Redwire Corporation (RDW) — Company Research

Redwire Corporation (NYSE: RDW) is an integrated space and defense technology company headquartered in Jacksonville, Florida, operating from 23 facilities in North America and 5 in Europe across approximately 910,000 square feet (per the FY2025 10-K, Item 2, filed 2026-02-27). The company runs two reportable segments — Space and Defense Tech — and was meaningfully reshaped on June 13, 2025 by the acquisition of Edge Autonomy, a builder of Stalker and Penguin uncrewed aerial systems (per the FY2025 10-K, Item 7, filed 2026-02-27). For the year ended December 31, 2025 the Company reported revenue of $335.4 million, up 10% year over year (per the FY2025 10-K, Item 7); gross profit of $17.3 million, equating to a 5% gross margin (per the FY2025 10-K, Item 7); an operating loss of -$229.7 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31); and free cash flow of -$200.6 million (per yfinance annual cashflow, FY2025). The stock last traded at $13.91 against a 52-week range of $4.87 to $22.25 and the next earnings release is the Q2 2026 print, with the most recent (Q1 2026) released on 2026-05-06 (per yfinance, pulled 2026-05-20). The Company has 1,400 full-time employees (per yfinance, pulled 2026-05-20).

1. Company Snapshot

Field	Value
Name	Redwire Corporation (per the FY2025 10-K, Item 1, filed 2026-02-27)
Ticker / Exchange	RDW / NYSE (per the FY2025 10-K, Part II Item 5)
Sector / Industry	Industrials / Aerospace & Defense (per yfinance, pulled 2026-05-20)
Market cap	$2.77bn (per yfinance, 2026-05-20)
Enterprise value	$2.82bn (per yfinance, 2026-05-20)
FY2025 revenue	$335.4M (per the FY2025 10-K, Item 7, filed 2026-02-27)
FY2025 operating income (EDGAR XBRL)	-$229.7M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31)
FY2025 free cash flow	-$200.6M (per yfinance annual cashflow, FY2025)
Gross margin (FY2025)	5% (per the FY2025 10-K, Item 7)
Net margin (FY2025)	-68% (net loss -$226.6M on revenue $335.4M, per the FY2025 10-K, Item 7)
Employees	1,400 (per yfinance, pulled 2026-05-20; the FY2025 10-K, Item 1, filed 2026-02-27 does not break out a specific count in the extracted text)
CEO	Peter A. Cannito Jr. (per insider transaction filings via yfinance, pulled 2026-05-20)
Headquarters	Jacksonville, Florida (per the FY2025 10-K, Item 2, filed 2026-02-27)
Website	rdw.com (per yfinance, pulled 2026-05-20)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-27)
Next earnings	Q2 2026 (Q1 2026 reported 2026-05-06 per yfinance earningsTimestamp; the next report has not been disclosed in this report's source data)
Dividend yield	not disclosed in this report's source data — Redwire has never declared a dividend (per the FY2025 10-K, Part II Item 5, filed 2026-02-27)
52-week high	$22.25 (per yfinance, pulled 2026-05-20)
52-week low	$4.87 (per yfinance, pulled 2026-05-20)
Short interest	16.72% of float (per yfinance shortPercentOfFloat, pulled 2026-05-20)

2. Bull Case vs Bear Case

Bull Case

• Record contract backlog and accelerating bookings. Per Redwire's Q1 2026 earnings release (2026-05-06): the Company reported a book-to-bill ratio of 1.92 and record contract backlog of $498.1 million, with quarterly revenue of $97.0 million up 57.9% year over year. Management reaffirmed full-year 2026 revenue guidance of $450M–$500M.
• Selection on the $1.8bn Andromeda IDIQ for space-based space domain awareness. Per the U.S. Space Force / Space Systems Command award announcement (April 2026, reported by SpaceNews and DefenseScoop): Redwire was named as one of 14 vendors on a 10-year, $1.84 billion ceiling firm-fixed-price IDIQ to procure space-based space domain awareness capability (including the RG-XX program replacing GSSAP). The ceiling has subsequently been raised to more than $6.2bn (reported by Air & Space Forces Magazine).
• Customer concentration on growing national-security and civil space budgets. Per the FY2025 10-K (Item 7, filed 2026-02-27): 46.9% of FY2025 revenue came from national security customers, 21.6% from civil customers and 31.5% from commercial; 41.6% of revenue was generated outside the United States. The FY2026 NDAA (PL 119-60) authorised $900.6 billion in national defence and the Consolidated Appropriations Act of 2026 directed $13.4 billion to missile defence and space programs under the Golden Dome initiative.
• Balance-sheet reset following the 2025 equity raise. Per the FY2025 10-K (Item 7, filed 2026-02-27): the Company received $518.4 million of net proceeds from common-stock issuance (ATM, equity offerings and warrant exercises) during 2025, and ended FY2025 with $95.2 million of cash and cash equivalents (FY2024: $49.1 million). Stockholders' equity moved from -$51.9 million at FY2024 year-end to $1,137.1 million at FY2025 year-end (per the FY2025 10-K, balance sheet, filed 2026-02-27).
• Differentiated flight-heritage portfolio across Space and Defense Tech. Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire's space hardware has flown on the ISS, ESA's PROBA program, NASA's DART mission and Artemis I, with 11 active payload facilities on the ISS as of 2025-12-31. The Edge Autonomy acquisition closed 2025-06-13 added Stalker / Penguin UAS that have been delivered to seven countries since close, including the U.S. Army, U.S. Marine Corps and NATO allies.

Bear Case

• Deeply negative GAAP profitability and widening operating loss. Per the FY2025 10-K (Item 7, filed 2026-02-27): operating loss widened to -$229.7 million in FY2025 from -$42.2 million in FY2024 (EDGAR XBRL OperatingIncomeLoss confirms FY2025 at -$229,677,000). Operating loss as a percentage of revenue moved from -14% to -68% year over year. Net loss was -$226.6 million in FY2025 versus -$114.3 million in FY2024.
• Material program execution losses via net EAC adjustments. Per the FY2025 10-K (Item 7, filed 2026-02-27): the Company recorded $54.5 million of net unfavourable estimate-at-completion (EAC) adjustments in FY2025 versus $17.7 million in FY2024, including a $25.2 million unfavourable adjustment with a $12.9 million loss reserve on a Defense Tech program and $14.1 million of unfavourable adjustments in the Space Europe reporting unit.
• Goodwill and long-lived asset impairment of $34.7 million. Per the FY2025 10-K (Item 7, filed 2026-02-27): in the fourth quarter of 2025 the Company recognised a $34.7 million non-cash impairment charge — $20.9 million against goodwill, $10.9 million against intangible assets and $2.6 million against property, plant and equipment — following its annual quantitative test.
• Cash burn and reliance on external financing. Per the FY2025 10-K (Item 7, filed 2026-02-27): net cash used in operating activities was -$177.3 million in FY2025 (FY2024: -$17.3 million); investing activities used -$175.1 million, primarily to close Edge Autonomy; financing activities supplied $397.5 million. Free cash flow for the full year was -$200.6 million (per yfinance annual cashflow, FY2025).
• AE Industrial Partners controls majority voting power and has been selling shares. Per the FY2025 10-K (Item 1A, filed 2026-02-27): AE Industrial Partners ("AEI") holds a majority of the voting power of the Board through Series A Convertible Preferred Stock. Per insider transactions filed via yfinance, AEI sold 1,862,063 shares at $10.44 on 2026-01-06 and 2,644,792 shares at $10.08–$10.27 on 2026-01-08, totalling approximately $46.4 million of dispositions in January 2026.

3. What Does Redwire Actually Do?

Redwire reports under two operating segments — Space and Defense Tech — that became formally separate reportable segments effective 2025-12-01 (per the FY2025 10-K, Item 1A, filed 2026-02-27).

Segment	FY2025 commentary
Space	Next-generation spacecraft platforms (SabreSat, Phantom, Hammerhead, Thresher, Mako); large space infrastructure including Roll-Out Solar Array (ROSA) and the International Berthing and Docking Mechanism (IBDM); microgravity payloads including 11 active ISS payload facilities and 42 cumulative PIL-BOX launches as of 2025-12-31, with Bristol Myers Squibb and Eli Lilly cited as partners (per the FY2025 10-K, Item 1, filed 2026-02-27).
Defense Tech	Combat-proven autonomous systems (Stalker and Penguin UAS via Edge Autonomy), optical sensors, advanced optics, resilient energy solutions and RF payloads supporting intelligence, surveillance and reconnaissance for the U.S. Department of War, U.S. Federal Civilian Agencies and allied governments (per the FY2025 10-K, Item 1, filed 2026-02-27). Edge Autonomy contributed $107.1 million to FY2025 revenue (per the FY2025 10-K, Item 7).

Segment revenue split by reportable segment for FY2025 is not separately reported in the source 10-K extract used for this report (per the FY2025 10-K, Item 1A, filed 2026-02-27 — segment reporting became effective 2025-12-01).

End-customer mix is disclosed: 46.9% national security, 21.6% civil and 31.5% commercial, with 41.6% of revenue generated outside the United States (per the FY2025 10-K, Item 1, filed 2026-02-27). In plain terms, Redwire builds the hardware that sits on or supports satellites (sensors, solar arrays, docking mechanisms, microgravity payloads) and, since June 2025, also builds the small uncrewed aircraft (Stalker, Penguin) that allied militaries use for surveillance and reconnaissance.

4. The Business Model

Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire's primary business model is providing mission-critical solutions through short- and long-duration contracts for U.S. and international government and commercial customers. Substantially all Space-segment contracts and a portion of Defense Tech contracts are accounted for under the percentage-of-completion cost-to-cost method, which means revenue is recognised as costs are incurred against a contract value and any change in estimated cost at completion (the EAC) is taken to revenue and gross profit on a cumulative catch-up basis.

The customer base is concentrated on government end-users. Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire performs directly or through prime contractors for the U.S. Army, U.S. Marine Corps, U.S. Air Force, U.S. Space Force, DARPA, the National Reconnaissance Office (NRO), NASA, ESA and European national space agencies, with international defence customers in roughly 80 countries. The Defense Tech business is operationally vertically integrated — for example, Redwire opened an 85,000-square-foot facility in Ann Arbor, Michigan in 2025 to scale domestic fuel-cell production for Stalker UAS (per the FY2025 10-K, Item 7, filed 2026-02-27).

Intellectual property is described as broad but not concentrated in any single asset: "we do not believe any particular trade secret, patent, trademark, copyright, license, or other intellectual property right is of such importance that its loss, expiration or termination would have a material effect on our business" (per the FY2025 10-K, Item 1, filed 2026-02-27). The Company described the IP moat largely in terms of flight heritage and an integrated portfolio rather than a single defensible product.

Unit economics are characterised by fixed-price programs that can swing materially on EAC adjustments. Per the FY2025 10-K (Item 7, filed 2026-02-27): "our margins and operating results may suffer if we experience unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix" — and FY2025 demonstrated that exposure with $54.5 million of net unfavourable EAC adjustments.

5. Financial Health

5-year income trend (per the FY2025 10-K Item 7 and yfinance annual financials, FY2022–FY2025; FY2021 not in source data):

FY	Revenue	Operating income	Net income	Diluted EPS	Free cash flow
FY2025	$335.4M	-$229.7M (EDGAR XBRL)	-$226.6M	-$2.28	-$200.6M
FY2024	$304.1M	-$42.2M (10-K Item 7)	-$114.3M	-$2.35	-$28.3M
FY2023	$243.8M	-$15.5M	-$27.3M	-$0.73	-$7.1M
FY2022	$160.5M	-$46.6M	-$130.6M	-$2.09	-$35.8M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per the FY2025 10-K (Item 7, filed 2026-02-27): FY2025 revenue growth of 10% was driven by $107.1 million of Edge Autonomy contribution, partially offset by $41.1 million of net unfavourable EAC adjustments on legacy programs. Gross margin compressed from 15% to 5%, principally because of the EAC adjustments plus a $13.6 million non-cash purchase-accounting fair-value adjustment to Edge Autonomy inventory. SG&A grew $99.9 million year over year, including $47.1 million of share-based compensation (of which $44.4 million related to Edge Incentive Units) and $48.5 million of Edge Autonomy operating costs that were not present in FY2024.

Balance sheet (per the FY2025 10-K, balance sheet, filed 2026-02-27 and yfinance annual balance sheet):

FY	Cash & equivalents	Total debt	Stockholders' equity	Shares outstanding	Buybacks (common)
FY2025	$95.2M	$123.8M	$1,137.1M	191.9M	$0 of common; Company repurchased $63.9M of Series A Convertible Preferred
FY2024	$49.1M	$145.0M	-$51.9M	66.3M	$0
FY2023	$30.3M	$105.8M	$52.6M	65.2M	$0
FY2022	$28.3M	$95.1M	$69.7M	64.3M	$0

Per the FY2025 10-K (Item 7, filed 2026-02-27): contractual obligations as of 2025-12-31 included $87.75 million of JPMorgan Term Loan (with $83.25 million due in 2027) plus $49.2 million of operating-lease payments. Restricted cash of $0.7 million collateralised standby letters of credit (down from $15.4 million a year earlier).

Quarterly trend, last 5 quarters (per yfinance quarterly financials, periods ending Q1 2025 through Q1 2026):

Quarter	Revenue	Gross profit	Operating income	Net income	Diluted EPS	Free cash flow
Q1 2026 (2026-03-31)	$97.0M	$25.8M	-$69.7M	-$76.5M	-$0.40	not disclosed in this report's source data
Q4 2025 (2025-12-31)	$108.8M	$10.5M	-$46.8M	-$85.5M	-$0.58	not disclosed in this report's source data
Q3 2025 (2025-09-30)	$103.4M	$16.8M	-$41.2M	-$41.2M	-$0.29	not disclosed in this report's source data
Q2 2025 (2025-06-30)	$61.8M	-$19.1M	-$75.2M	-$97.0M	-$1.41	not disclosed in this report's source data
Q1 2025 (2025-03-31)	$61.4M	$9.0M	-$10.5M	-$2.9M	-$0.09	not disclosed in this report's source data

The Q1 2026 step-up in gross margin to 26.6% was highlighted by the Company on the 2026-05-06 earnings call (per Redwire's Q1 2026 earnings release dated 2026-05-06) — a material directional improvement versus the 5% FY2025 figure, though one quarter does not yet establish a trend.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$13.91 (per yfinance, pulled 2026-05-20)
Previous close	$13.96 (per yfinance, pulled 2026-05-20)
Day range	$12.86 – $14.46 (per yfinance, pulled 2026-05-20)
52-week high / low	$22.25 / $4.87 (per yfinance, pulled 2026-05-20)
Market cap	$2.77bn (per yfinance, pulled 2026-05-20)
Enterprise value	$2.82bn (per yfinance, pulled 2026-05-20)
Shares outstanding	198.9M (per yfinance) — note 191,975,804 reported as of 2026-02-23 in the FY2025 10-K, Part II Item 5
Float	195.2M (per yfinance, pulled 2026-05-20)
Avg daily volume (10d)	48.13M (per yfinance averageVolume10days, pulled 2026-05-20)
Volume (2026-05-20)	46.65M (per yfinance, pulled 2026-05-20)
Beta	2.42 (per yfinance, pulled 2026-05-20)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-20)
Forward P/E	-33.93 (per yfinance, pulled 2026-05-20)
P/S (TTM)	7.46 (per yfinance, pulled 2026-05-20)
P/B	2.53 (per yfinance, pulled 2026-05-20)
EV / Revenue	7.59 (per yfinance, pulled 2026-05-20)
EV / EBITDA	-15.79 (per yfinance, pulled 2026-05-20)
P / FCF	not disclosed in this report's source data — FCF negative (per yfinance, pulled 2026-05-20)
Gross margin (TTM)	12.86% (per yfinance, pulled 2026-05-20)
Operating margin (TTM GAAP)	-71.84% (per yfinance, pulled 2026-05-20)
Net margin (TTM)	-80.90% (per yfinance, pulled 2026-05-20)
ROE	-48.75% (per yfinance, pulled 2026-05-20)
ROA	-15.02% (per yfinance, pulled 2026-05-20)
Debt-to-equity	11.33 (per yfinance, pulled 2026-05-20)
Current ratio	1.75 (per yfinance, pulled 2026-05-20)
Dividend yield	None — Company has never paid a common dividend (per the FY2025 10-K, Part II Item 5, filed 2026-02-27)
Short interest	16.72% of float (per yfinance shortPercentOfFloat, pulled 2026-05-20)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per Redwire's Q1 2026 earnings release (2026-05-06): the Company reaffirmed FY2026 revenue guidance of $450M–$500M and reported a record $498.1 million of contract backlog at Q1 close, a book-to-bill ratio of 1.92, and Q1 2026 gross margin of 26.6% (up from 14.7% in Q1 2025).

Announced or in-flight programs from the FY2025 10-K (Item 7, filed 2026-02-27) and Q1 2026 release:

• Andromeda IDIQ. Per the U.S. Space Force / Space Systems Command award (announced April 2026; see SpaceNews and DefenseScoop coverage 2026-04-10): Redwire is one of 14 vendors on a 10-year, $1.84bn ceiling firm-fixed-price IDIQ for space-based space domain awareness, including the RG-XX program intended to replace GSSAP at geosynchronous orbit. The Space Force has subsequently lifted the program ceiling above $6.2bn (per Air & Space Forces Magazine).
• DARPA Otter (VLEO). Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire received a $44 million Phase 2 award to advance the Otter mission using its U.S.-built SabreSat platform — an air-breathing satellite system demonstrating novel electric propulsion in Very Low Earth Orbit.
• ESA Skimsat and PROBA-3. Per the FY2025 10-K (Item 1, filed 2026-02-27): the European-built Phantom platform is being used on ESA's Skimsat VLEO program; PROBA-3 is demonstrating precision formation flying.
• The Exploration Company (TEC) Nyx. Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire signed an "eight-figure" contract to supply two International Berthing and Docking Mechanisms (IBDMs) to support autonomous rendezvous and docking for TEC's Nyx spacecraft.
• In-space pharmaceutical platform (PIL-BOX). Per the FY2025 10-K (Item 1, filed 2026-02-27): 14 PIL-BOXes were launched in 2025 (42 cumulative through 2025-12-31), with Bristol Myers Squibb and Eli Lilly cited as partners and a licensing agreement signed with ExesaLibero Pharma, Inc. for royalties on resulting pharmaceutical products.
• Lunar infrastructure (Mason). Per the FY2025 10-K (Item 1, filed 2026-02-27): Redwire is developing Mason, an in-situ resource-utilisation system to build berms, landing pads, roads and habitat foundations on the lunar surface in support of NASA's Artemis program.
• Edge Autonomy production scale-up. Per the FY2025 10-K (Item 7, filed 2026-02-27): Redwire opened a new 85,000-square-foot facility in Ann Arbor, Michigan to scale domestic fuel-cell production for Stalker UAS, and delivered more than 100 Stalker / Penguin systems to seven countries since the Edge Autonomy close on 2025-06-13.
• ESA Quantum Key Distribution (QKD) Satellite. Per Redwire's Q1 2026 earnings release (2026-05-06): Redwire was awarded a contract to develop a quantum-secure satellite under ESA's Quantum Key Distribution Satellite program.

8. Competitive Landscape

Per the FY2025 10-K (Item 1, filed 2026-02-27): "We compete domestically and internationally against space systems components providers, including Airbus, Sodern, Rocket Lab USA, Inc.; UAS providers, including AeroVironment, Inc., Insitu, A Boeing Company, and Shield AI; and in some instances against larger companies such as Anduril Industries and Northrop Grumman."

Peer comparison table — peers chosen from the named competitor list (per yfinance, pulled 2026-05-20). Currencies mix — Airbus figures are EUR, all others USD. Anduril Industries is private so no public-market metrics are available.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Redwire Corporation	RDW	$2.77bn	$371.0M	12.86%	7.46
Rocket Lab Corporation	RKLB	$73.68bn	$679.6M	36.56%	108.42
AeroVironment, Inc.	AVAV	$8.11bn	$1.61bn	25.00%	5.04
Northrop Grumman Corporation	NOC	$79.02bn	$42.37bn	20.52%	1.87
The Boeing Company	BA	$169.49bn	$92.18bn	4.82%	1.84
Airbus SE	AIR.PA	€133.20bn	€72.53bn	15.37%	1.84
Anduril Industries	private	not publicly traded	not publicly traded	not publicly traded	not publicly traded

Per the FY2025 10-K (Item 1, filed 2026-02-27): "Some of our competitors are larger than Redwire and can maintain higher levels of expenditures for research and development. As such, we concentrate on the opportunities we believe are compatible with our resources, overall technological capabilities and objectives." Redwire's R&D expense in FY2025 was $19.8 million (per the FY2025 10-K, Item 1) — a figure that is multiple orders of magnitude below the R&D budgets of the largest named defence primes. The Company positions itself on flight heritage, integrated multi-domain offerings and agility rather than raw R&D scale.

9. Leadership and Ownership

Per the FY2025 10-K (Item 5 and insider transaction filings via yfinance, pulled 2026-05-20): Peter A. Cannito Jr. is Chief Executive Officer; Chris Edmunds is Chief Financial Officer; Aaron Michael Futch is General Counsel; Frank Calvelli is named as a Director (per a 2026-04-02 director stock-award grant). Tenure detail, prior-employer history and proxy-level biographical information are not disclosed in this report's source data — the Item 10 proxy section was not in the extracted 10-K text.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-20):

Holder	% held	Shares	Value (USD)
AE Industrial Partners, LP	16.90%	33,614,246	$467.6M
BlackRock Inc.	5.57%	11,073,433	$154.0M
State Street Corporation	3.48%	6,917,054	$96.2M
Bank of America Corporation	3.43%	6,820,003	$94.9M
Vanguard Capital Management LLC	2.82%	5,600,421	$77.9M
Citadel Advisors LLC	1.94%	3,868,882	$53.8M
Morgan Stanley	1.81%	3,603,684	$50.1M
Voya Investment Management LLC	1.70%	3,378,107	$47.0M
Two Sigma Investments, LP	1.53%	3,051,043	$42.4M
Goldman Sachs Group Inc	1.37%	2,724,539	$37.9M

Per yfinance (pulled 2026-05-20): institutional ownership totals 53.99% of shares and insider ownership totals 1.49%. AE Industrial Partners ("AEI") holds majority voting power on the Board through Series A Convertible Preferred Stock (per the FY2025 10-K, Item 1A, filed 2026-02-27).

Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-20):

• 2026-01-06 and 2026-01-08: AE Industrial Partners sold a combined 4,506,855 shares at $10.08–$10.44 per share for approximately $46.4 million.
• 2025-11-10: CEO Peter Cannito purchased 32,155 shares at $6.21 ($199,673).
• 2025-11-13: CEO Peter Cannito purchased 8,750 shares at $5.71 ($49,962).
• 2025-11-14: CFO Chris Edmunds purchased 5,500 shares at $5.46 ($30,029).
• 2025-11-14: General Counsel Aaron Futch purchased 18,410 shares at $5.44–$5.45 ($100,337).

10. Risks and Challenges

• History of losses with limited integrated operating history (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we operate in evolving industries, have a limited operating history since our acquisition of Edge Autonomy and have a history of losses to date, which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter." FY2025 operating loss was -$229.7 million (EDGAR XBRL).
• Substantial additional funding may be needed (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may require substantial additional funding to finance our operations, but adequate additional financing may not be available when we need it, on acceptable terms or at all." The Company issued $518.4 million of common stock in FY2025 to fund operations and the Edge Autonomy acquisition (per the FY2025 10-K, Item 7).
• Integration of Edge Autonomy (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "if we are unable to successfully integrate recently completed and future acquisitions, including the recent acquisition of Edge Autonomy or successfully select, execute or integrate future acquisitions into the business and realize anticipated synergies and benefits or do so within the expected timeframe, our operations and financial condition could be materially and adversely affected."
• Fixed-price contract mix and EAC volatility (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "our margins and operating results may suffer if we experience unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix." FY2025 net unfavourable EAC adjustments totalled $54.5 million, including a $12.9 million loss reserve in Defense Tech (per the FY2025 10-K, Item 7).
• U.S. government budget process and shutdown risk (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and any resulting future government shutdowns, could have an adverse impact on our business."
• Customer concentration on U.S. government (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "a limited number of customers make up a high percentage of our revenue" and "we depend significantly on U.S. government contracts, which often are only partially funded, subject to immediate termination, and heavily regulated and audited."
• Tariffs and trade controls (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "tariffs may adversely affect demand for our products and services, and increase our manufacturing costs" and "we are subject to stringent U.S. economic sanctions, and trade control laws and regulations, as well as risks related to doing business in other countries, including those related to tariffs, trade restrictions and government actions."
• AE Industrial Partners control and Series A Convertible Preferred Stock (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "AEI holds a majority of the voting power of our Board of Directors and has significant influence over us, which could limit other investors' ability to influence the outcome of key transactions"; the Series A Convertible Preferred Stock has rights and privileges preferential to common shareholders.
• Total loss of payload on launch (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may experience a total loss of our technology and products and our customers' payloads, if there is an accident on launch or during the journey into space."
• Cyber-attacks and information security incidents (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "cyber-attacks and other security threats and disruptions could have a material adverse effect on our business, financial condition and results of operations."
• Goodwill impairment risk (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "our net earnings and our net assets could be materially affected by an impairment of goodwill" — the Company recognised a $34.7 million impairment in Q4 2025 (per the FY2025 10-K, Item 7).
• Geopolitical exposure to Ukraine (Market & Demand): Per the FY2025 10-K (Item 7, filed 2026-02-27): "following the acquisition of Edge Autonomy, a portion of the combined company's sales are to customers in Ukraine. Those sales have been declining and may continue to decline in the event that the war and hostilities in Ukraine end, decline or change, or as a result of changes in international support for military assistance to Ukraine."
• Backlog conversion risk (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may not be able to convert our orders in backlog into revenue."
• Competition from larger primes and in-sourcing customers (Competitive): Per the FY2025 10-K (Item 1, filed 2026-02-27): "Our customers could decide to pursue one or more of our product development areas as a core competency and insource that technology development and production rather than purchase that capability from us as a supplier. This competition could result in fewer customer orders and a loss of market share."
• NYSE continued-listing requirements and dilution (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-27): "we may not be able to remain in compliance with the continued listing requirements of the NYSE" and "we may issue additional common stock or other equity securities which could dilute our shareholders."

11. Recent Developments

Most recent first.

• 2026-05-11 — Canaccord and Jefferies raise RDW price targets after Q1 print: Canaccord Genuity raised its price target on Redwire to $14.00, maintaining a Buy rating; Jefferies raised its target to $13.00 (per Quiver Quantitative / public.com analyst-action coverage 2026-05-11). Reported here factually; ChartsView does not endorse these targets.
• 2026-05-06 — Redwire reports Q1 2026 results; record $498.1M backlog and 26.6% gross margin: Per Redwire's Q1 2026 earnings release dated 2026-05-06: Q1 revenue was $97.0 million (+57.9% YoY), gross margin expanded to 26.6% from 14.7%, book-to-bill was 1.92, total liquidity was $175.2 million ($145.2 million cash plus $30 million undrawn revolver), and management reaffirmed FY2026 revenue guidance of $450M–$500M. Source: Redwire IR press release, 2026-05-06 and the Form 8-K Exhibit 99.1, accession 0001819810-26-000060.
• 2026-04-10 — Selected on $1.8bn Andromeda IDIQ (later raised above $6.2bn): Per U.S. Space Force / Space Systems Command award announcement (reported by DefenseScoop and SpaceNews 2026-04-10): Redwire is one of 14 vendors on a 10-year, $1.84bn ceiling firm-fixed-price IDIQ to procure space-based space domain awareness capability under the Andromeda / RG-XX program, replacing GSSAP at GEO. The contract ceiling has subsequently been raised to over $6.2bn (per Air & Space Forces Magazine).

12. Key Dates Coming Up

• Q2 2026 earnings (date not disclosed in this report's source data): Q1 2026 was released on 2026-05-06 (per yfinance earningsTimestamp); the Q2 release date has not been published in the source data used for this report.
• 2025-12-01 — segment reporting change (effective): Per the FY2025 10-K (Item 1A, filed 2026-02-27): Redwire began operating under two formal reportable segments — Space and Defense Tech — effective 2025-12-01; the FY2026 quarterly filings will reflect the new segment presentation.
• Andromeda IDIQ task-order awards: Per the Space Force / SSC announcement (April 2026, reported by DefenseScoop): task orders against the $1.84bn (now $6.2bn-ceiling) Andromeda contract will be awarded across the 10-year performance window. Specific task-order dates are not disclosed in this report's source data.
• DARPA Otter Phase 2 execution milestones: Per the FY2025 10-K (Item 7, filed 2026-02-27): the $44 million Phase 2 award is in flight using the SabreSat platform; specific milestone dates are not disclosed in this report's source data.
• JPMorgan Term Loan principal maturity: Per the FY2025 10-K (Item 7, filed 2026-02-27): $83.25 million of the JPMorgan Term Loan principal is scheduled to mature in 2027.

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