Red Cat Holdings

Red Cat Holdings

Red Cat Holdings is a Puerto Rico-based defence company listed on Nasdaq as RCAT. It focuses on small uncrewed aircraft and related systems for military and public-safety customers. Its operating businesses include Teal Drones and FlightWave Aerospace. Fat Shark, its former consumer FPV business, is no longer part of the group.

Key Products

Black Widow — A small reconnaissance quadcopter produced by Teal. The company presents the platform for military small-UAS use.

Edge 130 Blue — A fixed-wing UAS offered through FlightWave for longer-endurance reconnaissance and mapping missions.

FANG — Red Cat’s family of autonomous navigation and payload capabilities, which it says is intended for its small-UAS product line.

Business and Funding

Red Cat reported fiscal-2025 revenue of $40.7 million. For the second quarter of 2026, it reported $20.2 million of revenue and $3.3 million of gross profit. It is publicly traded on Nasdaq under RCAT. Contract awards and programme selections are important to the business, but a programme vehicle should not be read as a guarantee of deliveries or revenue.

Why It Matters

Red Cat is one of a small number of listed U.S. companies whose results are closely tied to defence small-UAS procurement. Its move from a Teal-led product story to a portfolio including FlightWave makes product and manufacturing execution as important as contract announcements. The relevant evidence is recurring delivery revenue and fielded performance, rather than broad assumptions about domestic-drone policy alone.

The distinction also matters for readers following procurement: a platform can be selected, tested or placed on a contract vehicle without producing the same revenue as a completed production order. Red Cat’s reported quarter provides a current financial reference point, while the mix of delivery programmes and product development still needs to be followed through future filings.