Redwire Corp. (RDW)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$426.3M

Revenue growth

63.1%

Net income, last twelve months

-$244.1M

Earnings per share

-$1.46

Gross margin

20.1%

Operating margin

-50.5%

Net margin

-57.3%

Free cash flow

-$98.2M

Return on equity

-15.0%

Market value

$2.2B

Cash

$557.0M

Debt

$48.1M

Debt to equity

0.03

Shares outstanding

249.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Revenue up 89.6% year-over-year. Revenue was $117.1 million, up from $61.8 million a year earlier. First-half revenue was $214.0 million, against $123.2 million in the first half of 2025.
• Gross margin rose to 27.8%. Gross margin was 27.8%, against (30.9)% in the second quarter of 2025 and 26.6% in the first quarter of 2026. Gross profit was $32.5 million, against a $19.1 million loss.
• Net loss narrowed by $56.0 million. Net loss was $(41.0) million, compared with $(97.0) million a year earlier. Diluted EPS was $(0.19), against $(1.41). The first-quarter net loss was $(76.5) million.
• Adjusted EBITDA improved to $(3.2) million. Adjusted EBITDA was $(3.2) million, up $24.2 million from a year earlier and from $(9.2) million in the first quarter. Adjusted EBITDA is a non-GAAP measure.
• Defense Tech revenue grew sharply. Defense Tech revenue was $61.9 million, against $5.1 million a year earlier. Defense Tech segment Adjusted EBITDA was $14.1 million, against $(15.0) million.
• Space segment revenue and EBITDA. Space revenue was $55.2 million, against $56.7 million. Space segment Adjusted EBITDA was $(4.2) million, against $1.0 million a year earlier.
• Stalker follow-on awards announced. Follow-on awards for Stalker Block 30 were announced from the Marine Corps and from the 1st Aviation Brigade of the U.S. Army Aviation Center of Excellence.
• Penguin UAS contracts abroad. Penguin contracts include a multi-year deal valued at high eight-figures from an undisclosed NATO country, and a contract from Taiwan Color Optics for the Taiwan Coast Guard.
• Octopus payload deliveries rose. Nearly 200 Octopus ISR payloads were delivered year-to-date, an increase of more than 15% year-over-year.
• PIL-BOX flights for drug research. On-orbit drug development investigations were completed with Aspera Biomedicines, Bristol Myers Squibb, Rowan University and Purdue University. More than 50 PIL-BOXes have flown.
• SG&A and transaction costs fell. SG&A was $42.1 million, down from $54.5 million a year earlier. Transaction expenses were $11 thousand, against $16.6 million.
• R&D spending rose to $12.5 million. Research and development expense was $12.5 million, against $1.7 million a year earlier. Operating loss was $(22.1) million, against $(91.9) million.
• Equity-based compensation fell. Equity-based compensation expense was $3.9 million, against $32.7 million. First-half equity-based compensation was $50.6 million.
• Warrant fair-value change in other expense. Other expense, net was $15.0 million, against $13.9 million. The warrant liability change in fair value adjustment was $14.5 million in the quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 98 held.

Every filing

The newest filings with the SEC of 280 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

377 funds held it at 30 Jun 2026: 240 added and 55 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Lockheed Martin Corp. (LMT): revenue $79.1B, market value $145.6B
• Rocket Lab Corp. (RKLB): revenue $769.1M, market value $35.1B
• Kratos Defense & Security Solutions, Inc. (KTOS): revenue $1.5B, market value $7.7B
• Firefly Aerospace Inc. (FLY): revenue $287.0M, market value $3.3B
• Voyager Technologies, Inc. (VOYG): revenue $174.2M, market value $1.6B

What the company does

Redwire is a space and defense technology company that builds spacecraft, space infrastructure, uncrewed aircraft and sensors. It operates out of 28 locations in North America and Europe and had approximately 1,410 employees as of 31 December 2025. Its Defense Tech products are deployed in approximately 80 countries. The company was founded in 2020 by the private equity firm AE Industrial Partners Fund II, LP, and became public in 2021 through a merger with Genesis Park Acquisition Corp.

How the business is organised

Redwire reports two segments, Space and Defense Tech, a structure in effect from 1 December 2025. The company organises them by the nature of the products and services offered. Its main business model is providing mission solutions on short and long projects for government and commercial customers. Substantially all Space contracts and a portion of Defense Tech contracts record revenue over time as work progresses. Contract types include firm fixed-price, cost-plus fixed fee and time-and-material.

What the Space segment sells

The Space segment covers spacecraft, large space infrastructure and microgravity work. Its spacecraft line has five platforms: SabreSat, Phantom, Hammerhead, Thresher and Mako. They are designed for orbits from Very Low Earth Orbit out to beyond Geostationary Orbit. Hammerhead is a European small satellite platform that carries payloads of up to 70 kg. Mako is designed for rendezvous, docking and in-space refueling. Redwire is the prime mission integrator on the Defense Advanced Research Projects Agency's Otter program, which uses SabreSat.

In infrastructure, Redwire makes solar arrays, including its Roll-Out Solar Array, which stows into a compact cylinder for launch. It also makes the International Berthing and Docking Mechanism for autonomous docking of spacecraft.

In microgravity, Redwire had eleven active payload facilities on the International Space Station as of 31 December 2025. It has launched 42 PIL-BOX payloads for growing pharmaceutical crystals, for partners including Bristol Myers Squibb and Eli Lilly. A 2025 licensing agreement with ExesaLibero Pharma, Inc. provides for royalties on commercial sales of resulting products.

What the Defense Tech segment sells

Defense Tech makes autonomous systems, optical sensors and radio frequency payloads for intelligence, surveillance and reconnaissance. Redwire is the original equipment manufacturer of the Stalker and Penguin uncrewed aerial systems and the Octopus line of optical gimbal payloads. The company calls these products combat-proven. The Stalker Block 30 has thousands of flight hours across six continents and can take off and land vertically without operator input. The Penguin C Mk2 has endurance of up to 25 hours and a line-of-sight range of 180km.

Redwire opened an 85,000 square foot facility in Ann Arbor, Michigan to produce fuel cells for the Stalker. After the Edge Autonomy acquisition it delivered more than 100 Stalker and Penguin systems to customers in 7 countries.

The segment and the wider company also supply space sensors, avionics and radio frequency payloads. One example is a Link-16 compatible system that made the first transmission of a Link-16 signal from space to ground.

Who it sells to

In 2025, 46.9% of revenue came from national security customers, 21.6% from civil customers and 31.5% from commercial customers. Customers outside the United States accounted for 41.6%. Redwire sells directly or through large prime contractors to the U.S. Army, Marine Corps, Air Force and Space Force, DARPA, the National Reconnaissance Office, NASA, the European Space Agency and European national space agencies. Commercial buyers include space companies, satellite manufacturers, and energy and infrastructure companies. Following the Edge Autonomy acquisition, a portion of sales went to customers in Ukraine, and the company says those sales have been declining.

How it competes and where it came from

Redwire competes with specialised federal contractors and large defense firms. Named competitors include Airbus, Sodern, Rocket Lab USA, AeroVironment, Insitu, Shield AI, Anduril Industries and Northrop Grumman. The filing says some competitors are larger and can spend more on research and development. It also says customers could bring development in-house, and some foreign competitors receive government financial support. The company lists the competitive factors as product quality and reliability, technology, past performance, ability to build integrated solutions, delivery schedules and cost-effectiveness.

Acquisitions are central to its growth. Redwire has completed eleven since March 2020, most recently Hera Systems in 2024 and Edge Autonomy in 2025. It manufactures with its own capabilities and a base of outside suppliers, and it says certain raw materials are relatively scarce.

Rules it works under

Redwire's spacecraft and some small uncrewed aircraft fall under Federal Communications Commission licensing. Cameras on its spacecraft are subject to National Oceanic and Atmospheric Administration licensing. Its payloads are reviewed through Federal Aviation Administration launch licensing. Its orbital infrastructure business must comply with the International Traffic in Arms Regulations, the Export Administration Regulations and European Union export controls.

*From Redwire's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1819810/000181981026000029/rdw-20251231.htm)*

From the company's 10-K.