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Red Cat Holdings, Inc.

RCAT · Nasdaq

No reporting failures in the last 12 months

It filed on time and stood behind its numbers. Of companies scoring zero, 4.0% were delisted, went bankrupt, restated or stopped filing within the following year.

$621Mpublic float
2025-09-04most recent failure

Score over time

01234202220232024202520262022-01-01 · score 42021-12-15 filed late (10-Q) · accounts not ready2021-09-13 filed late (10-Q) · accounts not ready2021-07-29 filed late (10-K) · accounts not ready2021-03-17 filed late (10-Q) · accounts not ready2022-04-01 · score 32021-12-15 filed late (10-Q) · accounts not ready2021-09-13 filed late (10-Q) · accounts not ready2021-07-29 filed late (10-K) · accounts not ready2022-07-01 · score 32021-12-15 filed late (10-Q) · accounts not ready2021-09-13 filed late (10-Q) · accounts not ready2021-07-29 filed late (10-K) · accounts not ready2022-10-01 · score 12021-12-15 filed late (10-Q) · accounts not ready2023-10-01 · score 12023-09-15 filed late (10-Q) · accounts not ready2024-01-01 · score 12023-09-15 filed late (10-Q) · accounts not ready2024-04-01 · score 12023-09-15 filed late (10-Q) · accounts not ready2024-07-01 · score 32024-05-23 auditor change2024-05-08 auditor change2023-09-15 filed late (10-Q) · accounts not ready2024-10-01 · score 42024-09-16 filed late (10-Q) · auditor2024-07-30 filed late (10-K) · auditor2024-05-23 auditor change2024-05-08 auditor change2025-01-01 · score 42024-09-16 filed late (10-Q) · auditor2024-07-30 filed late (10-K) · auditor2024-05-23 auditor change2024-05-08 auditor change2025-04-01 · score 42024-09-16 filed late (10-Q) · auditor2024-07-30 filed late (10-K) · auditor2024-05-23 auditor change2024-05-08 auditor change2025-07-01 · score 22024-09-16 filed late (10-Q) · auditor2024-07-30 filed late (10-K) · auditor2025-10-01 · score 12025-09-04 auditor change2026-01-01 · score 12025-09-04 auditor change2026-04-01 · score 12025-09-04 auditor change2026-07-01 · score 12025-09-04 auditor change

Hover or tap a dot to see the filings behind that score.

Why they said they were late

The Company is unable to file its Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 within the prescribed time period without unreasonable effort and expense for the reasons stated below. The ongoing impact of the May 3, 2024 order by the U.S. Securities and Exchange Commission (the “SEC”) against BF Borgers CPA PC and Benjamin F. Borgers (individually and together, “Borgers”) has been significant for the Company as the SEC’s order has required the Company to undergo a re-review of historical unaudited quarterly financial statements. As stated in the SEC’s order, Form 10-Q filings on or after the date of the SEC’s order may not present financial information that has been reviewed by Borgers. Each quarterly period presented in Form 10-Q filings on or after the date of the SEC’s order must be reviewed by a qualified, independent, PCAOB-registered public accountant that is permitted to appear or practice before the Commission. As a result, the Company needs additional time to incorporate the financial statements to be included in the Form 10-Q, which are being prepared by the Company’s new auditor. The Company expects to file the Form 10-Q within the extension period of 5 calendar days

NT 10-Q, filed 2024-09-16 · auditor

What it filed

2025-09-04auditor changed or resigned SEC →

2024-09-16filed late (10-Q)auditor SEC →

The Company is unable to file its Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 within the prescribed time period without unreasonable effort and expense for the reasons stated below. The ongoing impact of the May 3, 2024 order by the U.S. Securities and Exchange Commission (the “SEC”) against BF Borgers CPA PC and Benjamin F. Borgers (individually and together, “Borgers”) has been significant for the Company as the SEC’s order has required the Company to undergo a re-review of historical unaudited quarterly financial statements. As stated in the SEC’s order, Form 10-Q filings on or after the date of the SEC’s order may not present financial information that has been reviewed by Borgers. Each quarterly period presented in Form 10-Q filings on or after the date of the SEC’s order must be reviewed by a qualified, independent, PCAOB-registered public accountant that is permitted to appear or practice before the Commission. As a result, the Company needs additional time to incorporate the financial statements to be included in the Form 10-Q, which are being prepared by the Company’s new auditor. The Company expects to file the Form 10-Q within the extension period of 5 calendar days

2024-07-30filed late (10-K)auditor SEC →

The Company is unable to file its Annual Report on Form 10-K for the year ended April 30, 2024 within the prescribed time period because the Company’s prior auditor, BF Borgers, is not currently permitted to appear or practice before the Securities and Exchange Commission and the Company needs additional time to incorporate the financial statements to be included in the Form 10-K, which are being prepared by the Company’s new auditor. The Company expects to file the Form 10-K within the extension period of 15 calendar days

2024-05-23auditor changed or resigned SEC →

2024-05-08auditor changed or resigned SEC →

2023-09-15filed late (10-Q)accounts not ready SEC →

The Registrant has concluded that it is probable that the sale of its Consumer segment will be completed in the second quarter of fiscal 2024. As a result, the Registrant will be reporting the operating results for the Consumer segment as Discontinued Operations. This change in presentation will require additional time and effort to complete

2021-12-15filed late (10-Q)accounts not ready SEC →

The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense. The Company expects to file within the extension period

2021-09-13filed late (10-Q)accounts not ready SEC →

The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense. The Company expects to file within the extension period

2021-07-29filed late (10-K)accounts not ready SEC →

The Registrant is unable to file its Annual Report on Form 10-K for the fiscal year ended April 30, 2021 (the “Report”) by the prescribed date of July 29, 2021, without unreasonable effort or expense, because the Registrant needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Registrant intends to file the Report on or prior to the fifteenth (15th) calendar day following the prescribed due date

2021-03-17filed late (10-Q)accounts not ready SEC →

The Registrant is unable to file its Quarterly Report on Form 10-Q for the quarter ended January 31, 2021 (the “Report”) by the prescribed date of March 17, 2021, without unreasonable effort or expense, because the Registrant needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Registrant intends to file the Report on or prior to the fifth (5th) calendar day following the prescribed due date

About this score

reportingrisk.com scores every active US filer on three things a company tells the SEC about itself: late-filing notices on Form NT, 8-K item 4.02 (past accounts declared unreliable) and 4.01 (auditor changes). 1,012 are flagged today.

Every score is frozen and checked twelve months later. Across 91,452 of them, a company scoring 4 or more ended that year delisted, bankrupt, restated or silent 17.2% of the time, against 4.0% for a clean record. Scores before 2026-09-27 were reconstructed from the filing history as it stood at each date, so the record is a backtest rather than years of live calls.

See the ledger → Every company the score flagged that later failed, what it told the SEC on the way down, and the ones it missed.

Every item above is a filing this company made with the SEC.
Snapshot 2026-11-04 · data from SEC EDGAR (public domain) · not investment advice

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