Christian Ericson
Red Cat HoldingsAbout Christian Ericson
Christian Koji Ericson (age 48) was appointed Chief Financial Officer of Red Cat Holdings (RCAT), effective immediately after the filing of the Company’s annual report for the fiscal year ended December 31, 2024; the proxy states his CFO role was effective March 31, 2025 . He is a Certified Public Accountant with a Master of Accountancy and B.S. in Accountancy from Brigham Young University, and has extensive finance, accounting, audit, and public company reporting experience across Western Steel Buildings, Nu Skin Enterprises, and PricewaterhouseCoopers . Recent company operating context is reflected below.
Company performance snapshot (last four quarters)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue (USD) | $6,309,452* | $1,629,662 | $3,218,577 | $9,646,392 |
| EBITDA (USD) | -$4,451,247* | -$11,890,644* | -$12,122,711* | -$16,988,770* |
| Net Income (USD) | -$7,072,415* | -$23,123,351* | -$13,278,960* | -$16,016,448 |
Values marked with an asterisk were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Western Steel Buildings | Head of Finance and Accounting | 2023–2025 | Scaled financial operations and optimized compliance/governance to support rapid growth . |
| Nu Skin Enterprises | Chief Audit Executive; VP Business Development; VP Finance (agri-tech) | 2015–2022 | Senior finance, audit, and business development leadership in a public company context . |
| PricewaterhouseCoopers | Various roles | 11 years | Deep audit and advisory experience underpinning public company reporting expertise . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or committee roles disclosed for Ericson . |
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Base Salary | $230,000 annual salary | |
| Target Bonus % | Up to 50% of annual salary | |
| Actual Bonus Paid | Not disclosed | — |
| Benefits | Entitled to employee benefits provided to similarly situated employees |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting | Source |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Goals/objectives set by Compensation Committee | Not disclosed | Not disclosed | Not disclosed | N/A | |
| RSUs (time-based) | Service/retention (no performance metric) | N/A | N/A | N/A | 50,000 RSUs vest 50% on 1st anniversary of hire date; 50% on 2nd anniversary (subject to continuous employment) |
No specific financial/ESG performance metrics, weighting, targets, or payout formulas for Ericson’s bonus were disclosed; bonus eligibility is contingent on goals set by the Compensation Committee .
Equity Ownership & Alignment
- RSU Grant: 50,000 time-based RSUs under the 2024 Equity Incentive Plan; vesting 50% on first anniversary of hire date and 50% on second anniversary, subject to continuous employment .
- Options/Warrants: None disclosed for Ericson .
- Beneficial Ownership: Not listed among beneficial owners or NEOs in the April 21, 2025 table; no share count disclosed for Ericson .
- Hedging/Pledging: Company policy prohibits hedging and pledging; insider trading policy prohibits transactions while in possession of MNPI and short sales .
- Trading Windows: Quarterly blackout begins at 9 a.m. on fiscal quarter-end and reopens at 5 p.m. on the first full business day after the Company files SEC reports or announces earnings; additional blackout periods may be instituted for material developments .
Employment Terms
| Term | Details | Source |
|---|---|---|
| Appointment | Appointed CFO on March 11, 2025; effective immediately after filing of annual report for fiscal year ended Dec 31, 2024; proxy notes effective March 31, 2025 | |
| Offer Letter | Annual salary $230,000; eligible for annual bonus up to 50% of salary; one-time grant of 50,000 time-based RSUs under 2024 Equity Incentive Plan with 50/50 vest over first and second anniversaries | |
| Indemnification | Expected to enter the Company’s standard indemnification agreement (substantially same form as filed Sept 17, 2021) | |
| Severance | Not disclosed | — |
| Change-of-Control | Not disclosed | — |
| Clawback | Not specifically disclosed in Ericson’s agreement; Company references insider trading and award timing policies in proxy | |
| Non-compete/Non-solicit | Not disclosed | — |
Compensation Committee Analysis
- Composition and Independence: Compensation Committee consists of independent directors Nicholas Liuzza (Chair), General (R) Paul E. Funk II, and Christopher Moe .
- Mandate: Reviews/approves executive salaries and compensation; administers equity plans; sets performance targets for executive bonuses; meets in executive session to determine CEO compensation .
- Consultant: FW Cook engaged for Transition Year Ended 2024; Board assessed independence and found no conflicts of interest .
- Activity: One meeting and seven actions by written consent during the Transition Period .
Risk Indicators & Red Flags
- Legal Proceedings: Company reports no material proceedings involving directors or executive officers required to be disclosed under Item 401(f) in the past 10 years .
- Hedging/Pledging: Prohibited by policy (reduces misalignment risk); short sales banned; 10b5-1 plans permitted subject to review .
- Award Timing Controls: No option grants around material nonpublic information windows; restrictions do not apply to RSUs without exercise prices .
Investment Implications
- Pay-for-performance visibility is limited: cash bonus ties to Compensation Committee-set goals without disclosed metrics/weighting, reducing transparency for investors on incentive alignment .
- Retention structure is moderate: time-based 50,000 RSUs vest over two years (50/50), creating service-based retention without explicit performance hurdles . Near-anniversary vesting dates can increase tradable share supply subject to blackout windows .
- Alignment guardrails: Company prohibits hedging and pledging, and enforces blackout windows and insider trading discipline, which supports better alignment and reduces inappropriate trading risk .
- Track record: Ericson’s CPA credentials and prior public company finance/audit leadership (Nu Skin) plus operational scaling experience (Western Steel Buildings) suggest strong internal controls and reporting discipline—key for a company that disclosed it has never been profitable and has limited resources .