Filing Flows › Red Cat Holdings (RCAT) › Q1 2025
Red Cat Holdings (RCAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Red Cat Holdings (RCAT) reported revenue of $1.6M for the first quarter 2025 (Q1 2025), -75% from a year earlier. Operating margin was -765.7%.
Red Cat Holdings, Q1 2025: revenue $1.6M (-75% year over year), operating margin -765.7%, net loss $23.1M, operating cash flow −$15.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6M | — | -75% |
| Operating profit | −$12.5M | — | — |
| Net earnings | −$23.1M | — | — |
| Operating cash flow | −$15.9M | — | — |
What changed
Revenue was $1.6M in Q1 2025, down 75% year over year.
Operating costs exceeded revenue by $12.5M, an operating margin of -765.7%. The fastest-growing cost line was Sales & marketing (+135%). The quarter ended with a net loss of $23.1M.
Operating cash flow was −$15.9M. Non-cash charges added back $588K of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $5.0M. Capital expenditures of $273K exceeded it, leaving free cash flow of −$16.2M.
Questions
What was Red Cat Holdings' revenue in the first quarter 2025?
Red Cat Holdings (RCAT) reported revenue of $1.6M for the first quarter 2025 (Q1 2025), -75% from a year earlier.
Was Red Cat Holdings profitable in the first quarter 2025?
Operating loss was $12.5M (-765.7% of revenue) and net loss $23.1M.
Source: Red Cat Holdings 10-Q on SEC EDGAR.