Filing Flows › Red Cat Holdings (RCAT) › Q1 2026
Red Cat Holdings (RCAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Red Cat Holdings (RCAT) reported revenue of $15.5M for the first quarter 2026 (Q1 2026), +849% from a year earlier and -41% from the quarter before. Operating margin was -176.5%, net loss $26.6M (171.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.5M | -41% | +849% |
| Operating profit | −$27.3M | — | — |
| Net earnings | −$26.6M | — | — |
| Operating cash flow | −$31.9M | — | — |
What changed
Revenue was $15.5M in Q1 2026, up 849% year over year and down 41% from the previous quarter. Product was the largest line at 98% of revenue. Product added $13.6M year over year (up 833%), 98% of the total change.
Gross margin was 12.7%. Operating costs exceeded revenue by $27.3M, an operating margin of -176.5%. The fastest-growing cost line was General & admin (+243%). The quarter ended with a net loss of $26.6M, wider than the previous quarter's $19.7M loss.
Operating cash flow was −$31.9M. Non-cash charges added back $812K of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $11.0M. Capital expenditures of $6.8M exceeded it, leaving free cash flow of −$38.7M.
Questions
What was Red Cat Holdings' revenue in the first quarter 2026?
Red Cat Holdings (RCAT) reported revenue of $15.5M for the first quarter 2026 (Q1 2026), +849% from a year earlier and -41% from the quarter before.
Was Red Cat Holdings profitable in the first quarter 2026?
Operating loss was $27.3M (-176.5% of revenue) and net loss $26.6M.
Source: Red Cat Holdings 10-Q on SEC EDGAR.