Red Cat (RCAT)
Builds U.S.-made drones and robotic systems for defense and national-security missions.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Northland Securities | Target | Target: $22 | Target: $13 |
| Sep 2, 2026 | Piper Sandler | Initiate | Rating: —Target: — | Target: $9 |
| Aug 31, 2026 | Evercore ISI | Initiate | Rating: —Target: — | Target: $15 |
| Aug 7, 2026 | Needham | Reiterate | Rating: —Target: $12 | Target: $15 |
| Jun 1, 2026 | Roth Capital | Target | Target: — | Target: $25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $325.6M · Total debt $24.9M · Total assets $527.5M · Shareholders' equity $471.2M
- Revenue
- $20.2M
- Operating income
- −$38.6M
- Net income
- −$35.3M
No dividends on record.
| Institutions | ≈ 54.58% | 83.34M shares | |
|---|---|---|---|
| 317 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.88% | 13.55M shares | |
| 9 holders · as of Sep 17, 2026 | |||
| Other | ≈ 36.54% | 55.82M shares | |
| remainder | |||
152.71M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
State Street CorpInstitution | 7.92% | 12.09M | as of Jun 30, 2026 |
Jeffrey M. ThompsonInsiderdirector, 10 percent owner, officer: Chairman of the Board, CEO | 7.67% | 11.72M | filed Sep 17, 2026 |
BlackRock, Inc.Institution | 7.35% | 11.23M | as of Jun 30, 2026 |
Hood River Capital Management LLCInstitution | 6.93% | 10.58M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.84% | 5.86M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Jeffrey M. Thompson | director, 10 percent owner, officer: Chairman of the Board, CEO | −150,000 | $7.74 |
| Aug 28, 2026 | Nicholas Reyland JR Liuzza | director | −65,000 | $8.50 |
| 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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Red Cat | $6.78 | −2.27% | $1.06B | — | — | 14.8 | +527.3% |
| AeroVironment | $159.61 | +2.22% | $7.90B | — | 47.3 | 3.9 | +5.7% |
| Redwire | $11.50 | −2.25% | $2.81B | — | — | 6.6 | +89.6% |
| Teledyne Technologies | $621.33 | +1.40% | $28.40B | 29.6 | 24.3 | 4.5 | +9.8% |
| Textron | $76.88 | −1.28% | $13.39B | 14.7 | 11.5 | 0.9 | +3.0% |
| Elbit Systems | $744.41 | −0.05% | $34.89B | 55.7 | — | 4.1 | +15.9% |
| Ondas | $7.65 | −0.91% | $4.40B | 116.6 | — | 25.3 | +1,235.4% |
| Draganfly | $5.51 | −0.58% | $202.2M | — | — | 31.5 | +20.8% |
| Median | 42.6 | 24.3 | 4.5 | +15.9% |