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Red Cat Holdings Executive Compensation (FY25)

RCAT · South Salt Lake, UT · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 25, 2026
103 figures on this page: 100 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
Disclosures span fiscal 2022 through fiscal 2025. Separately, for fiscal 2025, the company reported 4 named executive officers, and total compensation for Jeffrey Thompson, Chief Executive Officer and President, came to $6,816,406 in fiscal 2025, and Thompson's total was up from the $307,793 reported for fiscal 2024. 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.
Chief executive, fiscal 2025
◇
Jeffrey Thompson
Latest say-on-pay support
=
June 18, 2026
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
Jeffrey Thompson
Chief Executive Officer and President
◇◇—◇——◇◇
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 HitchcockOPTION◇——◇——◇
Geoffrey HitchcockRSU◇——◇——◇
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
Chris EricsonRSU◇◇——
RSU◇◇——
Geoffrey HitchcockOption◇—◇2/8/2033
RSU◇◇——
Option◇—◇8/8/2033
Option◇—◇7/10/2034
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
Christopher R. Moe
◇◇————◇
General (R) Paul E. Funk II
◇◇————◇
Joseph Freedman, Jeffrey M. Thompson and Nicholas Liuzza Jr 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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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 — $1,200
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.
103 figures on this page: 100 cited to the filing that reported them, 3 calculated from figures it prints.
100 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 Table · EXECUTIVE COMPENSATION · OUR BOARD OF DIRECTORS RECOMMENDSVOTE & · Outstanding Equity Awards at Fiscal Year End · and 1 more section
  3. 0001641172-25-006475
    Summary Compensation Table
  4. 0001493152-24-034213
    Summary Compensation Table
  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
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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).
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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
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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