Red Cat Reports Financial Results for First Quarter 2025 and Provides Corporate Update
Red Cat Holdings (NASDAQ: RCAT) reported Q1 2025 financial results with revenue of $1.7 million and ended the quarter with $9.3 million in cash and receivables. The company secured an additional $30 million in funding post-quarter. Red Cat reiterated its 2025 revenue guidance of $80-120 million, broken down across SRR-related Black Widow sales ($25-65M), non-SRR Black Widow sales ($25M), Edge 130 sales ($25M), and Fang FPV sales ($5M).
Key developments include expanding into maritime autonomy with new Unmanned Surface Vessels (USVs), partnering with Palantir to implement Warp Speed manufacturing OS, and introducing Black Widow™ and Edge 130 drones to Latin American, Middle East, and Asia Pacific markets. Both drones were selected for the Blue UAS Refresh program, pending NDAA verification and cybersecurity review.
Red Cat Holdings (NASDAQ: RCAT) ha comunicato i risultati finanziari del primo trimestre 2025, con un fatturato di 1,7 milioni di dollari e una liquidità e crediti pari a 9,3 milioni di dollari a fine trimestre. L’azienda ha ottenuto un finanziamento aggiuntivo di 30 milioni di dollari dopo la chiusura del trimestre. Red Cat ha confermato la previsione di ricavi per il 2025 tra 80 e 120 milioni di dollari, suddivisi tra vendite Black Widow legate a SRR (25-65 milioni), vendite Black Widow non legate a SRR (25 milioni), vendite Edge 130 (25 milioni) e vendite Fang FPV (5 milioni).
Tra gli sviluppi principali si segnalano l’espansione nell’autonomia marittima con nuovi Veicoli di Superficie Senza Equipaggio (USV), la collaborazione con Palantir per implementare il sistema operativo Warp Speed per la produzione, e l’introduzione dei droni Black Widow™ e Edge 130 nei mercati dell’America Latina, Medio Oriente e Asia Pacifico. Entrambi i droni sono stati selezionati per il programma Blue UAS Refresh, in attesa della verifica NDAA e della revisione della sicurezza informatica.
Red Cat Holdings (NASDAQ: RCAT) informó los resultados financieros del primer trimestre de 2025, con ingresos de 1,7 millones de dólares y cerró el trimestre con 9,3 millones de dólares en efectivo y cuentas por cobrar. La compañía aseguró una financiación adicional de 30 millones de dólares después del trimestre. Red Cat reiteró su previsión de ingresos para 2025 de 80-120 millones de dólares, desglosados en ventas Black Widow relacionadas con SRR (25-65M), ventas Black Widow no relacionadas con SRR (25M), ventas Edge 130 (25M) y ventas Fang FPV (5M).
Los desarrollos clave incluyen la expansión hacia la autonomía marítima con nuevos Vehículos Superficiales No Tripulados (USVs), la asociación con Palantir para implementar el sistema operativo de fabricación Warp Speed, y la introducción de los drones Black Widow™ y Edge 130 en los mercados de América Latina, Medio Oriente y Asia Pacífico. Ambos drones fueron seleccionados para el programa Blue UAS Refresh, pendiente de verificación NDAA y revisión de ciberseguridad.
Red Cat Holdings (NASDAQ: RCAT)는 2025년 1분기 재무 실적을 발표했으며, 매출은 170만 달러였고 분기 말 현금 및 미수금은 930만 달러였습니다. 회사는 분기 이후에 추가로 3,000만 달러의 자금을 확보했습니다. Red Cat은 2025년 매출 가이던스를 8,000만~1억 2,000만 달러로 재확인했으며, 이는 SRR 관련 Black Widow 판매(2,500만~6,500만 달러), 비SRR Black Widow 판매(2,500만 달러), Edge 130 판매(2,500만 달러), Fang FPV 판매(500만 달러)로 구성됩니다.
주요 발전 사항으로는 새로운 무인 수상정(USV)을 통한 해상 자율주행 확장, Palantir와의 협력을 통한 Warp Speed 제조 운영체제 도입, 그리고 Black Widow™ 및 Edge 130 드론을 라틴 아메리카, 중동, 아시아 태평양 시장에 소개한 점이 있습니다. 두 드론 모두 NDAA 검증 및 사이버 보안 검토를 앞두고 Blue UAS Refresh 프로그램에 선정되었습니다.
Red Cat Holdings (NASDAQ : RCAT) a publié ses résultats financiers du premier trimestre 2025, avec un chiffre d'affaires de 1,7 million de dollars et a clôturé le trimestre avec 9,3 millions de dollars en liquidités et créances. La société a obtenu un financement supplémentaire de 30 millions de dollars après la fin du trimestre. Red Cat a réitéré ses prévisions de chiffre d'affaires pour 2025, comprises entre 80 et 120 millions de dollars, réparties entre les ventes Black Widow liées au SRR (25-65 M$), les ventes Black Widow non liées au SRR (25 M$), les ventes Edge 130 (25 M$) et les ventes Fang FPV (5 M$).
Les développements clés incluent l'expansion dans l'autonomie maritime avec de nouveaux véhicules de surface sans équipage (USV), un partenariat avec Palantir pour mettre en œuvre le système d'exploitation de fabrication Warp Speed, et l'introduction des drones Black Widow™ et Edge 130 sur les marchés d'Amérique latine, du Moyen-Orient et de la région Asie-Pacifique. Les deux drones ont été sélectionnés pour le programme Blue UAS Refresh, sous réserve de la vérification NDAA et de la revue cybersécurité.
Red Cat Holdings (NASDAQ: RCAT) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 1,7 Millionen US-Dollar und schloss das Quartal mit 9,3 Millionen US-Dollar an liquiden Mitteln und Forderungen ab. Das Unternehmen sicherte sich nach Quartalsende eine zusätzliche Finanzierung von 30 Millionen US-Dollar. Red Cat bestätigte seine Umsatzprognose für 2025 von 80-120 Millionen US-Dollar, aufgeschlüsselt in SRR-bezogene Black Widow-Verkäufe (25-65 Mio.), nicht SRR-bezogene Black Widow-Verkäufe (25 Mio.), Edge 130-Verkäufe (25 Mio.) und Fang FPV-Verkäufe (5 Mio.).
Wesentliche Entwicklungen umfassen die Expansion in die maritime Autonomie mit neuen unbemannten Oberflächenfahrzeugen (USVs), die Partnerschaft mit Palantir zur Implementierung des Warp Speed Fertigungsbetriebssystems sowie die Einführung der Black Widow™ und Edge 130 Drohnen in den Märkten Lateinamerika, Naher Osten und Asien-Pazifik. Beide Drohnen wurden für das Blue UAS Refresh Programm ausgewählt, vorbehaltlich NDAA-Verifizierung und Cybersicherheitsprüfung.
- Secured $30 million in additional funding post-quarter
- Strong 2025 revenue guidance of $80-120 million
- Strategic expansion into maritime autonomy market with new USV line
- Partnership with Palantir to optimize manufacturing and reduce costs
- Black Widow and Edge 130 drones selected for Blue UAS Refresh program
- Geographic expansion into Latin American, Middle East, and Asia Pacific markets
- Low quarterly revenue of $1.7 million relative to annual guidance
- Significant reliance on future SRR-related sales ($25-65M) for meeting guidance
Insights
Red Cat reports modest Q1 revenue but bolsters position with $30M capital raise and ambitious $80-120M 2025 guidance, signaling potential exponential growth trajectory.
Red Cat's Q1 2025 earnings reveal a company navigating the transition from development to production with
The
Red Cat's multi-domain expansion strategy is particularly noteworthy. By extending beyond aerial drones into Unmanned Surface Vessels (USVs), the company is positioning itself as an integrated provider of autonomous systems across air, land, and sea—significantly expanding its total addressable market. The strategic partnership with Palantir to implement the Warp Speed manufacturing OS represents a sophisticated approach to production scaling, supply chain optimization, and margin improvement—critical capabilities as production volumes increase.
While current financial metrics remain modest, the company's selection in the Blue UAS Refresh program indicates potential for significant government contracts following NDAA verification and cybersecurity review. The international market development efforts across Latin America, Middle East, and Asia Pacific regions further diversify revenue potential beyond U.S. military applications. Management's confidence in second-half 2025 delivery acceleration suggests the company is positioning for an inflection point in its growth trajectory.
SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat" or the "Company"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the first quarter ended March 31, 2025 and provides a corporate update.
Recent Operational Highlights
- Announced the expansion of our multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.
- Expanded our Red Cat Futures Industry Consortium to include Palantir and Palladyne to boost AI capabilities in contested environments, including visual navigation.
- Introducing Black Widow™ and Edge 130 drones to the Latin American market at LAAD 2025 in Rio De Janeiro, Brazil in April 2025.
- Introduced our Black Widow™ short-range reconnaissance drone and Edge 130 Tricopter to the Middle East market at the International Defense Exhibition and Conference in Abu Dhabi, UAE, Feb 17-21, 2025.
- Introduced Black Widow™ to the Asia Pacific Market at the AISSE conference in Putrajaya, Malaysia in January 2025.
- Announced that the Black Widow drone and FlightWave Edge 130 were included on the list of 23 platforms and 14 unique components and capabilities selected as winners of the Blue UAS Refresh. The platforms will undergo National Defense Authorization Act (NDAA) verification and cyber security review with the ultimate goal of joining the Blue UAS List.
- Partnered with Palantir to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform our supply and manufacturing operations with Palantir’s AI enabled monitoring, process flow enhancement and comprehensive data analysis. Palantir’s Warp Speed will optimize Red Cat’s production and streamline its supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.
First Quarter 2025 Financial Highlights
- Quarterly Revenue of
$1.7 million - Ended the quarter with cash and accounts receivable of
$9.3 million - In addition, closed funding of
$30.0 million subsequent to quarter end - Reiterate 2025 annual revenue guidance of
$80 t o$120 million for calendar year 2025, which consists of:$25 t o$65 million in SRR-related Black Widow sales$25 million in Non-SRR Black Widow sales$25 million in Edge 130 sales$5m in Fang FPV sales
“Red Cat’s momentum continues to build as we execute on our strategy to deliver advanced, AI-enabled unmanned systems across air, land, and sea," said Jeff Thompson, Red Cat CEO. "Our partnership with Palantir to deploy Warp Speed is optimizing our manufacturing and cost efficiency, while our expansion into maritime autonomy with Unmanned Surface Vessels significantly expands our Family of Systems. A strong balance sheet bolstered by a recent
“Our balance sheet remains strong as we transition to production and delivery of our new Black Widow drones,” said Chris Ericson, Red Cat CFO. “We have bolstered our quarter-end cash and receivables of
Conference Call Today
CEO Jeff Thompson and CFO Chris Ericson will host an earnings conference call at 4:30 p.m. ET on Wednesday, May 14, 2025, to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session. Interested parties can attend the conference call through a live webcast that can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=OqffyYp4
About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed-wing VTOL for extended endurance and range, and FANG™, the industry's first line of NDAA-compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.
Contact:
INVESTORS:
E-mail: Investors@redcat.red
NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com
| RED CAT HOLDINGS | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | |||||||||||
| ASSETS | ||||||||||||
| Cash | $ | 7,722,410 | $ | 9,154,297 | ||||||||
| Accounts receivable, net | 1,554,295 | 489,316 | ||||||||||
| Inventory, including deposits | 17,107,860 | 13,592,900 | ||||||||||
| Intangible assets including goodwill, net | 25,718,450 | 26,124,133 | ||||||||||
| Other | 7,552,833 | 6,243,621 | ||||||||||
| TOTAL ASSETS | $ | 59,655,848 | $ | 55,604,267 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Accounts payable and accrued expenses | $ | 2,712,333 | $ | 3,289,634 | ||||||||
| Debt obligations | 350,000 | 350,000 | ||||||||||
| Customer deposits | 220,517 | 227,484 | ||||||||||
| Operating lease liabilities | 2,329,194 | 1,617,596 | ||||||||||
| Convertible notes payable | 25,132,556 | — | ||||||||||
| Total liabilities | 30,744,600 | 5,484,714 | ||||||||||
| Stockholders’ capital | 176,779,302 | 174,864,256 | ||||||||||
| Accumulated deficit/comprehensive loss | (147,868,054 | ) | (124,744,703 | ) | ||||||||
| Total stockholders' equity | 28,911,248 | 50,119,553 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 59,655,848 | $ | 55,604,267 | ||||||||
| Condensed Consolidated Statements of Operations | |||||||||||
| Three months ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenues | $ | 1,629,662 | $ | 6,614,029 | |||||||
| Cost of goods sold | 2,480,072 | 5,492,825 | |||||||||
| Gross (loss) profit | (850,410 | ) | 1,121,204 | ||||||||
| Operating Expenses | |||||||||||
| Research and development | 3,432,593 | 2,669,502 | |||||||||
| Sales and marketing | 3,314,748 | 1,410,506 | |||||||||
| General and administrative | 4,880,448 | 3,084,495 | |||||||||
| Total operating expenses | 11,627,789 | 7,164,503 | |||||||||
| Operating loss | (12,478,199 | ) | (6,043,299 | ) | |||||||
| Other expense (income) | 10,645,152 | (635,676 | ) | ||||||||
| Net loss from continuing operations | (23,123,351 | ) | (5,407,623 | ) | |||||||
| Loss from discontinued operations | — | (1,373,457 | ) | ||||||||
| Net loss | $ | (23,123,351 | ) | $ | (6,781,080 | ) | |||||
| Loss per share - basic and diluted | $ | (0.27 | ) | $ | (0.09 | ) | |||||
| Weighted average shares outstanding - basic and diluted | 85,505,520 | 74,204,622 | |||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss from continuing operations | $ | (23,123,351 | ) | $ | (5,407,623 | ) | ||
| Non-cash expenses | 12,886,204 | 1,129,679 | ||||||
| Changes in operating assets and liabilities | (5,670,590 | ) | (97,316 | ) | ||||
| Net cash used in operating activities | (15,907,737 | ) | (4,375,260 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Proceeds from divestiture of consumer segment | — | 1,000,000 | ||||||
| Purchases of property and equipment | (273,103 | ) | (75,991 | ) | ||||
| Net cash (used in) provided by investing activities | (273,103 | ) | 924,009 | |||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of convertible notes payable, net | 14,432,879 | — | ||||||
| Proceeds from exercise of stock options | 316,074 | — | ||||||
| Payments of debt obligations, net | — | (147,147 | ) | |||||
| Net cash provided by (used in) financing activities | 14,748,953 | (147,147 | ) | |||||
| Net cash used in discontinued operations | — | (194,969 | ) | |||||
| Net decrease in Cash | (1,431,887 | ) | (3,793,367 | ) | ||||
| Cash, beginning of period | 9,154,297 | 10,245,064 | ||||||
| Cash, end of period | $ | 7,722,410 | $ | 6,451,697 | ||||
FAQ
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