RCAT Red Cat Holdings, Inc. - Common Stock
$9.71
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$6–$19
30% of range
Analyst Rating
BUY
12 analysts
Price Target
$18
+89% upside
P/E (TTM)
-13.3
ROE
-42.2%
Net Profit Margin
-177.0%
RCAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.71
Market Cap
$1.17B
P/E (TTM)
-13.3
EPS (TTM)
$-0.73
Revenue (TTM)
$41M
Div Yield
—
ROE
-42.2%
Debt/Equity
0.0
52W Range
$6 – $19
RCAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$41M
2018-12-31
→
2025-12-31
EPS
$-0.73
2017-12-31
→
2025-12-31
Free Cash Flow
$-96M
2018-12-31
→
2025-12-31
Margins
-177.0%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RCAT
Peer Median
P/E (TTM)
-13.3
31.2
P/S (TTM)
28.6
3.2
P/B
4.7
2.7
EV / EBITDA
-15.5
—
Price / FCF
-12.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RCAT
Peer Median
Gross Margin
3.1%
26.8%
Operating Margin
-163.5%
—
Net Profit Margin
-177.0%
0.95%
ROA
-43.8%
1.1%
ROE
-42.2%
2.6%
ROIC
-27.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RCAT
Peer Median
Debt / Equity
0.0
14.7
Current Ratio
15.3
2.6
Quick Ratio
13.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RCAT
Peer Median
Revenue YoY
286.0%
—
Revenue CAGR 3Y
106.6%
—
Revenue CAGR 5Y
52.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RCAT
Peer Median
RCAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 8 66.7%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-20
Median
$17.50
Mean
$18.33
← Below all targets
$9.71
Low
$15.00
High
$25.00
Median target
$17.50
+80.2%
Mean target
$18.33
+88.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.26 | $-0.21 | -0.05% |
| March 31, 2026 | $-0.22 | $-0.13 | -0.09% |
| Dec. 31, 2025 | $-0.17 | $-0.15 | -0.02% |
| Sept. 30, 2025 | $-0.19 | $-0.10 | -0.09% |
| June 30, 2025 | $-0.15 | $-0.12 | -0.03% |
| March 31, 2025 | $-0.27 | $-0.11 | -0.16% |
| June 30, 2024 | $-0.09 | $-0.05 | -0.04% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41M | · | $5M | $6M | $5M | $403.9K | · | $105.1K | · | $203.6K | $59.4K | |
| Cost of Revenue | $39M | · | $5M | $6M | $4M | $325.4K | · | · | $280 | · | $49.8K | |
| Gross Profit | $1M | · | $-834.3K | $925.5K | $1M | $78.6K | · | $-246.7K | · | $203.6K | $9.6K | |
| R&D Expense | $18M | · | $6M | $3M | $516.1K | $489.0K | $366.6K | · | · | $860.5K | · | |
| SG&A Expense | $37M | · | $12M | $6M | $1M | $949.6K | $384.7K | · | · | · | · | |
| Operating Expenses | $68M | · | $25M | $14M | $6M | $2M | $751.3K | $2M | $1M | $2M | $248.7K | |
| Operating Income | $-67M | · | $-26M | · | · | $-2M | $-751.3K | $-2M | $-1M | $-1M | $-239.0K | |
| Interest Expense | · | · | $122.0K | $147.7K | $1M | $29.2K | · | · | · | · | $104.8K | |
| Interest Income | · | · | · | · | · | · | · | $10.6K | · | $3 | · | |
| Other Non-op | $487.0K | · | $-1M | $1M | $-8M | $28.0K | · | $-1M | $4M | $-2M | $-3M | |
| Pretax Income | $-72M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $443.0K | · | · | · | · | · | · | · | · | · | $0 | |
| Net Income | $-72M | · | $-28M | $-12M | $-13M | $-2M | $-751.3K | $-3M | $1M | $-3M | $-4M | |
| EPS (Basic) | $-0.73 | · | · | · | · | · | · | $-0.02 | $0.06 | $-0.12 | $-0.16 | |
| EPS (Diluted) | $-0.73 | · | · | · | · | · | · | $-0.02 | $0.04 | $-0.12 | $-0.15 | |
| Shares (Basic) | 98,957,000 | · | · | · | · | · | · | 196,802,751 | 46,421,363 | 41,981,212 | 21,901,314 | |
| Shares (Diluted) | 98,957,000 | · | · | · | · | · | · | 196,802,751 | 69,720,326 | 41,981,212 | 21,901,314 | |
| EBITDA | $-64M | · | · | · | · | $-2M | · | $-2M | · | · | $-239.0K |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $168M | $9M | $3M | $4M | $277.3K | $236.7K | $503.4K | $5.8K | $559.2K | $225.4K | $3.2K | |
| Receivables | $26M | $489.0K | $719.9K | $495.5K | $321.7K | · | · | $938 | · | · | $624 | |
| Inventory | $23M | $13M | $9M | $4M | $362.1K | $78.7K | · | · | · | · | · | |
| Prepaid Expense | $3M | $3M | $359.5K | $2M | $478.9K | · | · | · | · | · | · | |
| Other Current Assets | · | · | $1M | $2M | $678.9K | $3.0K | $100.0K | · | · | · | · | |
| Current Assets | $227M | $26M | $32M | $56M | $2M | $318.3K | $603.4K | $170.7K | $690.5K | $499.8K | $7.3K | |
| PP&E (Net) | $8M | $2M | $3M | $511.7K | · | · | · | $91.7K | · | $38.7K | $21.8K | |
| PP&E (Gross) | · | $2M | $1M | $509.4K | · | · | · | $192.3K | · | $63.0K | $28.9K | |
| Accum. Depreciation | $1M | $2M | $342.7K | $189.8K | · | · | · | $45.6K | · | $24.3K | $7.1K | |
| Goodwill | $18M | $18M | $17M | $25M | $8M | $2M | · | · | · | · | $0 | |
| Intangibles | $7M | $8M | $7M | $3M | $2M | $20.0K | · | · | · | · | $100.0K | |
| Other Non-current Assets | $1M | $310.0K | $303.2K | $57.0K | $3.9K | $3.9K | · | · | · | · | · | |
| Total Assets | $274M | $56M | $61M | $85M | $12M | $3M | $603.4K | $262.4K | $750.2K | $583.4K | $129.0K | |
| Accounts Payable | $4M | $2M | $1M | $1M | $541.9K | $249.1K | $20.9K | $139.0K | $144.7K | $34.5K | $59.2K | |
| Accrued Liabilities | $5M | $1M | $409.4K | $1M | $614.0K | $89.3K | $15.1K | $495.0K | $290.5K | · | · | |
| Short-term Debt | $350.0K | $350.0K | $922.1K | $956.9K | $269.0K | $118.8K | · | $75.0K | · | · | $110.9K | |
| Current Liabilities | $15M | $4M | $4M | $5M | $5M | $829.3K | $790.7K | $3M | $2M | $34.5K | $312.7K | |
| Capital Leases | $13M | $1M | $1M | $749.8K | · | · | · | · | · | · | · | |
| Deferred Tax | $443.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $28M | $5M | · | · | · | · | $790.7K | $3M | $3M | $4M | $312.7K | |
| Total Debt | $350.0K | · | $1M | $2M | · | $118.8K | · | $75.0K | · | · | $110.9K | |
| Common Stock | $120.0K | $85.0K | $54.6K | $53.7K | $29.4K | $20.0K | $179 | $235.5K | $47.3K | $44.5K | $22.8K | |
| Paid-in Capital | $443M | $175M | $113M | $107M | $21M | $4M | $784.4K | $3M | $-666.1K | $-2M | $25M | |
| Retained Earnings | $-197M | $-125M | $-57M | $-27M | $-16M | $-3M | $-971.8K | $-5M | $-3M | $-4M | $-25M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | · | · | $-861.1K | $-1M | · | · | · | · | · | · | · | |
| Stockholders' Equity | $246M | $50M | $55M | $79M | $5M | $2M | $-187.3K | $-3M | $-3M | $-4M | $-242.6K | |
| Liabilities + Equity | $274M | $56M | $61M | $85M | $12M | $3M | $603.4K | $262.4K | $750.2K | $583.4K | $129.0K | |
| Shares Outstanding | 120,070,000 | 85,215,136 | 54,568,065 | 53,748,735 | 29,431,264 | 20,011,091 | 179,292 | 235,460,470 | 47,269,804 | 44,520,065 | 22,787,964 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | · | · | · | · | · | · | · | $12.6K | $12.3K | · | |
| Stock-based Comp | · | · | $4M | $3M | $3M | $269.9K | · | · | · | · | $0 | |
| Deferred Tax | $443.0K | · | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $2M | · | $654.5K | $224.6K | $36.8K | · | · | · | · | · | · | |
| Other Non-cash | $-20M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-89M | · | $-24M | $-16M | $-1M | $-811.6K | $-753.4K | $-943.6K | $-1M | $-2M | $-112.5K | |
| CapEx | $7M | · | $2M | $363.7K | · | · | · | $974.3K | · | $8.7K | $0 | |
| Investing Cash Flow | · | · | $30M | $-47M | $-48.4K | $46.3K | · | $-849.8K | $86.4K | $-8.3K | $0 | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | $79.0K | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | $79.0K | |
| Stock Issued | $249M | · | · | $70M | · | · | · | · | · | · | · | |
| Net Stock Activity | $249M | · | · | $70M | · | · | · | · | · | · | · | |
| Financing Cash Flow | · | · | $-1M | $66M | $1M | $498.5K | $686.5K | $1M | $2M | $2M | $118.3K | |
| Net Change in Cash | · | · | $-824.5K | $4M | $40.7K | $-266.8K | $-66.9K | $-553.5K | $333.9K | $222.2K | · | |
| Taxes Paid | $0 | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-96M | · | $-32M | $-16M | · | · | · | $-2M | · | · | $-112.5K |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.1% | · | -3.4% | 14.4% | · | 19.4% | · | -234.7% | · | · | 16.2% | |
| Operating Margin | -163.5% | · | · | · | · | -410.7% | · | -1979.0% | · | · | -402.4% | |
| Net Margin | -177.0% | · | -273.3% | -181.8% | · | -396.6% | · | -2514.3% | · | · | -5972.0% | |
| Pretax Margin | -175.9% | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -157.9% | · | · | · | · | -410.7% | · | -1979.0% | · | · | -402.4% | |
| ROA | -43.8% | · | -37.3% | -24.2% | · | -93.9% | · | -522.1% | · | · | -416.7% | |
| ROE | -42.2% | · | -45.3% | -14.5% | · | -95.0% | · | 235.2% | · | · | -656.1% | |
| ROIC | -27.2% | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.3 | · | 6.8 | 10.2 | · | 0.4 | · | 0.1 | · | · | 0.0 | |
| Quick Ratio | 13.1 | · | 0.8 | 0.8 | · | 0.3 | · | 0.0 | · | · | 0.0 | |
| Debt / Equity | 0.0 | · | 0.0 | 0.0 | · | 0.1 | · | -0.0 | · | · | -0.6 | |
| LT Debt / Equity | · | · | 0.0 | 0.0 | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | -2.3 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | 0.1 | 0.1 | · | 0.2 | · | 0.2 | · | · | 0.1 | |
| Inventory Turnover | 2.2 | · | 1.3 | 2.6 | · | 8.3 | · | · | · | · | · | |
| Receivables Turnover | 3.1 | · | 15.5 | 15.7 | · | · | · | 224.2 | · | · | 95.2 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | -28.1% | 28.6% | 1137.7% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 106.6% | · | 125.3% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 52.1% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $41M | · | $5M | $6M | $5M | $403.9K | · | $105.1K | $59.4K | $203.6K | $59.4K | |
| Net Income TTM | $-72M | · | $-28M | $-12M | $-13M | $-2M | · | $-3M | $1M | $-3M | $-4M | |
| Market Cap | $952M | · | $48M | $109M | · | $30M | · | $565M | · | · | $5.47B | |
| Enterprise Value | $785M | · | $46M | $107M | · | $30M | · | $565M | · | · | $5.47B | |
| P/E | -10.9 | · | -88.5 | -203.0 | -404.0 | -150.0 | · | -120.0 | 870.0 | -8480.0 | -1600.0 | |
| P/S | 23.4 | · | 10.5 | 17.0 | · | 74.3 | · | 5375.3 | · | · | 92066.4 | |
| P/B | 3.9 | · | 0.9 | 1.4 | · | 19.6 | · | -225.4 | · | · | -29770.5 | |
| P / Tangible Book | 4.3 | · | 1.6 | 2.1 | · | · | · | · | · | · | · | |
| P / Cash Flow | -10.7 | · | -1.7 | -6.8 | · | -37.0 | · | -598.9 | · | · | -48595.7 | |
| P / FCF | -9.9 | · | -1.5 | -6.7 | · | · | · | -294.6 | · | · | -48595.7 | |
| EV / EBITDA | -12.2 | · | · | · | · | -18.0 | · | -271.6 | · | · | -22880.1 | |
| EV / FCF | -8.2 | · | -1.5 | -6.5 | · | · | · | -294.7 | · | · | -48596.7 | |
| EV / Revenue | 19.3 | · | 10.0 | 16.6 | · | 74.0 | · | 5376.0 | · | · | 92068.1 | |
| Earnings Yield | -9.2% | · | -1.1% | -0.49% | -0.25% | -0.67% | · | -0.83% | 0.11% | -0.01% | -0.06% |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20M | $15M | $26M | $10M | $3M | $2M | $1M | $4M | $7M | $4M | $1M | $2M | |
| Cost of Revenue | $17M | $14M | $25M | $9M | $3M | $2M | $2M | $825.9K | $5M | $3M | $2M | $2M | |
| Gross Profit | $3M | $2M | $1M | $637.5K | $375.0K | $-850.0K | $-392.0K | $3M | $1M | $1M | $-943.4K | $-96.9K | |
| R&D Expense | $14M | $8M | $5M | $6M | $4M | $3M | $2M | $1M | $3M | $2M | $3M | $1M | |
| SG&A Expense | $21M | $17M | $17M | $9M | $6M | $5M | $4M | $1M | $3M | $3M | $8M | $1M | |
| Operating Expenses | $42M | $29M | $25M | $18M | $13M | $12M | $8M | $2M | $7M | $6M | $9M | $5M | |
| Operating Income | $-39M | $-27M | $-24M | $-18M | $-13M | $-12M | $-8M | $562.1K | $-6M | $-5M | $-11M | $-5M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $19.7K | $25.2K | $28.7K | |
| Other Non-op | $1M | $754.0K | $9M | $441.8K | $0 | $-11M | $33.6K | $-675.8K | $491.0K | $-352.0K | $-1M | $-151.8K | |
| Pretax Income | $-35M | $-27M | $-20M | $-15M | $-13M | $-23M | $-12M | $4M | · | · | · | · | |
| Income Tax | $23.0K | $5.0K | $-251.6K | $694.6K | $0 | $0 | $0 | $0 | · | · | · | · | |
| Net Income | $-35M | $-27M | $-20M | $-16M | $-13M | $-23M | $-12M | $3M | $-7M | $-6M | $-12M | $-6M | |
| EPS (Basic) | $-0.26 | $-0.22 | $-0.15 | $-0.16 | $-0.15 | $-0.27 | $-0.16 | $-0.04 | $-0.09 | · | · | · | |
| EPS (Diluted) | $-0.26 | $-0.22 | $-0.15 | $-0.16 | $-0.15 | $-0.27 | $-0.16 | $-0.04 | $-0.09 | · | · | · | |
| Shares (Basic) | 136,888,000 | 120,846,000 | -177,425,034 | 99,581,172 | 91,295,000 | 85,506,000 | 75,743,971 | -164,077,168 | 74,204,622 | · | · | · | |
| Shares (Diluted) | 136,888,000 | 120,846,000 | -177,425,034 | 99,581,172 | 91,295,000 | 85,506,000 | 75,743,971 | -164,077,168 | 74,204,622 | · | · | · | |
| EBITDA | $-39M | $-26M | · | $-18M | $-13M | $-12M | · | · | · | · | · | · |
Balance Sheet 29
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $326M | $132M | $168M | $206M | $66M | $8M | · | · | · | $1M | $3M | $4M | |
| Receivables | $10M | $11M | $26M | $6M | $1M | $2M | · | · | · | $3M | $719.9K | $2M | |
| Inventory | $73M | $51M | $23M | $23M | $16M | $14M | · | · | · | $9M | $9M | $9M | |
| Prepaid Expense | $5M | $4M | $3M | $6M | · | · | · | · | · | $2M | $359.5K | $3M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $3M | $1M | $5M | |
| Current Assets | $425M | $210M | $227M | $249M | $92M | $29M | · | · | · | $23M | $32M | $41M | |
| PP&E (Net) | $19M | $14M | $8M | $3M | $2M | $2M | · | · | · | $3M | $3M | $2M | |
| PP&E (Gross) | · | · | · | · | $2M | $2M | · | · | · | $1M | $1M | $1M | |
| Accum. Depreciation | $3M | $2M | $1M | $2M | $2M | $2M | · | · | · | $565.1K | $342.7K | $379.5K | |
| Goodwill | $45M | $32M | $18M | $18M | $18M | $18M | · | · | · | $17M | $17M | $20M | |
| Intangibles | $22M | $12M | $7M | $7M | $8M | $8M | · | · | · | $7M | $7M | $8M | |
| Other Non-current Assets | $3M | $1M | $1M | $1M | $363.1K | $363.1K | · | · | · | $303.2K | $303.2K | $307.0K | |
| Total Assets | $527M | $282M | $274M | $286M | $121M | $60M | · | · | · | $51M | $61M | $71M | |
| Accounts Payable | $13M | $9M | $4M | $3M | $1M | $2M | · | · | · | $2M | $1M | $2M | |
| Accrued Liabilities | $8M | $6M | $5M | $6M | $2M | $1M | · | · | · | $643.2K | $409.4K | $392.5K | |
| Short-term Debt | $892.0K | $350.0K | $350.0K | $350.0K | $350.0K | $350.0K | · | · | · | $953.8K | $922.1K | $908.7K | |
| Current Liabilities | $29M | $19M | $15M | $24M | $24M | $29M | · | · | · | $4M | $4M | $5M | |
| Capital Leases | $13M | $12M | $13M | $8M | $2M | $2M | · | · | · | $221.4K | $1M | $509.5K | |
| Deferred Tax | $3M | $443.0K | $443.0K | $694.6K | · | · | · | · | · | · | · | · | |
| Total Liabilities | $56M | $43M | $28M | $33M | $26M | $31M | · | · | · | · | · | · | |
| Long-term Debt | $892.0K | $350.0K | · | · | · | · | · | · | · | · | · | · | |
| Total Debt | $892.0K | $350.0K | · | $350.0K | $350.0K | $350.0K | · | · | · | $1M | · | $1M | |
| Common Stock | $153.0K | $122.0K | $120.0K | $118.2K | $98.5K | $85.6K | · | · | · | $55.6K | $54.6K | $54.4K | |
| Paid-in Capital | $730M | $462M | $443M | $430M | $257M | $177M | · | · | · | $112M | $113M | $109M | |
| Retained Earnings | $-259M | $-223M | $-197M | $-177M | $-161M | $-148M | · | · | · | $-66M | $-57M | $-43M | |
| AOCI | · | · | · | · | · | · | · | · | · | $-205.0K | $-861.1K | $-1M | |
| Stockholders' Equity | $471M | $239M | $246M | $253M | $96M | $29M | · | $44M | · | $46M | $55M | $65M | |
| Liabilities + Equity | $527M | $282M | $274M | $286M | $121M | $60M | · | · | · | $51M | $61M | $71M | |
| Shares Outstanding | 152,690,611 | 121,840,899 | 120,070,000 | 118,162,270 | 98,510,343 | 85,647,618 | · | 74,289,000 | · | 55,649,896 | 54,568,065 | 54,385,461 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $812.0K | · | · | $522.0K | $588.0K | · | · | · | · | · | · | |
| Stock-based Comp | $5M | $5M | · | $4M | $2M | $2M | · | · | · | $1M | · | $788.7K | |
| Deferred Tax | · | · | $-251.6K | · | · | · | · | $0 | · | · | · | · | |
| Amort. of Intangibles | $600.0K | $400.0K | $341.7K | $803.6K | $604.6K | $400.0K | $136.4K | $328.9K | $208.5K | $217.4K | $217.4K | $217.4K | |
| Other Non-cash | · | $-11M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-47M | $-32M | $-36M | $-40M | $-26M | $-16M | $-3M | $-3M | $-4M | $-4M | $-8M | $-3M | |
| CapEx | $6M | $7M | $5M | $1M | $479.7K | $273.0K | $9.8K | $109.3K | $76.0K | $134.8K | $714.3K | $454.9K | |
| Investing Cash Flow | $-6M | $-7M | · | · | $-307.0K | $-273.0K | · | · | · | $5M | · | $10M | |
| Stock Issued | · | · | · | · | · | · | · | $804.4K | · | · | · | · | |
| Financing Cash Flow | $247M | $3M | · | · | $71M | $15M | · | · | · | $-139.7K | · | $-164.2K | |
| Net Change in Cash | $194M | $-36M | · | · | · | $-1M | · | · | · | $462.5K | $-632.9K | $2M | |
| Taxes Paid | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | · | · | · | · | |
| Free Cash Flow | · | $-39M | · | · | · | $-16M | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.2% | 12.7% | · | 6.6% | 11.7% | -52.2% | · | · | · | 30.5% | · | 3.3% | |
| Operating Margin | -191.4% | -176.5% | · | -181.7% | -392.9% | -765.7% | · | · | · | · | · | · | |
| Net Margin | -174.6% | -171.6% | · | -166.0% | -412.6% | -1418.9% | · | · | · | -144.5% | · | -182.4% | |
| Pretax Margin | -174.5% | -171.6% | · | -158.8% | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -191.4% | -171.2% | · | -181.7% | -392.9% | -765.7% | · | · | · | · | · | · | |
| ROA | -10.9% | -15.6% | · | -9.4% | -15.4% | -47.4% | · | · | · | -9.0% | · | -7.0% | |
| ROE | -12.4% | -19.8% | · | -10.6% | -21.7% | -75.4% | · | · | · | -9.9% | · | -7.6% | |
| ROIC | -8.2% | -11.4% | · | -7.2% | · | · | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.9 | 11.0 | · | 10.4 | 3.8 | 1.0 | · | · | · | 5.3 | · | 7.9 | |
| Quick Ratio | 11.7 | 7.5 | · | 8.9 | 2.8 | 0.3 | · | · | · | 1.0 | · | 1.2 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | 0.0 | · | 0.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.0 | · | 0.0 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | · | · | 0.1 | · | 0.0 | |
| Inventory Turnover | 0.4 | 0.4 | · | 0.6 | 0.2 | 0.2 | · | · | · | 0.3 | · | 0.5 | |
| Receivables Turnover | 3.8 | 2.6 | · | 1.7 | 3.0 | 1.5 | · | · | · | 2.0 | · | 2.1 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $49M | $30M | · | $16M | $8M | · | · | · | · | $8M | · | $5M | |
| Net Income TTM | $-91M | $-79M | · | $-66M | $-62M | · | · | · | · | $-24M | · | $-18M | |
| Market Cap | $1.63B | $1.59B | · | $1.22B | $717M | $504M | · | · | · | $48M | · | $66M | |
| Enterprise Value | $1.30B | $1.46B | · | $1.02B | $652M | $496M | · | · | · | $48M | · | $63M | |
| P/E | -13.5 | -16.4 | · | -14.0 | -10.6 | -9.3 | · | · | · | -87.0 | · | -121.0 | |
| P/S | 33.5 | 53.2 | · | 76.3 | 93.4 | · | · | · | · | 6.0 | · | 12.2 | |
| P/B | 3.5 | 6.7 | · | 4.8 | 7.5 | 17.4 | · | · | · | 1.1 | · | 1.0 | |
| P / Tangible Book | 4.0 | 8.2 | · | 5.4 | 10.2 | 157.7 | · | · | · | 2.2 | · | 1.8 | |
| P / Cash Flow | · | -49.9 | · | · | · | -31.7 | · | · | · | · | · | · | |
| P / FCF | · | -41.2 | · | · | · | -31.1 | · | · | · | · | · | · | |
| EV / EBITDA | -33.7 | -55.2 | · | -58.0 | -51.5 | -39.8 | · | · | · | · | · | · | |
| EV / FCF | · | -37.8 | · | · | · | -30.7 | · | · | · | · | · | · | |
| EV / Revenue | 26.8 | 48.8 | · | 63.4 | 84.9 | · | · | · | · | 5.9 | · | 11.7 | |
| Earnings Yield | -7.4% | -6.1% | · | -7.1% | -9.5% | -10.7% | · | · | · | -1.1% | · | -0.83% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2024-04-30 | 2023-04-30 | 2022-04-30 | |
|---|---|---|---|---|---|
| Revenue | $41M | — | $18M | $5M | $6M |
| Gross Margin % | 3.1% | — | 20.6% | -3.4% | 14.4% |
| Operating Margin % | -163.5% | — | -120.7% | — | — |
| Net Income | $-72M | — | $-24M | $-28M | $-12M |
| Diluted EPS | $-0.73 | — | $-0.40 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2024-04-30 | 2023-04-30 | 2022-04-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | — | 0.0 | 0.0 | 0.0 |
| Current Ratio | 15.3 | — | 6.1 | 6.8 | 10.2 |
| Quick Ratio | 13.1 | — | 2.9 | 0.8 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2024-04-30 | 2023-04-30 | 2022-04-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-96M | — | $-18M | $-32M | $-16M |
Latest News Recent headlines mentioning this company
- Red Cat Holdings Inc (RCAT) Expands Defense Portfolio With Drone and Maritime Growth
- Acquisitions Strengthens Red Cat Holdings Inc. (RCAT) Outlook as one of the Most Shorted Mid Cap Stocks to Buy
- Why Did Red Cat Stock Drop Today?
- Why Red Cat Stock Popped Today
- Jim Cramer on Red Cat: “I Think There Are Others That Are Better”
- Why Red Cat Stock Crashed Today | The Motley Fool
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Institutional owners (13F) 320 filers · $815.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 86 (-26 vs prior Q) | 48 (+8 vs prior Q) | 119 (+18 vs prior Q) | 53 (+2 vs prior Q) | +23.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE STREET CORP | $128,773,911 | 12,091,447 | 15.79% | Shares |
| Hood River Capital Management LLC | $112,658,075 | 10,578,223 | 13.82% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $62,421,418 | 5,861,166 | 7.65% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $46,209,285 | 4,338,900 | 5.67% | Call option |
| CITADEL ADVISORS LLC | $34,063,737 | 3,198,473 | 4.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $28,460,433 | 2,671,712 | 3.49% | Shares |
| VAN ECK ASSOCIATES CORP | $26,540,130 | 2,492,031 | 3.25% | Shares |
| JANE STREET GROUP, LLC | $20,679,105 | 1,941,700 | 2.54% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $19,620,495 | 1,842,300 | 2.41% | Put option |
| JANE STREET GROUP, LLC | $17,450,025 | 1,638,500 | 2.14% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $16,945,630 | 1,591,139 | 2.08% | Shares |
| CITADEL ADVISORS LLC | $15,513,855 | 1,456,700 | 1.90% | Call option |
| CITADEL ADVISORS LLC | $13,326,345 | 1,251,300 | 1.63% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,198,901 | 1,051,540 | 1.37% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $11,114,660 | 1,043,630 | 1.36% | Shares |
| Dorsal Capital Management, LP | $10,650,000 | 1,000,000 | 1.31% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $9,861,602 | 925,972 | 1.21% | Shares |
| AWM Investment Company, Inc. | $9,312,999 | 874,460 | 1.14% | Shares |
| FIRST TRUST ADVISORS LP | $8,665,574 | 813,669 | 1.06% | Shares |
| Defiance ETFs, LLC | $7,518,152 | 712,621 | 0.92% | Shares |
| IMC-Chicago, LLC | $7,245,823 | 680,359 | 0.89% | Shares |
| AMERIPRISE FINANCIAL INC | $7,200,008 | 676,055 | 0.88% | Shares |
| SEI INVESTMENTS CO | $6,772,793 | 635,943 | 0.83% | Shares |
| NOMURA HOLDINGS INC | $6,514,605 | 611,700 | 0.80% | Put option |
| D. E. Shaw & Co., Inc. | $5,661,540 | 531,600 | 0.69% | Call option |
| Walleye Trading LLC | $5,497,530 | 516,200 | 0.67% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $5,475,442 | 514,126 | 0.67% | Shares |
| Walleye Trading LLC | $5,176,965 | 486,100 | 0.63% | Put option |
| Vident Advisory, LLC | $5,075,939 | 476,614 | 0.62% | Shares |
| CANTOR FITZGERALD, L. P. | $4,774,981 | 448,355 | 0.59% | Shares |
| NOMURA HOLDINGS INC | $4,607,552 | 432,634 | 0.57% | Shares |
| Clear Street Group Inc. | $4,594,548 | 431,413 | 0.56% | Shares |
| LPL Financial LLC | $4,586,667 | 430,673 | 0.56% | Shares |
| Cedrus Wealth Group LLC | $3,935,952 | 369,573 | 0.48% | Shares |
| WOLVERINE TRADING, LLC | $3,919,728 | 385,800 | 0.48% | Call option |
| NEEDHAM INVESTMENT MANAGEMENT LLC | $3,860,625 | 362,500 | 0.47% | Shares |
| Empowered Funds, LLC | $3,816,449 | 358,352 | 0.47% | Shares |
| MARSHALL WACE, LLP | $3,771,921 | 354,171 | 0.46% | Shares |
| Point72 Asset Management, L.P. | $3,611,415 | 339,100 | 0.44% | Call option |
| WADDELL & ASSOCIATES, LLC | $3,610,238 | 338,989 | 0.44% | Shares |
| Woodline Partners LP | $3,198,866 | 300,363 | 0.39% | Shares |
| XTX Topco Ltd | $2,836,926 | 266,378 | 0.35% | Shares |
| Swiss National Bank | $2,821,185 | 264,900 | 0.35% | Shares |
| GROUP ONE TRADING LLC | $2,790,098 | 261,981 | 0.34% | Shares |
| Kultura Capital Management LP | $2,379,210 | 223,400 | 0.29% | Call option |
| Walleye Capital LLC | $2,289,750 | 215,000 | 0.28% | Put option |
| Point72 Asset Management, L.P. | $2,279,100 | 214,000 | 0.28% | Put option |
| Moors & Cabot, Inc. | $2,274,308 | 213,550 | 0.28% | Shares |
| GOLDMAN SACHS GROUP INC | $2,200,834 | 206,651 | 0.27% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,186,530 | 205,308 | 0.27% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $2,058,219 | 193,260 | 0.25% | Shares |
| Jain Global LLC | $2,053,746 | 192,840 | 0.25% | Shares |
| Walleye Capital LLC | $1,975,990 | 185,539 | 0.24% | Shares |
| PEAK6 LLC | $1,964,925 | 184,500 | 0.24% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,823,018 | 139,268 | 0.22% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,748,432 | 164,172 | 0.21% | Shares |
| WOLVERINE TRADING, LLC | $1,730,248 | 170,300 | 0.21% | Put option |
| Bank of New York Mellon Corp | $1,706,013 | 160,189 | 0.21% | Shares |
| Erste Asset Management GmbH | $1,698,486 | 164,582 | 0.21% | Shares |
| Cetera Investment Advisers | $1,685,778 | 158,289 | 0.21% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,670,304 | 156,836 | 0.20% | Shares |
| WELLS FARGO & COMPANY/MN | $1,668,408 | 156,658 | 0.20% | Shares |
| RHUMBLINE ADVISERS | $1,458,058 | 136,908 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,415,587 | 132,919 | 0.17% | Shares |
| &PARTNERS | $1,364,265 | 128,100 | 0.17% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,308,084 | 99,930 | 0.16% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,269,789 | 119,229 | 0.16% | Shares |
| Walleye Trading LLC | $1,226,518 | 115,166 | 0.15% | Shares |
| WINTON GROUP Ltd | $1,149,029 | 107,890 | 0.14% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $1,118,293 | 105,004 | 0.14% | Shares |
| CITIGROUP INC | $1,085,853 | 101,958 | 0.13% | Shares |
| ExodusPoint Capital Management, LP | $1,065,000 | 100,000 | 0.13% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,057,257 | 99,273 | 0.13% | Shares |
| BlackRock, Inc. | $1,052,646 | 98,840 | 0.13% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $992,654 | 93,207 | 0.12% | Shares |
| ExodusPoint Capital Management, LP | $969,374 | 91,021 | 0.12% | Shares |
| UBS Group AG | $947,903 | 89,005 | 0.12% | Shares |
| Bouvel Investment Partners, LLC | $809,176 | 75,979 | 0.10% | Shares |
| Verition Fund Management LLC | $808,335 | 75,900 | 0.10% | Put option |
| Verition Fund Management LLC | $756,044 | 70,990 | 0.09% | Shares |
| Squarepoint Ops LLC | $752,955 | 70,700 | 0.09% | Call option |
| Prospera Financial Services Inc | $741,584 | 69,641 | 0.09% | Shares |
| MetLife Investment Management, LLC | $700,770 | 65,800 | 0.09% | Shares |
| Mariner, LLC | $695,843 | 65,330 | 0.09% | Shares |
| OSAIC HOLDINGS, INC. | $660,622 | 62,036 | 0.08% | Shares |
| NATIXIS | $644,975 | 60,561 | 0.08% | Shares |
| Private Advisor Group, LLC | $622,213 | 58,423 | 0.08% | Shares |
| DAVENPORT & Co LLC | $618,754 | 58,099 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $616,029 | 47,115 | 0.08% | Shares |
| JPMORGAN CHASE & CO | $593,926 | 57,551 | 0.07% | Shares |
| Centiva Capital, LP | $587,305 | 55,146 | 0.07% | Shares |
| BARCLAYS PLC | $577,476 | 54,223 | 0.07% | Shares |
| SteelPeak Wealth, LLC | $574,408 | 53,935 | 0.07% | Shares |
| J.W. COLE ADVISORS, INC. | $555,089 | 52,121 | 0.07% | Shares |
| AlphaCentric Advisors LLC | $532,500 | 50,000 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $525,993 | 49,389 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $521,935 | 49,008 | 0.06% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $510,233 | 54,982 | 0.06% | Shares |
| SIMPLEX TRADING, LLC | $501,891 | 47,126 | 0.06% | Shares |
| Quantinno Capital Management LP | $488,931 | 45,909 | 0.06% | Shares |
Company insiders 6 insiders · 3 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey M Thompson | Chairman of the Board, CEO | July 15, 2026 S | 12,762,202 | 0 | 1 | $-1,276,500 |
| Joseph Michael King | President | March 2, 2012 A | 15,100,000 | 0 | 0 | $0 |
| Geoffrey Wayne Hitchcock | Chief Revenue Officer | Oct. 1, 2025 M | 204,987 | 0 | 0 | $0 |
| Paul Funk II | Director | June 11, 2026 S | 0 | 0 | 1 | $-1,897,822 |
| Christopher R. Moe | — | Aug. 11, 2026 S | 200,502 | 0 | 2 | $-310,600 |
| Nicholas Reyland Liuzza Jr. | — | Aug. 11, 2026 S | 489,874 | 0 | 1 | $-584,650 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 9 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Red Cat Holdings, Inc. ×2 filings | July 23, 2024 | — | Initial filing | — | SEC |
| Gregory French | Nov. 12, 2020 | — | Initial filing | — | SEC |
| Jeffrey M. Thompson | May 16, 2019 | — | Initial filing | — | SEC |
| Jonathan Read | Jan. 7, 2019 | — | Initial filing | — | SEC |
| Lou Werner III | March 27, 2017 | — | Initial filing | — | SEC |
| John M. Wise | Sept. 23, 2016 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | June 9, 2014 | — | Initial filing | — | SEC |
| Undisclosed reporting person | June 9, 2014 | — | Initial filing | — | SEC |
| Arthur D. Viola I. R. S. Identification Nos. of Above Persons (entities only) 2) ×2 filings | Sept. 25, 2003 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 34 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FYC · First Trust Exchange-Traded AlphaDE… | 0.50% | 445,340 NS | April 30, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.43% | 114,973 NS | April 30, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 0.29% | 238,814 NS | April 30, 2026 | N-PORT |
| SHLD · Global X Funds | 0.26% | 1,430,306 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.26% | 265,182 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.11% | 16,118 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.10% | 41,590 NS | April 30, 2026 | N-PORT |
| DFEN · Direxion Shares ETF Trust | 0.07% | 22,887 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 618,640 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 4,875 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.04% | 44,861 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 3,813 NS | May 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.02% | 31,355 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 10,958 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 3,859 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,773 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 97 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 33,601 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 76,322 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,542 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| ITA · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | July 20, 2026 | Daily |
| WSML · iShares Trust | — | — | July 20, 2026 | Daily |