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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q3 FY242024-09-30 | Q1 FY252024-07-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.19M | $15.47M | $26.23M | $9.65M | $3.22M | $1.63M | $1.29M | $1.63M |
| Cost of revenue | $16.93M | $13.51M | $25.12M | $9.01M | $2.84M | $2.48M | $1.68M | $2.48M |
| Gross profit | $3.26M | $1.97M | $1.11M | $637.50K | $375.00K | −$850.00K | −$391.96K | −$850.41K |
| Gross margin | 16.1% | 12.7% | 4.2% | 6.6% | 11.6% | -52.1% | -30.3% | -52.2% |
| Research and development | $14.22M | $7.97M | $4.89M | $5.97M | $3.60M | $3.43M | $1.88M | $3.43M |
| Selling, general and administrative | $27.69M | $21.30M | $20.16M | $12.20M | $9.42M | $8.20M | $6.08M | $8.20M |
| Operating expenses | $41.91M | $29.27M | $25.05M | $18.17M | $13.02M | $11.63M | $8.05M | $11.63M |
| Operating income | −$38.65M | −$27.30M | −$23.94M | −$17.53M | −$12.65M | −$12.48M | −$8.44M | −$12.48M |
| Operating margin | -191.4% | -176.5% | -91.3% | -181.7% | -392.9% | -765.5% | -653.2% | -765.7% |
| EBITDA | −$37.17M | −$26.49M | −$23.33M | −$16.99M | −$12.13M | −$11.89M | −$8.35M | −$11.89M |
| Interest income | $0 | $1.30M | $1.73M | $771.10K | $0 | $55.00K | −$17.17K | — |
| Interest expense | $1.93M | $0 | $0 | — | $155.00K | $0 | — | $54.53K |
| Income before taxes | −$35.24M | −$26.55M | −$19.91M | −$15.32M | −$13.28M | −$23.12M | −$12.43M | −$23.12M |
| Income taxes | $23.00K | $5.00K | −$251.56K | $694.56K | $0 | $0 | — | — |
| Net income | −$35.26M | −$26.55M | −$19.66M | −$16.02M | −$13.28M | −$23.12M | −$12.43M | −$23.12M |
| Net margin | -174.6% | -171.6% | -74.9% | -166.0% | -412.5% | -1418.6% | -962.0% | -1418.9% |
| EPS, basic | −$0.26 | −$0.22 | −$0.16 | −$0.16 | −$0.15 | −$0.27 | −$0.16 | −$0.27 |
| EPS, diluted | −$0.26 | −$0.22 | −$0.16 | −$0.16 | −$0.15 | −$0.27 | −$0.16 | −$0.27 |
| Diluted shares | 136.89M | 120.85M | 119.45M | 99.58M | 91.30M | 85.51M | 75.74M | 85.51M |
Figures describe Red Cat shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.