Red Cat Holdings Inc
For the period ended Oct 31, 2024. Filed Dec 16, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 31, 2024 · Filed Dec 16, 2024
RCAT$4.04+18.6%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of October 31, 2024 (Unaudited) and April 30, 2024
Condensed Consolidated Balance Sheets
| October 31, | April 30, | |
|---|---|---|
| 2024 | 2024 | |
| ASSETS | ||
| Current assets | ||
| Cash | $4,611,092 | $6,067,169 |
| Accounts receivable, net | 1,121,398 | 4,361,090 |
| Inventory | 12,165,260 | 8,007,237 |
| Other | 3,015,413 | 3,962,053 |
| Total current assets | 20,913,163 | 22,397,549 |
| Goodwill (Note 3) | 22,964,065 | 9,088,550 |
| Intangible assets, net (Note 3) | 3,439,731 | 3,794,389 |
| Equity method investee | — | 5,142,500 |
| Note receivable | — | 4,000,000 |
| Property and equipment, net | 1,972,859 | 2,340,684 |
| Other | 309,823 | 293,126 |
| Operating lease right-of-use assets | 1,492,747 | 1,480,814 |
| Total long-term assets | 30,179,225 | 26,140,063 |
| TOTAL ASSETS | $51,092,388 | $48,537,612 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $1,591,488 | $1,580,422 |
| Accrued expenses | 1,431,908 | 1,069,561 |
| Debt obligations - short term | 356,964 | 751,570 |
| Customer deposits | 221,380 | 53,939 |
| Operating lease liabilities | 337,628 | 195,638 |
| Convertible notes payable - short term | 3,733,338 | — |
| Acquisition consideration payable | 7,000,000 | — |
| Total current liabilities | 14,672,706 | 3,651,130 |
| Operating lease liabilities | 1,213,688 | 1,321,952 |
| Convertible notes payable - long term | 8,177,969 | — |
| Total long-term liabilities | 9,391,657 | 1,321,952 |
| Total liabilities | 24,064,363 | 4,973,082 |
| Commitments and contingencies (Note 19) | ||
| Stockholders' equity | ||
| Series B preferred stock - shares authorized 4,300,000; issued and outstanding 4,676 and 4,676 | 47 | 47 |
| Common stock - shares authorized 500,000,000; issued and outstanding 78,025,403 and 74,289,351 | 78,025 | 74,289 |
| Additional paid-in capital | 133,831,679 | 124,616,305 |
| Accumulated deficit | (106,881,726) | (81,130,732) |
| Accumulated other comprehensive income | — | 4,621 |
| Total stockholders' equity | 27,028,025 | 43,564,530 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $51,092,388 | $48,537,612 |
Condensed Consolidated Statements of Operations and Comprehensive Income
| Three months ended October 31, | Six months ended October 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (As Restated) · (As Restated) | ||||
| Revenues | $1,534,727 | $3,930,868 | $4,311,262 | $5,678,997 |
| Cost of goods sold | 1,558,202 | 2,730,286 | 4,818,128 | 4,303,750 |
| Gross (loss) profit | (23,475) | 1,200,582 | (506,866) | 1,375,247 |
| Operating Expenses | ||||
| Research and development | 2,231,470 | 2,222,137 | 3,857,910 | 3,575,688 |
| Sales and marketing | 2,343,779 | 1,032,645 | 4,385,290 | 2,321,405 |
| General and administrative | 4,517,695 | 2,838,080 | 8,000,790 | 5,701,838 |
| Impairment loss | — | — | 93,050 | — |
| Total operating expenses | 9,092,944 | 6,092,862 | 16,337,040 | 11,598,931 |
| Operating loss | (9,116,419) | (4,892,280) | (16,843,906) | (10,223,684) |
| Other (income) expense | ||||
| Convertible notes payable fair value adjustment | 4,230,307 | — | 4,230,307 | — |
| Loss on sale of equity method investment | — | — | 4,008,357 | — |
| Equity method loss | — | — | 734,143 | — |
| Investment loss, net | — | 333,867 | — | 573,357 |
| Interest (income) expense, net | (14,634) | 19,696 | (39,188) | 41,553 |
| Other, net | 2,526 | (1,544) | (26,531) | — |
| Other expense | 4,218,199 | 352,019 | 8,907,088 | 614,910 |
| Net loss from continuing operations | (13,334,618) | (5,244,299) | (25,750,994) | (10,838,594) |
| Loss from discontinued operations | — | (599,511) | — | (842,084) |
| Net loss | $(13,334,618) | (5,843,810) | $(25,750,994) | $(11,680,678) |
| Other comprehensive income (loss) | ||||
| Change in foreign currency translation adjustments | — | 1,376 | (4,621) | 3,022 |
| Unrealized gain on marketable securities | — | 363,663 | — | 653,052 |
| Other comprehensive loss | $(13,334,618) | (5,478,771) | $(25,755,615) | $(11,024,604) |
| Loss per share - basic and diluted | ||||
| Continuing operations | $(0.18) | (0.10) | $(0.34) | $(0.19) |
| Discontinued operations | — | (0.01) | — | (0.02) |
| Loss per share - basic and diluted | $(0.18) | (0.11) | $(0.34) | $(0.21) |
| Weighted average shares outstanding - basic and diluted | 76,184,777 | 55,606,336 | 75,342,629 | 55,270,838 |
Condensed Consolidated Statements of Stockholders’ Equity
| Series B · Additional · Accumulated Other | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock · Paid-in · Accumulated · Comprehensive · Total | ||||||||
| Shares | Amount | Shares | Amount | Capital | Deficit | Income (Loss) | Equity | |
| Balances, April 30, 2023, as restated | 986,676 | $9,867 | 54,568,065 | $54,568 | $112,642,726 | $(57,078,103) | $(861,117) | $54,767,941 |
| Stock based compensation | — | — | — | — | 911,606 | — | — | 911,606 |
| Vesting of restricted stock units | — | — | 155,476 | 155 | (8,675) | — | — | (8,520) |
| Conversion of preferred stock | (982,000) | (9,820) | 818,334 | 818 | 9,002 | — | — | — |
| Unrealized gain on marketable securities | — | — | — | — | — | — | 289,389 | 289,389 |
| Currency translation adjustments | — | — | — | — | — | — | 1,646 | 1,646 |
| Net loss | — | — | — | — | — | (5,836,868) | — | (5,836,868) |
| Balances, July 31, 2023 | 4,676 | $47 | 55,541,875 | $55,541 | $113,554,659 | $(62,914,971) | $(570,082) | $50,125,194 |
| Stock based compensation | — | — | — | — | 1,196,325 | — | — | 1,196,325 |
| Vesting of restricted stock units | — | — | 54,786 | 55 | (7,826) | — | — | (7,771) |
| Issuance of common stock through ATM facility, net | — | — | 53,235 | 53 | 9,159 | — | — | 9,212 |
| Unrealized gain on marketable securities | — | — | — | — | — | — | 363,663 | 363,663 |
| Currency translation adjustments | — | — | — | — | — | — | 1,376 | 1,376 |
| Net loss | — | — | — | — | — | (5,843,810) | — | (5,843,810) |
| Balances, October 31, 2023 | 4,676 | $47 | 55,649,896 | $55,649 | $114,752,317 | $(68,758,781) | $(205,043) | $45,844,189 |
| Balances, April 30, 2024 | 4,676 | $47 | 74,289,351 | $74,289 | $124,616,305 | $(81,130,732) | $4,621 | $43,564,530 |
| Stock based compensation | — | — | — | — | 1,446,038 | — | — | 1,446,038 |
| Vesting of restricted stock units | — | — | 293,302 | 293 | (134,330) | — | — | (134,037) |
| Exercise of warrants | — | — | 307,595 | 308 | (308) | — | — | — |
| Currency translation adjustments | — | — | — | — | — | — | (4,621) | (4,621) |
| Net loss | — | — | — | — | — | (12,416,376) | — | (12,416,376) |
| Balances, July 31, 2024 | 4,676 | $47 | 74,890,248 | $74,890 | $125,927,705 | $(93,547,108) | $— | $32,455,534 |
| Stock based compensation | — | — | — | — | 1,304,037 | — | — | 1,304,037 |
| Vesting of restricted stock units | — | — | 308,735 | 309 | (412,203) | — | — | (411,894) |
| Exercise of warrants | — | — | 222,983 | 223 | (223) | — | — | — |
| Exercise of options | — | — | 58,446 | 58 | 14,908 | — | — | 14,966 |
| Acquisition of FlightWave | — | — | 2,544,991 | 2,545 | 6,997,455 | — | — | 7,000,000 |
| Net loss | — | — | — | — | — | (13,334,618) | — | (13,334,618) |
| Balances, October 31, 2024 | 4,676 | $47 | 78,025,403 | $78,025 | $133,831,679 | $(106,881,726) | $— | $27,028,025 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.