RCATRed Cat Holdings, Inc.
Services-Prepackaged Software
- Revenue
- $41M
- 128% YoY
- Operating margin
- -163.5%
- 51% YoY
- EBITDA
- −$64M
- 260% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$65M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired26% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear9% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5M | $6M | $1M | $18M | $41M | 128% |
| Operating income | — | — | −$26M | −$19M | −$67M | 245% |
| Net income | −$13M | −$12M | −$27M | −$24M | −$72M | 200% |
| Operating cash flow | −$1M | −$16M | −$29M | −$18M | −$89M | 403% |
| Capex | — | $364K | $2M | $259K | $7M | 2466% |
| Stock-based comp | $3M | $3M | $4M | $4M | $11M | 193% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 2
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $263K | 391 | — |
| FY2024 | $2M | $2M | 38 | — |
| FY2023 | $826K | $826K | 22 | — |