RED CAT HOLDINGS, INC.
In the published model solve dated 2026-Q2, anchored at $8.65, RED CAT HOLDINGS, INC. (RCAT) is priced for today's economics sustained for ~19.9 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
Read Red Cat as an early-stage speculative defense story, because that is what the numbers say. Quarterly revenue scaled to about $15.5 million from $1.6 million a year earlier as Army drone deliveries began, but the company posted an operating loss near $27 million in the same quarter. This is a company at the very start of trying to scale, not an established business. The price reflects pure optionality. At $11.44 the stock trades around 47 times revenue, which implies the business eventually
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256 institutional managers reported holding RCAT in 13F filings for the quarter ended 2026-03-31. Together they hold about 52% of the company; the top 10 hold 33%. 89 opened new positions that quarter. Held by BlackRock, State Street, Vanguard Group, among others. On the short side, 29.2M shares were sold short as of the 2026-06-15 count, about 24% of shares outstanding (1.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
Open-market insider buys at RCAT over the trailing three years: 2023: 1 buy totaling $10k. 8 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
RCAT's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-28 | +1.4% | -6.0% |
| 2023-09-20 | +6.8% | -6.8% |
| 2023-12-16 | +8.9% | +9.3% |
| 2024-03-19 | -2.9% | +47.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
RCAT's latest 8-K filings: 2026-08-06 (items 2.02, 9.01); 2026-07-22 (items 5.02, 8.01, 9.01); 2026-06-25 (items 5.07, 9.01); 2026-05-20 (items 2.01, 3.02, 7.01, 9.01); 2026-05-18 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.