---
schema_version: "secwatch.filing_event.v1"
accession: "0001554795-24-000063"
form_type: "8-K"
ticker: "RCAT"
cik: "0000748268"
company_name: "Red Cat Holdings, Inc."
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T16:17:46.518735+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Red Cat reports record Q3 revenue $5.8M (+250% YoY); CFO Hernon retires, Lunger appointed interim CFO

## Summary
- Q3 FY2024 revenue $5.8M, up 250% YoY and 49% sequentially; funded backlog $5.1M.
- Sold Consumer segment for 4.25M UMAC shares, $1M cash, and a $2M note.
- Guidance Q4 revenue $7M, another record; focus on Teal Drones and Enterprise segment.
- CFO Joseph Hernon resigns effective March 15, transitions to consultant; Leah Lunger appointed Interim CFO at $230K salary.
- Teal 2 finalist for US Army SRR program with $3M extended contract; received $750K Utah grant.

## SEC filing metadata
- accession: 0001554795-24-000063
- form_type: 8-K
- ticker: RCAT
- cik: 0000748268
- company_name: Red Cat Holdings, Inc.
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/0001554795-24-000063-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/rcat0318form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001554795-24-000063
- JSON: https://secwatch.observer/filing/0001554795-24-000063.json
- Plain text: https://secwatch.observer/filing/0001554795-24-000063.txt

## Key facts
- Earnings Releases
  Red Cat Holdings, Inc. reported the quarter ended January 31, 2024 results: revenue $5.8 million. Guidance raised.
  - Period: the quarter ended January 31, 2024
  - Revenue: $5.8 million
  - Guidance: raised
  - Result: reported results
  source text: Record revenues of $5.8 million for fiscal third quarter ending January 31, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/0001554795-24-000063-index.htm
- Earnings Releases
  Red Cat Holdings, Inc. reported the upcoming fourth quarter results: revenue $7 million. Guidance raised.
  - Period: the upcoming fourth quarter
  - Revenue: $7 million
  - Guidance: raised
  - Result: guidance update
  source text: Our guidance for the upcoming fourth quarter of $7 million will be another record quarter
  evidence_url: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/0001554795-24-000063-index.htm
- Executive change
  Joseph Hernon resigned as Chief Financial Officer at Red Cat Holdings, Inc..
  - Action: resigned
  - Role: Chief Financial Officer
  source text: Under the Addendum, effective as of March 15, 2024, Mr. Hernon shall resign without Good Reason (as defined in the Hernon Employment Agreement) as the Chief Financial Officer of the Company, and shall instead provide consulting services to the Company pursuant to the terms of the Hernon Consulting Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/0001554795-24-000063-index.htm
- Executive change
  Leah Lunger was appointed as Interim Chief Financial Officer at Red Cat Holdings, Inc..
  - Action: appointed
  - Role: Interim Chief Financial Officer
  source text: In connection with Mr. Hernon’s transition to a consulting role, effective as of March 15, 2024, the Company appointed Leah Lunger as its Interim Chief Financial Officer, interim principal financial officer and interim principal accounting officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/748268/000155479524000063/0001554795-24-000063-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.