Filing Flows › Red Cat Holdings (RCAT) › Q2 2026 › vs Q2 2025
Red Cat Holdings (RCAT) Q2 2026 vs Q2 2025 (year over year)
Red Cat Holdings's revenue rose $17.0M (+527%) from $3.2M in Q2 2025 to $20.2M in Q2 2026. The biggest changes: Product +$17.6M (+843%); Service −$651K (-58%).
Red Cat Holdings, Q2 2026: revenue $20.2M (+527% year over year), operating margin -191.4%, net loss $35.3M, operating cash flow −$46.8M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $19.7M | $2.1M | $17.6M | +843% |
| Service | $477K | $1.1M | −$651K | -58% |
| Revenue | $20.2M | $3.2M | $17.0M | +527% |
| Other income, net | $3.4M | −$632K | $4.0M | — |
| Net loss | $35.3M | $13.3M | $22.0M | +166% |
| Costs & expenses | $58.9M | $16.5M | $42.4M | +257% |
| Operating costs | $58.8M | $15.9M | $43.0M | +271% |
| Income tax | $23K | $0 | $23K | — |
| Cost of revenue | $16.9M | $2.8M | $14.1M | +495% |
| Research & development | $14.2M | $3.6M | $10.6M | +295% |
| Sales & marketing | $6.4M | $3.2M | $3.3M | +102% |
| General & admin | $21.2M | $6.2M | $15.0M | +241% |
| Operating cash sources | $53.3M | $15.5M | $37.9M | +245% |
| Depreciation & amortization | $1.5M | $522K | $950K | +182% |
| Share-based compensation | $5.0M | $2.0M | $3.0M | +148% |
| Cash used in operations | $46.8M | $12.9M | $33.9M | +263% |
| Net loss absorbed | $35.3M | $13.3M | $22.0M | +166% |
| Working capital & other | $18.1M | $2.2M | $15.9M | +730% |
Questions
How much did Red Cat Holdings's revenue grow year over year in Q2 2026?
Red Cat Holdings's revenue rose $17.0M (+527%) from $3.2M in Q2 2025 to $20.2M in Q2 2026.
What drove Red Cat Holdings's revenue change in Q2 2026?
Product +$17.6M (+843%); Service −$651K (-58%).