Filing Flows › Red Cat Holdings (RCAT) › Q1 2026 › vs Q4 2025
Red Cat Holdings (RCAT) Q1 2026 vs Q4 2025 (quarter over quarter)
Red Cat Holdings's revenue fell $10.8M (-41%) from $26.2M in Q4 2025 to $15.5M in Q1 2026. The biggest changes: Product −$10.5M (-41%); Service −$287K (-52%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Product | $15.2M | $25.7M | −$10.5M | -41% |
| Service | $260K | $547K | −$287K | -52% |
| Revenue | $15.5M | $26.2M | −$10.8M | -41% |
| Other income, net | $754K | $4.0M | −$3.3M | -81% |
| Net loss | $26.6M | $19.7M | $6.9M | +35% |
| Costs & expenses | $42.8M | $50.2M | −$7.4M | -15% |
| Operating costs | $42.8M | $50.2M | −$7.4M | -15% |
| Income tax | $5K | −$252K | $257K | — |
| Cost of revenue | $13.5M | $25.1M | −$11.6M | -46% |
| Research & development | $8.0M | $4.9M | $3.1M | +63% |
| Sales & marketing | $4.6M | $3.6M | $958K | +26% |
| General & admin | $16.7M | $16.5M | $175K | +1% |
| Operating cash sources | $37.6M | $40.3M | −$2.8M | -7% |
| Depreciation & amortization | $812K | $546K | $266K | +49% |
| Share-based compensation | $4.8M | $3.3M | $1.5M | +46% |
| Cash used in operations | $31.9M | $36.5M | −$4.5M | -12% |
| Net loss absorbed | $26.6M | $19.7M | $6.9M | +35% |
| Working capital & other | $11.0M | $20.7M | −$9.7M | -47% |
Questions
How much did Red Cat Holdings's revenue grow quarter over quarter in Q1 2026?
Red Cat Holdings's revenue fell $10.8M (-41%) from $26.2M in Q4 2025 to $15.5M in Q1 2026.
What drove Red Cat Holdings's revenue change in Q1 2026?
Product −$10.5M (-41%); Service −$287K (-52%).