Red Cat Holdings, Inc. (RCAT) Stock Price & Analysis
Red Cat Holdings, Inc. (RCAT) is trading at USD 4.19, down 7.01% today, as of November 10, 2026 at 16:10 UTC (US market open; quotes may be delayed), according to Nexqual market data.
RCAT last closed at USD 4.5; today's session has ranged USD 4.09–4.42 on volume of 1,840,058 shares. Market capitalization is $639.11M, with a 52-week range of USD 3.25–18.78 (NCM). Source: Nexqual, retrieved November 10, 2026 at 16:10 UTC.
Also available as compact Markdown for AI agents: nexqual.com/RCAT.md
Key facts (RCAT)
- Last four reported quarters (through Jun 30, 2026): revenue $71.5M, net income -$97.5M (-136.3% margin), free cash flow -$158M (SEC filings).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $8.0M; 4 not under a Rule 10b5-1 plan ($3.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 15.57 (range 6–25).
- Total return with dividends: 1Y -54.3% vs S&P 500 +11.0%; 5Y +55.0% vs S&P 500 +71.2%.
- Next earnings: 2026-11-16, EPS estimate USD -0.18, revenue estimate $40.7M. All companies reporting that day: https://nexqual.com/earnings/2026-11-16
- Dividend: RCAT paid no cash dividend in the last five years.
- Short interest: 27.06% of float (as of 2026-10-15), 4.3 days to cover.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (RCAT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.0M | $6.4M | $4.6M | $17.8M | $40.7M | $71.5M |
| Gross profit | $1.1M | $926K | -$834K | $3.7M | $1.3M | — |
| Operating income | — | — | -$26.3M | -$19.3M | -$66.6M | -$107M |
| Net income | -$13.2M | -$11.7M | -$28.1M | -$24.1M | -$72.1M | -$97.5M |
| EPS (diluted) | -$0.56 | — | -$0.52 | -$0.40 | -$0.73 | — |
| Free cash flow | — | -$16.4M | -$31.6M | -$18.0M | -$95.8M | -$158M |
| Gross margin | 21.4% | 14.4% | -18.1% | 20.6% | 3.1% | — |
| Operating margin | — | — | -570.0% | -108.2% | -163.5% | -150.2% |
| Net margin | -264.7% | -181.8% | -608.3% | -134.9% | -177.0% | -136.3% |
| Revenue growth | +1137.7% | +28.6% | -28.1% | +286.0% | — | — |
| Cash + short-term investments | $277K | $4.1M | $16.0M | — | $168M | — |
| Total debt | — | $1.9M | $1.3M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (RCAT)
P/S 8.9x · EV/Sales 4.4x · P/B 1.4x · FCF yield -24.68% · Earnings yield -15.25% · Net cash $324M · EV $315M
Insider sales (SEC Form 4, open-market, last ~7 months) (RCAT)
4 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Thompson Jeffrey M | Chairman of the Board, CEO | 150,000 | $677K | 1.3% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-15 | Thompson Jeffrey M | Chairman of the Board, CEO | 150,000 | $1.2M | 1.3% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-28 | Liuzza Nicholas Reyland Jr | Director | 65,000 | $553K | 13.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Thompson Jeffrey M | Chairman of the Board, CEO | 150,000 | $1.6M | 1.2% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2025) |
| 2025-08-25…2026-08-11 | Moe Christopher R. | Director | 30,000 | $311K | 13% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Liuzza Nicholas Reyland Jr | Director | 55,000 | $585K | 10.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | Thompson Jeffrey M | Chairman of the Board, CEO | 150,000 | $1.3M | 1.2% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-11 | Funk Paul Ii | Director | 165,028 | $1.9M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (RCAT)
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 15.57 (low 6, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Piper Sandler | Target lowered | Neutral | $9 → $6 |
| 2026-10-20 | Needham | Reiterated | Buy | $15 |
| 2026-09-02 | Piper Sandler | Initiated | Neutral | $9 |
| 2026-08-31 | Evercore ISI Group | Initiated | Outperform | $15 |
| 2026-08-07 | HC Wainwright & Co. | Reiterated | Buy | $20 |
| 2026-08-07 | Needham | Target lowered | Buy | $20 → $15 |
Total return (dividends reinvested) (RCAT)
| 1Y (from 2025-11-10) | 5Y (from 2021-11-08) | |
|---|---|---|
| Total return | -54.3% | +55.0% |
| S&P 500 (SPY) | +11.0% | +71.2% |
| Per year | -54.3% | +9.2% |
| Volatility (annualized) | 106.7% | 97.6% |
| Max drawdown | -80.4% (Jan 2026→Nov 2026) | -78.2% (Nov 2021→Dec 2023) |
Dividends (RCAT)
RCAT paid no cash dividend in the last five years.
Short interest (RCAT)
37,599,393 shares sold short, 27.06% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 37,056,400 shares (+1.5%). Days to cover: 4.3 (short shares ÷ average daily volume).
RCAT earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | −$0.23 | −$0.17 | Miss −35.3% | +6.4% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.22 | −$0.12 | Miss −83.3% | -2.4% |
| Mar 18, 2026 | Quarter ended Dec 31, 2025 | −$0.17 | −$0.15 | Miss −13.3% | -10.8% |
| Jan 13, 2026 | Quarter ended Dec 31, 2025 | −$0.17 | −$0.15 | Miss −13.3% | +14.4% |
| Mar 18, 2024 | — | — | — | — | -2.7% |
| Sep 21, 2023 | — | — | — | — | -2.7% |
| Sep 15, 2023 | — | — | — | — | -3.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
RCAT recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Nov 10, 2026 | Schedule 13G | STATE STREET CORPORATION: 5.7% of shares, passive 5%+ holder |
| Oct 23, 2026 | 8-K | Entered a material agreement; Other material event “On October 21, 2026, Red Cat Holdings, Inc., a corporation incorporated under the laws of the State of Nevada ("Red Cat"), entered into a Business Combination Agreement (the "Agreement") by and among Red Cat, SMOT Acquisition GmbH, a limited liability company organized under the laws of Austria and a wholly-owned subsidiary of Red Cat (the "Bidder"), and Steyr Motors AG, a stock corporation incorporated under the laws of Austria ("Steyr Motors"). Capitalized terms used herein and not otherwise defined have the…” |
| Aug 14, 2026 | Schedule 13G | Hood River Capital Management LLC: 7.2% of shares, passive 5%+ holder |
| Aug 7, 2026 | Schedule 13G | STATE STREET CORPORATION, SSGA FUNDS MANAGEMENT, INC.: 8.2% of shares, passive 5%+ holder |
| Aug 6, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 6, 2026 | 8-K | Quarterly results |
| Jul 22, 2026 | 8-K | Director or executive officer change, or pay arrangement; Other material event “On July 17, 2026, the Board of Directors (the "Board") of Red Cat Holdings, Inc. (the "Company") determined to terminate Geoffrey Hitchcock, Chief Revenue Officer of the Company, effective on July 23, 2026 (the "Termination Date"). The Board determined that grounds existed for "Cause" under Section 11(c) of Mr. Hitchcock's Executive Employment Agreement (the "Employment Agreement," incorporated by reference into this report as Exhibit 99.1), following a hearing process described in Section 11(c)(2) of the…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
RCAT revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $19.7M | 97.6% | +842.7% |
| Service | $477,000 | 2.4% | -57.7% |
| Total revenue | $20.2M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
RCAT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AeroVironment Inc (AVAV) | “Partnership to Enable FANG™ FPV Drone Deployment from AeroVironment's P550™ UAS” |
| Competitor | UPS (UPS) | “Competitors in the Enterprise segment include transportation companies like United Parcel Service, Federal Express and Amazon, as well as defense companies such as Lockheed Martin Corporation, Northrop Grumman Corporation, and AeroVironment.” |
| Competitor | Amazon (AMZN) | “Competitors in the Enterprise segment include transportation companies like United Parcel Service, Federal Express and Amazon, as well as defense companies such as Lockheed Martin Corporation, Northrop Grumman Corporation, and AeroVironment.” |
| Competitor | Lockheed Martin (LMT) | “Competitors in the Enterprise segment include transportation companies like United Parcel Service, Federal Express and Amazon, as well as defense companies such as Lockheed Martin Corporation, Northrop Grumman Corporation, and AeroVironment.” |
Quoted from the company's 10-K filed Mar 19, 2026.
RCAT customer concentration
In the six months ended Jun 30, 2026, a single direct customer accounted for 51% of RCAT's revenue. The company does not name this customer in the filing. Source: the company's 10-Q filed Aug 6, 2026.
RCAT company outlook (results filed Aug 6, 2026)
- “We remain focused on executing against the significant opportunities in front of us and progressing toward our revenue outlook." Balance Sheet • Cash at June 30, 2026 totaled $325.6 million , compared to $167.9 million at December 31, 2025. • Inventory and prepaid inventory at June 30, 2026 totaled $84.8 million , compared to $30.4 million at December 31, 2025.”
Quoted word-for-word from the SEC 8-K results press release.
RCAT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.18 | $-0.14 | −$0.04 | $40.7M | 1 |
| Next quarter (ends Dec 2026) | $-0.12 | $-0.08 | −$0.04 | $74.8M | 1 |
| Current fiscal year (ends Dec 2026) | $-0.68 | $-0.68 | $0.00 | $151.1M | 1 |
| Next fiscal year (ends Dec 2027) | $-0.44 | $-0.36 | −$0.08 | $214.0M | 1 |
RCAT options: expected move
Options price a move of about ±17.0% (±$0.76) by Nov 20, 2026, which includes earnings on Nov 16, 2026; the earnings reaction alone is priced at about ±9.5%. Over the last 7 reports the stock moved ±6.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 13, 2026 | 3 | 114.1% | ±9.6% |
| Nov 20, 2026 | 10 | 120.5% | ±17.0% |
| Nov 27, 2026 | 17 | 82.6% | ±14.7% |
| Dec 4, 2026 | 24 | 98.9% | ±20.7% |
| Dec 11, 2026 | 31 | 100.4% | ±23.8% |
| Dec 18, 2026 | 38 | 96.4% | ±25.3% |
| Dec 24, 2026 | 44 | 116.6% | ±32.5% |
| Jan 15, 2027 | 66 | 103.1% | ±34.2% |
30-day implied volatility 107% vs 103.3% realized over the last 30 trading days. Put/call ratio (volume) 0.14. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of November 10, 2026 at 16:10 UTC)
| Price | USD 4.19 |
|---|---|
| Change | ▼ 7.01% (down) |
| Previous Close | USD 4.5 |
| Open | USD 4.37 |
| Day Range | USD 4.09 – 4.42 |
| 52-Week Range | USD 3.25 – 18.78 |
| Volume | 1,840,058 shares |
| Market Cap | $639.11M |
| Exchange | NCM |
Technical Analysis (RCAT)
Nexqual's technical model rates RCAT "STRONG SELL" based on 0 bullish and 5 bearish signals across 128 daily candles, as of November 10, 2026 at 16:10 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 38.76 (neutral) |
| vs SMA50 | Below (USD 6) |
| MACD | -0.53 (negative) |
Analyst Ratings (RCAT)
Wall Street analysts rate RCAT "Buy" based on 7 analysts, with a mean price target of USD 15.57 (range USD 6–25), per Nexqual as of November 10, 2026 at 16:10 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 15.57 |
| High Target | USD 25 |
| Low Target | USD 6 |
| Buy / Hold / Sell | 6 / 1 / 0 |
Earnings (RCAT)
| Next Earnings Date | 2026-11-16 |
|---|---|
| EPS Estimate | USD -0.18 |
| Revenue Estimate | $40.68M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.23 vs est -0.17 ▼ miss |
| 2026-03-31 | USD -0.22 vs est -0.12 ▼ miss |
| 2025-12-31 | USD -0.17 vs est -0.15 ▼ miss |
| 2025-09-30 | USD -0.16 vs est -0.1 ▼ miss |
Source: Nexqual, November 10, 2026 at 16:10 UTC.
Financials & Fundamentals (RCAT)
| Total Revenue | $71.54M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +527.20% |
| Gross Margin | +9.75% |
| Operating Margin | -191.42% |
| Profit Margin | -136.26% |
| ROE | -34.40% |
| Debt / Equity | 0.03 |
| Current Ratio | 14.86 |
| Total Cash | $325.55M |
| Total Debt | $14.87M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$157.70M (-220.4% of revenue) |
Source: Nexqual, November 10, 2026 at 16:10 UTC.
Financial Health Score (RCAT)
Nexqual rates Red Cat Holdings, Inc.'s overall financial health "Mixed" across five dimensions, as of November 10, 2026 at 16:10 UTC.
| Growth | Strong — Revenue +128% YoY (annual) |
|---|---|
| Profitability | Critical — Heavily loss-making — early-stage company |
| Balance Sheet | Strong — $326M cash and investments vs $2M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$158M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -21%, ROA -18.5% (last 4 quarters, SEC) |
Ownership (RCAT)
| Insider Ownership | +8.05% |
|---|---|
| Institutional Ownership | +57.81% |
| Shares Outstanding | 152.71M |
| Float | 139.93M |
| Short % of Float | +27.06% |
Source: Nexqual, November 10, 2026 at 16:10 UTC.
Leadership (RCAT)
Red Cat Holdings, Inc. is led by Jeffrey M. Thompson, Founder, President, CEO & Chairman, per Nexqual as of November 10, 2026 at 16:10 UTC.
| Founder, President, CEO & Chairman | Jeffrey M. Thompson |
|---|---|
| Chief Operating Officer | Christian Koji Ericson |
| CFO, Treasurer & Secretary | Christian Morrison |
| Vice President of Finance & Accounting | Sam Pelletier |
| Vice President of Marketing | Casie Ocana |
Major Backers & Investors (RCAT)
Notable institutional backers of Red Cat Holdings, Inc. include Hood River Capital Management LLC, Manager Directed Portfolios-Hood River Small-Cap Growth Fund, Citadel, according to Nexqual as of November 10, 2026 at 16:10 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Hood River Capital Management LLC | 37.04% |
| Manager Directed Portfolios-Hood River Small-Cap Growth Fund | 17.88% |
| Citadel | 12.05% |
| Van Eck Associates Corporation | 8.94% |
| Morgan Stanley | 8.35% |
| Mirae Asset Global ETFs Holdings Ltd. | 5.57% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| State Street | 42.34% |
| BlackRock | 39.33% |
| Vanguard Group | 20.52% |
| Geode Capital | 12.6% |
Source: Nexqual, November 10, 2026 at 16:10 UTC.
From Red Cat Holdings, Inc.'s Latest SEC 10-K Filing (filed 2026-03-19)
Partnerships
- In May 2019, the Company completed a share exchange agreement with Propware which resulted in the Propware shareholders acquiring an 83% ownership interest, and management control, of the Company.
- Apium Swarm Robotics, Inc., a developer of distributed autonomy for unmanned systems, signed a memorandum of agreement with the Company and joined the Red Cat Futures Initiative.
Legal & Regulatory Risks (Item 1A, quoted)
- The drone industry is subject to various laws and government regulations which could complicate and delay our ability to introduce products, maintain compliance, and avoid violations which could negatively impact our financial condition and results of operations.
- Our business and products are subject to government regulation, and we may incur additional compliance costs or be forced to suspend or cease operations if we fail to comply.
- Our international operations, including the use of foreign contract manufacturers, subjects us to international operational, financial, legal, political and public health risks which could harm our operating results.
- We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act or similar anti-bribery laws in other jurisdictions in which we operate.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| KTOS | Kratos Defense & Security Solut | USD 36.61 | ▼ 2.87% |
| LOAR | Loar Holdings Inc. | USD 77.61 | ▼ 1.23% |
| CAE | CAE Inc | USD 27.66 | ▲ 0.47% |
| SARO | StandardAero, Inc. | USD 28.24 | ▼ 2.52% |
| DRS | Leonardo DRS, Inc. | USD 36.58 | ▲ 0.45% |
| MOG-A | Moog Inc. | USD 340.16 | ▼ 0.19% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: November 10, 2026 at 16:10 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt