Red Cat
Builds U.S.-made drones and robotic systems for defense and national-security missions.
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Profile
Sells defense-focused unmanned aircraft, FPV drones, and surface vessels through Teal, FlightWave, and Blue Ops. Revenue is shaped by U.S. Army SRR deliveries, domestic manufacturing, and government-procurement timing rather than a broad consumer-drone portfolio.
Builds a family of defense and national-security systems anchored by Teal's Black Widow small UAS, FlightWave's Edge 130/TRICHON VTOL aircraft, FANG FPV drones, and Blue Ops Variant 7 uncrewed surface vessels.
Current operations are concentrated around U.S. and allied defense missions after the Rotor Riot and Fat Shark consumer assets were sold. The latest filing presents the business as one operating segment, so product families matter more for user orientation than formal segment reporting.
Execution depends on scaling U.S. Army SRR deliveries, integrating acquired platforms, and maintaining domestic, NDAA-aligned manufacturing for government customers. Procurement timing and production ramp performance shape the revenue base.
Company facts
Categories
Key statistics
Year to date −7.3% · Average volume (30d) 8.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 7, 2026 | Needham | Reiterate | Buy | $12 | $15 |
| Jun 1, 2026 | Roth Capital | Target | $25 | ||
| May 27, 2026 | H.C. Wainwright | Target | $20 | ||
| Jan 20, 2026 | Northland Securities | Target | $16 | $22 | |
| Nov 14, 2025 | Needham | Reiterate | Buy | $17 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY27 | −$0.20 | −$0.26 | −27.5% | $22.7M | $20.2M | −10.9% | +6.23% |
| May 7, 2026Q1 FY27 | −$0.14 | −$0.22 | −57.1% | $23.9M | $26.2M | +9.7% | +0.10% |
| Mar 18, 2026Q4 FY26 | −$0.14 | −$0.17 | −21.4% | $23.7M | $9.6M | −59.2% | −10.94% |
| Nov 13, 2025Q2 FY26 | −$0.07 | −$0.16 | −128.6% | $7.7M | $3.2M | −58.3% | −7.49% |
Financial highlights
| 12 quarters | Q1 FY26 | Q2 FY26 | Q4 FY26 | Q3 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.2M | $9.6M | $1.6M | $26.2M | $15.5M | $20.2M | |
| Gross profit | $375.1K | $637.5K | −$851.6K | $1.1M | $2.0M | $3.3M | |
| Operating income | −$12.6M | −$17.5M | −$12.5M | −$23.9M | −$27.3M | −$38.6M | |
| Net income | −$13.3M | −$16.0M | −$23.1M | −$19.7M | −$26.6M | −$35.3M | |
| Diluted EPS | −$0.15 | −$0.16 | −$0.22 | −$0.16 | −$0.22 | −$0.26 | |
| Gross margin | 11.7% | 6.6% | -52.3% | 4.2% | 12.7% | 16.1% | |
| Operating margin | -392.9% | -181.7% | -766.1% | -91.3% | -176.5% | -191.4% |
Fiscal years (4-quarter sums)FY22 $6.4M · FY23 $4.6M · FY24 $18.1M · FY25 $7.3M · FY26 $40.7M
Revenue by product · Q2 FY27
Balance sheet, Jun 30, 2026Cash & short-term investments $325.6M · Total debt $24.9M · Total assets $527.5M · Shareholders' equity $471.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 152.19M · Float 137.21M · 90.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Jeffrey M. Thompson · director, 10 percent owner, officer: Chairman of the Board, CEO | 12.62M | 8.29% | Form 4 | Aug 19, 2026 |
| State Street Corporation | 12.09M | 8.20% | 13G | Aug 7, 2026 |
| BlackRock, Inc. | 11.23M | 7.38% | 13F | Aug 7, 2026 |
| Hood River Capital Management LLC | 10.58M | 7.16% | 13G | Aug 14, 2026 |
| Vanguard Capital Management LLC | 5.86M | 3.85% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Jeffrey M. Thompson | director, 10 percent owner, officer: Chairman of the Board, CEO | −150,000 | $10.45 |
| Aug 11, 2026 | Christopher R. Moe | director | −20,000 | $10.51 |
| Aug 25, 2025 | Christopher R. Moe | director | −10,000 | $10.04 |
| Aug 11, 2026 | Nicholas Reyland JR Liuzza | director | −55,000 | $10.63 |
| Jul 15, 2026 | Jeffrey M. Thompson | director, 10 percent owner, officer: Chairman of the Board, CEO | −150,000 | $8.51 |
Peers
- AeroVironment
Dominant U.S. tactical UAS and loitering-munition peer
- Redwire
Public parent of Edge Autonomy's Stalker UAS
- Teledyne Technologies
Nano-UAS and soldier-borne ISR rival through FLIR Defense
- Textron
Aerosonde UAS and CUSV overlap air and maritime autonomy
- Elbit Systems
Israeli tactical UAS supplier with Skylark and Hermes
- Ondas
Autonomous drone-in-a-box and counter-UAS overlap
- Draganfly
Small public drone supplier with U.S. Army FPV order
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Red Cat | $8.51 | +0.18% | $1.29B | — | — | 20.3 | +1,138.9% |
| AeroVironment | $148.44 | +0.40% | $7.49B | — | 45.5 | 3.8 | +133.3% |
| Redwire | $10.87 | 0.00% | $2.60B | — | — | 6.1 | +89.6% |
| Teledyne Technologies | $621.96 | +0.02% | $28.83B | 30.0 | 24.4 | 4.5 | +9.8% |
| Textron | $83.04 | +0.01% | $14.28B | 15.7 | 12.5 | 0.9 | +8.5% |
| Elbit Systems | $708.68 | −0.18% | $33.20B | 53.0 | — | 3.9 | +15.9% |
| Ondas | $7.93 | +0.19% | $4.50B | 119.3 | — | 25.9 | +1,235.4% |
| Draganfly | $4.56 | +2.24% | $163.0M | — | — | 24.3 | +20.8% |
| Median | 41.5 | 24.4 | 4.5 | +20.8% |