Preheat oven to 325°F. Cut a circle of parchment paper to fit in the bottom of an 8-inch round pan, or ilne an 8-inch square pan with parchment paper.
Measure the almond flour, coconut flour, baking powder and salt into a small bowl. Whisk to combine and remove any lumps or use a sifter.
In a large bowl or the bowl of a stand mixer, (or with a hand mixer) cream the butter, sugar and almond extract until well combined. Add one egg and beat. Add the ricotta and beat.
Add ⅓ of the dry ingredients alternatively with an egg, repeating and finishing with the last egg. Gently fold in the sliced cherries. Spread into the lined pan, smoothing the top.
Bake for 45 - 50 minutes or until cake tester comes out clean. Remove from the oven and let cool for 20 minutes. Loosen the edges with a knife, lay a cake rack over the pan, invert and remove the parchment paper. Invert back on to the first rack and let stand to cool completely.
Trim edges with a sharp knife, if desired, then slice into 8 - 10 pieces. Drizzle with an optional glaze made with ½ cup powdered sugar, ¼ teaspoon almond extract and 2-3 teaspoons of cream or milk. Store leftover cake in an airtight container or freeze.