# Red Cat Holdings

Red Cat Holdings is a Public Company based in San Juan, United States.

## Overview

- **Organization type:** Public Company
- **Headquarters:** San Juan, United States
- **Region:** North America
- **Address:** San Juan, Puerto Rico, United States
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** redcat.red

## Regulatory record

- **Reports private funds:** No

## About

Red Cat Holdings began trading publicly in 2021 under CEO Jeff Thompson, who repositioned the firm from a consumer-facing data storage operation into a defense-technology holding company. Its primary assets are wholly owned drone manufacturers Teal Drones and FlightWave Aerospace, both acquired through targeted M&A. The firm aims to consolidate the fragmented small unmanned aerial systems (sUAS) market through a roll-up strategy, targeting companies with existing government contracts. Investment flows through corporate acquisitions rather than fund commitments. The portfolio concentrates on sUAS hardware, cloud-based drone analytics, and ISR (intelligence, surveillance, reconnaissance) software. The flagship product, Teal 2, secured a multi-year U.S. Army Short Range Reconnaissance (SRR) contract — a program-of-record award. Another subsidiary, FlightWave, provides VTOL and fixed-wing systems for commercial and military end-users. Co-investors are not typical in this structure; deals are funded via equity raises and revenue reinvestment. Red Cat operated a lean public-company structure with a small executive team based out of Puerto Rico under the Act 60 tax incentive program. Its fiscal footprint outside acquisitions remains minimal, and it has not disclosed adjacent family-office vehicles, philanthropic arms, or GP relationships. In August 2023, the firm completed flight tests for U.S. Marine Corps Force Design scenarios, demonstrating multiple-drone control via a single operator. Red Cat acts as a publicly traded aggregator rather than a traditional asset manager or single-family office — its structural differentiator is the combination of regulatory capture (Blue UAS clearance and SRR contract award) with a corporate M&A engine designed to consolidate NDAA-compliant drone manufacturers into one listed entity.

## Sectors

- Drones & UAVs
- Enterprise Software

## People

- Jeff Thompson — Chief Executive Officer

## Questions

### What does Red Cat Holdings actually own?

Red Cat owns and operates drone manufacturers Teal Drones and FlightWave Aerospace, among other technology subsidiaries. Teal Drones produces the Teal 2 small UAS, the primary platform that won the U.S. Army Short Range Reconnaissance contract. FlightWave provides VTOL and fixed-wing systems for commercial mapping, inspection, and defense use cases.

### Is Red Cat a venture firm or an operating company?

Red Cat is an operating holding company — a publicly traded corporation that acquires and operates drone-technology businesses. Unlike a venture firm or family office, it does not invest as a minority LP in external funds. Its growth strategy relies on full acquisitions and subsequent integration of the acquired companies' engineering and sales capacity.

### How does Red Cat generate revenue?

Revenue comes primarily from government procurement contracts — most notably the multi-year U.S. Army SRR program — along with sales to law enforcement agencies and commercial enterprises. The firm also generates some software subscription revenue through its drone analytics platform, though hardware sales tied to government contracts represent the dominant income stream.

### Why is Red Cat headquartered in Puerto Rico?

Red Cat maintains its corporate headquarters in San Juan, Puerto Rico, operating under the Act 60 tax incentive program designed to attract businesses and investors to the island. While the executive team is based there, the company's operational subsidiaries conduct engineering and manufacturing in separate U.S. facilities.

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- [AEVEX Corp.](https://altss.com/profile/aevex-corp)
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Last updated: 2026-06-03T20:00:00.000Z

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