Redwire Corporation (RDW) — Company Research

Last Updated: 15 May 2026

Redwire Corporation (NYSE: RDW) is a Jacksonville, Florida-based space infrastructure and defence technology company providing critical hardware, systems, and in-space services across civil, national security, and commercial space programmes. Formed in 2020 through the consolidation of multiple established space-heritage businesses, Redwire operates two reportable segments — Space and Defence Tech — and has grown revenues from $137.6m in FY2021 to $335.4m in FY2025. With a record contracted backlog of $498.1m as of Q1 2026, a book-to-bill ratio of 1.92x, and 2026 revenue guidance of $450m–$500m, Redwire is accelerating. Its portfolio spans roll-out solar arrays for the International Space Station, in-space additive manufacturing, lunar Gateway components, advanced autonomous unmanned aircraft systems (UAS) for the US Marine Corps, and quantum-secure satellite technology for the European Space Agency. For live price data, visit ChartsView Live Charts or the Economic Calendar.

1. Company Snapshot

Field	Value
Full name	Redwire Corporation
Ticker	NYSE: RDW
Sector	Defence & Aerospace — Space Infrastructure
Founded	2020 (formed through consolidation of established space-heritage businesses)
Headquarters	Jacksonville, Florida, USA
CEO	Peter Cannito (founding CEO since 2020)
Market cap	~$2.78bn (May 2026)
Revenue (FY2025)	$335.4m
Net loss (FY2025)	$(226.6m)
Employees	~1,410 (per FY2025 annual report)
Exchange	NYSE
Website	redwirespace.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• Record backlog and acceleration: Contracted backlog reached $498.1m in Q1 2026 with a book-to-bill ratio of 1.92x. Q1 2026 revenue of $97.0m was up 58% year-on-year, and management has reaffirmed 2026 revenue guidance of $450m–$500m — implying at least 34% growth on FY2025.
• Andromeda IDIQ ceiling of $1.8bn: Redwire was awarded a position on the Andromeda Indefinite Delivery, Indefinite Quantity contract for advanced spacecraft, which carries a $1.8bn total ceiling — providing a long runway of task-order revenue from the national security customer base.
• Dual-segment diversification: The Edge Autonomy acquisition added a high-growth Defence Tech segment (autonomous UAS for military customers) alongside the heritage Space segment, broadening the revenue base and reducing dependence on any single programme or customer.
• Space economy tailwinds: Governments worldwide are accelerating space infrastructure spending. Redwire holds contracts spanning NASA's Artemis and Gateway programmes, the European Space Agency, and the Belgian Ministry of Defence — with 41.6% of FY2025 revenue generated outside the United States.
• Gross margin improvement: Q1 2026 showed significant gross margin improvement versus prior periods, signalling that the business mix is beginning to leverage fixed costs as scale increases.

Bear Case

• Persistent and deepening net losses: Redwire has not reported a profitable fiscal year since inception. FY2025 net loss of $(226.6m) was almost double FY2024's $(114.3m), driven partly by goodwill impairment and non-cash charges — but the cash burn is also material at $(200.6m) free cash flow.
• Severe negative free cash flow: FY2025 FCF was $(200.6m) (operating cash flow $(177.3m) minus capex $(23.3m)). At this rate of cash consumption the company depends on equity and debt markets remaining accessible.
• Founding shareholder exodus: AE Industrial Partners — the private equity firm that assembled Redwire — has systematically sold hundreds of millions of dollars of shares since January 2026, disposing of more than 20 million shares in a series of block trades and secondary offerings. This sustained insider selling is a negative signal on long-term conviction.
• Dilution risk from ATM offering: Redwire filed a prospectus supplement to sell up to $350m of common stock via at-the-market equity distribution in 2026, which, if fully utilised, would represent material dilution to existing shareholders at prevailing prices.
• ISS programme dependency and wind-down: A material portion of Space segment revenue is tied to NASA's International Space Station, which the agency plans to decommission by approximately 2030. The transition to commercial low-Earth orbit destinations will require competitive contract wins that are not yet secured.

3. What Does This Company Actually Do?

Redwire is a space infrastructure prime contractor and defence technology company. It was assembled from 2020 onwards by AE Industrial Partners, which acquired and combined more than a dozen established space-heritage businesses — including Deep Space Systems, Adcole Space, Roccor, Deployable Space Systems, and MIS (Microelectronics and Space Technology) — creating a vertically integrated manufacturer of critical space hardware. The company went public in September 2021 via SPAC merger.

The business operates two reportable segments. The Space segment designs and manufactures roll-out solar arrays, deployable booms and antennas, avionics, RF components and microelectronics, sensors and payloads, and provides in-space additive manufacturing services. Major active programmes include the iROSA (International Space Station Roll-out Solar Array) upgrades, solar array work on NASA's Lunar Gateway Power and Propulsion Element, and space bioprinting and manufacturing on the ISS. The Defence Tech segment, built around the Edge Autonomy acquisition, makes autonomous unmanned aircraft systems including the Stalker family of long-endurance UAS platforms used by US and allied military forces.

Revenue by end market in FY2025 (per the FY2025 10-K): National Security 46.9%, Commercial 31.5%, Civil (NASA) 21.6%. Geographic split: 58.4% United States, 41.6% international — the international percentage reflecting Redwire's growing footprint in European government space programmes.

Segment	% of revenue	What it is
National Security	~47% (per FY2025 10-K end-market breakdown)	US DoD and intelligence community satellite programmes, reconnaissance and communications payloads, and autonomous UAS (Edge Autonomy Stalker series) for the Marine Corps and allied defence customers.
Commercial Space	~32% (per FY2025 10-K end-market breakdown)	Commercial satellite operators, Starlab commercial space station programme (with Voyager Space and Airbus), in-space manufacturing services, and technology licensing to private sector space companies.
Civil Space (NASA)	~22% (per FY2025 10-K end-market breakdown)	NASA programmes including iROSA solar array upgrades on the ISS, Lunar Gateway power components, Artemis programme hardware, and ISS-based research and manufacturing services under fixed-price and cost-reimbursable contracts.

4. The Business Model

How Redwire makes money. Revenue is generated through government and commercial contracts for the design, manufacture, integration, and delivery of space hardware and autonomous systems. Contracts span cost-plus-fixed-fee arrangements (common on NASA programmes), firm-fixed-price contracts (common in commercial and DoD procurement), and indefinite-delivery / indefinite-quantity vehicles such as the Andromeda IDIQ. Recognised on a percentage-of-completion basis over contract life cycles that typically run one to five years, revenue is relatively visible once backlog is contracted. As of Q1 2026, contracted backlog stood at $498.1m — providing strong coverage into 2026 and beyond.

Unit economics. Redwire operates in a capital-intensive, engineering-intensive business. Gross margins have varied considerably as programme mix and acquisition-related accounting effects move through the income statement. Q1 2026 showed significant year-on-year gross margin improvement, reflecting scale benefits and better contract pricing in new awards. The company does not yet generate positive GAAP net income or positive free cash flow, and management uses Adjusted EBITDA as its primary non-GAAP profitability metric. GAAP operating losses include substantial amortisation of acquired intangibles and, in FY2025, goodwill impairment charges — non-cash items that inflate reported losses relative to underlying cash generation.

Moat. Space heritage is the primary competitive barrier. Spacecraft hardware must have documented flight heritage before customers will accept it on new missions; Redwire's portfolio companies carry combined heritage spanning decades of missions. Certifications (ITAR, CMMC, AS9100), security clearances, and long customer relationships at NASA, DARPA, and the US intelligence community are effectively non-replicable advantages for new entrants. The in-space manufacturing capability (onboard the ISS) is one of only a handful of commercially operated microgravity production platforms globally.

Subsidies and regulatory credits. Redwire does not directly benefit from consumer-facing subsidies. However, a large proportion of its revenue comes through US government contracts that are partly structured to support the domestic space industrial base — including cost-reimbursable NASA awards that de-risk development programmes. The European Space Agency contracts and Belgian Ministry of Defence work are similar in nature. None of Redwire's revenue is dependent on tax credits that could change with domestic legislation, though changes to US federal space or defence budgets would directly affect programme funding.

Supply chain dependencies. Redwire manufactures specialist space hardware but relies on external suppliers for raw materials (aluminium composites, specialty polymers, radiation-hardened electronics). Radiation-hardened semiconductors present concentration risk given limited qualified suppliers. The UAS segment (Edge Autonomy) similarly relies on suppliers for propulsion systems and electronic components, some of which may be subject to export controls and geopolitical supply risks.

5. Financial Health

All figures sourced directly from Redwire Corporation's FY2025 earnings press release (published 6 March 2026, available on SEC EDGAR as Exhibit 99.1 to the 8-K filing) and the FY2023 earnings press release. Free cash flow (FCF) = operating cash flow minus capital expenditures, per the cash flow statement. Long-term debt figures represent the noncurrent portion of long-term debt from the balance sheet, net of current maturities — the line labelled "Long-term debt, net of current maturities" or equivalent in each filing.

Revenue trend. Redwire has grown revenues from $137.6m in FY2021 to $335.4m in FY2025, a compound annual growth rate of approximately 25%. Growth accelerated sharply in FY2023 and FY2024 following acquisitions, and the addition of the Edge Autonomy Defence Tech business contributed significantly to FY2025's $335.4m total. Q1 2026 ($97.0m, +58% YoY) suggests the FY2026 guidance range of $450m–$500m is well-supported by backlog.

Profitability. The company has not generated positive GAAP net income in any fiscal year since its formation. FY2025 net loss of $(226.6m) was elevated by non-cash goodwill impairment charges and acquisition-related amortisation. Cash losses are material: operating cash outflow was $(177.3m) in FY2025. Management targets positive Adjusted EBITDA improvement as the revenue base scales.

Cash burn and liquidity. FY2025 FCF was $(200.6m) (operating cash outflow $(177.3m) minus capex $(23.3m)). The company funds operations through a combination of debt (notes payable, revolving credit facility) and equity issuance. In 2026, Redwire filed an ATM equity distribution programme for up to $350m, providing access to capital markets. Investors should track quarterly cash and availability on the credit facility.

Debt. Noncurrent long-term debt (balance sheet, net of current maturities) declined from $124.5m at year-end FY2024 to $80.0m at year-end FY2025 — a material reduction. The company also carries current portions of long-term debt and other obligations; refer to the full balance sheet in the FY2025 10-K for total debt stack.

Share dilution. The weighted average diluted share count used for FY2025 EPS was 119,544,268 shares. Ongoing equity issuances (ATM programme) will increase this count; investors should monitor share count each quarter.

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$137.6m	—	—	—	Nil	—
FY2022	$160.5m	+16.6%	$(2.09)	—	Nil	$74.7m
FY2023	$243.8m	+51.9%	$(0.73)	—	Nil	$86.8m
FY2024	$304.1m	+24.7%	$(2.35)	—	Nil	$124.5m
FY2025	$335.4m	+10.3%	$(2.28)	—	Nil	$80.0m

*Adjusted EPS: Redwire does not report a per-share adjusted EPS metric. The company uses Adjusted EBITDA as its primary non-GAAP profitability measure. All five "—" entries reflect this reporting practice, not a data gap. See earnings press releases for Adjusted EBITDA figures.

*Long-term debt: noncurrent portion of long-term debt net of current maturities per balance sheet. FY2021 noncurrent LT debt not available from primary sources reviewed; remaining four years sourced directly from FY2023 and FY2025 press release balance sheets.

Quarterly revenue (most recent first):

Quarter	Revenue	Adjusted EPS	GAAP EPS (diluted)
Q1 2026	$97.0m	—	$(0.40)
Q4 2025	$108.8m	—	—
Q3 2025	$103.4m	—	—
Q2 2025	$61.8m	—	—
Q1 2025	~$61.4m	—	—
FY2025 Total	$335.4m	—	$(2.28)

*Q1 2025 revenue is calculated as FY2025 total $335.4m minus Q2–Q4 reported individually. Individual quarterly GAAP EPS for FY2025 quarters not restated in primary source reviewed; full-year GAAP EPS $(2.28) per FY2025 press release. Adjusted EPS column shows "—" because Redwire does not report per-share adjusted EPS. Q1 2026 results sourced from the Q1 2026 earnings press release dated 8 May 2026.

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Redwire is a loss-making, cash-burning business at this stage of its development, so traditional earnings-based valuation metrics are not applicable. Traders and investors typically value the stock on a price-to-sales or enterprise-value-to-revenue basis, alongside the backlog trajectory and forward revenue guidance. The 52-week range (low $4.87, high $22.25) illustrates the high volatility inherent in a single-digit EBITDA, debt-carrying, PE-backed space technology stock.

Metric	Value
Market cap	~$2.78bn (May 2026, at ~$14.42/share)
Enterprise value	~$2.85bn (est. May 2026; market cap plus net debt)
Trailing P/E (GAAP)	N/A (loss-making)
P/E (forward)	N/A (company not guiding to GAAP net income)
P/S (TTM)	~7.5x (market cap / LTM revenue ~$371m)
EV/EBITDA (TTM)	N/A (negative GAAP EBITDA)
P/FCF	N/A (negative free cash flow)
52-week high	$22.25
52-week low	$4.87
Short interest (% of float)	~15.5% (~29.5m shares short, per latest reporting period, May 2026)
Days to cover	Data not available — confirm at FINRA short interest data

Sources: market cap and 52-week range from web search, May 2026. Short interest from MarketBeat, May 2026 reporting. LTM revenue includes Q2–Q4 FY2025 plus Q1 2026.

7. What Are They Building?

All forward-looking content in this section is sourced from company press releases, SEC filings, and management statements on earnings calls — not analyst speculation.

Starlab commercial space station. Redwire is a key technology partner in the Starlab commercial low-Earth orbit station, a joint venture between Voyager Space and Airbus. Redwire is providing critical space systems hardware including solar arrays and life-support infrastructure for the station, which is designed to succeed the International Space Station after its planned decommissioning in approximately 2030. Starlab has received a NASA Commercial Low Earth Orbit Destinations (CLD) award, providing contractual foundation for the programme.

iROSA and ISS solar upgrades. Redwire has been the prime developer and manufacturer of the iROSA (International Space Station Roll-out Solar Array) panels, which are being installed on the ISS to extend its operational life and increase power generation capacity. Multiple successful deployments have been completed. Additional orders are possible as NASA extends ISS operations.

NASA Lunar Gateway — Power and Propulsion Element. Redwire manufactures solar array components for the Gateway Power and Propulsion Element (PPE), the first element of NASA's lunar orbital platform. Gateway is a cornerstone of the Artemis programme, and Redwire's hardware launched aboard the Artemis II crewed mission — the first crewed lunar flyby since Apollo — which departed in early 2026. Per the Q1 2026 earnings press release, Redwire's advanced imaging and navigation technology launched on the Orion spacecraft as part of Artemis II.

ARCHINAUT and in-space manufacturing. Redwire holds a technology development heritage in ARCHINAUT, a DARPA-funded in-space manufacturing and assembly programme that demonstrated the feasibility of fabricating large structures in orbit. The company continues to operate the in-space manufacturing facility aboard the ISS under NASA contracts, including bioreactor work for pharmaceutical and biotechnology customers. In Q1 2026, Redwire supported a cancer therapy investigation by Aspera Biomedicines using its PIL-BOX facility on the ISS, and received an additional $4.0m NASA contract for new drug development investigations.

Edge Autonomy UAS — Stalker Advanced Navigation. The Defence Tech segment's flagship product is the Stalker family of long-endurance, fixed-wing UAS platforms. In Q1 2026, Redwire received purchase orders totalling more than $20m from the US Marine Corps for the Advanced Navigation version of the Stalker Block 30 — the Marine Corps' first acquisition of this advanced variant. The Andromeda IDIQ (National Reconnaissance Office, $1.8bn total ceiling) and the ELSA programme also provide long-duration task-order visibility for the defence segment.

Belgian national security satellite. Redwire was awarded a prime contract by the Belgian Ministry of Defence to build and deliver Belgium's first national security satellite — a flagship international programme win demonstrating the company's ability to serve allied government customers in Europe. No financial details were disclosed.

ESA Quantum Key Distribution satellite. Redwire was awarded a contract to develop a quantum-secure satellite under the European Space Agency's Quantum Key Distribution (QKD) satellite programme, as part of a multi-country consortium including Honeywell. This positions Redwire in the emerging quantum communications market for governments seeking secure satellite communication infrastructure.

R&D spending. Redwire invests in proprietary technology across solar array deployment mechanisms, in-space additive manufacturing, phased-array RF systems, and autonomous navigation. Patent filings cover deployable structure mechanisms and in-space manufacturing processes. Specific R&D expenditure is disclosed in the annual 10-K filing.

Management guidance. On the Q1 2026 earnings call (8 May 2026), management reaffirmed full-year 2026 revenue guidance of $450m–$500m, supported by the $498.1m contracted backlog and 1.92x book-to-bill ratio.

8. Competitive Landscape

Redwire competes across two distinct markets. In the Space segment, it competes against heritage prime contractors (Northrop Grumman, L3Harris, Boeing) for spacecraft subsystem and infrastructure contracts, and against newer pure-play space companies for commercial and next-generation government work. In the Defence Tech segment, it competes against established UAS manufacturers for military drone contracts.

The commercial space infrastructure market is growing rapidly. NASA's Commercial Low Earth Orbit Destinations programme, the Department of Defense's proliferated low-Earth orbit satellite initiatives, and allied governments' domestic space ambitions are all driving new contract opportunities. Redwire's space-heritage portfolio and existing prime-contractor relationships position it to compete for an expanding total addressable market.

A key competitive factor is government subsidy asymmetry: some of Redwire's international peers (particularly in China) benefit from substantial state support that makes direct revenue comparisons misleading. Within the Western commercial space market, the primary differentiator is flight heritage, price competitiveness, and manufacturing capability.

Peer	Market Cap (May 2026)	FY2025 Revenue	P/E (TTM, May 2026)	Primary product / differentiator
Rocket Lab USA (RKLB)	~$72.9bn	$601.8m (per FY2025 results)	N/A (loss-making)	Full-stack launch provider (Electron rocket) plus Photon spacecraft and growing components business. Broader launch capability than Redwire; less focused on space infrastructure subsystems.
Planet Labs PBC (PL)	~$11.9bn (Apr 2026)	$244.4m (FY ending Jan 2025)	N/A (loss-making)	World's largest commercial Earth-observation constellation (Dove, SkySat). Data analytics revenue model rather than hardware manufacturing. Competes for government and commercial geospatial customers.
AeroVironment (AVAV)	~$10.0bn (Apr 2026)	$1.61bn (FY2025, per companiesmarketcap)	~30x (est.)	Established UAS manufacturer (Puma, Switchblade loitering munition). Significantly larger UAS business than Redwire's Edge Autonomy segment; profitable and cash-generative. Direct competitor for military drone contracts.
Spire Global (SPIR)	~$310m (Feb 2026)	~$87m (TTM)	N/A (loss-making)	Satellite data and analytics (weather, maritime, aviation). Asset-light data model contrasts with Redwire's hardware-manufacturing focus. Similar government and commercial customer base.

Market cap and revenue figures sourced from web searches, May 2026. P/E estimates sourced from web searches. Confirm at company investor-relations pages before relying on these for investment decisions.

9. Leadership and Ownership

Peter Cannito — CEO and Director. Cannito has served as founding President and CEO of Redwire since 2020. He was previously President and CEO of ClearSign Technologies, and has held executive roles in private equity-backed businesses in the defence and technology sectors. His background is in building and scaling businesses rather than engineering, which reflects Redwire's acquisition-led growth model. He has been the lead architect of the company's portfolio assembly strategy.

Key executives. Redwire's C-suite includes a CFO, Chief Operating Officer, General Counsel, and divisional presidents for the Space and Defence Tech segments. The specific tenure and backgrounds of individual executives beyond the CEO are not detailed here — verify at redwirespace.com/about or in the proxy statement on SEC EDGAR.

Board composition. The board includes representatives affiliated with AE Industrial Partners (the founding PE sponsor), alongside independent directors. The board has overseen the company's transition from a PE-assembled roll-up to a public company. Refer to the most recent proxy statement for full board composition.

Institutional ownership. As of the most recent SEC Form 13F filings, significant institutional holders include AE Industrial Partners affiliates (though they have been actively reducing their position — see insider transactions below), alongside long-only institutional funds. Verify current institutional holder percentages at SEC EDGAR or major data providers; these change quarterly.

Insider transactions (SEC Form 4 filings, 2025–2026):

Name / Entity	Date	Type	Shares	Price	Value	Plan Type
EVP, General Counsel & Secretary	14 Nov 2025	Buy	18,410	$5.45	~$100k	Discretionary (open-market purchase)
AE Red Holdings (AE Industrial affiliate)	09 Jan 2026	Sell	2,255,356	$11.37 (avg)	~$25.6m	Registered disposition / block sale
AE Red Holdings (AE Industrial affiliate)	12 Jan 2026	Sell	2,871,715	$11.83 (avg)	~$34.0m	Registered disposition / block sale
AE Red Holdings (AE Industrial affiliate)	02 Mar 2026	Sell	244,666	$10.06 (avg)	~$2.5m	Registered disposition
AE Red Holdings / Edge Autonomy Holdings	24–25 Mar 2026	Sell	10,000,000	$9.15–$9.45	~$92m	Registered disposition / secondary offering
AE Red Holdings / Edge Autonomy Holdings	10–15 Apr 2026	Sell	~3,468,000	$9.31–$9.92	~$33m	Registered disposition

Insider transaction data sourced from SEC Form 4 filings as reported on StockTitan, May 2026. Verify individual filings on SEC EDGAR at edgar.sec.gov (search CIK 1819810). The AE Industrial Partners-affiliated selling represents the founding PE sponsor reducing its stake following the public listing — these are registered dispositions, not discretionary open-market sales in the traditional sense, but the net effect is a material reduction in sponsor ownership. The EVP/General Counsel's November 2025 open-market purchase of 18,410 shares at $5.45 is the only confirmed insider purchase in the period.

10. Risks and Challenges

• Persistent cash burn (Financial): FY2025 FCF was $(200.6m). Redwire is fundamentally dependent on external capital — debt markets and equity issuance — to fund operations. Any disruption to capital market access (rate spikes, credit spread widening, equity market downturn) could create a liquidity crisis.
• Dilution from ATM offering (Financial): The $350m at-the-market equity distribution programme filed in 2026 will dilute existing shareholders if drawn upon. The extent and timing of dilution are uncertain and depend on stock price and management's capital needs.
• Sponsor exit overhang (Concentration): AE Industrial Partners has sold more than $185m worth of Redwire shares in the first four months of 2026 alone. Continued block sales will weigh on the share price and signal declining sponsor conviction in the long-term thesis.
• Government budget dependency (Regulatory): Approximately 68% of FY2025 revenue came from government customers (national security + civil). US federal defence and NASA budgets are subject to congressional appropriations, continuing resolutions, and political priorities. A material cut to space infrastructure or defence UAS budgets would directly impact Redwire's contract pipeline.
• ISS decommissioning (Operational): NASA plans to decommission the International Space Station by approximately 2030. A significant portion of Redwire's Space segment revenue (iROSA upgrades, in-space manufacturing, research services) is tied to ISS operations. The transition to Starlab and other commercial stations is not guaranteed to fully replace ISS-derived revenue.
• Contract execution risk (Operational): Redwire operates on complex, multi-year contracts for first-of-kind space hardware. Cost overruns, schedule slippage, or technical failures on fixed-price contracts — particularly the Belgian national security satellite and any firm-fixed-price commercial space station work — could result in material charges.
• Goodwill impairment risk (Financial): The FY2025 net loss was materially elevated by goodwill impairment charges — a direct consequence of the acquisition-heavy growth strategy. If acquired businesses underperform relative to original underwriting, further impairments are possible, causing further non-cash losses.
• Related-party and key person risk (Concentration): Peter Cannito has been CEO since formation; the company's strategy, culture, and key customer relationships are closely tied to his leadership. A departure would create material uncertainty. AE Industrial Partners continues to be a significant related party through board representation even as its economic stake declines.
• Geopolitical and export control risk (Regulatory): Space hardware and autonomous military systems are subject to ITAR (International Traffic in Arms Regulations) and EAR (Export Administration Regulations). New restrictions on technology transfer — particularly relevant to European and allied government contracts — could delay or block contract performance.
• Competition from larger primes (Competitive): Northrop Grumman, L3Harris, and Boeing have greater scale, deeper balance sheets, and established programme-management infrastructure. For large, complex spacecraft programmes, they retain structural competitive advantages over Redwire.
• UAS market competition (Competitive): The military UAS market is increasingly competitive. AeroVironment ($1.6bn revenue, profitable) and emerging entrants such as Shield AI (private) are well-funded and well-connected in Pentagon procurement circles. Edge Autonomy must demonstrate differentiated capability to win new follow-on contracts.
• Debt levels and refinancing risk (Financial): Total debt obligations (current and noncurrent) create annual interest expense that widens GAAP losses. Refinancing of debt at higher rates, or in a deteriorated credit environment, would increase the cost of capital and accelerate cash burn.

11. Recent Developments

• 15 May 2026 — Stock climbs on defence order momentum. Redwire shares trading around $14.42 following a series of contract wins and improved sentiment driven by rising defence budgets globally and the Andromeda IDIQ win. Year-to-date share-price performance has recovered sharply from the 52-week low of $4.87 set in mid-2025.
• 08 May 2026 — Q1 2026 results: record backlog, 58% revenue growth. Redwire reported Q1 2026 revenue of $97.0m, up 58% year-on-year. Contracted backlog hit a record $498.1m with a book-to-bill ratio of 1.92x. Gross margins improved significantly. GAAP EPS was $(0.40). Management reaffirmed FY2026 revenue guidance of $450m–$500m.
• May 2026 — Artemis II: Redwire technology launches on Orion spacecraft. Subsequent to Q1 2026 end, Redwire's advanced imaging and navigation technology launched aboard the Orion spacecraft as part of NASA's Artemis II crewed lunar flyby — the first crewed lunar mission since Apollo. Redwire confirmed this in the Q1 2026 earnings press release.
• May 2026 — ATM equity offering: up to $350m. Redwire filed a prospectus supplement to offer up to $350m of common stock via at-the-market equity distribution. The proceeds would fund working capital, debt service, and general corporate purposes.
• 11 May 2026 — Analyst price target upgrades. Alliance Global Partners raised its price target on RDW from $10.50 to $15.00 (Buy). Jefferies set its price target at $13.00 (Buy). Neither recommendation constitutes an investment recommendation from ChartsView — these are factual records of analyst actions only.
• Q1 2026 — Andromeda IDIQ contract win ($1.8bn ceiling). Redwire was awarded a position on the Andromeda Indefinite Delivery / Indefinite Quantity contract for advanced spacecraft with a total ceiling of $1.8bn. This is a major National Reconnaissance Office-style vehicle that provides a long-horizon contract framework for national security space work.
• Q1 2026 — US Marine Corps Stalker orders ($20m+). Redwire received purchase orders totalling more than $20m from the US Marine Corps for the Advanced Navigation version of the Stalker Block 30 UAS — the first acquisition of this variant by the Marine Corps.
• Q1 2026 — Belgian national security satellite contract. Redwire was awarded a prime contract by the Belgian Ministry of Defence to build and deliver Belgium's first national security satellite — the company's first sovereign prime contract for an allied European government satellite programme.
• Q1 2026 — ESA Quantum Key Distribution satellite contract. Redwire was awarded a contract under the European Space Agency's QKD satellite programme as part of a multi-country consortium including Honeywell.
• Q1 2026 — ELSA programme: first order received. Redwire received the first purchase order under the ELSA programme, a new national security space programme. Financial details not disclosed.
• Q1 2026 — NASA drug development contract ($4m). Redwire received an additional $4.0m NASA contract to support new drug development investigations on the International Space Station using the PIL-BOX in-space manufacturing facility.
• 06 Mar 2026 — FY2025 full-year results published. Redwire reported FY2025 revenue of $335.4m (+10.3% YoY), net loss of $(226.6m), and contracted backlog of $411.2m at year-end. FCF was $(200.6m) (OCF $(177.3m) minus capex $(23.3m)). The company achieved the top end of its FY2025 revenue guidance range.

12. Key Dates Coming Up

• 08 May 2026 — Q1 2026 earnings reported. Results: revenue $97.0m, backlog $498.1m, GAAP EPS $(0.40), 2026 guidance reaffirmed at $450m–$500m.
• 07 Aug 2026 — Q2 2026 earnings release (estimated date — confirm at ir.redwirespace.com before relying on this).
• 06 Nov 2026 — Q3 2026 earnings release (estimated date — confirm at ir.redwirespace.com before relying on this).
• 30 Jun 2026 — ATM equity programme ongoing (up to $350m of common stock). Any drawdown will appear in SEC Form 424B filings — monitor for dilution throughout H2 2026.
• 31 Dec 2026 — Andromeda IDIQ task order watch: follow-on task orders under the $1.8bn IDIQ ceiling expected throughout H2 2026 via SEC 8-K press releases.
• 31 Dec 2026 — Starlab CLD milestone watch: NASA Commercial Low Earth Orbit Destinations programme decision updates and Starlab development schedule expected in H2 2026.

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