)
Visual21 Nov 2025
Data center suppliers
Red Cat Holdings (RCAT) investor relations material
Red Cat Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue surged 646% year-over-year and 200% sequentially to $9.6 million, driven by US Army SRR drone deliveries and strong demand in defense and national security sectors.
Gross profit improved to $637,000, but net loss from continuing operations widened to $16 million for the quarter and $52.4 million for the nine months, reflecting increased investment and operating expenses.
Expanded U.S. Army SRR UAS Tranche 2 and Black Widow LRIP contracts to $35–$35.1 million, reflecting military confidence and rapid adaptation to evolving requirements.
Launched Blue Ops maritime division, opening a 155,000 sq ft facility with capacity for 500+ vessels annually and strategic partnerships.
Divestiture of consumer segment and acquisition of FlightWave broadened product range and government relationships.
Financial highlights
Q3 2025 revenue: $9.6 million (Q2: $3.2 million; Q1: $1.6 million; Q3 2024: $1.3 million), with nine-month revenue at $14.5 million.
Gross margin for Q3: 6.6–7%; nine-month gross margin dropped to 1% due to inventory write-offs.
R&D expenses in Q3: $6 million, up 218% year-over-year and 66% sequentially; G&A expenses: $9.2 million, up 124% year-over-year and 48% sequentially.
Ended Q3 with $212.5 million in cash and receivables, working capital of $224.9 million, and inventory and deposits of $30.6 million.
Net loss per share for Q3: $(0.16); weighted average shares outstanding: 99.6 million.
Outlook and guidance
Full-year 2025 revenue guidance lowered to $34.5–$37.5 million due to government delays, with Q4 revenue expected at $20–$23 million (1,455% YoY growth, 170% sequential growth).
Q4 guidance implies an annual run rate just below $100 million.
Gross margin expected to rise to ~10% in Q4 and 20% by end of 2026, with a long-term target of 30–35%.
Production capacity scaling to 1,000 drones/month by early 2026; USV deliveries expected to begin Q2 2026.
Liquidity supports execution of Army contracts, USV division buildout, and potential acquisitions.
Blue Ops USV production ramp-up and market entry
Cash and AR deployment for strategic growth
Key certifications and partnerships: market impact
Blue Ops competitive edge in USV market
Gross margin drivers to 20% by end of 2026
FRP contract: implications of OTA shift
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Red Cat Holdings earnings date
Q2 202612 Dec, 2025
Next Red Cat Holdings earnings date
Q2 202612 Dec, 2025
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Red Cat Holdings Inc. is a drone technology company specializing in the integration of robotic hardware and software for military, government, and commercial applications. The company operates through its subsidiaries, including Teal Drones and Skypersonic, to develop advanced small unmanned systems. Notably, its Teal 2 drone offers top-tier thermal imaging capabilities, while the FANG™ series provides first-person view (FPV) drones tailored for precision military operations. Red Cat has transitioned to focus exclusively on its Enterprise segment after divesting its Consumer segment in 2024. The company is headquartered in San Juan, Puerto Rico, and its shares are listed on the Nasdaq.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage