Filing Flows › Red Cat Holdings (RCAT) › Q3 2025
Red Cat Holdings (RCAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Red Cat Holdings (RCAT) reported revenue of $9.6M for the third quarter 2025 (Q3 2025), +646% from a year earlier and +200% from the quarter before. Operating margin was -181.7%, net loss $16.0M (166.0% of revenue).
Red Cat Holdings, Q3 2025: revenue $9.6M (+646% year over year), operating margin -181.7%, net loss $16.0M, operating cash flow −$23.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.6M | +200% | +646% |
| Operating profit | −$17.5M | — | — |
| Net earnings | −$16.0M | — | — |
| Operating cash flow | −$23.9M | — | — |
What changed
Revenue was $9.6M in Q3 2025, up 646% year over year and up 200% from the previous quarter. Product was the largest line at 88% of revenue. Product added $7.2M year over year (up 555%), 86% of the total change.
Gross margin was 6.6%. Operating costs exceeded revenue by $17.5M, an operating margin of -181.7%. The fastest-growing cost line was Research & development (+218%). The quarter ended with a net loss of $16.0M, wider than the previous quarter's $13.3M loss.
Operating cash flow was −$23.9M. Non-cash charges added back $524K of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items used $12.0M. Capital expenditures of $669K exceeded it, leaving free cash flow of −$24.5M.
Questions
What was Red Cat Holdings' revenue in the third quarter 2025?
Red Cat Holdings (RCAT) reported revenue of $9.6M for the third quarter 2025 (Q3 2025), +646% from a year earlier and +200% from the quarter before.
Was Red Cat Holdings profitable in the third quarter 2025?
Operating loss was $17.5M (-181.7% of revenue) and net loss $16.0M.
Source: Red Cat Holdings 10-Q on SEC EDGAR.