Redwire Stock Earnings Reports

Key points for investors: Redwire reported strong Q1 2026 operational and commercial momentum. Revenue was $97.0M (up 57.9% YoY) driven by Space ($52.7M) and Defense Tech ($44.3M). Bookings were $186.5M in the quarter (book-to-bill 1.92) and backlog reached a record $498.1M. Gross margin improved substantially to 26.6% (up ~11.9 points YoY and ~17 points sequentially). Management is increasing R&D/IRAD (Q1 IRAD ~$12.6M vs. <$1M prior-year) to pursue six strategic opportunities (e.g., maneuverable/refuelable GEO including the Andromeda IDIQ, VLEO platforms, QKDSat, lunar infrastructure, SpaceMD microgravity products like PIL-BOX, and next-gen UAS). Notable program wins and milestones include selection on the Space Systems Command Andromeda IDIQ (1 of 14 vendors), a ceiling increase on Andromeda from $1.8B to >$6B, a $12.8M first sale of the ELSA solar array, QKDSat work under ESA, a Belgian national security satellite prime award, follow-on Stalker orders (~$20M+) for USMC, and Redwire avionics on Artemis 2. Liquidity improved to $175.2M (cash ~$145.2M + $30M revolver) and the credit facility was amended to lower interest (SOFR + 375). Q1 GAAP net loss was $76.5M, impacted by $44M+ of nonrecurring items (including $42.5M noncash accelerated vesting from the Edge Autonomy acquisition); adjusted EBITDA was -$9.2M but management says adjusted EBITDA would have been positive net of discretionary IRAD. Management reaffirmed full-year 2026 revenue guidance of $450M–$500M (midpoint ~41.6% YoY growth). Capital plan includes opportunistic ATM issuance to fund targeted investments while maintaining disciplined capital allocation.