Revenue: As of FY2026 Q2, the actual value is USD 20.19 M, missing the estimate of USD 22.58 M.

EPS: As of FY2026 Q2, the actual value is USD -0.26, missing the estimate of USD -0.214.

EBIT: As of FY2026 Q2, the actual value is USD -35.24 M.

Second Quarter 2026 Financial Highlights

Red Cat Holdings, Inc. reported total revenue of $20.2 million for the second quarter of 2026, which is a 527% increase compared to Q2 2025. Gross profit for the quarter was $3.3 million, representing an increase of $2.9 million from Q2 2025. The gross margin stood at 16.1%, showing a year-over-year improvement of 39% from Q2 2025 and a sequential improvement of 27% from Q1 2026.

Condensed Consolidated Statements of Operations (Unaudited) - In thousands

Three Months Ended June 30, 2026: Net revenues: $20,189 Gross profit: $3,260 Operating loss: -$38,645 Net loss: -$35,259

Three Months Ended June 30, 2025: Net revenues: $3,219 Gross profit: $375 Operating loss: -$12,647 Net loss: -$13,279

Six Months Ended June 30, 2026: Net revenues: $35,660 Gross profit: $5,225 Operating loss: -$65,946 Net loss: -$61,812

Six Months Ended June 30, 2025: Net revenues: $4,848 Gross profit: -$476 Operating loss: -$25,125 Net loss: -$36,402

Cash and Inventory (Unaudited) - In thousands

As of June 30, 2026, cash totaled $325,553, compared to $167,865 at December 31, 2025. Inventory and prepaid inventory amounted to $84,844 at June 30, 2026, an increase from $30,394 at December 31, 2025.

Condensed Consolidated Statements of Cash Flows (Unaudited) - In thousands

Six Months Ended June 30, 2026: Net cash used in operating activities: -$78,749 Net cash used in investing activities: -$12,984 Net cash provided by financing activities: $249,421 Net increase in cash: $157,688 Cash, end of period: $325,553

Six Months Ended June 30, 2025: Net cash used in operating activities: -$28,805 Net cash used in investing activities: -$580 Net cash provided by financing activities: $86,161 Net increase in cash: $56,776 Cash, end of period: $65,930

Adjusted EBITDA (Unaudited) - In thousands

Three Months Ended June 30, 2026: Adjusted EBITDA: -$31,838

Three Months Ended June 30, 2025: Adjusted EBITDA: -$9,903

Six Months Ended June 30, 2026: Adjusted EBITDA: -$53,383

Six Months Ended June 30, 2025: Adjusted EBITDA: -$20,128

Outlook

Red Cat Holdings, Inc. is reaffirming its full-year target revenue to be in the range of $150 million and $180 million. The company aims to capitalize on the accelerating adoption of unmanned and autonomous systems. Management remains focused on executing against significant opportunities and progressing toward this revenue outlook.