10-K · February 27, 2026
Redwire describes a strategy focused on integrated Space and Defense Tech offerings, pursuing bundled systems, digital engineering and M&A to accelerate growth. As of December 31, 2025 the company reported a total…
Earnings analysis · 10-Q
RDW earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Redwire Corporation reported a challenging Q1 2026 with revenues of $96.97 million, missing estimates of $104.44 million, and an EPS of -$0.40, underperforming against the expected -$0.17. Despite a significant…
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Redwire Corporation reported a challenging Q1 2026 with revenues of $96.97 million, missing estimates of $104.44 million, and an EPS of -$0.40, underperforming against the expected -$0.17. Despite a significant year-over-year revenue growth of 58%, the company faced a substantial net loss of $76.50 million. Management reaffirmed its 2026 revenue guidance at $450 million to $500 million amidst various operational challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.4
- Gross margin
- 27%
- Segment
- Space: $52.67M, Defense Tech: $44.30M
What stood out
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58% Year-Over-Year Revenue Growth
Revenues increased to $96.97 million, up from $61.40 million for the same period in 2025.
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Improved Gross Margin
Gross margin increased to 27% in Q1 2026 from 15% in Q1 2025.
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Significant Contract Backlog Increase
Backlog rose to $498.1 million as of March 31, 2026, compared to $411.2 million at year-end 2025.
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Record Book-to-Bill Ratio
Book-to-bill ratio was 1.92 in Q1 2026, up from 0.92 in Q1 2025.
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Strong Revenue Contribution from Acquisitions
Revenue from the Edge Autonomy Acquisition contributed $36.4 million.
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Increased Cash Position
Cash and cash equivalents rose to $145.21 million from $54.22 million year-over-year.
What to watch
-
Increased Net Loss
Net loss widened to $76.50 million compared to a loss of $2.95 million in Q1 2025.
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High SG&A Expenses
SG&A expenses jumped to $82.89 million from $18.75 million year-over-year, significantly impacting profitability.
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Unfavorable EAC Adjustments
Net unfavorable Estimate at Completion (EAC) adjustments were $4.8 million, impacting revenue recognition.
Management's outlook
Management reaffirmed 2026 revenue guidance at $450 million to $500 million.
Earlier filings 4
10-Q · August 7, 2025
Redwire reported Q2 revenue of $61.76M, down $16.35M (≈20.9%) YoY from $78.11M and roughly flat QoQ. Gross profit swung to a loss of $19.06M (gross margin -30.9%) and operating loss widened to $91.89M (operating margin…
10-Q · May 12, 2025
Redwire reported first-quarter revenue of $61,395,000 (down $26,397,000 or 30.1% YoY from $87,792,000) and a GAAP operating loss of $14,317,000 (operating margin -23.3%). Cash improved to $54,221,000 after issuance…
10-K · March 11, 2025
Redwire positions itself as a heritage-plus-innovation provider of mission-critical space infrastructure, operating a single reportable segment focused on avionics, power, structures, RF, spacecraft platforms and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.