Red Cat Q2 FY26: Revenue surges 527% to $20.2M; net loss widens 166% to -$35.3M on R&D/G&A

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 14, 2025 · ~1 min read

Key Changes

• high

  Revenue jumped 527% YoY to $20.2M driven by U.S. Army Short Range Reconnaissance and Japan Ground Self-Defense Force drone deliveries; gross margin improved to 16.1% from 11.6% on manufacturing efficiencies at scale.

  MD&A: Revenue & Gross Margin verify on EDGAR →
• high

  Net loss widened 166% to -$35.3M (-$0.26 diluted EPS, -73%) as operating loss expanded 206% to -$38.6M; R&D expense rose 295% to $14.2M and G&A 241% to $21.2M on headcount growth, stock comp, and cybersecurity compliance investment.

  MD&A: Operating Expenses verify on EDGAR →
• high

  Two acquisitions (Apium $19.8M, Quaze $21.3M) added $27.6M goodwill and $16.1M intangibles to expand autonomous-swarm and wireless-power capabilities; earnouts tied to technical milestones and revenue performance total up to $20.2M over two years.

  Notes: Business Combinations verify on EDGAR →