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Kerrisdale Capital · research-note

Red Cat Holdings, Inc. (RCAT)

29 pages · 3 arc beats · 0 loops

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Red Cat Holdings, Inc. (RCAT)

Kerrisdale Capital · 2025-01
arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 14 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Villain Critique 3 slides 100% 3/3 slides 100% 3/3 slides · 22 hits
— 0/3 slides
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66.7% 2/3 slides 100% 3/3 slides
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Expose Contradiction 8 slides 100% 8/8 slides 100% 8/8 slides · 52 hits
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87.5% 7/8 slides · 8 hits 100% 8/8 slides · 11 hits
— 0/8 slides
Preempt Rebuttal 3 slides 100% 3/3 slides 100% 3/3 slides · 20 hits
— 0/3 slides
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100% 3/3 slides · 4 hits 100% 3/3 slides · 6 hits
— 0/3 slides

Slide inventory

29
every slide · same image gating as the playbook
01
Slide 1
This is a classic short-seller research note cover/summary page.frame_problem
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02
front_matter
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03
The text highlights discrepancies between management's claims and public Army disclosures, as well as a history of broken promises regarding production capacityexpose_contradiction
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04
This is a short-seller research note page focusing on operational and market-demand skepticism.expose_contradiction
Open slide detailBeat · Villain Critique
05
This is a research note page from Kerrisdale Capital, focusing on short-selling thesis points regarding Red Cat Holdings.expose_contradiction
Open slide detailBeat · Villain Critique
06
The slide functions as a 'short thesis' argument, using the departure of key personnel and insider selling as evidence of a lack of confidence in the company's expose_contradiction
Open slide detailBeat · Villain Critique
07
The slide presents a critical view of Red Cat's history, framing their acquisitions as unsuccessful.analyze_data
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08
The slide provides a narrative context for Red Cat's market position by detailing the history of the Army's sUAS procurement programs (Raven, SRR, Blue UAS).establish_context
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09
The slide uses a skeptical tone to contrast management's narrative with the reality of the contract details.expose_contradiction
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10
The slide is a dense text-based research note analyzing the financial implications of the SRR contract for Red Cat.analyze_data
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11
The slide uses a series of quotes from earnings calls to highlight inconsistency in management's communication regarding the SRR program's financial potential.expose_contradiction
Open slide detailBeat · Expose Contradiction
12
The slide uses an official government budget document snippet to contradict company management's public statements about revenue expectations.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
Kerrisdale Capital research note critiquing Red Cat Holdings' management claims.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
14
The slide discusses the 'Adaptive Acquisition Framework' and 'Modular Open Systems Approach' (MOSA) as key shifts in defense procurement.analyze_data
Open slide detailBeat · Expose Contradiction
15
The slide uses quotes from a procurement consultant and Aerovironment's earnings call to argue that the SRR program is overestimated and potentially unattractivpreempt_rebuttal
Open slide detailBeat · Expose Contradiction
16
Includes a long testimonial/quote from a consultant regarding procurement regulations and the impropriety of Red Cat's announcement.expose_contradiction
Open slide detailBeat · Expose Contradiction
17
The slide uses a chronological list of quotes to highlight the gap between management's promises and reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
The slide uses a chronological sequence of quotes to expose inconsistencies in management's narrative about factory readiness.expose_contradiction
Open slide detailBeat · Expose Contradiction
19
The slide uses a series of dated quotes to highlight inconsistencies in management's narrative about scaling production.expose_contradiction
Open slide detail
20
This is a research note from Kerrisdale Capital criticizing Red Cat Holdings. It uses a combination of narrative critique and financial evidence to argue that mexpose_contradiction
Open slide detail
21
This is a research note from Kerrisdale Capital critiquing a company's (Red Cat) growth narrative.expose_contradiction
Open slide detail
22
The slide uses a narrative-heavy structure to systematically dismantle specific company claims about market size and contract wins.preempt_rebuttal
Open slide detail
23
The slide presents a timeline of business development updates from 2022 to 2024, highlighting international sales pipeline growth.cite_precedent
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24
The slide uses a narrative-driven critique style to undermine the credibility of the company's management and their revenue projections.expose_contradiction
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25
The slide is a continuation of a research note, focusing on the skepticism regarding Red Cat's production capabilities and management credibility.expose_contradiction
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26
This is a text-heavy research note slide focusing on insider selling and management credibility.expose_contradiction
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27
other
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28
other
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29
other
Open slide detail