Filing Flows › Red Cat Holdings (RCAT) › Q1 2026 › vs Q1 2025
Red Cat Holdings (RCAT) Q1 2026 vs Q1 2025 (year over year)
Red Cat Holdings's revenue rose $13.8M (+849%) from $1.6M in Q1 2025 to $15.5M in Q1 2026. The biggest changes: Product +$13.6M (+833%); Service +$260K (—).
Red Cat Holdings, Q1 2026: revenue $15.5M (+849% year over year), operating margin -176.5%, net loss $26.6M, operating cash flow −$31.9M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Product | $15.2M | $1.6M | $13.6M | +833% |
| Service | $260K | $0 | $260K | — |
| Revenue | $15.5M | $1.6M | $13.8M | +849% |
| Other income, net | $754K | −$10.6M | $11.4M | — |
| Net loss | $26.6M | $23.1M | $3.4M | +15% |
| Costs & expenses | $42.8M | $24.8M | $18.0M | +73% |
| Operating costs | $42.8M | $14.1M | $28.7M | +203% |
| Income tax | $5K | $0 | $5K | — |
| Cost of revenue | $13.5M | $2.5M | $11.0M | +445% |
| Research & development | $8.0M | $3.4M | $4.5M | +132% |
| Sales & marketing | $4.6M | $3.3M | $1.3M | +38% |
| General & admin | $16.7M | $4.9M | $11.8M | +243% |
| Operating cash sources | $37.6M | $18.1M | $19.5M | +108% |
| Depreciation & amortization | $812K | $588K | $224K | +38% |
| Share-based compensation | $4.8M | $1.6M | $3.2M | +201% |
| Cash used in operations | $31.9M | $15.9M | $16.0M | +101% |
| Net loss absorbed | $26.6M | $23.1M | $3.4M | +15% |
| Working capital & other | $11.0M | −$5.0M | $16.1M | — |
Questions
How much did Red Cat Holdings's revenue grow year over year in Q1 2026?
Red Cat Holdings's revenue rose $13.8M (+849%) from $1.6M in Q1 2025 to $15.5M in Q1 2026.
What drove Red Cat Holdings's revenue change in Q1 2026?
Product +$13.6M (+833%); Service +$260K (—).