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Side-by-side financial comparison of Red Cat Holdings, Inc. (RCAT) and REED'S, INC. (REED). Click either name above to swap in a different company.
Red Cat Holdings, Inc. is the larger business by last-quarter revenue ($9.6M vs $7.5M, roughly 1.3× REED'S, INC.). REED'S, INC. runs the higher net margin — -50.5% vs -166.0%, a 115.5% gap on every dollar of revenue. On growth, Red Cat Holdings, Inc. posted the faster year-over-year revenue change (988.2% vs -23.1%). REED'S, INC. produced more free cash flow last quarter ($-3.9M vs $-24.5M).
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.
Waddell & Reed Financial, Inc. was an American asset management and financial planning company founded in 1937 in Kansas City, Missouri. It was a publicly traded company from 1998 to 2021, and briefly had its headquarters in Overland Park, Kansas, and was planning a move back to Downtown Kansas City before the company was sold. It operated asset management and distribution subsidiaries, including Ivy Investment Management Company and Waddell & Reed Investment Management Company.
RCAT vs REED — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.6M | $7.5M |
| Net Profit | $-16.0M | $-3.8M |
| Gross Margin | 6.6% | 20.4% |
| Operating Margin | -181.7% | -46.9% |
| Net Margin | -166.0% | -50.5% |
| Revenue YoY | 988.2% | -23.1% |
| Net Profit YoY | -29.0% | 8.2% |
| EPS (diluted) | $-0.16 | $-1.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $7.5M | ||
| Q3 25 | $9.6M | $7.0M | ||
| Q2 25 | — | $9.5M | ||
| Q1 25 | $1.6M | $10.0M | ||
| Q4 24 | $0 | $9.7M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $11.9M | ||
| Q1 24 | $5.8M | $9.6M |
| Q4 25 | — | $-3.8M | ||
| Q3 25 | $-16.0M | $-4.0M | ||
| Q2 25 | — | $-6.0M | ||
| Q1 25 | $-23.1M | $-2.0M | ||
| Q4 24 | $-13.3M | $-4.1M | ||
| Q3 24 | — | $-4.2M | ||
| Q2 24 | — | $-3.2M | ||
| Q1 24 | $-5.5M | $-1.7M |
| Q4 25 | — | 20.4% | ||
| Q3 25 | 6.6% | 17.4% | ||
| Q2 25 | — | 8.5% | ||
| Q1 25 | -52.2% | 33.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 18.0% | ||
| Q2 24 | — | 32.3% | ||
| Q1 24 | 18.8% | 35.6% |
| Q4 25 | — | -46.9% | ||
| Q3 25 | -181.7% | -58.3% | ||
| Q2 25 | — | -60.8% | ||
| Q1 25 | -765.7% | -17.4% | ||
| Q4 24 | — | -37.6% | ||
| Q3 24 | — | -46.5% | ||
| Q2 24 | — | -5.6% | ||
| Q1 24 | -76.0% | -6.8% |
| Q4 25 | — | -50.5% | ||
| Q3 25 | -166.0% | -56.6% | ||
| Q2 25 | — | -63.5% | ||
| Q1 25 | -1418.9% | -20.3% | ||
| Q4 24 | — | -42.3% | ||
| Q3 24 | — | -61.5% | ||
| Q2 24 | — | -27.1% | ||
| Q1 24 | -93.9% | -17.4% |
| Q4 25 | — | $-1.26 | ||
| Q3 25 | $-0.16 | $-0.48 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | $-0.27 | $-0.04 | ||
| Q4 24 | — | $-3.73 | ||
| Q3 24 | — | $-4.91 | ||
| Q2 24 | — | $-0.77 | ||
| Q1 24 | — | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $253.3M | $9.2M |
| Total Assets | $286.0M | $23.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $9.2M | ||
| Q3 25 | $253.3M | $2.8M | ||
| Q2 25 | — | $1.7M | ||
| Q1 25 | $28.9M | $4.7M | ||
| Q4 24 | $27.0M | $6.6M | ||
| Q3 24 | — | $-22.0M | ||
| Q2 24 | — | $-23.8M | ||
| Q1 24 | $49.6M | $-20.7M |
| Q4 25 | — | $23.3M | ||
| Q3 25 | $286.0M | $19.9M | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | $59.7M | $24.5M | ||
| Q4 24 | $51.1M | $25.1M | ||
| Q3 24 | — | $15.0M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $55.3M | $19.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-23.9M | $-3.8M |
| Free Cash FlowOCF − Capex | $-24.5M | $-3.9M |
| FCF MarginFCF / Revenue | -254.2% | -52.0% |
| Capex IntensityCapex / Revenue | 6.9% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-55.0M | $-17.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.8M | ||
| Q3 25 | $-23.9M | $-2.8M | ||
| Q2 25 | — | $-5.0M | ||
| Q1 25 | $-15.9M | $-5.4M | ||
| Q4 24 | $-10.1M | $-3.9M | ||
| Q3 24 | — | $1.1M | ||
| Q2 24 | — | $-912.0K | ||
| Q1 24 | $-4.1M | $-2.4M |
| Q4 25 | — | $-3.9M | ||
| Q3 25 | $-24.5M | $-2.9M | ||
| Q2 25 | — | $-5.1M | ||
| Q1 25 | $-16.2M | $-5.4M | ||
| Q4 24 | $-10.2M | $-4.0M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | $-924.0K | ||
| Q1 24 | $-4.2M | $-2.4M |
| Q4 25 | — | -52.0% | ||
| Q3 25 | -254.2% | -41.5% | ||
| Q2 25 | — | -53.2% | ||
| Q1 25 | -992.9% | -54.2% | ||
| Q4 24 | — | -40.8% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | -71.1% | -25.1% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 6.9% | 1.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | 16.8% | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | 0.8% | 0.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RCAT
| Products | $8.5M | 88% |
| Services | $1.2M | 12% |
REED
Segment breakdown not available.
