Red Cat Holdings, Inc.
RCAT · Services-Prepackaged Software · 122.7M shares · +12%/yr ↑ shares · EDGAR filings ↗
Reference price $11.50 · est. market cap ~$1.4B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F32Cash-burning defense-drone maker with a near-zero gross margin and deep losses, dependent on capital raises.
Strengths
- Explosive revenue growth off a tiny base — +739.8% (98th)
- Liquid post-raise balance sheet — current ratio 15.29 (98th)
Risks
- Broken unit economics — gross margin 3.1% (0th), operating margin -163.5%, net margin -177.0%
- Capital dependence — risk factors: net losses since inception; needs additional capital to reach profitability
- Lack of long-term purchase commitments — qualitative (per 10-K)
Notable findings
- Net lossNet loss (net margin -177.0%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Revenue declineRevenue -41.0% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
3.1%
Operating margin
-163.5%
Net margin
-177.0%
Return on equity
-29.3%
Return on assets
-26.3%
Revenue growth (QoQ)
-41.0%
Current ratio
15.3×
EBITDA
-$64M
Tangible book value
$221M
Stock comp / revenue
25.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Funk Paul II | Sell | 165K | $11.50 |
| 2026-04-30 | Funk Paul II | Option exercise | 7.4K | — |
| 2026-04-30 | Liuzza Nicholas Reyland JR | Option exercise | 7.4K | — |
| 2026-04-30 | Freedman Joseph David | Option exercise | 7.4K | — |
| 2026-04-30 | Moe Christopher R. | Option exercise | 7.4K | — |
| 2026-04-06 | Thompson Jeffrey M | Tax withheld | 1.6K | $13.06 |
| 2026-04-06 | Thompson Jeffrey M | Option exercise | 5.3K | — |
| 2026-03-31 | Morrison Christian Spenst | Tax withheld | 145 | $13.09 |
| 2026-03-31 | Hitchcock Geoffrey Wayne | Option exercise | 2.2K | — |
| 2026-03-31 | Hitchcock Geoffrey Wayne | Tax withheld | 645 | $13.09 |
| 2026-03-31 | Morrison Christian Spenst | Option exercise | 422 | — |
| 2026-03-31 | Ericson Christian | Option exercise | 4.1K | — |
| 2026-03-31 | Ericson Christian | Tax withheld | 1.2K | $13.09 |
| 2026-03-17 | Ericson Christian | Option exercise | 12K | — |
| 2026-03-17 | Ericson Christian | Tax withheld | 3.6K | $15.54 |
| 2026-03-11 | Ericson Christian | Option exercise | 25K | — |
| 2026-03-11 | Ericson Christian | Tax withheld | 7.9K | $14.67 |
| 2025-12-29 | Thompson Jeffrey M | Gift | 4.8K | — |
| 2025-12-29 | Thompson Jeffrey M | Gift | 4.8K | — |
| 2025-12-29 | Thompson Jeffrey M | Gift | 4.8K | — |
| 2025-10-01 | Hitchcock Geoffrey Wayne | Option exercise | 262K | — |
| 2025-10-01 | Hitchcock Geoffrey Wayne | Tax withheld | 90K | $10.47 |
| 2025-09-29 | Moe Christopher R. | Sell | 10K | $10.91 |
| 2025-09-12 | Moe Christopher R. | Sell | 10K | $10.96 |
| 2025-09-11 | Moe Christopher R. | Sell | 10K | $10.79 |
| 2025-09-11 | Moe Christopher R. | Sell | 20K | $9.77 |
| 2025-09-08 | Moe Christopher R. | Sell | 10K | $8.90 |
| 2025-08-21 | Moe Christopher R. | Sell | 17K | $9.58 |
| 2025-08-20 | Moe Christopher R. | Sell | 10K | $8.93 |
| 2025-07-18 | Thompson Jeffrey M | Option exercise | 25K | $3.95 |
| 2025-07-18 | Thompson Jeffrey M | Option exercise | 417K | $1.06 |
| 2025-07-18 | Thompson Jeffrey M | Tax withheld | 38K | $11.70 |
| 2025-07-18 | Thompson Jeffrey M | Tax withheld | 8.5K | $11.70 |
| 2025-06-30 | Freedman Joseph David | Sell | 150K | $7.37 |
| 2025-06-30 | Freedman Joseph David | Option exercise | 150K | $2.51 |
| 2025-06-10 | Liuzza Nicholas Reyland JR | Sell | 100K | $8.58 |
| 2025-06-09 | Liuzza Nicholas Reyland JR | Option exercise | 100K | $1.50 |
| 2025-05-21 | Liuzza Nicholas Reyland JR | Sell | 100K | $6.70 |
| 2025-05-20 | Liuzza Nicholas Reyland JR | Option exercise | 100K | $1.50 |
| 2025-01-03 | Lunger Leah | Option exercise | 7.1K | $1.27 |
| 2025-01-03 | Lunger Leah | Tax withheld | 677 | $13.30 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- U.S. Army
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Shareholder voteExhibits | filing ↗ |
| 2026-05-20 | Acquisition/disposition3.02Reg FDExhibits | filing ↗ |
| 2026-05-18 | OtherExhibits | filing ↗ |
| 2026-05-14 | Material agreementOtherExhibits | filing ↗ |
| 2026-05-11 | Other | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-31 | OtherExhibits | filing ↗ |
| 2026-03-31 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-18 | 0001628280-26-045393 ↗ |
| 8-K | 2026-05-20 | 2026-05-19 | 0001104659-26-064095 ↗ |
| 8-K | 2026-05-18 | 2026-05-14 | 0001104659-26-063175 ↗ |
| 8-K | 2026-05-14 | 2026-05-12 | 0001104659-26-061333 ↗ |
| 8-K | 2026-05-11 | 2026-05-08 | 0001493152-26-022095 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-032088 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001628280-26-032121 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001628280-26-022119 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001628280-26-022154 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001628280-26-019861 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001628280-26-019403 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0000748268-26-000003 ↗ |