Red Cat Holdings, Inc.

NasdaqCM:RCAT Stock Report

Market Cap: US$1.7b

Red Cat Holdings Management

Management criteria checks 1/4

Red Cat Holdings' CEO is Jeff Thompson, appointed in Mar 2016, has a tenure of 10.42 years. total yearly compensation is $6.82M, comprised of 2% salary and 98% bonuses, including company stock and options. directly owns 8.36% of the company’s shares, worth $142.10M. The average tenure of the management team and the board of directors is 0.7 years and 5 years respectively.

Key information

Jeff Thompson

Chief executive officer

US$6.8m

Total compensation

CEO salary percentage2.02%
CEO tenure10.4yrs
CEO ownership8.4%
Management average tenureless than a year
Board average tenure5yrs

Recent management updates

Recent updates

Narrative Update • Aug 08

RCAT: Drone Dominance Progress And Defense Contracts Will Support Long Term Confidence

Analysts have lowered the Red Cat Holdings fair value estimate to $20 from $22, reflecting reduced price targets tied to sector wide multiple compression and dilution from the May equity offering, while still emphasizing generally positive views on the company’s growth potential. Analyst Commentary Recent Street research on Red Cat Holdings shows a mix of enthusiasm for the company’s positioning and caution around valuation reset and capital structure.
Narrative Update • Jul 24

RCAT: Drone Dominance Program Progress Will Drive Confidence In Long Term Contracts

The updated analyst price target for Red Cat Holdings moves from $17 to $22, as analysts factor in recent coverage initiations, expectations for higher long term profit margins, and a richer future P/E multiple, despite dilution from the May secondary equity offering. Analyst Commentary Recent Street research on Red Cat Holdings highlights a mix of optimism about long term growth potential and caution around dilution and execution against management targets.
Seeking Alpha • Jul 21

Red Cat: How To Pick A Winner In A Crowded Drone Market

Summary Red Cat Holdings offers high-upside potential in military and commercial drones, but execution and contract wins remain critical for upside realization. RCAT's Teal and Black Widow platforms demonstrate technical differentiation, especially in secure, modular, and GPS-denied operations, gaining validation in U.S. military selection programs. Valuation is stretched at 6.7x forward EV/sales, with the market pricing in significant revenue ramp and successful contract conversion over the next 12–24 months. I maintain a buy rating, contingent on RCAT translating strategic positioning into tangible, repeatable financial progress and improved execution in upcoming quarters. Read the full article on Seeking Alpha
Narrative Update • Jul 10

RCAT: Defense Drone Contracts Will Drive Long Term Upside Potential

Red Cat Holdings' analyst fair value estimate has shifted from $18 to $25, with analysts pointing to fresh Buy initiations, updated revenue growth and margin assumptions, and differing views on dilution from the recent secondary equity offering to explain the new price target level. Analyst Commentary Bullish analysts covering Red Cat Holdings are generally aligned around a positive long term setup, with recent research focusing on the drone portfolio, production capacity, and longer term contract opportunities as key supports for the latest fair value estimates.
Narrative Update • Jun 26

RCAT: Drone Dominance Program Prospects Will Drive Future Upside Potential

Analysts have lifted the Red Cat Holdings fair value estimate from $12 to $20. This change reflects updated assumptions around revenue potential, profit margins, dilution from the May equity offering, and new Buy-rated coverage with price targets between $19 and $25.
Analysis Article • Jun 19

Red Cat Holdings (RCAT) Stock Could Be 32.7% Undervalued After Hellcat Debut

Red Cat Holdings (RCAT) has introduced Hellcat, a dual-use small unmanned aircraft system built on its Black Widow platform and revealed at Eurosatory 2026, putting fresh attention on the stock’s defense and robotics positioning. See our latest analysis for Red Cat Holdings. The Hellcat unveiling comes as Red Cat Holdings’ share price trades at $11.44, with a 1 month share price return of 27.96% and year to date share price return of 24.89%. This is set against a 1 year total shareholder...
New Narrative • Jan 22

Autonomous Defense Systems And Maritime Expansion Will Support A Stable Long Term Outlook

Catalysts About Red Cat Holdings Red Cat Holdings provides drone and unmanned surface vessel solutions primarily to defense and national security customers. What are the underlying business or industry changes driving this perspective?
Analysis Article • Mar 20

With A 39% Price Drop For Red Cat Holdings, Inc. (NASDAQ:RCAT) You'll Still Get What You Pay For

The Red Cat Holdings, Inc. ( NASDAQ:RCAT ) share price has fared very poorly over the last month, falling by a...
Analysis Article • Jan 30

Why We're Not Concerned Yet About Red Cat Holdings, Inc.'s (NASDAQ:RCAT) 34% Share Price Plunge

Red Cat Holdings, Inc. ( NASDAQ:RCAT ) shares have retraced a considerable 34% in the last month, reversing a fair...

CEO Compensation Analysis

How has Jeff Thompson's remuneration changed compared to Red Cat Holdings's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

-US$97m

Mar 31 2026n/an/a

-US$76m

Dec 31 2025US$7mUS$138k

-US$72m

Sep 30 2025n/an/a

-US$92m

Jun 30 2025n/an/a

-US$88m

Mar 31 2025n/an/a

-US$83m

Dec 31 2024US$408kUS$200k

-US$65m

Oct 31 2024n/an/a

-US$36m

Jul 31 2024n/an/a

-US$28m

Apr 30 2024n/an/a

-US$22m

Jan 31 2024n/an/a

-US$27m

Oct 31 2023n/an/a

-US$28m

Jul 31 2023n/an/a

-US$28m

Apr 30 2023US$826kUS$300k

-US$26m

Jan 31 2023n/an/a

-US$20m

Oct 31 2022n/an/a

-US$17m

Jul 31 2022n/an/a

-US$14m

Apr 30 2022US$409kUS$255k

-US$12m

Jan 31 2022n/an/a

-US$10m

Oct 31 2021n/an/a

-US$16m

Jul 31 2021n/an/a

-US$14m

Apr 30 2021US$2mUS$160k

-US$13m

Jan 31 2021n/an/a

-US$11m

Oct 31 2020n/an/a

-US$2m

Jul 31 2020n/an/a

-US$2m

Apr 30 2020US$160kUS$160k

-US$2m

Compensation vs Market: Jeff's total compensation ($USD6.82M) is above average for companies of similar size in the US market ($USD5.10M).

Compensation vs Earnings: Jeff's compensation has increased whilst the company is unprofitable.

CEO

Jeff Thompson (62 yo)

10.4yrs
Tenure
US$6,816,406
Compensation

Mr. Jeffrey M. Thompson, also known as Jeff, is CEO of Teal Drones, Inc. He served as Interim Chief Financial Officer of Red Cat Holdings, Inc. from March 17, 2025 until March 31, 2025. He has been Directo...

Leadership Team

NamePositionTenureCompensationOwnership
Jeffrey Thompson
Founder10.4yrsUS$6.82m8.36%
$ 142.1m
Christian Ericson
Chief Operating Officerless than a yearUS$686.65k0.019%
$ 321.9k
Christian Morrison
CFO, Treasurer & Secretaryless than a yearno data0.00018%
$ 3.1k
Sam Pelletier
Vice President of Finance & Accounting1.6yrsno datano data
B. Hinckley
President of BLUE OPS1.6yrsno datano data
Brian Huinker
Senior VP of Business Development & Global Defense Solutionsless than a yearno datano data
Rachel Erb
Senior Vice President of Business Operationsless than a yearno datano data
Josh Ziska
President of Apiumless than a yearno datano data
Mitch McDonald
President of Teal Drones1.6yrsno datano data
0.7yrs
Average Tenure
49yo
Average Age

Experienced Management: RCAT's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Jeffrey Thompson
Founder7.3yrsUS$6.82m8.36%
$ 142.1m
Christopher Moe
Independent Director4.5yrsUS$166.25k0.040%
$ 673.4k
Joseph Freedman
Director5.6yrsUS$171.10k0.11%
$ 1.9m
Nicholas Liuzza
Independent Director7.2yrsUS$143.33k0.26%
$ 4.4m
Paul Funk
Independent Director2.4yrsUS$146.52kno data
Brett Velicovich
Member of Advisory Board1.8yrsno datano data
5.0yrs
Average Tenure
62yo
Average Age

Experienced Board: RCAT's board of directors are considered experienced (5 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/16 21:16
End of Day Share Price 2026/08/14 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Red Cat Holdings, Inc. is covered by 8 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Amit DayalH.C. Wainwright & Co.
Jon HickmanLadenburg Thalmann & Company
Glenn MattsonLadenburg Thalmann & Company