RDW earnings analysis
What we found in RDW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 58% Year-Over-Year Revenue Growth
- Revenues increased to $96.97 million, up from $61.40 million for the same period in 2025.
- Improved Gross Margin
- Gross margin increased to 27% in Q1 2026 from 15% in Q1 2025.
- Significant Contract Backlog Increase
- Backlog rose to $498.1 million as of March 31, 2026, compared to $411.2 million at year-end 2025.
- Record Book-to-Bill Ratio
- Book-to-bill ratio was 1.92 in Q1 2026, up from 0.92 in Q1 2025.
- Strong Revenue Contribution from Acquisitions
- Revenue from the Edge Autonomy Acquisition contributed $36.4 million.
- Increased Cash Position
- Cash and cash equivalents rose to $145.21 million from $54.22 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Net Loss
- Net loss widened to $76.50 million compared to a loss of $2.95 million in Q1 2025.
- High SG&A Expenses
- SG&A expenses jumped to $82.89 million from $18.75 million year-over-year, significantly impacting profitability.
- Unfavorable EAC Adjustments
- Net unfavorable Estimate at Completion (EAC) adjustments were $4.8 million, impacting revenue recognition.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.4
- Gross margin
- 27%
- Segment
- Space: $52.67M, Defense Tech: $44.30M
What they said about what is next.
Management reaffirmed 2026 revenue guidance at $450 million to $500 million.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing RDW makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever