Filing Flows

Filing Flows › Companies › Red Cat Holdings › Cash flow

Red Cat Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$52.6M in Q2 2026

Operating cash flow−$46.8M
Capital spending−$5.8M
Free cash flow−$52.6M
Cash conversion cycle319 days

Analysis

In Q2 2026, Red Cat Holdings generated −$46.8M of operating cash flow and spent $5.8M on capital projects, leaving free cash flow of −$52.6M. That is $39.4M less than in Q2 2025 (−$13.2M).

Operating cash flow was −$46.8M against net income of −$35.3M. The largest differences: inventory −$22.9M, stock-based pay +$5.0M, payables +$3.4M.

Its cash conversion cycle was 319 days (receivables 45 + inventory 333 − payables 59).

Free cash flow

Red Cat Holdings: free cash flow by quarterRed Cat Holdings: free cash flow by quarter−$8.2MQ3 2024−$10.2MQ3 2024−$16.2MQ1 2025−$13.2MQ2 2025−$24.5MQ3 2025−$41.9MQ4 2025−$38.7MQ1 2026−$52.6MQ2 2026
Operating cash flow less capital spending.
Red Cat Holdings: operating cash flow against capital spendingRed Cat Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$8.1M$63KQ3 2024−$10.1M$24KQ3 2024−$15.9M$273KQ1 2025−$12.9M$307KQ2 2025−$23.9M$669KQ3 2025−$36.5M$5.4MQ4 2025−$31.9M$6.8MQ1 2026−$46.8M$5.8MQ2 2026
Latest (Q2 2026): Operating cash flow −$46.8M, Capital spending $5.8M.

Capital allocation, year by year

Red Cat Holdings: where the cash came from (up) and went (down), by fiscal yearRed Cat Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2015: Operating cash flow −$113KFY2015: Net borrowing $79K$79KFY2015FY2016: Operating cash flow −$1.6MFY2016: Net borrowing −$2KFY2016: Shares issued $1.5MFY2016: Capital spending −$9K$1.5MFY2016FY2017: Operating cash flow −$1.4MFY2017: Net borrowing $1.7M$1.7MFY2017FY2018: Operating cash flow −$944KFY2018: Net borrowing $1.1MFY2018: Asset sales $149KFY2018: Capital spending −$974K$1.2MFY2018FY2025: Operating cash flow −$89.1MFY2025: Net borrowing $15.0MFY2025: Shares issued $251MFY2025: Capital spending −$6.6M$266MFY2025
Over these 5 years operating cash flow totalled −$93.2M; the largest uses were operating cash flow ($93.2M) and capital spending ($7.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$326M
Debt$1.8M
Net cash$324M
Cash runway19 months

Red Cat Holdings is burning cash: its operations consume cash, a free cash flow of −$210M a year at the current rate against $326M of cash and investments: a runway of about 19 months before any new financing.

Where the cash came from and went

Red Cat Holdings: sources (+) and uses (−) of cash, Q2 2026Red Cat Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$247MCash drawn (+) / kept (−)−$194MOperating cash flow−$46.8MCapital spending−$5.8MTaxes on employees’ shares−$440KOther investing−$427KShares issued$335K

From profit to cash

Red Cat Holdings: net income to operating cash flow, Q2 2026Red Cat Holdings: net income to operating cash flow, Q2 2026Net income−$35.3MDepreciation & amortization$1.5MStock-based pay$5.0MReceivables$1.1MInventory−$22.9MPayables$3.4MAccrued liabilities$998KDeferred revenue−$23KPrepaid and other assets−$54KOperating cash flow−$46.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20264533359319
Q1 202610724643310
Q4 2025578412129
Q3 20253419823209
Q2 20253648048469
Q1 20255648665478
Q3 202454668108614

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$46.8M−$5.8M—$335K−$194M−$52.6M
Q1 2026−$31.9M−$6.8M—$240K$35.9M−$38.7M
Q4 2025−$36.5M−$5.4M—$225K$38.6M−$41.9M
Q3 2025−$23.9M−$669K—$150K−$140M−$24.5M
Q2 2025−$12.9M−$307K—$994K−$58.2M−$13.2M
Q1 2025−$15.9M−$273K$15.0M$316K$1.4M−$16.2M
Q3 2024−$10.1M−$24K−$243K—$3.1M−$10.2M
Q3 2024−$8.1M−$63K——$4.1M−$8.2M

Red Cat Holdings: income statement and cash flow

Red Cat Holdings, Q2 2026: revenue $20.2M (+527% year over year), operating margin -191.4%. The chart follows the revenue to costs, profit and cash.

Red Cat Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.