Red Cat Holdings, Inc.RCATEarnings & Financial Report
Mega Cat Studios is an American video game development and publishing company located in Pittsburgh, Pennsylvania. It was founded in 2015 by James Deighan, Nick Mann, and Zack Manko.
RCAT Q3 2025 Key Financial Metrics
Revenue
$9.6M
Gross Profit
$637.5K
Operating Profit
$-17.5M
Net Profit
$-16.0M
Gross Margin
6.6%
Operating Margin
-181.7%
Net Margin
-166.0%
YoY Growth
988.2%
EPS
$-0.16
Financial Flow
Red Cat Holdings, Inc. Q3 2025 Financial Summary
Red Cat Holdings, Inc. reported revenue of $9.6M for Q3 2025, with a net profit of $-16.0M (-166.0% margin). Cost of goods sold was $9.0M, operating expenses totaled $18.2M.
Key Financial Metrics
| Total Revenue | $9.6M |
|---|---|
| Net Profit | $-16.0M |
| Gross Margin | 6.6% |
| Operating Margin | -181.7% |
| Report Period | Q3 2025 |
Red Cat Holdings, Inc. Annual Revenue by Year
Red Cat Holdings, Inc. annual revenue history includes year-by-year totals (for example, 2024 revenue was $13.0M).
| Year | Annual Revenue |
|---|---|
| 2024 | $13.0M |
| 2023 | $6.2M |
| 2022 | $7.8M |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $529437 | $5.8M | $6.3M | $886440 | $0 | $1.6M | $1.1M | $9.6M |
| YoY Growth | -65.4% | 88.2% | 186.1% | 185.1% | N/A | -72.1% | -82.1% | 988.2% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $50.6M | $55.3M | $48.5M | $38.0M | $51.1M | $59.7M | $121.4M | $286.0M |
| Liabilities | N/A | N/A | $5.0M | N/A | $24.1M | $30.7M | $25.8M | $32.8M |
| Equity | $45.9M | $49.6M | $43.6M | $32.5M | $27.0M | $28.9M | $95.6M | $253.3M |
Cash Flow
| Q4 2023 | Q1 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $-4.3M | $-4.1M | $-2.3M | $-10.1M | $-15.9M | $-12.9M | $-23.9M |
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