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Tech — Software

Red Cat Holdings Executive Compensation (FY25)

RCAT · South Salt Lake, UT · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jeffrey Thompson
Latest say-on-pay support
=
June 18, 2026
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Data as of October 22, 2026Latest filing (8-K): June 25, 2026
7 filings cited on this page
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Red Cat Holdings brief$1,500Get the executive brief
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125 figures on this page: 122 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
This company is not required to report a chief executive pay ratio.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Thompson: $307,793 → $6,816,406

Frequently asked questions

Answers drawn from the data on this page.
Who is Red Cat Holdings' chief executive and what were they paid?
Total compensation for Jeffrey Thompson, Chief Executive Officer and President, came to $6,816,406 in fiscal 2025. Thompson's total was up from the $307,793 reported for fiscal 2024.
What was Red Cat Holdings' say-on-pay result?
Shareholders supported the say-on-pay proposal with 41.6% of votes cast for or against in favor at the meeting held June 18, 2026 for fiscal 2025.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Thompson
Chief Executive Officer and Chairman
◇◇—————◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Allan Evans
Chief Operating Officer
◇◇◇———◇◇
Jeffrey Thompson
Chief Executive Officer and President
◇◇◇———◇◇
Joseph Hernon
Former Chief Financial Officer
Departed during or after this year
◇◇◇———◇◇
George Matus
Chief Technology Officer
◇—◇◇——◇◇
Leah Lunger
Former Chief Financial Officer
◇——◇——◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Hitchcock
Chief Revenue Officer
◇◇◇◇——◇◇
George Matus
Former Chief Technology Officer
Departed during or after this year
◇◇◇———◇◇
Leah Lunger
Former Chief Financial Officer
Departed during or after this year
◇—◇———◇◇
Jeffrey Thompson
Chief Executive Officer and President
◇◇————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Thompson
Chief Executive Officer and President
◇◇—◇——◇◇
Chris Ericson
Chief Operating Officer
◇—◇———◇◇
Geoffrey Hitchcock
Chief Revenue Officer
◇——————◇
Leah Lunger
Former Chief Financial Officer
Departed during or after this year
◇——————◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Chris EricsonRSU◇——◇——◇
Chris EricsonRSU◇——◇———
Geoffrey HitchcockRSU◇——◇——◇
Geoffrey HitchcockOPTION◇——◇——◇
Jeffrey ThompsonOPTION◇——◇———
Jeffrey ThompsonOPTION◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Geoffrey HitchcockRSU◇◇——
Option◇—◇8/8/2033
Option◇—◇7/10/2034
Option◇—◇2/8/2033
Chris EricsonRSU◇◇——
RSU◇◇——
Jeffrey ThompsonOption◇—◇5/15/2033
Option◇—◇5/22/2035
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joseph Freedman
Lead independent director
◇◇————◇
Christopher R. Moe
◇◇————◇
General (R) Paul E. Funk II
◇◇————◇
Nicholas Liuzza Jr
◇◇————◇
Jeffrey M. Thompson served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 18, 2026=◇◇◇
2021September 23, 2022=◇◇◇
2017November 29, 2018=◇◇◇

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Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Thompson (Chief Executive Officer and President), FY2025 total compensation $6,816,406 (base salary $137,500) [exec_comp, SEC accession 0001628280-26-028755, filed 2026-04-30]

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What this page does not include

Everything above is a fact Red Cat Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Red Cat Holdings recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
125 figures on this page: 122 cited to the filing that reported them, 3 calculated from figures it prints.
122 cited to the filing
3 calculated from the filing

Documents cited

  1. 0001628280-26-045393
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-26-028755
    Director Compensation · Director Compensation Table · EXECUTIVE COMPENSATION · OUR BOARD OF DIRECTORS RECOMMENDSVOTE & · and 2 more sections
  3. 0001641172-25-006475
    Summary Compensation Table
  4. 0001493152-24-034213
  5. 0001554795-22-000348
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001554795-22-000248
  7. 0001554795-18-000365
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Red Cat Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/RCAT (accessed 2026).
Short form: data: Velarion

The Red Cat Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
7 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Tech — Software rankings

Chief executive pay — Tech — SoftwareCEO pay ratio — Tech — SoftwareSay-on-pay support — Tech — Software

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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