | 91.6% | 45.0% | 54.4% | −460.3% | −447.8% | −915.9% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $325.6M | $131.9M | $167.9M | $206.4M | $65.9M | $7.7M | $7.7M | $9.2M | $4.0M | $6.1M | $7.7M | $4.0M |
| Cash & equivalents | $325.6M | $131.9M | $167.9M | $206.4M | $65.9M | $7.7M | $7.7M | $9.2M | $1.4M | $6.1M | $7.7M | $1.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $2.6M | $0 | $0 | $2.6M |
| Receivables | $9.5M | $10.6M | $26.2M | $6.1M | $1.0M | $1.6M | $1.6M | $489,000 | $3.0M | $4.4M | $5.8M | $3.0M |
| Inventory | $84.8M | $62.7M | $23.5M | $22.6M | $16.2M | $13.9M | $13.9M | $13.0M | $10.9M | $8.0M | $9.1M | $9.3M |
| Other current assets | $5.2M | $4.5M | $9.5M | $13.6M | $8.5M | $6.3M | $6.3M | $3.2M | $5.4M | $4.0M | $5.4M | $7.0M |
| Total current assets | $425.1M | $209.7M | $226.9M | $248.8M | $91.6M | $29.4M | $29.4M | $25.8M | $23.3M | $22.4M | $27.9M | $23.3M |
| Property, plant & equipment (net) | $32.3M | $27.0M | $20.9M | $11.1M | $4.1M | $4.2M | $4.2M | $3.4M | $3.1M | $3.8M | $2.9M | $3.1M |
| Goodwill & intangible assets | $67.3M | $44.0M | $24.6M | $25.0M | $25.3M | $25.7M | $25.7M | $26.1M | $23.9M | $12.9M | $23.7M | $23.9M |
| Long-term investments | $0 | $2.2M | $692,000 | $692,000 | $250,000 | $250,000 | $250,000 | $250,000 | $250,000 | $5.4M | $250,000 | $250,000 |
| Other non-current assets | $2.8M | $0 | $535,000 | $493,813 | $113,054 | $113,054 | $113,054 | $60,000 | $139,313 | $4.0M | $509,357 | $139,313 |
| Total assets | $527.5M | $281.9M | $273.7M | $286.0M | $121.4M | $59.7M | $59.7M | $55.6M | $50.6M | $48.5M | $55.3M | $50.6M |
| Liabilities | ||||||||||||
| Accounts payable | $12.8M | $9.2M | $3.6M | $3.0M | $1.5M | $1.5M | $1.5M | $2.0M | $1.6M | $1.6M | $2.3M | $1.6M |
| Short-term debt | $2.3M | $1.1M | $5.9M | $14.3M | $20.2M | $26.0M | — | $662,000 | $1.3M | — | $1.2M | $1.3M |
| Deferred revenue | $258,000 | $281,000 | $261,000 | $467,914 | $565,537 | $220,517 | — | $221,380 | $50,039 | — | $52,296 | $61,805 |
| Total current liabilities | $28.6M | $19.1M | $14.8M | $23.9M | $24.1M | $28.9M | $28.9M | $4.2M | $4.4M | $3.7M | $5.2M | $4.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.2M | $0 | $0 | $0 | $90,762 |
| Lease obligations | — | $14.0M | $13.4M | $13.6M | $8.7M | $2.1M | $2.3M | $1.6M | $1.5M | $1.5M | $492,162 | $525,612 |
| Other long-term liabilities | $27.7M | $24.1M | $13.0M | $8.9M | $1.7M | $1.8M | $1.8M | $0 | $326,504 | $1.3M | $516,498 | $235,742 |
| Total liabilities | $56.3M | $43.1M | $27.8M | $32.8M | $25.8M | $30.7M | $30.7M | $5.5M | $4.7M | $5.0M | $5.7M | $4.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $153,000 | $122,000 | $120,000 | $118,162 | $98,510 | $85,648 | — | $85,000 | $55,649 | — | $74,171 | $55,649 |
| Retained earnings (deficit) | −$258.6M | −$223.4M | −$196.8M | −$177.2M | −$161.1M | −$147.9M | −$147.9M | −$124.7M | −$66.1M | −$81.1M | −$71.6M | −$66.1M |
| Accumulated other comprehensive income | — | — | $0 | — | — | — | — | $4,621 | −$205,043 | — | $4,621 | −$205,043 |
| Total shareholders' equity | $471.2M | $238.7M | $245.8M | $253.3M | $95.6M | $28.9M | $28.9M | $50.1M | $45.9M | $43.6M | $49.6M | $45.9M |
| Key figures | ||||||||||||
| Total debt | $24.9M | $13.4M | $18.4M | $22.4M | $21.9M | $27.8M | — | $2.0M | $1.6M | — | $1.4M | $1.6M |
| Net cash (debt) | $300.7M | $118.5M | $149.4M | $184.0M | $44.0M | −$20.1M | — | $7.2M | $2.5M | — | $6.3M | $2.5M |
| Working capital | $396.5M | $190.6M | $212.1M | $224.9M | $67.4M | $506,116 | $506,116 | $21.6M | $18.9M | $18.7M | $22.7M | $18.9M |
| Tangible book value | $403.9M | $194.7M | $221.2M | $228.3M | $70.2M | $3.2M | $3.2M | $24.0M | $22.0M | $30.7M | $25.9M | $22.0M |
| Book value per share | $3.44 | $1.74 | $2.06 | $2.54 | $1.05 | $0.34 | $0.34 | $0.66 | $0.54 | $0.59 | $0.89 | $0.82 |
| Shares outstanding | 136.9M | 136.9M | 119.4M | 99.6M | 91.3M | 85.5M | 85.6M | 76.2M | 85.5M | 74.3M | 55.7M | 55.6M |
| Current ratio | 14.86 | 10.99 | 15.29 | 10.42 | 3.80 | 1.02 | 1.02 | 6.17 | 5.28 | 6.13 | 5.34 | 5.28 |
| Quick ratio | 11.71 | 7.47 | 13.07 | 8.90 | 2.77 | 0.32 | 0.32 | 2.31 | 1.59 | 2.86 | 2.58 | 1.60 |
| Debt / equity | 0.05 | 0.06 | 0.07 | 0.09 | 0.23 | 0.96 | — | 0.04 | 0.03 | — | 0.03 | 0.03 |
| Equity / assets | 89.3% | 84.7% | 89.8% | 88.5% | 78.7% | 48.5% | 48.5% | 90.1% | 90.6% | 89.8% | 89.6% | 90.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
RCAT financial position
At the end of fiscal 2026 (April 30, 2026), Red Cat had total assets of $273.7 million (up 392.2% from a year earlier), total liabilities of $27.8 million and shareholders' equity of $245.8 million. It held $167.9 million in cash and short-term investments against $18.4 million of debt, a net cash position of $149.4 million. Its current ratio was 15.29. In the latest quarter (ended July 31, 2026) total assets were $527.5 million and equity $471.2 million.
Related: RCAT income statement, RCAT cash flow statement, RCAT key metrics. See the RCAT stock overview for the latest quote and news.
RCAT balance sheet FAQ
What are Red Cat's total assets?
Red Cat reported total assets of $273.7 million at the end of fiscal 2026 (April 30, 2026), compared with $55.6 million a year earlier.
How much debt does Red Cat have?
Red Cat had $18.4 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.07.
How much cash does Red Cat have?
Red Cat held $167.9 million in cash and short-term investments at the end of fiscal 2026; with $18.4 million of debt that is net cash of $149.4 million.
What is Red Cat's book value?
Red Cat's shareholders' equity (book value) was $245.8 million at the end of fiscal 2026, or $2.06 per share.
What is Red Cat's current ratio?
Red Cat had current assets of $226.9 million and current liabilities of $14.8 million, a current ratio of 15.29 (it can cover its short-term obligations).
How much goodwill does Red Cat have?
Red Cat carried $24.6 million of goodwill and intangible assets, 9.0% of total assets, at the end of fiscal 2026.