Red Cat is a U.S.-based defense drone and robotics company focused on small unmanned aircraft systems (sUAS) and, more recently, uncrewed surface vessels (USVs). Red Cat's primary product is the Black Widow, a short-range reconnaissance (SRR) drone built for frontline battlefield ISR missions in GPS-denied, contested environments. The Black Widow is the dominant revenue driver today, sold primarily to the U.S. Army under an Other Transaction Authority (OTA) contract. Red Cat also makes the FANG, a smaller FPV drone for training and tactical use, and through its FlightWave division, produces the Edge 130, a long-endurance VTOL fixed-wing drone for extended-range ISR. The newest division, Blue Ops, builds maritime USVs priced at $750K–$1.5M per vessel, designed for autonomous naval operations, counter-drone, and strike missions — with first customer deliveries expected in 2026. Red Cat sells hardware to defense and government customers under government contracts, meaning revenue is lumpy and tied to contract awards and delivery schedules. Gross margins are currently low as the business ramps production, but Red Cat targets 30–35% at maturity as unit costs decline with volume. Red Cat is also integrating Palantir's VNav software onto the Black Widow as a margin-enhancing layer. Red Cat's growth strategy centers on transitioning the Army SRR contract to full rate production, expanding into Ukraine and NATO markets, and scaling Blue Ops into maritime defense.