RedCloud Holdings plc (RCT): Financial results for H1 2026
RedCloud Holdings plc (RCT) furnished an SEC Form 6-K — earnings release. Exhibit 99.3 RedCloud Reports Financial Results for the Six Months Ended June 30, 2026 and Provides Operational Update - Revenue increased 34% to $24.0 million - - Operating loss decreased 15% to ($17.1) million - - Net loss decreased 30% to ($18.5) million - - Total trading volu
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial data that could trigger short‑term trading activity, especially given the narrowed loss and revenue acceleration.
Market read
First‑time earnings disclosure with improved metrics may prompt a modest price move, while underscoring AI’s role in trade logistics.
What to watch
Future cash needs for joint‑venture rollouts and the $2.1 M recent financing could pressure liquidity.
Revenue increased 34% to $24.0 million, operating loss decreased 15% to ($17.1) million, and net loss decreased 30% to ($18.5) million for the six months ended June 30, 2026.
Revenue and trading volume grew while operating and net losses narrowed, but the company remained loss-making, used cash in operations, reported $766,859 of cash and cash equivalents, and had a total stockholders’ deficit of $(20,618,522).
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, six months ended June 30, 2026other | $ 24,015,365 | – | 34% |
| Total trading volume, first half of 2026other | $1.56B | – | 30% |
| General and administrative expenses, six months ended June 30, 2026other | 1,516,967 | – | – |
| Salaries, benefits and contractor costs, six months ended June 30, 2026other | 10,444,538 | – | – |
| Marketing and commissions, six months ended June 30, 2026other | 23,653,247 | – | – |
| Other operating expenses, six months ended June 30, 2026other | 5,465,484 | – | – |
| Total operating expenses, six months ended June 30, 2026other | 41,080,236 | – | 8% |
| Operating loss, six months ended June 30, 2026other | (17,064,871 ) | – | decreased 15% |
| Interest expense, six months ended June 30, 2026other | 810,987 | – | – |
| Other non-operating expenses, six months ended June 30, 2026other | 626,803 | – | – |
| Net loss before income taxes, six months ended June 30, 2026other | (18,502,661 ) | – | – |
| Income tax benefit, six months ended June 30, 2026other | - | – | – |
| Net loss, six months ended June 30, 2026other | $ (18,502,661 ) | – | decreased 30% |
| Loss per share, basic and diluted, six months ended June 30, 2026other | $ (0.33 ) | – | – |
| Cash and cash equivalents, June 30, 2026other | $ 766,859 | – | – |
| Cash and cash equivalents, December 31, 2025other | $ 478,983 | – | – |
| Other current assets, June 30, 2026other | 3,398,043 | – | – |
| Other current assets, December 31, 2025other | 4,865,453 | – | – |
| Total current assets, June 30, 2026other | 4,164,902 | – | – |
| Total current assets, December 31, 2025other | 5,344,436 | – | – |
| Intangible assets, net, June 30, 2026other | 6,927,948 | – | – |
| Intangible assets, net, December 31, 2025other | 6,730,155 | – | – |
| Other non-current assets, June 30, 2026other | 565,726 | – | – |
| Other non-current assets, December 31, 2025other | 579,442 | – | – |
| Total assets, June 30, 2026other | $ 11,658,576 | – | – |
| Total assets, December 31, 2025other | $ 12,654,033 | – | – |
| Accounts payable and accrued expenses, June 30, 2026other | $ 12,697,073 | – | – |
| Accounts payable and accrued expenses, December 31, 2025other | $ 4,596,961 | – | – |
| Shareholder loans payable, June 30, 2026other | 12,355,559 | – | – |
| Shareholder loans payable, December 31, 2025other | 8,123,835 | – | – |
| Short-term borrowings, June 30, 2026other | 3,769,754 | – | – |
| Short-term borrowings, December 31, 2025other | 3,765,234 | – | – |
| Convertible notes, net of discount, June 30, 2026other | 2,243,863 | – | – |
| Convertible notes, net of discount, December 31, 2025other | - | – | – |
| Other current liabilities, June 30, 2026other | 1,210,849 | – | – |
| Other current liabilities, December 31, 2025other | 3,130,616 | – | – |
| Total current liabilities, June 30, 2026other | 32,277,098 | – | – |
| Total current liabilities, December 31, 2025other | 19,616,646 | – | – |
| Total non-current liabilities, June 30, 2026other | - | – | – |
| Total non-current liabilities, December 31, 2025other | - | – | – |
| Total liabilities, June 30, 2026other | 32,277,098 | – | – |
| Total liabilities, December 31, 2025other | 19,616,646 | – | – |
| Total stockholders’ deficit, June 30, 2026other | (20,618,522 ) | – | – |
| Total stockholders’ deficit, December 31, 2025other | (6,962,613 ) | – | – |
| Net cash used in operating activities, six months ended June 30, 2026other | $ (8,207,239 ) | – | – |
| Net cash used in investing activities, six months ended June 30, 2026other | (1,294,666 ) | – | – |
| Net cash provided by financing activities, six months ended June 30, 2026other | 9,812,947 | – | – |
| Effect of exchange rate changes on cash and cash equivalents, six months ended June 30, 2026other | (23,166 ) | – | – |
| Change in cash, cash equivalents and restricted cash during the period, six months ended June 30, 2026other | $ 287,876 | – | – |
What drove it
- Revenue increased 34% in the first half of 2026, primarily reflecting an increase of 30% in total trading volume conducted through the Company’s infrastructure.
- Operating loss decreased as higher revenue more than offset an increase of 8% in operating expenses.
- The increase in operating expenses was driven primarily by higher spending on promotional and commission-based expenditure associated with transaction activity and data acquisition.
- Net loss decreased 30%, primarily reflecting the improvement in operating loss and lower stock-based compensation expense.
- RedCloud UK entered into a shareholders’ agreement and a twenty-year platform license and infrastructure usage agreement to establish a joint venture deploying RedAI trade infrastructure in Saudi Arabia and Bahrain. RedCloud UK will retain a 51% interest and charge the joint venture up to 10% of collected net revenue.
- In India, RedCloud signed a joint venture agreement and twenty-year licensing agreement for up to $120 million with Dheer and Klakshya, and two Memoranda of Understanding across 11 apparel brands, more than 25,000 SKUs and more than 1,250 buyer points.
- RedCloud signed a three-year agreement in Argentina forecasting $20 million of revenue over the period and $1.2 billion of FMCG trade through RedAI.
- RedAI CORE made its commercial debut alongside the RedAI Sales application with 30 selected distributor customers.
Concerns
- The Company reported a net loss of $ (18,502,661 ) and operating loss of (17,064,871 ) for the six months ended June 30, 2026.
- Net cash used in operating activities was $ (8,207,239 ) during the period.
- Cash and cash equivalents were $ 766,859 at June 30, 2026.
- Total liabilities were 32,277,098 at June 30, 2026, while total stockholders’ deficit was (20,618,522 ).
- Marketing and commissions were 23,653,247, compared with 18,471,073 in the prior-year six-month period.
- The release states that the Company plans to improve its capital structure and sources of liquidity.
What to watch
- Execution of the Saudi Arabia and Bahrain joint venture, including the deployment and operation of RedAI trade infrastructure and the up to 10% charge on collected net revenue.
- Progress on the India joint venture and twenty-year licensing agreement for up to $120 million, as well as deployment across the announced apparel brands, SKUs and buyer points.
- Delivery against the Argentina three-year agreement forecasting $20 million of revenue and $1.2 billion of FMCG trade through RedAI.
- Commercial uptake of RedAI CORE and RedAI Sales following their launch with 30 selected distributor customers.
- Operating cash use, financing activity, cash and cash equivalents, convertible-note principal, and efforts to improve capital structure and liquidity.
Balance sheet and cash flow
- Cash and cash equivalents were $ 766,859 at June 30, 2026, compared with $ 478,983 at December 31, 2025.
- Net cash used in operating activities was $ (8,207,239 ) during the six months ended June 30, 2026.
- Net cash used in investing activities was (1,294,666 ) during the six months ended June 30, 2026.
- Net cash provided by financing activities was 9,812,947 during the six months ended June 30, 2026.
- Subsequent to June 30, 2026, the Company raised approximately $2.1 million from private placements with existing shareholders and at-the-market sales of shares.
- The principal amount outstanding under certain senior convertible notes issued in February 2026 was currently $1.8 million following contractual repayments and certain conversions at the election of the holders.
- Total liabilities were 32,277,098 and total stockholders’ deficit was (20,618,522 ) at June 30, 2026.
Analysis
RedCloud reported H1 2026 revenue of $ 24,015,365, versus $ 17,973,748 in the prior-year six-month period, with the release characterizing the increase as 34%. Total trading volume increased 30% to $1.56 billion. Management attributed revenue growth primarily to the expansion in trading volume conducted through the Company’s infrastructure.
Losses narrowed but remained substantial. Operating loss was (17,064,871 ), compared with (19,997,066 ) in H1 2025, while net loss was $ (18,502,661 ), compared with $ (26,544,958 ). The release attributed the net-loss improvement to the operating-loss improvement and lower stock-based compensation expense. Loss per share, basic and diluted, was $ (0.33 ), compared with $ (0.74 ).
Expense mix remained a key feature of the period. Total operating expenses were 41,080,236, compared with 37,970,814, and the release described the increase as 8%. Marketing and commissions were 23,653,247, versus 18,471,073, while salaries, benefits and contractor costs were 10,444,538, versus 12,820,835. Management said promotional and commission-based expenditure associated with transaction activity and data acquisition primarily drove higher operating expenses.
Liquidity and financing remain central. Net cash used in operating activities was $ (8,207,239 ), while net cash provided by financing activities was 9,812,947. Cash and cash equivalents were $ 766,859 at June 30, 2026. Subsequent to period end, the Company raised approximately $2.1 million through private placements with existing shareholders and at-the-market sales, and stated that principal outstanding under certain February 2026 senior convertible notes was currently $1.8 million. Total liabilities were 32,277,098 and total stockholders’ deficit was (20,618,522 ) at period end.
Operationally, RedCloud announced proposed expansion vehicles in Saudi Arabia and Bahrain, an India joint venture and licensing arrangement for up to $120 million, and an Argentina agreement forecasting $20 million of revenue over three years and $1.2 billion of FMCG trade through RedAI. RedAI CORE made its commercial debut with RedAI Sales across 30 selected distributor customers. The release provided no company-level forward financial guidance, so the reported period does not include a quantitative outlook against which to assess execution.
Management, verbatim
We plan to improve our capital structure and sources of liquidity to grow our business and add scale across more countries.
Justin Floyd, Founder and Chief Executive Officer of RedCloud
More than $8.4 billion of FMCG transactions have passed through RedCloud’s infrastructure since 2023: data that cannot be scraped, synthesized or recreated.
Justin Floyd, Founder and Chief Executive Officer of RedCloud
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- No segment revenue or segment profitability was reported.
- No company-level forward financial guidance was provided.
- No previous outlook was provided for comparison.
- No non-GAAP financial measures were reported.
- No share repurchases or dividends were reported.
- No revenue, operating-income, net-income, EPS, or cash-flow prior-quarter comparisons were reported.
- The filing did not specify a GAAP, IFRS, or other accounting framework in the provided financial statements.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
RedCloud Holdings plc (Nasdaq: RCT) provides AI infrastructure for FMCG trade and released its H1 2026 earnings via a Form 6‑K filing.
Ticker impact
RedCloud reported H1 2026 results with revenue up 34% to $24.0 M and net loss narrowing 30% to $18.5 M.
likely upward pressure as investors price improved top‑line and narrower loss
The primary earnings release shows material revenue growth and a significantly smaller net loss, which typically supports a short‑term price rally.
Market effects
demonstrates growing demand for AI‑driven trade infrastructure in FMCG, potentially benefiting peers in data‑analytics and supply‑chain tech.
strengthens the UK‑based AI infrastructure niche and may attract further capital to the sector in Europe.
modest, as the company is small‑cap, but highlights broader trend of AI adoption in global trade.
Counterpoint
The company remains loss‑making and cash‑burn heavy; investors may remain cautious despite top‑line growth.
Key entities
- companyRedCloud Holdings plc
AI infrastructure provider for global FMCG trade, listed on Nasdaq under RCT.
