Red Cat Holdings, Inc.

Red Cat Holdings is a Nasdaq-listed holding company that buys and runs American drone and robotics businesses rather than manufacturing under one brand. The structure has changed a great deal. Rotor Riot and Fat Shark, the consumer first person view lines, went to Unusual Machines in February 2024 so the group could concentrate on defense. Skypersonic, acquired in 2021 for remote inspection flying, had its technology redirected to military use and its operations folded into Teal. What remains is four operating companies. Teal Drones builds the core aircraft in South Salt Lake, Utah, FlightWave Aerospace covers longer endurance commercial and dual-use designs, Blue Ops handles the maritime domain, and Apium Swarm Robotics, bought in March 2026, supplies autonomy. Corporate offices now sit in South Salt Lake next to Teal's plant, after years of the holding company being run out of Puerto Rico.

Teal is the center of the business. Black Widow is a rucksack-portable short range reconnaissance quadcopter designed to fly in jammed and GPS-denied conditions, and the Army selected it for production under the Short Range Reconnaissance program of record, succeeding the earlier Teal 2. Orders have come from well outside that program since. A NATO ally picked Black Widow on a competitive tender in March 2026 for delivery inside the year, the system was admitted to the NATO Support and Procurement Agency catalogue, and the Air Force placed a 2.49 million dollar firm fixed price order to evaluate it against its own Teal 2 fleet. Hellcat, shown at Eurosatory in June 2026, is the global configuration built on the same airframe, quoted at more than fifty minutes of endurance and eleven kilometres of range, with GPS-denied operation from power on and a field repairable design shaped by Red Cat's work in Ukraine.

FlightWave brings the Edge 130, a tricopter that transitions to fixed-wing cruise for mapping, inspection and long endurance surveillance, and it won a place on the Defense Innovation Unit Blue UAS Refresh list alongside Black Widow. FANG is the first person view attack aircraft, the cheap one-way class that the war in Ukraine turned into a procurement category of its own. Blue Ops moved the Variant 7 uncrewed surface vessel into full rate American production in May 2026. Apium ties the rest together with a distributed control architecture for swarming that lets many aircraft or boats coordinate when links degrade, and Red Cat is integrating it across air, land and sea platforms. Ground control software and operator training are sold with the hardware.

The financials are still small against the ambition. First quarter 2026 revenue reached 15.5 million dollars against 1.6 million a year earlier, and management has held to a full year range of 150 to 180 million dollars on the back of a production capacity increase it puts at 520 percent. Regulation is doing some of the work. Section 1709 of the fiscal 2025 defense authorization act restricts foreign-made drone components, which thins out the field of competitors able to sell into American units.