Filing Flows › Red Cat Holdings (RCAT) › Q4 2025
Red Cat Holdings (RCAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 19, 2026
Red Cat Holdings (RCAT) reported revenue of $26.2M for the fourth quarter 2025 (Q4 2025) and +172% from the quarter before. Operating margin was -91.3%, net loss $19.7M (74.9% of revenue).
Red Cat Holdings, Q4 2025: revenue $26.2M, operating margin -91.3%, net loss $19.7M, operating cash flow −$36.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.2M | +172% | — |
| Operating profit | −$23.9M | — | — |
| Net earnings | −$19.7M | — | — |
| Operating cash flow | −$36.5M | — | — |
What changed
Revenue was $26.2M in Q4 2025, up 172% from the previous quarter. Product related was the largest line at 98% of revenue.
Gross margin was 4.2%. Operating costs exceeded revenue by $23.9M, an operating margin of -91.3%. The quarter ended with a net loss of $19.7M, wider than the previous quarter's $16.0M loss. Non-operating items added $4.0M, -20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$36.5M. Non-cash charges added back $546K of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $20.7M. Capital expenditures of $5.4M exceeded it, leaving free cash flow of −$41.9M.
Questions
What was Red Cat Holdings' revenue in the fourth quarter 2025?
Red Cat Holdings (RCAT) reported revenue of $26.2M for the fourth quarter 2025 (Q4 2025) and +172% from the quarter before.
Was Red Cat Holdings profitable in the fourth quarter 2025?
Operating loss was $23.9M (-91.3% of revenue) and net loss $19.7M.
Source: Red Cat Holdings 10-K on SEC EDGAR.