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Side-by-side financial comparison of Red Cat Holdings, Inc. (RCAT) and TH International Ltd (THCH). 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 $6.6M, roughly 1.5× TH International Ltd). TH International Ltd runs the higher net margin — -41.2% vs -166.0%, a 124.9% gap on every dollar of revenue.
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.
TH International Ltd is the exclusive operator of the Tim Hortons coffee brand in mainland China. It offers freshly brewed coffee, artisanal baked goods, light meals and branded peripheral products, operating physical offline stores and third-party delivery channels, targeting young urban consumers across tier 1, tier 2 and tier 3 cities in China.
RCAT vs THCH — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2024
| Metric | | |
|---|---|---|
| Revenue | $9.6M | $6.6M |
| Net Profit | $-16.0M | $-2.7M |
| Gross Margin | 6.6% | — |
| Operating Margin | -181.7% | -37.3% |
| Net Margin | -166.0% | -41.2% |
| Revenue YoY | 988.2% | — |
| Net Profit YoY | -29.0% | — |
| EPS (diluted) | $-0.16 | — |
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.
| Q3 25 | $9.6M | — | ||
| Q1 25 | $1.6M | — | ||
| Q4 24 | $0 | — | ||
| Q1 24 | $5.8M | $6.6M | ||
| Q2 22 | $1.3M | — | ||
| Q1 22 | $1.9M | — |
| Q3 25 | $-16.0M | — | ||
| Q1 25 | $-23.1M | — | ||
| Q4 24 | $-13.3M | — | ||
| Q1 24 | $-5.5M | $-2.7M | ||
| Q2 22 | $-4.8M | — | ||
| Q1 22 | $-2.6M | — |
| Q3 25 | 6.6% | — | ||
| Q1 25 | -52.2% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | 18.8% | — | ||
| Q2 22 | 25.2% | — | ||
| Q1 22 | 18.3% | — |
| Q3 25 | -181.7% | — | ||
| Q1 25 | -765.7% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | -76.0% | -37.3% | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q3 25 | -166.0% | — | ||
| Q1 25 | -1418.9% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | -93.9% | -41.2% | ||
| Q2 22 | -367.8% | — | ||
| Q1 22 | -138.1% | — |
| Q3 25 | $-0.16 | — | ||
| Q1 25 | $-0.27 | — | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
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 | — |
| Total Assets | $286.0M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $253.3M | — | ||
| Q1 25 | $28.9M | — | ||
| Q4 24 | $27.0M | — | ||
| Q1 24 | $49.6M | — | ||
| Q2 22 | — | — | ||
| Q1 22 | $83.3M | — |
| Q3 25 | $286.0M | — | ||
| Q1 25 | $59.7M | — | ||
| Q4 24 | $51.1M | — | ||
| Q1 24 | $55.3M | — | ||
| Q2 22 | $85.1M | — | ||
| Q1 22 | $90.4M | — |
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 | $-511 |
| Free Cash FlowOCF − Capex | $-24.5M | — |
| FCF MarginFCF / Revenue | -254.2% | — |
| Capex IntensityCapex / Revenue | 6.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-55.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-23.9M | — | ||
| Q1 25 | $-15.9M | — | ||
| Q4 24 | $-10.1M | — | ||
| Q1 24 | $-4.1M | $-511 | ||
| Q2 22 | $-4.0M | — | ||
| Q1 22 | $-3.5M | — |
| Q3 25 | $-24.5M | — | ||
| Q1 25 | $-16.2M | — | ||
| Q4 24 | $-10.2M | — | ||
| Q1 24 | $-4.2M | — | ||
| Q2 22 | — | — | ||
| Q1 22 | $-3.5M | — |
| Q3 25 | -254.2% | — | ||
| Q1 25 | -992.9% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | -71.1% | — | ||
| Q2 22 | — | — | ||
| Q1 22 | -190.3% | — |
| Q3 25 | 6.9% | — | ||
| Q1 25 | 16.8% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | 0.8% | — | ||
| Q2 22 | — | — | ||
| Q1 22 | 3.4% | — |
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% |
THCH
Segment breakdown not available.
