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Red Cat Holdings, Inc. cash flow statement

In fiscal 2025, Red Cat Holdings, Inc.'s operations generated −$89.1m of cash; it spent $6.6m on capital projects, leaving free cash flow of −$95.8m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182020Apr 20202021Apr 20212022Apr 20222023Apr 20232024Apr 20242025Dec 2025LTMJun 2026
Cash from operations−0−0−00−0−0−2−1−1−1−1−16−29−18−89−139
Depreciation and amortisation——0000000——00123
Stock-based pay———000000033441117
Capital spending————000—1——020719
Free cash flow————−0−0−2—−2——−16−32−18−96−158
Free cash flow after stock pay————−0−0−2—−2——−20−35−22−106−174
Shares issued———————————70—9249—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Red Cat Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Red Cat Holdings, Inc.