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Red Cat (RCAT) Financials

Red Cat logo
$5.13 -0.05 (-0.97%)
Closing price 04/17/2025 04:00 PM Eastern
Extended Trading
$5.16 +0.03 (+0.58%)
As of 04/17/2025 06:24 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Red Cat

Annual Income Statements for Red Cat

This table shows Red Cat's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders		 -12 -28 -24
Consolidated Net Income / (Loss)		 -12 -28 -24
Net Income / (Loss) Continuing Operations		 -12 -26 -22
Total Pre-Tax Income 		-12 -26 -22
Total Operating Income		 -13 -26 -22
Total Gross Profit		 0.93 -0.83 3.68
Total Revenue		 6.43 4.62 18
Operating Revenue		 6.43 4.62 18
Total Cost of Revenue		 5.50 5.46 14
Operating Cost of Revenue		 5.50 5.46 14
Total Operating Expenses		 14 25 22
Selling, General & Admin Expense		 6.90 12 11
Marketing Expense		 1.13 3.73 4.57
Research & Development Expense		 2.61 5.60 5.90
Impairment Charge		 0.00 2.83 0.41
Total Other Income / (Expense), net		 1.31 -1.00 -3.65
Interest Expense		 0.15 0.12 0.07
Interest & Investment Income		 0.36 0.08 -13
Other Income / (Expense), net		 1.11 -0.97 8.93
Net Income / (Loss) Discontinued Operations		 - -1.73 -2.53
Weighted Average Basic Shares Outstanding		 48.22M 53.86M 60.12M
Weighted Average Diluted Shares Outstanding		 48.22M 53.86M 60.12M
Weighted Average Basic & Diluted Shares Outstanding		 48.22M 53.86M 60.12M

Quarterly Income Statements for Red Cat

This table shows Red Cat's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Net Income / (Loss) Attributable to Common Shareholders		 -4.83 -3.81 -6.24 -5.67 -12 -5.84 -5.84 -5.49 -7.07 -12 -13
Consolidated Net Income / (Loss)		 -4.83 -3.81 -6.24 -5.67 -12 -5.84 -5.84 -5.49 -7.07 -12 -13
Net Income / (Loss) Continuing Operations		 -4.84 -3.59 -5.83 -5.34 -12 -5.59 -5.24 -4.19 -6.69 -12 -13
Total Pre-Tax Income 		-4.84 -3.59 -5.83 -5.34 -12 -5.59 -5.24 -4.19 -6.69 -12 -13
Total Operating Income		 -5.40 -3.48 -6.35 -5.18 -11 -5.59 -5.24 -4.45 -7.51 -7.73 -9.12
Total Gross Profit		 0.33 0.08 0.12 -0.10 -0.94 0.17 1.20 1.10 1.20 -0.48 -0.02
Total Revenue		 1.31 1.13 0.75 1.67 1.08 1.75 3.93 5.85 6.31 2.78 1.53
Operating Revenue		 1.31 1.13 0.75 1.67 1.08 1.75 3.93 5.85 6.31 2.78 1.53
Total Cost of Revenue		 0.98 1.04 0.62 1.76 2.02 1.57 2.73 4.75 5.11 3.26 1.56
Operating Cost of Revenue		 0.98 1.04 0.62 1.76 2.02 1.57 2.73 4.75 5.11 3.26 1.56
Total Operating Expenses		 5.71 3.56 6.47 5.09 9.41 5.51 6.09 5.55 5.06 7.24 9.09
Selling, General & Admin Expense		 2.84 1.95 3.40 2.06 4.98 2.86 2.84 1.95 4.67 3.48 4.52
Marketing Expense		 0.60 0.41 0.56 1.02 1.75 1.29 1.03 0.88 2.02 2.04 2.34
Research & Development Expense		 1.06 0.45 1.27 1.22 2.66 1.35 2.22 2.13 0.64 1.63 2.23
Impairment Charge		 - - - - - 0.00 0.00 - - 0.09 0.00
Total Other Income / (Expense), net		 0.56 -0.11 0.52 -0.15 -1.26 -0.26 -0.35 0.26 -2.83 -4.69 -4.22
Interest Expense		 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01 -0.02 -0.01
Interest & Investment Income		 0.24 0.13 0.09 0.07 -0.21 -0.24 -0.33 -0.16 -12 -4.74 0.00
Other Income / (Expense), net		 0.35 -0.21 0.46 -0.19 -1.03 -0.00 0.00 0.43 8.96 0.03 -4.23
Net Income / (Loss) Discontinued Operations		 - -0.22 -0.41 -0.33 -0.77 -0.24 -0.60 -1.30 -0.38 0.00 0.00
Weighted Average Basic Shares Outstanding		 48.22M 53.78M 54.08M 54.29M 53.86M 54.94M 55.61M 74.28M 60.12M 75.41M 80.16M
Weighted Average Diluted Shares Outstanding		 48.22M 53.78M 54.08M 54.29M 53.86M 54.94M 55.61M 74.28M 60.12M 75.41M 80.16M
Weighted Average Basic & Diluted Shares Outstanding		 48.22M 53.78M 54.08M 54.29M 53.86M 54.94M 55.61M 55.69M 60.12M 74.50M 76.18M

Annual Cash Flow Statements for Red Cat

This table details how cash moves in and out of Red Cat's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Net Change in Cash & Equivalents		 12 -1.37 -1.33
Net Cash From Operating Activities		 -16 -25 -22
Net Cash From Continuing Operating Activities		 -7.46 -24 -18
Net Income / (Loss) Continuing Operations		 -12 -30 -27
Consolidated Net Income / (Loss)		 -12 -28 -24
Net Income / (Loss) Discontinued Operations		 - 1.73 2.53
Depreciation Expense		 0.04 0.31 0.57
Amortization Expense		 0.22 0.65 0.85
Non-Cash Adjustments To Reconcile Net Income		 0.25 -1.25 -2.94
Changes in Operating Assets and Liabilities, net		 3.72 5.26 6.27
Net Cash From Investing Activities		 -47 30 14
Net Cash From Continuing Investing Activities		 -47 30 14
Purchase of Property, Plant & Equipment		 -0.36 -2.70 -0.26
Divestitures		 0.02 0.00 1.00
Sale and/or Maturity of Investments		 11 32 13
Net Cash From Financing Activities		 66 -1.22 7.80
Net Cash From Continuing Financing Activities		 66 -1.22 7.80
Repayment of Debt		 -2.90 -0.65 -0.57
Issuance of Debt		 0.00 0.01 8.40
Other Financing Activities, net		 -0.83 -0.58 -0.03
Other Net Changes in Cash		 - -4.89 -0.88
Cash Interest Paid		 0.16 0.12 0.07
Cash Income Taxes Paid		 0.00 0.00 0.00

Quarterly Cash Flow Statements for Red Cat

This table details how cash moves in and out of Red Cat's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Net Change in Cash & Equivalents		 5.53 3.02 -4.62 -6.60 6.82 -0.77 0.10 -3.94 -0.04 -6.41 -5.83
Net Cash From Operating Activities		 -3.98 -3.81 -5.71 -7.28 -8.05 -5.39 -4.68 -4.11 -6.47 -10 -13
Net Cash From Continuing Operating Activities		 -2.50 -2.95 -5.67 -16 0.49 -6.93 -4.31 -14 3.52 -2.35 -10
Net Income / (Loss) Continuing Operations		 -4.83 -3.59 -5.83 -20 -0.32 -6.08 -6.44 -19 3.10 -12 -13
Consolidated Net Income / (Loss)		 -4.83 -3.81 -6.24 -20 2.37 -5.84 -5.84 -20 7.77 -12 -13
Depreciation Expense		 0.02 0.03 0.06 0.08 0.14 0.10 0.12 0.13 0.21 0.30 0.19
Amortization Expense		 0.18 0.06 0.16 0.22 0.22 0.22 0.22 0.22 0.20 0.18 0.18
Non-Cash Adjustments To Reconcile Net Income		 0.12 0.15 -0.40 -0.28 -0.72 -1.31 -1.53 -0.19 -3.20 3.39 -1.32
Changes in Operating Assets and Liabilities, net		 2.01 0.41 0.34 3.89 0.63 1.68 2.96 4.41 -0.93 -1.87 1.44
Net Cash From Investing Activities		 1.91 7.66 4.30 10 7.29 4.88 5.18 2.58 0.93 4.30 -0.02
Net Cash From Continuing Investing Activities		 1.91 7.66 4.30 10 7.29 4.88 5.18 2.58 0.93 4.30 -0.02
Purchase of Property, Plant & Equipment		 -0.27 -0.54 -0.74 -0.45 -0.96 -0.01 -0.13 -0.04 -0.07 -0.10 -0.02
Net Cash From Financing Activities		 -0.96 -0.69 -0.24 -0.16 -0.12 -0.15 -0.14 8.25 -0.16 -0.29 7.04
Net Cash From Continuing Financing Activities		 -0.96 -0.69 -0.24 -0.16 -0.12 -0.15 -0.14 8.24 -0.15 -0.29 7.04
Repayment of Debt		 -0.24 -0.22 -0.17 -0.13 -0.13 -0.14 -0.14 -0.14 -0.15 -0.15 -0.24
Other Financing Activities, net		 -0.82 -0.47 -0.09 -0.03 0.01 -0.01 -0.01 -0.00 -0.01 -0.13 -0.40
Cash Interest Paid		 0.14 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01

Annual Balance Sheets for Red Cat

This table presents Red Cat's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Total Assets		 85 61 49
Total Current Assets		 56 32 22
Cash & Equivalents		 4.08 3.17 6.07
Accounts Receivable		 0.50 0.72 4.36
Inventories, net		 3.90 8.92 8.01
Other Current Assets		 2.35 1.26 3.96
Plant, Property, & Equipment, net		 0.51 2.65 2.34
Total Noncurrent Assets		 29 29 24
Long-Term Investments		 - 0.00 5.14
Noncurrent Note & Lease Receivables		 - - 4.00
Goodwill		 25 17 9.09
Intangible Assets		 2.70 6.89 3.79
Other Noncurrent Operating Assets		 1.08 1.90 1.77
Total Liabilities & Shareholders' Equity		 85 61 49
Total Liabilities		 7.16 5.98 4.97
Total Current Liabilities		 5.44 4.05 3.65
Short-Term Debt		 0.96 0.92 0.75
Accounts Payable		 1.02 1.39 1.58
Accrued Expenses		 1.08 0.41 1.07
Customer Deposits		 0.44 0.16 0.05
Other Current Liabilities		 1.90 0.16 0.20
Total Noncurrent Liabilities		 1.72 1.93 1.32
Long-Term Debt		 0.97 0.40 0.00
Other Noncurrent Operating Liabilities		 0.75 1.48 1.32
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 78 55 44
Total Preferred & Common Equity		 78 55 44
Total Common Equity		 78 55 44
Common Stock		 107 113 125
Retained Earnings		 -27 -57 -81
Other Equity Adjustments		 0.01 0.01 0.00

Quarterly Balance Sheets for Red Cat

This table presents Red Cat's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Total Assets		 81 75 71 54 51 55 38 51
Total Current Assets		 51 45 41 27 23 28 21 21
Cash & Equivalents		 6.25 1.58 3.89 0.94 1.41 7.70 7.73 4.61
Accounts Receivable		 0.94 0.92 2.06 0.72 2.99 5.09 0.68 1.12
Inventories, net		 4.58 6.56 9.29 9.38 9.26 9.09 10 12
Other Current Assets		 2.69 4.45 4.55 3.02 2.84 2.80 2.59 3.02
Plant, Property, & Equipment, net		 1.03 1.70 2.08 2.55 2.57 2.48 2.14 1.97
Total Noncurrent Assets		 30 30 28 25 25 25 14 28
Long-Term Investments		 - - - - - - 0.00 0.00
Noncurrent Note & Lease Receivables		 - - - - - - 0.00 0.00
Goodwill		 25 20 20 17 17 17 9.00 23
Intangible Assets		 2.64 7.78 7.56 7.11 6.89 6.67 3.62 3.44
Other Noncurrent Operating Assets		 0.98 0.91 1.09 0.86 0.79 0.76 1.73 1.80
Total Liabilities & Shareholders' Equity		 81 75 71 54 51 55 38 51
Total Liabilities		 6.06 5.82 6.20 4.16 4.73 5.74 5.50 24
Total Current Liabilities		 4.55 4.52 5.14 3.58 4.41 5.23 4.23 15
Short-Term Debt		 0.88 0.90 0.91 0.94 0.95 0.90 0.60 4.09
Accounts Payable		 0.97 1.65 2.44 0.82 1.62 2.28 2.08 1.59
Accrued Expenses		 0.47 0.54 0.39 0.45 0.64 0.94 1.30 1.43
Customer Deposits		 0.23 0.12 - 0.05 0.06 0.05 0.05 0.22
Other Current Liabilities		 1.99 1.31 1.17 0.85 0.70 0.58 0.20 7.34
Total Noncurrent Liabilities		 1.51 1.30 1.06 0.58 0.33 0.52 1.27 9.39
Long-Term Debt		 0.84 0.69 0.55 0.25 0.09 0.00 - 8.18
Other Noncurrent Operating Liabilities		 0.67 0.60 0.51 0.30 0.22 0.19 1.27 1.21
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 75 69 65 50 46 50 32 27
Total Preferred & Common Equity		 75 69 65 50 46 50 32 27
Preferred Stock		 - - - - - - - 0.00
Total Common Equity		 75 69 65 50 46 50 32 27
Common Stock		 108 108 109 111 112 121 126 134
Retained Earnings		 -31 -38 -43 -60 -66 -72 -94 -107

Annual Metrics and Ratios for Red Cat

This table displays calculated financial ratios and metrics derived from Red Cat's official financial filings.

Metric 2022 2023 2024
Growth Metrics		 - - -
Revenue Growth		 28.59% -28.12% 286.00%
EBITDA Growth		 -7.08% -126.75% 57.63%
EBIT Growth		 0.86% -129.82% 53.92%
NOPAT Growth		 -166.63% -102.86% 18.39%
Net Income Growth		 11.69% -140.45% 14.42%
EPS Growth		 57.14% 0.00% 0.00%
Operating Cash Flow Growth		 -1,045.05% -55.17% 12.19%
Free Cash Flow Firm Growth		 -286.17% 29.70% 46.62%
Invested Capital Growth		 341.87% 15.45% -7.43%
Revenue Q/Q Growth		 -8.08% -4.80% 41.49%
EBITDA Q/Q Growth		 -18.85% -37.43% 55.43%
EBIT Q/Q Growth		 -9.09% -36.73% 52.35%
NOPAT Q/Q Growth		 -19.22% -29.22% 15.19%
Net Income Q/Q Growth		 -11.80% -36.79% 18.09%
EPS Q/Q Growth		 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -27.94% -19.59% 6.74%
Free Cash Flow Firm Q/Q Growth		 -246.23% 58.50% 21.92%
Invested Capital Q/Q Growth		 0.00% -14.29% -16.93%
Profitability Metrics		 - - -
Gross Margin		 14.40% -18.06% 20.64%
EBITDA Margin		 -180.94% -570.81% -62.66%
Operating Margin		 -202.25% -570.82% -120.69%
EBIT Margin		 -185.06% -591.72% -70.64%
Profit (Net Income) Margin		 -181.82% -608.27% -134.85%
Tax Burden Percent		 100.00% 106.56% 111.73%
Interest Burden Percent		 98.25% 96.47% 170.86%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -47.92% -55.33% -43.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 -36.46% -26.08% 17.23%
Return on Net Nonoperating Assets (RNNOA)		 19.81% 12.96% -5.16%
Return on Equity (ROE)		 -28.11% -42.37% -48.92%
Cash Return on Invested Capital (CROIC)		 -174.10% -69.67% -36.04%
Operating Return on Assets (OROA)		 -24.59% -37.50% -23.06%
Return on Assets (ROA)		 -24.16% -38.55% -44.02%
Return on Common Equity (ROCE)		 -28.11% -42.37% -48.92%
Return on Equity Simple (ROE_SIMPLE)		 -15.00% -51.32% -55.21%
Net Operating Profit after Tax (NOPAT)		 -9.10 -18 -15
NOPAT Margin		 -141.57% -399.57% -84.48%
Net Nonoperating Expense Percent (NNEP)		 -11.45% -29.25% -60.99%
Cost of Revenue to Revenue		 85.60% 118.06% 79.37%
SG&A Expenses to Revenue		 107.37% 267.99% 59.87%
R&D to Revenue		 40.54% 121.09% 33.06%
Operating Expenses to Revenue		 216.64% 531.02% 120.86%
Earnings before Interest and Taxes (EBIT)		 -12 -27 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 -26 -11
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.40 0.88 2.61
Price to Tangible Book Value (P/TBV)		 2.18 1.56 3.70
Price to Revenue (P/Rev)		 16.95 10.43 6.37
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.00 0.94 3.12
Enterprise Value to Revenue (EV/Rev)		 9.65 7.26 5.79
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.02 0.02 0.02
Long-Term Debt to Equity		 0.01 0.01 0.00
Financial Leverage		 -0.54 -0.50 -0.30
Leverage Ratio		 1.16 1.10 1.11
Compound Leverage Factor		 1.14 1.06 1.90
Debt to Total Capital		 2.42% 2.36% 1.70%
Short-Term Debt to Total Capital		 1.20% 1.64% 1.70%
Long-Term Debt to Total Capital		 1.22% 0.72% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 97.58% 97.64% 98.30%
Debt to EBITDA		 -0.17 -0.05 -0.07
Net Debt to EBITDA		 4.04 0.56 0.94
Long-Term Debt to EBITDA		 -0.08 -0.02 0.00
Debt to NOPAT		 -0.21 -0.07 -0.05
Net Debt to NOPAT		 5.16 0.79 0.69
Long-Term Debt to NOPAT		 -0.11 -0.02 0.00
Altman Z-Score		 9.00 2.67 11.35
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 10.23 7.94 6.13
Quick Ratio		 9.08 4.13 2.86
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -33 -23 -12
Operating Cash Flow to CapEx		 -4,404.68% -920.58% -8,423.28%
Free Cash Flow to Firm to Interest Expense		 -223.86 -190.56 -180.89
Operating Cash Flow to Interest Expense		 -108.44 -203.74 -318.15
Operating Cash Flow Less CapEx to Interest Expense		 -110.90 -225.88 -321.93
Efficiency Ratios		 - - -
Asset Turnover		 0.13 0.06 0.33
Accounts Receivable Turnover		 15.73 7.60 7.02
Inventory Turnover		 2.59 0.85 1.67
Fixed Asset Turnover		 0.00 2.92 7.15
Accounts Payable Turnover		 5.64 4.52 9.52
Days Sales Outstanding (DSO)		 23.20 48.00 51.99
Days Inventory Outstanding (DIO)		 141.20 428.77 218.24
Days Payable Outstanding (DPO)		 64.69 80.67 38.33
Cash Conversion Cycle (CCC)		 99.70 396.10 231.90
Capital & Investment Metrics		 - - -
Invested Capital		 31 36 33
Invested Capital Turnover		 0.34 0.14 0.52
Increase / (Decrease) in Invested Capital		 24 4.79 -2.66
Enterprise Value (EV)		 62 34 103
Market Capitalization		 109 48 114
Book Value per Share		 $1.45 $1.01 $0.59
Tangible Book Value per Share		 $0.93 $0.57 $0.41
Total Capital		 80 56 44
Total Debt		 1.93 1.32 0.75
Total Long-Term Debt		 0.97 0.40 0.00
Net Debt		 -47 -15 -10
Capital Expenditures (CapEx)		 0.36 2.70 0.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2.30 13 13
Debt-free Net Working Capital (DFNWC)		 51 29 19
Net Working Capital (NWC)		 50 28 19
Net Nonoperating Expense (NNE)		 2.59 9.64 8.98
Net Nonoperating Obligations (NNO)		 -47 -19 -10
Total Depreciation and Amortization (D&A)		 0.26 0.97 1.42
Debt-free, Cash-free Net Working Capital to Revenue		 35.71% 282.62% 75.30%
Debt-free Net Working Capital to Revenue		 795.94% 628.61% 109.32%
Net Working Capital to Revenue		 781.06% 608.66% 105.10%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.50) $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 55.54M 60.12M
Adjusted Diluted Earnings per Share		 $0.00 ($0.50) $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 55.54M 60.12M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.50) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 53.86M 60.12M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.80 -16 -15
Normalized NOPAT Margin		 -105.73% -356.75% -82.86%
Pre Tax Income Margin		 -181.82% -570.82% -120.69%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -80.54 -224.11 -183.64
NOPAT to Interest Expense		 -61.61 -151.34 -219.63
EBIT Less CapEx to Interest Expense		 -83.00 -246.24 -187.41
NOPAT Less CapEx to Interest Expense		 -64.07 -173.47 -223.41
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics and Ratios for Red Cat

This table displays calculated financial ratios and metrics derived from Red Cat's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -30.11% -19.34% -59.88% -10.18% -17.77% 55.18% 425.79% 250.66% 484.76% 58.83% -60.96%
EBITDA Growth		 -115.42% -138.72% -115.01% -92.27% -148.18% -46.50% 13.42% 27.86% 115.49% -36.89% -164.62%
EBIT Growth		 -52.79% -141.70% -121.80% -101.26% -145.57% -51.78% 11.01% 25.29% 111.69% -37.57% -154.62%
NOPAT Growth		 -63.46% -107.13% -130.09% -63.86% -110.47% -60.80% 17.42% 14.21% 33.94% -38.13% -73.83%
Net Income Growth		 -34.33% -144.68% -127.85% -120.91% -156.63% -53.13% 6.42% 3.13% 42.90% -112.72% -128.18%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 -725.79% 6.34% -27.11% -109.66% -102.29% -41.33% 18.11% 43.47% 19.60% -93.36% -174.56%
Free Cash Flow Firm Growth		 -271.86% 154.74% -252.56% -261.79% 54.09% -119.63% 88.59% 97.27% 79.62% 188.43% 59.20%
Invested Capital Growth		 341.87% -57.37% 0.00% 0.00% 15.45% 13.37% 3.07% -4.49% -7.43% -33.67% -11.28%
Revenue Q/Q Growth		 -29.33% -14.15% -33.64% 123.07% -35.30% 62.02% 124.86% 48.77% 7.89% -55.99% -44.73%
EBITDA Q/Q Growth		 -83.61% 25.70% -57.23% 10.36% -137.00% 56.14% 7.08% 16.56% 150.90% -487.55% -79.63%
EBIT Q/Q Growth		 -89.04% 26.94% -59.79% 8.81% -130.66% 54.84% 6.31% 15.12% 136.10% -631.28% -73.40%
NOPAT Q/Q Growth		 -70.65% 35.56% -82.55% 18.37% -119.18% 50.77% 6.26% 2.46% -68.79% -2.94% -17.97%
Net Income Q/Q Growth		 -88.16% 21.02% -63.83% 9.26% -118.58% 52.87% -0.12% 3.39% -28.86% -75.56% -7.40%
EPS Q/Q Growth		 -80.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -14.65% 4.16% -49.75% -27.41% -10.62% 33.04% 13.23% 4.63% -57.32% -61.05% -23.21%
Free Cash Flow Firm Q/Q Growth		 -198.98% 254.56% -198.81% -7.03% 71.91% 33.92% 42.58% 71.55% -109.57% 386.71% -126.50%
Invested Capital Q/Q Growth		 0.00% 8.70% 12.65% 10.01% -14.29% 6.74% 2.41% 1.94% -16.93% -23.51% 36.97%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.21% 7.29% 16.57% -5.81% -87.43% 9.99% 30.54% 18.84% 19.08% -17.41% -1.53%
EBITDA Margin		 -369.48% -319.77% -757.62% -304.44% -1,115.19% -301.89% -124.76% -62.63% 29.54% -260.19% -845.56%
Operating Margin		 -411.43% -308.82% -849.48% -310.86% -1,053.10% -320.02% -133.41% -76.05% -118.98% -278.31% -594.01%
EBIT Margin		 -384.56% -327.27% -788.00% -322.15% -1,148.48% -320.10% -133.37% -68.63% 22.97% -277.27% -869.81%
Profit (Net Income) Margin		 -367.77% -338.34% -835.26% -339.75% -1,147.83% -333.89% -148.66% -93.85% -112.09% -447.19% -868.86%
Tax Burden Percent		 99.68% 106.11% 107.09% 106.19% 106.61% 104.34% 111.43% 131.01% 105.75% 100.00% 100.00%
Interest Burden Percent		 95.94% 97.43% 98.98% 99.32% 93.75% 99.97% 100.03% 104.38% -461.53% 161.28% 99.89%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -97.47% -23.63% -158.12% -50.62% -102.07% -32.69% -20.43% -16.45% -43.14% -115.76% -185.63%
ROIC Less NNEP Spread (ROIC-NNEP)		 -92.84% -16.66% -146.62% -33.04% -88.63% -25.45% -9.02% -2.00% -30.80% -41.81% -1,772.03%
Return on Net Nonoperating Assets (RNNOA)		 50.44% 4.32% 66.28% 11.79% 44.05% 10.81% 2.98% 0.58% 9.23% 9.61% -21.31%
Return on Equity (ROE)		 -47.03% -19.31% -91.83% -38.83% -58.02% -21.88% -17.45% -15.88% -33.91% -106.15% -206.94%
Cash Return on Invested Capital (CROIC)		 -174.10% 62.06% -267.88% -268.49% -69.67% -68.05% -52.79% -38.96% -36.04% -11.68% -40.29%
Operating Return on Assets (OROA)		 -51.10% -24.52% -52.96% -22.00% -72.79% -24.84% -17.89% -13.69% 7.50% -113.58% -281.71%
Return on Assets (ROA)		 -48.86% -25.36% -56.13% -23.20% -72.75% -25.91% -19.94% -18.72% -36.59% -183.18% -281.40%
Return on Common Equity (ROCE)		 -47.03% -19.31% -91.83% -38.83% -58.02% -21.88% -17.45% -15.87% -33.91% -106.15% -206.93%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -18.61% -25.20% -31.66% 0.00% -60.27% -64.81% -59.24% 0.00% -94.38% -141.05%
Net Operating Profit after Tax (NOPAT)		 -3.78 -2.44 -4.45 -3.63 -7.95 -3.92 -3.67 -3.11 -5.25 -5.41 -6.38
NOPAT Margin		 -288.00% -216.17% -594.63% -217.60% -737.17% -224.01% -93.39% -53.23% -83.28% -194.82% -415.81%
Net Nonoperating Expense Percent (NNEP)		 -4.63% -6.98% -11.50% -17.59% -13.44% -7.24% -11.41% -14.45% -12.34% -73.95% 1,586.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -7.82% - - - -16.24%
Cost of Revenue to Revenue		 74.79% 92.71% 83.43% 105.81% 187.43% 90.01% 69.46% 81.16% 80.92% 117.41% 101.53%
SG&A Expenses to Revenue		 216.73% 172.98% 454.40% 123.60% 461.20% 163.82% 72.20% 33.41% 74.07% 125.45% 294.36%
R&D to Revenue		 80.56% 39.94% 169.47% 73.26% 246.21% 77.43% 56.53% 36.34% 10.22% 58.58% 145.40%
Operating Expenses to Revenue		 435.46% 316.11% 866.04% 305.04% 872.53% 314.97% 155.00% 94.89% 80.19% 260.90% 592.48%
Earnings before Interest and Taxes (EBIT)		 -5.05 -3.69 -5.89 -5.37 -12 -5.60 -5.24 -4.01 1.45 -7.70 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.85 -3.60 -5.66 -5.08 -12 -5.28 -4.90 -3.66 1.86 -7.22 -13
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.40 1.56 1.06 1.01 0.88 1.13 1.06 1.00 2.61 4.60 8.54
Price to Tangible Book Value (P/TBV)		 2.18 2.48 1.76 1.75 1.56 2.19 2.20 1.92 3.70 7.52 369.69
Price to Revenue (P/Rev)		 16.95 18.96 14.49 13.54 10.43 10.81 5.75 3.94 6.37 7.91 14.01
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.00 2.24 1.10 1.02 0.94 1.28 1.16 1.08 3.12 5.61 6.87
Enterprise Value to Revenue (EV/Rev)		 9.65 12.26 8.28 8.77 7.26 9.34 5.39 3.41 5.79 7.54 14.48
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.45
Long-Term Debt to Equity		 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.30
Financial Leverage		 -0.54 -0.26 -0.45 -0.36 -0.50 -0.42 -0.33 -0.29 -0.30 -0.23 0.01
Leverage Ratio		 1.16 1.08 1.08 1.10 1.10 1.08 1.09 1.10 1.11 1.12 1.40
Compound Leverage Factor		 1.12 1.05 1.07 1.09 1.03 1.08 1.09 1.15 -5.13 1.80 1.39
Debt to Total Capital		 2.42% 2.24% 2.25% 2.20% 2.36% 2.32% 2.23% 1.78% 1.70% 1.81% 31.22%
Short-Term Debt to Total Capital		 1.20% 1.15% 1.26% 1.37% 1.64% 1.83% 2.03% 1.78% 1.70% 1.81% 10.41%
Long-Term Debt to Total Capital		 1.22% 1.09% 0.98% 0.83% 0.72% 0.49% 0.19% 0.00% 0.00% 0.00% 20.81%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 97.58% 97.76% 97.76% 97.79% 97.64% 97.68% 97.77% 98.22% 98.30% 98.19% 68.78%
Debt to EBITDA		 -0.17 -0.13 -0.09 -0.08 -0.05 -0.04 -0.04 -0.04 -0.07 -0.05 -0.58
Net Debt to EBITDA		 4.04 3.00 1.87 1.21 0.56 0.27 0.11 0.27 0.94 0.54 -0.36
Long-Term Debt to EBITDA		 -0.08 -0.06 -0.04 -0.03 -0.02 -0.01 0.00 0.00 0.00 0.00 -0.39
Debt to NOPAT		 -0.21 -0.17 -0.12 -0.10 -0.07 -0.06 -0.05 -0.05 -0.05 -0.04 -0.64
Net Debt to NOPAT		 5.16 3.98 2.43 1.62 0.79 0.38 0.16 0.38 0.69 0.43 -0.40
Long-Term Debt to NOPAT		 -0.11 -0.08 -0.05 -0.04 -0.02 -0.01 0.00 0.00 0.00 0.00 -0.42
Altman Z-Score		 9.26 11.64 7.29 5.93 3.48 6.88 4.58 3.86 12.30 13.21 2.43
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 10.23 11.24 9.91 7.88 7.94 7.41 5.28 5.34 6.13 5.08 1.43
Quick Ratio		 9.08 9.64 7.48 5.19 4.13 2.68 1.59 2.45 2.86 1.99 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -28 43 -42 -45 -13 -8.42 -4.83 -1.24 -2.60 7.44 -1.97
Operating Cash Flow to CapEx		 -1,468.13% -700.03% -776.19% -1,599.90% -834.93% -106,678.57% -3,470.38% -9,210.64% -8,676.24% -10,429.63% -53,887.57%
Free Cash Flow to Firm to Interest Expense		 -729.97 1,201.77 -1,304.51 -1,582.21 -506.23 -385.16 -245.42 -79.89 -224.81 0.00 0.00
Operating Cash Flow to Interest Expense		 -104.71 -106.90 -175.86 -253.90 -319.95 -246.67 -237.52 -265.34 -560.49 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -111.84 -122.17 -198.51 -269.77 -358.27 -246.90 -244.37 -268.22 -566.95 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.07 0.07 0.07 0.06 0.08 0.13 0.20 0.33 0.41 0.32
Accounts Receivable Turnover		 15.73 10.17 5.49 2.35 7.60 6.30 4.31 3.52 7.02 26.90 8.01
Inventory Turnover		 2.59 1.92 0.64 0.47 0.85 0.86 1.02 1.20 1.67 1.60 1.37
Fixed Asset Turnover		 0.00 0.00 2.97 2.34 2.92 2.93 3.95 5.53 7.15 8.03 7.25
Accounts Payable Turnover		 5.64 4.92 2.53 1.81 4.52 6.66 4.95 4.68 9.52 10.91 9.14
Days Sales Outstanding (DSO)		 23.20 35.89 66.43 155.19 48.00 57.92 84.62 103.59 51.99 13.57 45.55
Days Inventory Outstanding (DIO)		 141.20 190.01 574.67 768.51 428.77 425.78 356.75 303.07 218.24 228.55 266.48
Days Payable Outstanding (DPO)		 64.69 74.16 144.48 202.16 80.67 54.81 73.71 77.91 38.33 33.46 39.93
Cash Conversion Cycle (CCC)		 99.70 151.74 496.61 721.53 396.10 428.89 367.67 328.76 231.90 208.66 272.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 31 34 38 42 36 38 39 40 33 25 35
Invested Capital Turnover		 0.34 0.11 0.27 0.23 0.14 0.15 0.22 0.31 0.52 0.59 0.45
Increase / (Decrease) in Invested Capital		 24 -45 38 42 4.79 4.50 1.16 -1.87 -2.66 -13 -4.41
Enterprise Value (EV)		 62 76 42 43 34 49 45 43 103 142 238
Market Capitalization		 109 117 73 66 48 57 48 50 114 149 231
Book Value per Share		 $1.45 $1.39 $1.28 $1.19 $1.01 $0.90 $0.82 $0.67 $0.59 $0.44 $0.36
Tangible Book Value per Share		 $0.93 $0.88 $0.77 $0.69 $0.57 $0.47 $0.39 $0.35 $0.41 $0.27 $0.01
Total Capital		 80 77 71 66 56 51 47 50 44 33 39
Total Debt		 1.93 1.72 1.59 1.46 1.32 1.19 1.04 0.90 0.75 0.60 12
Total Long-Term Debt		 0.97 0.84 0.69 0.55 0.40 0.25 0.09 0.00 0.00 0.00 8.18
Net Debt		 -47 -41 -31 -23 -15 -7.67 -2.98 -6.80 -10 -7.13 7.66
Capital Expenditures (CapEx)		 0.27 0.54 0.74 0.45 0.96 0.01 0.13 0.04 0.07 0.10 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2.30 4.55 8.31 12 13 15 16 16 13 10 5.72
Debt-free Net Working Capital (DFNWC)		 51 48 41 36 29 24 20 24 19 18 10
Net Working Capital (NWC)		 50 47 40 35 28 23 19 23 19 17 6.24
Net Nonoperating Expense (NNE)		 1.05 1.38 1.80 2.04 4.43 1.92 2.17 2.38 1.82 7.01 6.95
Net Nonoperating Obligations (NNO)		 -47 -41 -31 -23 -19 -12 -6.78 -9.72 -10 -7.13 7.66
Total Depreciation and Amortization (D&A)		 0.20 0.08 0.23 0.30 0.36 0.32 0.34 0.35 0.42 0.47 0.37
Debt-free, Cash-free Net Working Capital to Revenue		 35.71% 73.88% 164.69% 240.48% 282.62% 286.54% 187.37% 126.26% 75.30% 53.57% 34.73%
Debt-free Net Working Capital to Revenue		 795.94% 771.33% 816.77% 747.75% 628.61% 455.55% 235.13% 187.32% 109.32% 94.56% 62.73%
Net Working Capital to Revenue		 781.06% 757.00% 799.02% 729.03% 608.66% 437.69% 223.81% 180.18% 105.10% 91.39% 37.89%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.09) ($0.07) ($0.12) ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 48.22M 54.13M 54.32M 54.45M 53.86M 55.64M 74.16M 74.28M 60.12M 75.41M 80.16M
Adjusted Diluted Earnings per Share		 ($0.09) ($0.07) ($0.12) ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 48.22M 54.13M 54.32M 54.45M 53.86M 55.64M 74.16M 74.28M 60.12M 75.41M 80.16M
Adjusted Basic & Diluted Earnings per Share		 ($0.09) ($0.07) ($0.12) ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 48.22M 53.78M 54.08M 54.29M 53.86M 54.94M 55.61M 55.69M 60.12M 74.50M 76.18M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.93 -1.91 -3.57 -3.08 -7.95 -3.92 -3.67 -2.70 -5.25 -5.34 -6.38
Normalized NOPAT Margin		 -223.44% -169.23% -477.89% -184.49% -737.17% -224.01% -93.39% -46.22% -83.28% -192.47% -415.81%
Pre Tax Income Margin		 -368.94% -318.87% -779.95% -319.96% -1,076.71% -320.02% -133.41% -71.64% -106.00% -447.19% -868.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -132.76 -103.31 -181.35 -187.41 -492.43 -256.02 -266.18 -258.82 125.47 0.00 0.00
NOPAT to Interest Expense		 -99.42 -68.24 -136.85 -126.59 -316.07 -179.16 -186.38 -200.76 -454.99 0.00 0.00
EBIT Less CapEx to Interest Expense		 -139.89 -118.58 -204.01 -203.28 -530.75 -256.25 -273.03 -261.70 119.01 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -106.55 -83.51 -159.51 -142.46 -354.39 -179.40 -193.23 -203.64 -461.45 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Frequently Asked Questions About Red Cat's Financials

When does Red Cat's fiscal year end?

According to the most recent income statement we have on file, Red Cat's financial year ends in April. Their financial year 2024 ended on April 30, 2024.

How has Red Cat's net income changed over the last 2 years?

Red Cat's net income appears to be on an upward trend, with a most recent value of -$24.05 million in 2024, rising from -$11.69 million in 2022. The previous period was -$28.11 million in 2023.

What is Red Cat's operating income?
Red Cat's total operating income in 2024 was -$21.53 million, based on the following breakdown:
  • Total Gross Profit: $3.68 million
  • Total Operating Expenses: $21.56 million
How has Red Cat revenue changed over the last 2 years?

Over the last 2 years, Red Cat's total revenue changed from $6.43 million in 2022 to $17.84 million in 2024, a change of 177.4%.

How much debt does Red Cat have?

Red Cat's total liabilities were at $4.97 million at the end of 2024, a 16.8% decrease from 2023, and a 30.6% decrease since 2022.

How much cash does Red Cat have?

In the past 2 years, Red Cat's cash and equivalents has ranged from $3.17 million in 2023 to $6.07 million in 2024, and is currently $6.07 million as of their latest financial filing in 2024.

How has Red Cat's book value per share changed over the last 2 years?

Over the last 2 years, Red Cat's book value per share changed from 1.45 in 2022 to 0.59 in 2024, a change of -59.6%.


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This page (NASDAQ:RCAT) was last updated on 4/18/2025 by MarketBeat.com Staff
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