Red Cat Holdings, Inc. (RCAT) Income Statement
RCAT FY2026 at a glance
Fiscal year ended April 30, 2026 · U.S. dollarsRCAT revenue and net income
Where RCAT's revenue goes
FY2026Each bar shows an amount and its share of revenue. RCAT kept −177.0% of revenue as net income.
RCAT profit margins
RCAT growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +459.8% | +106.6% | +52.1% | +69.9% |
| Gross profit | — | — | +3.6% | +29.3% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RCAT quarterly EPS vs estimates
Red Cat beat the analyst EPS estimate in 0 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.20).
RCAT income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.7M | $7.3M | $17.8M | $4.6M | $6.4M | $5.0M | $403,940 | $105,129 | $105,129 | $933 |
| Cost of revenue | $39.5M | $9.3M | $14.2M | $5.5M | $5.5M | $3.9M | $325,379 | $351,843 | $351,843 | $280 |
| Gross profit | $1.3M | −$2.0M | $3.7M | −$834,311 | $925,515 | $1.1M | $78,561 | −$246,714 | −$246,714 | $653 |
| Research & development | $17.9M | $9.9M | $6.3M | $5.9M | $2.6M | $516,084 | $488,990 | $366,590 | $0 | $993,934 |
| Sales, general & admin | $50.0M | $26.7M | $15.2M | $16.8M | $10.0M | $4.8M | $1.2M | $384,742 | $1.6M | $1.6M |
| Total operating expenses | $67.9M | $36.7M | $21.6M | $25.5M | $13.9M | $5.9M | $1.7M | $751,332 | $2.3M | $2.7M |
| Operating income | −$66.6M | −$38.8M | −$17.9M | −$26.3M | −$13.0M | −$4.9M | −$1.7M | −$751,332 | −$2.2M | −$185,403 |
| Interest income | — | — | — | — | — | — | — | $10,594 | $10,594 | $2 |
| Interest expense | — | — | $68,609 | $122,004 | $147,724 | $1.2M | $57,215 | $500,182 | $0 | $376,085 |
| Income before taxes | −$71.6M | −$65.4M | −$21.5M | −$26.4M | −$11.7M | −$13.2M | −$1.6M | −$751,332 | −$3.3M | −$185,403 |
| Income taxes | $443,000 | — | $2.5M | −$873,747 | −$1.3M | $1.2M | −$57,215 | −$670,248 | — | −$3.8M |
| Net income | −$72.1M | −$65.4M | −$24.1M | −$28.1M | −$11.7M | −$13.2M | −$1.6M | −$751,332 | −$2.6M | $1.1M |
| EBITDA | −$69.4M | −$36.5M | −$16.0M | −$22.5M | −$11.3M | −$12.0M | −$1.6M | −$659,220 | — | $3.1M |
| EPS (diluted) | −$0.70 | −$0.54 | −$0.40 | −$0.30 | −$0.29 | −$0.38 | −$1.23 | −$8.76 | −$13.55 | −$24.02 |
| Gross margin | 3.1% | −28.0% | 20.6% | −18.1% | 14.4% | 21.4% | 19.4% | −234.7% | −234.7% | 70.0% |
| Operating margin | −163.5% | −532.8% | −100.2% | −570.0% | −202.2% | −97.5% | −410.7% | −714.7% | −2,067.5% | −19,871.7% |
| Net margin | −177.0% | −899.2% | −134.9% | −608.3% | −181.8% | −264.7% | −396.6% | −714.7% | −2,514.4% | 120,989.0% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.2M | $15.5M | $1.6M | $9.6M | $3.2M | $1.6M | $1.6M | $1.5M | $1.3M | $6.3M | $5.8M | $3.9M |
| Cost of revenue | $16.9M | $13.5M | $2.5M | $9.0M | $2.8M | $2.5M | $2.5M | $1.6M | $2.0M | $5.1M | $4.7M | $2.7M |
| Gross profit | $3.3M | $2.0M | −$851,556 | $637,502 | $375,054 | −$850,410 | −$850,000 | −$23,475 | −$676,834 | $1.2M | $1.1M | $1.2M |
| Research & development | $14.2M | $8.0M | $3.4M | $6.0M | $3.6M | $3.4M | $3.4M | $2.2M | $2.6M | $644,752 | $2.1M | $2.2M |
| Sales, general & admin | $27.7M | $21.3M | $8.2M | $12.2M | $9.4M | $8.2M | $8.2M | $6.9M | $6.1M | $5.7M | $2.9M | $3.9M |
| Total operating expenses | $41.9M | $29.3M | $11.6M | $18.2M | $13.0M | $11.6M | $14.1M | $9.1M | $8.8M | $9.8M | $5.5M | $6.1M |
| Operating income | −$38.6M | −$27.3M | −$12.5M | −$17.5M | −$12.6M | −$12.5M | −$12.5M | −$9.1M | −$9.4M | −$3.4M | −$4.4M | −$4.9M |
| Interest income | — | $1.9M | — | — | — | — | — | — | — | — | — | — |
| Interest expense | — | — | $1.7M | $771,101 | $155,301 | $54,525 | — | — | $12,488 | $11,549 | $15,507 | $19,696 |
| Income before taxes | −$35.2M | −$26.5M | −$23.1M | −$15.3M | −$13.3M | −$23.1M | −$23.1M | −$13.3M | −$16.5M | −$6.7M | −$4.2M | −$5.2M |
| Income taxes | $23,000 | $5,000 | −$562 | $694,562 | — | — | — | — | $384,648 | — | $1.3M | $599,514 |
| Net income | −$35.3M | −$26.6M | −$23.1M | −$16.0M | −$13.3M | −$23.1M | −$23.1M | −$13.3M | −$16.5M | −$7.1M | −$5.5M | −$5.8M |
| EBITDA | −$33.0M | −$26.4M | −$22.3M | −$14.8M | −$12.8M | −$22.5M | — | −$13.0M | −$4.3M | — | −$3.8M | −$4.9M |
| EPS (diluted) | −$0.26 | −$0.22 | −$0.17 | −$0.16 | −$0.15 | −$0.27 | — | −$0.17 | −$0.10 | −$0.09 | −$0.10 | −$0.10 |
| Gross margin | 16.1% | 12.7% | −52.3% | 6.6% | 11.7% | −52.2% | −52.1% | −1.5% | −50.7% | 19.1% | 18.8% | 30.5% |
| Operating margin | −191.4% | −176.5% | −766.1% | −181.7% | −392.9% | −765.7% | −765.5% | −594.0% | −707.4% | −54.6% | −76.0% | −124.5% |
| Net margin | −174.6% | −171.6% | −1,419.5% | −166.0% | −412.6% | −1,418.9% | −1,418.6% | −868.9% | −1,239.9% | −112.1% | −93.9% | −148.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RCAT's financial statements (latest annual report filed March 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RCAT financial results
In fiscal year 2026 (ended April 30, 2026), Red Cat reported revenue of $40.7 million, up 459.8% from the year before. It had a net loss of $72.1 million, a net profit margin of −177.0%. Diluted earnings per share came to −$0.70. Over five years revenue grew at an average rate of 52.1% a year.
See the RCAT stock overview for the latest quote and news, or the RCAT chart for price history and technical indicators.
RCAT income statement FAQ
What is Red Cat's annual revenue?
Red Cat reported total revenue of $40.7 million for fiscal year 2026, which ended on April 30, 2026. That was up 459.8% from $7.3 million the previous year.
Is Red Cat profitable?
No. Red Cat reported a net loss of $72.1 million in fiscal 2026, a net profit margin of −177.0%; its operating margin was −163.5%.
What is Red Cat's gross margin?
Red Cat's gross margin was 3.1% in fiscal 2026: for every $100 of revenue, Red Cat kept $3 after the direct cost of its products and services.
How much does Red Cat spend on research and development?
Red Cat spent $17.9 million on research and development in fiscal 2026, 43.9% of revenue.
How fast is Red Cat growing?
Revenue grew 52.1% a year on average over the last five fiscal years, from $5.0 million to $40.7 million.
What are Red Cat's earnings per share?
Red Cat earned $-0.70 per diluted share in fiscal 2026, compared with $-0.54 a year earlier.
When will Red Cat report its next earnings?
Red Cat is expected to report results for the quarter ending October 31, 2026 on November 12, 2026.
When does Red Cat's fiscal year end?
Red Cat's fiscal year ends in April. The latest annual report covers the year ended April 30, 2026 and was filed on March 19, 2026.