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What this page is: Delvantic's full research page for Red Cat Holdings, Inc. (RCAT) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
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Industrials · Aerospace & Defense
San Juan, PR 00901, United States
redcat.red
Price
$9.21
Market Cap
$1.4B
Employees
115
Beta
1.35
Avg Volume
9,112,322
CEO
Mr. Jeffrey M. Thompson
Red Cat Holdings, Inc. is a U.S.-based drone and robotic technology company focused on advanced all-domain solutions for defense and national security applications. The company integrates robotic hardware and software to support military, government, and public safety operations across air, land, and sea. Through its subsidiaries, including Teal Drones and FlightWave Aerospace, Red Cat Holdings, Inc. provides American-made unmanned systems designed for intelligence, surveillance, reconnaissance, and precision strike missions. Current offerings include the Arachnid family of ISR and precision strike drones, the Black Widow small unmanned ISR system, and the WEB (Warfighter Electronic Bridge) ground control system for unified command and control of multiple drone platforms. The portfolio also features Edge 130 Blue drone systems, the Trichon fixed-wing VTOL platform for extended endurance, and FANG FPV drones tailored for high-agility military use. Operating in the industrials sector within the aerospace and defense industry, Red Cat Holdings, Inc. serves domestic and allied defense and security customers from its headquarters in San Juan, Puerto Rico, and plays a specialized role in the rapidly evolving unmanned systems market.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 9 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 24, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-60.0%
Nov '25
+4.5%
Jan '26
-13.3%
Mar '26
-83.3%
May '26
+0.0%
Jun '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jun 24, 2026 | $-0.02 | $-0.02 +0.0% | — | — |
| May 7, 2026 | $-0.12 | $-0.22 -83.3% | — | — |
| Mar 18, 2026 | $-0.15 | $-0.17 -13.3% | — | — |
| Jan 16, 2026 | $4.47 | $4.67 +4.5% | — | — |
| Nov 13, 2025 | $-0.10 | $-0.16 -60.0% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 7, 2026 | SCHEDULE 13G | View |
| Aug 6, 2026 | 10-Q | View |
| Aug 6, 2026 | 8-K | View |
| Jul 22, 2026 | 8-K | View |
| Jul 16, 2026 | 4 | View |
| Jul 15, 2026 | 144 | View |
| Jun 25, 2026 | 8-K | View |
| Jun 15, 2026 | 4 | View |
| May 27, 2026 | SD | View |
| May 20, 2026 | 8-K | View |
| May 18, 2026 | 8-K | View |
| May 14, 2026 | 8-K | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 9, 2026 3:35am (just now)
Current data · timestamped when a report runs
$9.21
Change · Aug 9
+0.54 (+6.23%)
Day Range
$8.22 – $9.32
52-Week Range
$5.77 – $18.78
50-Day MA
$10.02
200-Day MA
$11.00
Volume
10,233,100.00
Share Structure
Outstanding
121,840,899.00
Float
111,601,037.00
Free Float
91.6%
High free float
— 91.6% of shares trade freely, ~8.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-12.62
Stock Price: $9.21
EPS (Diluted): -0.73
EPS (Diluted): -0.73
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
3.71
Stock Price: $9.21
Total Equity: $245.83M
Shares: 98,957,000
Total Equity: $245.83M
Shares: 98,957,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-17.31
Market Cap: $1.40B
Total Debt: $350,000
Cash: $0.00
EBITDA: -$64.33M
Total Debt: $350,000
Cash: $0.00
EBITDA: -$64.33M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$1.1B
Market Cap: $1.40B
Total Debt: $350,000
Cash: $0.00
Total Debt: $350,000
Cash: $0.00
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: $1.27M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: -$66.60M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
—
Net Income: -$72.08M
Revenue: N/A
Revenue: N/A
Missing from API: Revenue
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-29.3%
Net Income: -$72.08M
Total Equity: $245.83M
Total Equity: $245.83M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
-27.2%
Operating Income: -$66.60M
Tax Rate: -0.6%
Equity: $245.83M
Total Debt: $350,000
Cash: $0.00
Tax Rate: -0.6%
Equity: $245.83M
Total Debt: $350,000
Cash: $0.00
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
15.29
Current Assets: $226.94M
Current Liabilities: $14.85M
Current Liabilities: $14.85M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $350,000
Long-Term Debt: $0.00
Total Debt: $350,000
Total Equity: $245.83M
Long-Term Debt: $0.00
Total Debt: $350,000
Total Equity: $245.83M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
—
Revenue: N/A
Shares: 98,957,000
Shares: 98,957,000
Missing from API: Revenue
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$2.48
Total Equity: $245.83M
Shares: 98,957,000
Shares: 98,957,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-0.97
Operating CF: -$89.13M
CapEx: -$6.65M
Shares: 98,957,000
CapEx: -$6.65M
Shares: 98,957,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $9.21
Stock Price: $9.21
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$72.08M
Net Income: -$72.08M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 1:58pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.0M | $6.4M | $9.9M | $17.8M | — |
| Cost of Revenue | $3.9M | $5.5M | $10.2M | $14.2M | $39.5M |
| Gross Profit | $1.1M | $925,515 | $-336,795 | $3.7M | $1.3M |
| Operating Expenses | $5.9M | $13.9M | $26.0M | $23.0M | $67.9M |
| Operating Income | -$4.9M | -$13.0M | -$26.3M | -$19.3M | -$66.6M |
| Net Income | -$13.2M | -$11.7M | -$27.1M | -$24.1M | -$72.1M |
| EBITDA | — | — | — | -$17.9M | -$64.3M |
| EPS | — | — | $-0.52 | $-0.20 | $-0.73 |
| EPS (Diluted) | — | — | $-0.52 | $-0.20 | $-0.73 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 1:58pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $4.1M | $3.3M | $6.1M | $9.2M | — |
| Total Current Assets | $55.7M | $32.2M | $22.4M | $25.8M | $226.9M |
| Total Assets | $85.1M | $60.2M | $48.5M | $55.6M | $273.7M |
| Current Liabilities | $5.4M | $4.8M | $3.7M | $4.2M | $14.8M |
| Long-Term Debt | $973,707 | $401,569 | — | — | — |
| Total Liabilities | $7.2M | $6.0M | $5.0M | $5.5M | $27.8M |
| Total Equity | $77.9M | $54.2M | $43.6M | $50.1M | $245.8M |
| Retained Earnings | -$27.5M | -$54.6M | -$81.1M | -$124.7M | -$196.8M |
Cash Flow (Annual)
Last updated: Aug 6, 2026 1:58pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | — | — | -$24.9M | -$17.7M | -$89.1M |
| Capital Expenditure | — | $-363,689 | -$2.5M | $-259,139 | -$6.6M |
| Free Cash Flow | — | — | -$27.3M | -$18.0M | -$95.8M |
| Acquisitions (net) | $-48,368 | — | — | — | — |
| Net Debt Issued / (Repaid) | $150,274 | $-929,952 | $-606,897 | $-572,137 | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $40,679 | $3.8M | $-824,510 | $2.8M | — |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 1:58pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +28.6% | +54.2% | +80.0% | — |
| Gross Profit Growth | -13.5% | -136.4% | +1,192.8% | -65.4% |
| Operating Income Growth | -166.6% | -102.6% | +26.7% | -245.1% |
| Net Income Growth | +11.7% | -131.7% | +11.2% | -199.7% |
| EBITDA Growth | — | — | — | -259.9% |
Industry Benchmarks
Compares RCAT against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for RCAT — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for RCAT — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for RCAT — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for RCAT — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for RCAT — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
No community reviews yet for RCAT.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.515 · 9f7cac68 · 2026-08-08 13:09:58