Redwire Corp (RDW): Results of Operations and Financial Condition
Redwire Corp (RDW) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 8226 Philips Highway, Suite 101 Investor Relations Contact: Jacksonville, FL 32256 USA investorrelations@redwirespace.com Redwire Corporation Reports Second Quarter 2026 Financial Results, Achieves Record Revenue, Gross Margins, and Contracted Backlog JACKSONVILLE, F
How this was made
The 30-second read
Why it matters
The combination of record revenue, improved gross margin, record backlog, and a reaffirmed 2026 revenue range creates a clear near-term catalyst for earnings-model updates and positioning ahead of the Aug 6 call.
Market read
Traders can update forward revenue and margin expectations using the disclosed Q2 operating metrics, backlog visibility, and liquidity improvement, with a scheduled investor call the next morning.
What to watch
Gross margin is reported as improved, but the filing also notes R&D investment of $12.5M in the quarter and includes non-GAAP Adjusted EBITDA; traders may scrutinize cash burn and margin sustainability beyond one quarter.
Redwire Corporation Reports Second Quarter 2026 Financial Results, Achieves Record Revenue, Gross Margins, and Contracted Backlog
Revenue increased 89.6% year-over-year to a record $117.1 million, gross margin improved to 27.8% from (30.9)%, contracted backlog reached $542.1 million, and the company reaffirmed its full-year revenue forecast. Net loss and Adjusted EBITDA remained negative at $(41.0) million and $(3.2) million, respectively.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $117.1 million | – | increased 89.6% year-over-year |
| Gross marginGAAP | 27.8% | – | Year-over-year improvement |
| Net LossGAAP | $(41.0) million | – | improved by $56.0 million year-over-year |
| Adjusted EBITDAnon-GAAP | $(3.2) million | sequential improvement | increased by $24.2 million year-over-year |
| Research and Development expenseother | $12.5 million | – | – |
| Backlogother | $542.1 million | – | – |
| Book-to-Bill ratioother | 1.42 | – | – |
| Last twelve months Book-to-Bill ratioother | 1.52 as of the second quarter of 2026 | – | meaningful year-over-year increase |
| Total liquidityother | $607.8 million | a 366.9% increase over the end of 2025 | – |
| Recorded revenue during the first half of 2026GAAP | $214.0 million | – | – |
full year ended December 31, 2026 outlook
- Revenue$450 million to $500 million
What drove it
- Redwire announced follow-on awards for Stalker Block 30 from the Marine Corps Portfolio Acquisition Executive Robotic Autonomous Systems and the 1st Aviation Brigade, U.S. Army Aviation Center of Excellence.
- The company was awarded Penguin uncrewed aerial systems contracts, including a multi-year contract valued at high eight-figures from an undisclosed NATO country and a contract from Taiwan Color Optics, Inc. for the Taiwan Coast Guard.
- Redwire delivered nearly 200 Octopus ISR payloads year-to-date, a more than 15% increase year-over-year.
- The company completed on-orbit pharmaceutical drug development investigations with researchers at Aspera Biomedicines, Bristol Myers Squibb, Rowan University, and Purdue University.
- Subsequent to quarter-end, Redwire held a grand opening in Georgetown, Indiana and announced a facility expansion in Huntsville, Alabama to add capabilities and capacity.
Concerns
- Net Loss was $(41.0) million for the second quarter of 2026.
- Adjusted EBITDA was $(3.2) million for the second quarter of 2026, inclusive of $12.5 million in Research and Development expense.
- The filing identifies risks related to integration of the Edge Autonomy acquisition, history of losses, customer concentration, competition, geopolitical and macroeconomic events, and tariffs impacting demand for products.
What to watch
- Execution against the reaffirmed full-year revenue forecast of $450 million to $500 million.
- Conversion of the record Backlog of $542.1 million into revenue during the back half of the year.
- Whether the 1.42 second-quarter Book-to-Bill ratio and 1.52 last-twelve-months Book-to-Bill ratio continue to support backlog growth.
- Progress in improving Adjusted EBITDA while continuing Research and Development investment.
- Deployment of cash and available borrowing capacity following the reduction in term loans from $90.0 million to $50.0 million.
Balance sheet and cash flow
- Total liquidity of $607.8 million as of June 30, 2026 is comprised of $557.0 million in cash and cash equivalents, $50.0 million in available borrowings from our existing credit facilities, and $0.8 million in restricted cash.
- During the quarter we reduced the aggregate amount of our term loans from $90.0 million to $50.0 million.
- Ended second quarter 2026 with total liquidity of $607.8 million, a 366.9% increase over the end of 2025.
Analysis
Redwire reported record second-quarter revenue of $117.1 million, up 89.6% year-over-year, alongside gross margin of 27.8%. The gross-margin result represented a year-over-year improvement from (30.9)% in the second quarter of 2025. Management characterized the period as successful execution, supported by follow-on Stalker Block 30 awards, Penguin uncrewed aerial system contracts, and deliveries of nearly 200 Octopus ISR payloads year-to-date.
Demand indicators were strong in the release. Backlog reached a record $542.1 million, while second-quarter Book-to-Bill was 1.42 and last-twelve-months Book-to-Bill was 1.52 as of the second quarter of 2026. Redwire also cited a meaningful year-over-year increase in the last-twelve-months Book-to-Bill ratio. The company recorded $214.0 million of revenue during the first half of 2026 and stated that backlog provides significant visibility for the back half of the year.
Profitability improved but remained negative. Net Loss improved by $56.0 million year-over-year to $(41.0) million, and Adjusted EBITDA increased by $24.2 million year-over-year to $(3.2) million. The company said Adjusted EBITDA also improved sequentially. The result included $12.5 million in Research and Development expense, making continued margin and EBITDA progression a central operating item to follow.
Liquidity expanded materially. Redwire ended the quarter with total liquidity of $607.8 million, comprising $557.0 million in cash and cash equivalents, $50.0 million in available borrowings from existing credit facilities, and $0.8 million in restricted cash. During the quarter, it reduced aggregate term loans from $90.0 million to $50.0 million. The company said the strengthened balance sheet enables strategic investments.
For the full year ended December 31, 2026, Redwire reaffirmed its revenue forecast of $450 million to $500 million. No full-year gross-margin, operating-expense, tax-rate, net-income, EPS, cash-flow, or Adjusted EBITDA guidance was provided in the supplied release text. The key execution questions are backlog conversion, sustained gross-margin performance, and further progress toward positive Adjusted EBITDA while the company invests in capacity and research and development.
Management, verbatim
With new record highs for both revenue of $117.1 million and gross margin of 27.8%, Redwire’s second quarter of 2026 was defined by successful execution.
Peter Cannito, Chairman, Chief Executive Officer, and President of Redwire
With a record Backlog 1 of $542.1 million and a strengthened balance sheet to enable strategic investments, Redwire is scaling to meet the strong demand we see for our mission critical space and defense tech offerings.
Peter Cannito, Chairman, Chief Executive Officer, and President of Redwire
During the quarter we reduced the aggregate amount of our term loans from $90.0 million to $50.0 million and ended the quarter with record total liquidity 4 of $607.8 million.
Chris Edmunds, Chief Financial Officer of Redwire
Not in the filing
stated, not guessed- Segment revenue, segment year-over-year changes, segment quarter-over-quarter changes, and segment profitability were not provided in the supplied filing text.
- GAAP operating income or loss was not provided.
- GAAP diluted EPS and non-GAAP diluted EPS were not provided.
- Prior-year revenue amount was not provided on the revenue line.
- Prior-quarter revenue, gross margin, net loss, and Adjusted EBITDA amounts were not provided.
- Operating cash flow and free cash flow were not provided.
- Debt balance at June 30, 2026 was not provided, other than aggregate term loans of $50.0 million.
- Share repurchases, dividends, and other capital-return figures were not provided.
- Full-year gross-margin, operating-expense, tax-rate, earnings, EPS, cash-flow, and Adjusted EBITDA guidance were not provided.
- Prior outlook was not provided, so comparison of actual results with prior guidance is unavailable.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Redwire’s SEC Form 8-K (Item 2.02) with Exhibit 99.1 covering Q2 2026 results, backlog/liquidity, and a reaffirmed full-year revenue forecast.
Ticker impact
Redwire reported Q2 2026 revenue of $117.1M, gross margin of 27.8%, record backlog of $542.1M, and reaffirmed 2026 revenue guidance of $450M to $500M.
Likely positive bias for the next session and into the Aug 6 investor call, assuming the market focuses on margin and backlog strength.
The 8-K discloses multiple concrete operating metrics (revenue, gross margin, net loss improvement, book-to-bill, backlog) and a reaffirmed full-year range, which are direct inputs to valuation and forward expectations.
Market effects
Supports sentiment for space and defense tech contractors by signaling demand and improving profitability metrics (gross margin) alongside backlog growth.
Limited direct regional read-through; primarily affects US-listed defense/space tech sentiment.
Some contract awards reference international customers (e.g., NATO country, Taiwan Coast Guard), but the financial impact is company-specific.
Counterpoint
Despite record revenue and backlog, the company still reported a sizable net loss and Adjusted EBITDA remains negative, so the market may question path to sustained profitability.
Key entities
- companyRedwire Corporation
NYSE-listed space and defense technology company reporting Q2 2026 results and reaffirming 2026 revenue guidance.
- government_customerU.S. Marine Corps Portfolio Acquisition Executive Robotic Autonomous Systems
Referenced as awarding follow-on awards for Stalker Block 30.
- government_customerU.S. Army Aviation Center of Excellence
Referenced as awarding follow-on awards for Stalker Block 30.
- government_customerTaiwan Coast Guard
Referenced via a contract for Penguin uncrewed aerial systems.
