Red Cat Q2 revenue surges 527% YoY to $20.2M; gross margin improves 39% YoY

Red Cat Holdings, Inc.

Q2 revenue $20.2M (+527% YoY); gross profit $3.3M (+$2.9M YoY); gross margin 16.1% (+39% YoY, +27% sequentially).
Cash at June 30, 2026: $325.6M (up from $167.9M at Dec 31, 2025); inventory $84.8M (up from $30.4M).
Reaffirmed FY2026 revenue target of $150M-$180M.
Advanced to Gauntlet II of Drone Dominance program; completed acquisition of Quaze Technologies for wireless power transfer.
Secured new orders from U.S. Air Force Security Forces; Blue Ops scaled to full-rate production for USV.

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