Red Cat
Red Cat Holdings is a publicly traded defense technology company (NASDAQ: RCAT) that designs and manufactures all-domain autonomous drone and robotic systems—including ISR sUAS, USVs, and swarm autonomy—for the U.S. military and allied defense forces.
- Company typePublic
- Founded2018
- HeadquartersSan Juan, Puerto Rico
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Red Cat does
Red Cat Holdings (NASDAQ: RCAT), founded in 2018 and headquartered in San Juan, Puerto Rico, is a publicly traded defense technology company that develops all-domain autonomous drone and robotic systems for military and government customers. The company's portfolio is built around the Black Widow short-range reconnaissance sUAS—selected as the U.S. Army's Short Range Reconnaissance Program of Record—and extends across the Hellcat dual-use sUAS, Edge 130 extended-range tricopter (FlightWave), FANG FPV strike drones, and Blue Ops Variant 7 uncrewed surface vessels for maritime missions. Core technology encompasses modular open systems architecture (MOSA), distributed multi-agent autonomy for GPS/communications-denied operations (via Apium Swarm Robotics, acquired March 2026), and wireless power transfer (via Quaze Technologies, acquired May 2026). All hardware is U.S.-manufactured at facilities in Salt Lake City, Valdosta, and Maine, with NDAA-compliant supply chains—a structurally important feature given NDAA Section 1709 restrictions on Chinese-manufactured drones in U.S. defense procurement.
Revenue is generated primarily through one-time hardware sales of drone and USV systems to defense ministries and military branches, delivered via direct U.S. government procurement, Foreign Military Sales channels, and regional channel partners (e.g., HAMA K.K. and ITOCHU Aviation for Japan). The customer base spans the U.S. Army (Program of Record), Japan ATLA (173 Black Widow systems contracted April 2026), Australian Army, a European NATO ally, and Ukraine's defense forces, with development-stage engagement on Taiwan's 1,300 USV RFP. Recent reported financials show LTM revenue of approximately $54.6 million (ending Q1 2026, +189% YoY), Q1 2026 revenue of $15.5 million (+849% YoY), and full-year FY2025 revenue of $40.7 million, against a $150-180 million FY2026 target and a Black Widow pipeline approaching $700 million. The company remains unprofitable with thin gross margins (7-13%), $32 million of cash burn in Q1 2026, and significant operating losses, funding growth through equity (a $225 million public offering in May 2026) and debt ($16.5 million from The Lind Partners in February 2025) rather than operating cash flow.
Red Cat firmographics
Firmographics- Name
- Red Cat
- Legal name
- Red Cat Holdings, Inc.
- Website
- https://redcatholdings.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Red Cat Holdings is a publicly traded defense technology company (NASDAQ: RCAT) that designs and manufactures all-domain autonomous drone and robotic systems—including ISR sUAS, USVs, and swarm autonomy—for the U.S. military and allied defense forces.
- Ownership category
- akta.pro rank
Red Cat industry classification
Industry- Product category
- Autonomous Defense Drone Systems
- NAICS
- Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419)
- SIC
- Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Aircraft & Parts (3720), Aircraft Parts & Auxiliary Equipment, Nec (3728)
- akta.pro primary industry
- Military Unmanned Aircraft Systems (UAS) & Autonomous Aerial Platforms (IMABAMAC)
- akta.pro secondary industries
- Small Unmanned Aerial Systems (sUAS) & Multirotor Drones (IMABAIAA), Autonomy Software, AI & Mission Management (UAS/UXV) (IMABAIAH), Unmanned Surface Vehicles (USV) & Autonomous Maritime Surface Platforms (IMABAIAE)
Keywords
Where Red Cat is headquartered
LocationHeadquarters
- HQ city
- San Juan
- HQ country
- Puerto Rico
- HQ region
- Latin America
Offices4 records
Markets served
Red Cat business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Military/Government Drone Hardware Sales: Red Cat generates revenue primarily through the sale of drone systems to military and government customers. This includes the Black Widow, Hellcat, Edge 130, FANG FPV drones, and Variant 7 USVs sold to U.S. Army, allied militaries, and defense agencies. Revenue is one-time hardware sales with potential for follow-on orders and sustainment contracts.
- Defense Systems Integration: Revenue from integrating proprietary technologies (swarm autonomy, wireless power, AI threat detection) into defense platforms for military customers. Professional services and integration support for government defense programs.
- Third-Party OEM Integration: Following the Quaze acquisition, Red Cat generates revenue from selling wireless power technology to third-party OEM robotics platforms, creating new revenue channels beyond proprietary systems.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Government/Military Drone Systems |
| Unit Pricing | Multi-year contract | Defense Contract Pricing |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Red Cat product offering
Product offeringCore offering
Red Cat Holdings designs, manufactures, and integrates autonomous drone systems and uncrewed surface vessels for military and government customers. Its portfolio spans the Black Widow short-range reconnaissance sUAS (U.S. Army SRR Program of Record), the Hellcat dual-use sUAS, the Edge 130 tricopter, FANG FPV drones, and Blue Ops Variant 7 USVs, complemented by Apium multi-agent autonomy and Quaze wireless power technologies.
Product overview
Red Cat Holdings is an all-domain operations defense technology company offering a portfolio of autonomous drone systems and related capabilities. The core product line includes the Black Widow ISR drone (U.S. Army SRR Program of Record), Hellcat dual-use sUAS built on Black Widow, Edge 130 extended-range tricopter, and FANG FPV drones. The company has expanded into maritime domain through Blue Ops Variant 7 USVs, and into autonomous swarming via Apium Swarm Robotics acquisition. Wireless power capabilities were added through Quaze Technologies acquisition (QU6). The Arachnid Family of Systems provides the overarching ISR and precision strike framework, while the Futures Initiative enables partnerships with third-party technology providers (Kymeta, Arastelle, Palantir, Safe Pro) for integrated solutions. All products are designed for defense and security applications with emphasis on GPS-denied operations and modular open architecture.
Differentiator
Problem solved
Functional benefit
Brands
- ARACHNID™: Family of ISR and precision strike drones providing sensor-to-shooter capabilities with low cost portable drones
- Black Widow™
- Hellcat™
- Edge 130
- FANG™
- Teal Drones
- Blue Ops
- Apium Swarm Robotics
- Quaze Technologies
- FlightWave
- Red Cat Futures Initiative
- WEB
Products and services
- Black Widow sUAS Short-range reconnaissance small unmanned aircraft system (sUAS) selected as the U.S. Army's SRR Program of Record; provides ISR capabilities for frontline operators with modular open systems architecture, GPS-denied operation, and 11 km range. Manufactured in Salt Lake City, UT by Teal Drones.
- Hellcat sUAS Dual-use small unmanned aircraft system built on the proven Black Widow platform, designed for rapidly evolving defense and national security missions with GPS-denied operation capability, over 50 minutes flight time, and modular open systems architecture.
- Edge 130 Tricopter Military-grade tricopter for extended short-range mapping, inspection, surveillance, and reconnaissance with vertical take-off and landing, hover and forward flight modes, and quick, tool-free swapping of mapping and ISR payloads.
- FANG FPV Drone First Person View (FPV) drones designed for rapid deployment in precision strike and reconnaissance applications; modular design enables deployment from various carrier platforms including AeroVironment's P550 UAS.
- Blue Ops Variant 7 USV Uncrewed surface vessel for maritime ISR, force protection, and mission-adaptable operations. U.S.-built with proprietary semi-autonomous command and control, integrated with Kymeta satellite communications and Steyr engine for defense missions.
- Apium Swarm Robotics Autonomy Stack Distributed autonomy stack enabling multiple robotic platforms (drones and USVs) to dynamically coordinate, adapt to mission changes, and complete objectives without continuous operator input in GPS- and communications-denied environments.
- Quaze QU6 Wireless Power System Wireless power transfer technology (QU6) enabling autonomous recharging of unmanned systems, drones, and autonomous machines without physical connectors or precise alignment, supporting persistent operations across air, land, and maritime domains.
Quantifiable outcome
- 849% YoY revenue growth in Q1 2026
- +5 more outcomes
Companies that use Red Cat
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
Red Cat technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability6 records
Feature6 records
Red Cat partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered flagship and core.
- NearS LabflagshipPartnership between NearS Lab and Red Cat Holdings for North American market entry. NearS Lab develops defense drone products including KAiDEN hard-kill solution and XAiDEN swarm suicide drone, seeking Red Cat's U.S. market access for Korean defense technology.
- Safe Pro GroupcoreIntegration of Safe Pro's InFlight AI threat detection technology with Black Widow drones for U.S. Army. NODE system detects 150+ explosive threat types from drone imagery using patented SPOTD technology. $742,000 U.S. Army order for Threat Analysis Kit integrated with Black Widow.
- Quaze TechnologiescoreCompleted acquisition of Quebec-based Quaze Technologies, adding wireless power transfer technology to Red Cat's autonomous systems portfolio. Quaze's QU6 enables wireless charging without connectors or precise alignment for drones and robots in contested environments. Quaze operates as an independent business unit while expanding to third-party OEM platforms.
- KymetacoreKymeta joined Red Cat Futures Initiative to integrate flat-panel satellite communications technology into Blue Ops Variant 7 USV. Provides multi-orbit connectivity (GEO, LEO, MEO) for resilient communications in contested environments. Demonstrated at SOF Week Tampa 2026.
- Arastelle Drone SolutionscoreArastelle joined Red Cat Futures Initiative to develop tethered UAS solutions integrating modular tethering technology with Red Cat's drone platforms. Enhances persistent ISR, communications relay, and extended operational capabilities. Successfully demonstrated integrated tethered capabilities.
- HADDYcorePartnership between Blue Ops and HADDY for robotic 3D printing manufacturing of unmanned surface vessels. Deploys AI-powered robotic production systems at Valdosta, Georgia facility. Doubles manufacturing capacity and accelerates design-to-deployment timelines using distributed microfactory network.
- Spetstechnoexport (Ukraine)flagshipStrategic partnership with Ukraine's state-owned defense enterprise to develop unmanned and robotic systems across air, land, and maritime domains. The partnership aims to support technology integration, expand production, and facilitate access to defense innovations in global markets following joint events in Ukraine.
- Apium Swarm RoboticscoreCompleted acquisition of Apium Swarm Robotics, a California-based developer of distributed control systems for autonomous swarming drones and USVs. Apium operates as independent company within Red Cat while developing multi-agent autonomy architecture for integration across Red Cat's Family of Systems.
- Palantir TechnologiescoreRed Cat completed flight testing of Palantir's VNav visual navigation software on Black Widow drone. Demonstrated GPS-denied navigation capability using visual-based navigation for U.S. Army SRR program applications.
- AeroVironmentcorePartnership to enable Red Cat's FANG FPV drones to be deployed from AeroVironment's P550 eVTOL UAS. Development of marsupial configuration enabling P550 to carry and release FANG from modular CLIK interface.
Scale indicators14 records
Recent moves6 records
Expansion highlights8 records
Red Cat competitors and assessment
Company assessmentDirect peers
- AeroVironment: Leading U.S. defense sUAS manufacturer (Switchblade, Puma, Raven) with overlapping tactical ISR and loitering munition offerings. Most directly comparable peer given shared defense customer base, sUAS portfolio, and partnership relationship (Red Cat's FANG deploys from AeroVironment's P550).
- Kratos Defense & Security Solutions: Defense manufacturer of tactical UAS (XQ-58 Valkyrie, MQM-178 Firejet) and target drones serving U.S. DoD. Comparable on low-cost attritable UAS positioning and pursuit of Drone Dominance-style high-volume defense programs.
- Tekever: European sUAS manufacturer (AR3, AR4) with strong Ukraine battlefield validation and expansion into NATO markets. Comparable to Red Cat's Black Widow on tactical ISR positioning and Ukraine-driven demand.
Emerging players
- Anduril Industries: Defense technology company building autonomous systems (Roadrunner, Ghost Shark, Bolt) for U.S. and allied militaries. Directly comparable on Lattice platform integration with Red Cat's Black Widow and on the Family of Systems positioning.
- Shield AI: AI-pilot autonomy company (Hivemind) fielding V-BAT VTOL UAS for U.S. and allied militaries. Comparable in autonomy-first approach and contested-environment (GPS-denied) positioning relative to Red Cat's Apium stack.
- Skydio: U.S.-based autonomous sUAS manufacturer with defense and security offerings (X10, R10). Comparable on domestic sUAS manufacturing, autonomy stack, and recent pivot into defense after commercial drone leadership.
- Helsing: European defense AI company (HX-2 strike drone, maritime autonomy) operating in adjacent NATO allied markets. Comparable on AI/autonomy positioning in contested environments and rapid European defense market expansion.
Broad incumbents
- General Atomics Aeronautical Systems: Established manufacturer of military UAS (MQ-9 Reaper, MQ-1C Gray Eagle) for U.S. and allied forces. Provides scale of comparison for ISR drone programs and demonstrates the long-term program-of-record revenue model Red Cat is targeting with Black Widow.
- Northrop Grumman: Major U.S. defense prime with broad UAS portfolio (MQ-8 Fire Scout, RQ-4 Global Hawk). Provides macro benchmark for defense procurement relationships and overall U.S. defense market dynamics relevant to Red Cat's SRR program position.
- L3Harris Technologies: Large defense prime with ISR, maritime autonomy (ASW USVs), and tactical communications relevant to Red Cat's Blue Ops USV and Kymeta satcom partnerships. Comparable on defense procurement scale and program-of-record dynamics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Red Cat social profiles
Digital presenceRed Cat financial estimates
Financial estimateRevenue estimate
Valuation estimate
Red Cat leadership team
Management profileNumber of profiles
Profiles3 records
Red Cat subsidiaries and ownership
Company hierarchySubsidiaries5 records
Red Cat funding detail
Funding detailFunding overview
Funding rounds6 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Red Cat M&A and investment
M&A and investmentM&A7 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Red Cat
What does Red Cat do?
Red Cat Holdings designs, manufactures, and integrates autonomous drone systems and uncrewed surface vessels for military and government customers. Its portfolio spans the Black Widow short-range reconnaissance sUAS (U.S. Army SRR Program of Record), the Hellcat dual-use sUAS, the Edge 130 tricopter, FANG FPV drones, and Blue Ops Variant 7 USVs, complemented by Apium multi-agent autonomy and Quaze wireless power technologies.
Is Red Cat a public or private company?
Red Cat is a public company. It is classified as public and is currently operating.
When was Red Cat founded?
Red Cat was founded in 2018. It employs 251 to 500 people.
Where is Red Cat based?
Red Cat is headquartered in San Juan, Puerto Rico, in the Latin America region.
How does Red Cat make money?
Three revenue lines are on record. Military/Government Drone Hardware Sales are the primary driver. The others are defense Systems Integration and third-Party OEM Integration.
Who are Red Cat's main competitors?
Direct peers on record are AeroVironment, Kratos Defense & Security Solutions and Tekever. Emerging players are Anduril Industries, Shield AI, Skydio and Helsing. Broad incumbents are General Atomics Aeronautical Systems, Northrop Grumman and L3Harris Technologies.
Does Red Cat have an API?
No public API is recorded for Red Cat.
What industry is Red Cat in?
Red Cat's product category is Autonomous Defense Drone Systems. Its primary akta.pro industry code is IMABAMAC, Military Unmanned Aircraft Systems (UAS) & Autonomous Aerial Platforms, with a secondary code of IMABAIAA, Small Unmanned Aerial Systems (sUAS) & Multirotor Drones. Its NAICS code is 334511 and its SIC code is 3812.