For the quarter ending 2026-03-31, RCAT had -$35,946,000 decrease in cash & cash equivalents over the period. -$38,728,000 in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss from continuing operations | - | -19,656,241 | -16,016,448 | -36,402,311 |
| Net loss | -26,553,000 | - | - | - |
| Stock based compensation - options | - | - | - | 1,958,711 |
| Stock based compensation | 4,817,000 | 3,306,580 | 5,580,098 | 1,675,322 |
| Amortization of intangible assets | - | - | 376,293 | 781,977 |
| Realized loss from sale of marketable securities | - | 0 | - | - |
| Depreciation | - | - | 166,026 | 329,414 |
| Depreciation and amortization of intangible assets | 812,000 | 2,265,000 | - | - |
| Deferred income taxes | - | -251,562 | 694,562 | - |
| Payments of taxes related to equity transactions | - | 982,000 | 0 | 0 |
| Gain on divestiture of consumer segment | - | 0 | 0 | 0 |
| Loss on sale of equity method investment and note receivable | - | 0 | 0 | - |
| Impairment on equity method investment | - | 0 | 0 | 0 |
| Equity method loss | - | 0 | 0 | 0 |
| Impairment on goodwill and intangible assets | - | 0 | 0 | 0 |
| Convertible notes payable fair value adjustment | 867,000 | -1,495,387 | 6,075,331 | 6,864,056 |
| Gain on extinguishment of convertible notes payable | 326,000 | 762,672 | 7,071,663 | -4,623,335 |
| Prepaid expenses and other | - | - | - | 1,125,234 |
| Accounts receivable | -15,584,000 | 20,048,365 | 5,094,476 | 523,159 |
| Inventory | 27,078,000 | 809,890 | 6,472,338 | 3,218,772 |
| Prepaid inventory | 5,218,000 | -1,011,657 | 3,126,393 | 4,185,264 |
| Prepaid expenses and other | 1,958,000 | -3,109,130 | 3,988,130 | - |
| Operating lease right-of-use assets and liabilities | -163,000 | -157,570 | -109,416 | -48,014 |
| Contract liabilities and deposits | 20,000 | -206,430 | -97,623 | 338,053 |
| Accounts payable | 5,623,000 | 643,683 | 1,493,670 | -568,353 |
| Accrued expenses | 1,302,000 | -1,104,683 | 4,353,128 | 599,555 |
| Net cash used in operating activities of continuing operations | - | -36,477,320 | -23,852,024 | -28,804,656 |
| Proceeds from divestiture of consumer segment | - | 0 | 0 | 0 |
| Proceeds from sale of marketable securities | - | 0 | - | - |
| Proceeds from sale of equity method investment and note receivable | - | 0 | 0 | - |
| Net cash used in operating activities | -31,945,000 | - | - | - |
| Purchases of property and equipment | 6,783,000 | 5,397,783 | 669,591 | 579,626 |
| Net cash (used in) provided by investing activities of continuing operations | - | -5,397,783 | -669,591 | -579,626 |
| Proceeds from issuance of common stock through public offerings | - | 92 | 177,480,864 | 71,768,044 |
| Payment of costs related to public offerings | - | 9,598 | 14,900,402 | - |
| Proceeds from issuance of common stock through atm facility, net | - | 0 | - | - |
| Net cash used in investing activities | -6,783,000 | - | - | - |
| Proceeds from issuance of convertible notes payable | 0 | 0 | 567,121 | 14,432,879 |
| Debt issuance costs | 0 | -121 | 567,121 | - |
| Redemption of convertible notes payable | - | 0 | 0 | 1,650,000 |
| Payments under debt obligations | - | 0 | 0 | 0 |
| Payments of taxes withheld upon vesting of employee stock awards | 239,000 | - | - | - |
| Proceeds from exercise of stock options | 240,000 | 224,789 | 150,674 | 1,309,537 |
| Proceeds from exercise of warrants | 2,781,000 | 3,099,000 | 2,286,000 | 300,000 |
| Net cash provided by financing activities of continuing operations | - | 3,314,404 | 165,017,136 | 86,160,460 |
| Operating activities | - | 0 | 0 | 0 |
| Investing activities | - | 0 | 0 | 0 |
| Financing activities | - | 0 | 0 | 0 |
| Net cash used in discontinued operations | - | 0 | 0 | 0 |
| Net cash provided by financing activities | 2,782,000 | - | - | - |
| Net increase in cash | - | -38,560,699 | 140,495,521 | 56,776,178 |
| Net decrease in cash | -35,946,000 | - | - | - |
| Cash, beginning of period | 167,865,000 | 206,425,996 | 9,154,297 | - |
| Cash, end of period | 131,919,000 | 167,865,000 | 206,425,996 | - |
Red Cat Holdings, Inc. (RCAT)
Red Cat Holdings, Inc. (RCAT)