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Campaigns / Kerrisdale Capital → Red Cat Holdings, Inc.
Kerrisdale Capital vs. Red Cat Holdings, Inc.

Red Cat Holdings, Inc. · RCAT

1 deck published between 2025-01-09 and 2025-01-09 — 29 pages, 29 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2025-01-09 initial thesis

    2025 01 RCAT Kerrisdale

    29pp · research_note

    Red Cat's $1bn valuation rests on inflating a $23M/year Army drone contract into a $350M sole-source bonanza, with a factory that can't scale and insiders heading for the exits.