Q2 2026 revenue grew 90% YoY to $117.1M, driven by $49.1M from the Edge Autonomy acquisition (closed June 13, 2025); Defense Tech segment revenue was $61.9M vs. $5.1M prior-year, while Space segment revenue declined 3% to $55.2M on production-cycle timing for large space infrastructure contracts. Gross margin improved to 28% from (31)% prior-year, and total contracted backlog increased to $542.1M from $411.2M at year-end, with organic additions of $352.3M in H1 2026. Q2 book-to-bill was 1.42; remaining performance obligations stood at $435.3M with ~64% expected to be recognized within 12 months.
Defense Tech secured several material contract awards in Q2 2026: follow-on Stalker Block 30 orders from the Marine Corps Portfolio Acquisition Executive Robotic Autonomous Systems and the 1st Aviation Brigade; a multi-year Penguin UAS contract from an undisclosed NATO ally and a Tranche 1 contract from Taiwan Color Optics for the Taiwan Coast Guard; and delivery of nearly 200 Octopus ISR payloads year-to-date (15%+ increase YoY) with two new Octopus products (E140 MWIR and E180 HD MWIR) announced. Net EAC adjustments in Defense Tech for H1 2026 were $9.3M favorable, including a $6.7M reversal of prior loss reserves.
Space segment completed on-orbit operations for pharmaceutical drug development investigations in partnership with Aspera Biomedicines, Bristol Myers Squibb, Rowan University, and Purdue University, marking more than 50 PIL-BOX units flown inception-to-date. R&D expense in the Space segment increased $4.8M YoY in Q2 on strategic investments in emerging opportunities. H1 2026 net EAC adjustments in Space were $10.4M unfavorable, attributed to increased estimates for programmatic and technical complexity to meet customer specifications on large space infrastructure programs.
During Q2 2026, AE Industrial Partners converted all remaining 46,505 shares of Series A Convertible Preferred Stock into 15.25M shares of common stock, eliminating the preferred stock line (liquidation preference of $118.4M at year-end); AEI's ownership fell below 1% and it is no longer a related party. Redwire terminated the May 2026 ATM after drawing the full $350M (net $341.2M) and entered a new June 2026 ATM for up to $500M, selling 9.3M shares for $149.6M gross in Q2 with $350.4M remaining capacity. On June 30, 2026, the company amended the JPM A&R Credit Agreement to increase the revolver from $30M to $50M and made a $40M voluntary prepayment, reducing the term loan to $50M (effective rate ~8.13%); total outstanding debt fell to $48.9M from $88.4M at year-end. Cash and cash equivalents reached $557.7M from $95.2M at year-end.
Edge Autonomy integration progressed: $1.7M in measurement-period adjustments increased Edge-related goodwill to $723.0M in H1 2026; the Tranche II and III Edge Incentive Units met an acceleration clause and became fully vested as of June 30, 2026, triggering recognition of $42.5M in remaining compensation cost during H1 2026 with no further expense remaining. Capital expenditures in the Defense Tech segment were $11.3M in H1 2026 (vs. $0.8M prior-year), reflecting facility and equipment build-out for autonomous systems production.
The company disclosed that material weaknesses in internal control over financial reporting persist as of June 30, 2026: U.S. operations (excluding Edge) have designed but not yet demonstrated operating effectiveness of process-level controls, while European and Edge operations lack effective IT general controls (program change and access controls), rendering dependent automated and manual controls ineffective. Remediation plans include implementing a unified ERP for European operations, expanding the U.S. ERP to Edge, and engaging a third-party global consulting firm; the company cannot estimate when remediation will be complete. NASA's March 2026 decision to pause further Lunar Gateway development in favor of a sustained South Pole presence (~$20B redirected over seven years) and continued EU Readiness 2030 implementation were noted as sector-level developments whose full impact on Redwire remains under evaluation.
(Filed on May 7, 2026)
+57.9%
26.6%
$144.5M
Edge Autonomy (acquired June 13, 2025) contributed $36.4M in revenue during Q1 2026, its first full consolidated quarter; the company had reorganized from one operating segment to two (Space and Defense Tech) in Q4 2025 to align with the integration, and recorded $1.7M in measurement-period adjustments increasing Edge Autonomy goodwill to $723.0M.
Awarded a $12.8M contract to deliver ELSA solar-array wings to Moog, marking the first sale of that new low-mass solar array product; received purchase orders exceeding $20M for the Marine Corps' first Stalker Block 30 Advanced Navigation UAS acquisition; was awarded a contract under ESA's QKDSat quantum-secure satellite program in a multi-country consortium including Honeywell Aerospace; received a $4.0M NASA award for drug-development investigations on the ISS; and, subsequent to quarter-end, Redwire's advanced imaging and navigation technology launched aboard the Orion spacecraft on NASA's Artemis II mission.
Book-to-bill ratio was 1.92 (Space 2.18; Defense Tech 1.62) versus 0.92 in Q1 2025; total contracts awarded were $186.5M (Space $114.6M, Defense Tech $72.0M); contracted backlog grew to $498.1M from $411.2M at December 31, 2025, with Space backlog at $359.7M and Defense Tech at $138.4M.
On February 20, 2026, Redwire refinanced its JPMorgan term loan into an Amended and Restated Credit Agreement providing a new $90M term loan maturing May 2029 (extended from April 2027), a $30M revolving facility, and swing-line capacity up to $10M; on February 26, 2026, the company terminated its Adams Street Credit Agreement (remaining $35M revolver) without penalty, leaving total outstanding debt at $90.3M.
During Q1 2026 the company sold 6,942,924 shares under its November 2025 ATM facility for $63.5M in net proceeds; on May 6, 2026 (post-quarter), it entered a new $350M ATM agreement with expanded agent coverage, replacing the prior $250M agreement that had nominal remaining capacity, with proceeds earmarked for working capital, capex, debt repayment or refinancing, and potential acquisitions.
(Filed on February 27, 2026)
+56.4%
9.6%
$94.5M
Q4 2025: Annual quantitative impairment test determined the Space Europe reporting unit's fair value was below carrying value, resulting in a $34.7M non-cash pre-tax impairment charge—$20.9M goodwill (reduced to zero), $10.9M finite-lived intangibles, and $2.6M property, plant, and equipment—attributed to margin erosion from decreased forecasted revenues, increased production costs, and deferred pipeline realization.
Effective December 1, 2025, Redwire reorganized from a single operating segment into two reportable segments—Space and Defense Tech—realigning how the Chief Operating Decision Maker assesses performance and allocates capital. Six reporting units were identified: Space Mission Solutions, Space US, Space Europe, Space Defense Tech, North America Defense Tech, and Europe Defense Tech.
KPMG issued an adverse opinion on internal control over financial reporting as of December 31, 2025, citing material weaknesses: (i) U.S. operations designed process-level controls but could not demonstrate operating effectiveness within the period; (ii) European and remaining U.S. operations (including Edge Autonomy, excluded from the ICFR assessment but with pre-existing weaknesses covering 10% of assets and 32% of revenues) lacked effective IT general controls (program change and access controls), rendering dependent automated and manual controls ineffective. Remediation for 2026 includes implementing a unified ERP for European operations, expanding the U.S. ERP, and engaging a third-party consulting firm.
Annual context: The Edge Autonomy acquisition completed June 13, 2025 (total consideration ~$1.02B: $160M cash, 49.8M shares, $721.3M goodwill, $298.1M intangibles) generated $107.1M in post-acquisition FY2025 revenue within the Defense Tech segment, which delivered 100+ Stalker/Penguin UAS to customers in 7 countries. FY2025 Defense Tech segment revenue rose 157% to $125.6M, while Space segment revenue declined 18% to $209.8M. Total FY2025 revenue was $335.4M (up 10%), with net unfavorable EAC adjustments of $54.5M (including a $12.9M Defense Tech loss reserve and $14.1M Space Europe adjustments) compressing gross margin to 5% from 15%. Total contracted backlog was $411.2M and LTM book-to-bill was 1.32.
Annual context: Key FY2025 operational milestones included a $44M Phase 2 DARPA Otter contract advancing the SabreSat VLEO air-breathing satellite, an eight-figure agreement with The Exploration Company for two International Berthing and Docking Mechanisms for Nyx spacecraft, 14 PIL-BOX launches to the ISS (42 cumulative; 11 active payload facilities as of year-end), a new 85,000 sq ft fuel cell production facility in Ann Arbor, MI, and the Stalker UAS receiving an Authority to Operate on the Defense Innovation Unit Blue UAS List (July 2025). The company entered a licensing agreement with ExesaLibero Pharma for royalties on PIL-BOX-derived pharmaceutical products. As of December 31, 2025, Redwire had approximately 1,410 employees across 28 locations (~910,000 sq ft) in North America and Europe.
Subsequent to Q4 (February 20, 2026): Redwire amended and restated the JPMorgan Credit Agreement, replacing the existing $90M term loan with a new $90M term loan and adding a $30M revolving credit facility, both maturing May 31, 2029, and terminated the Adams Street Credit Agreement (which had $35M remaining revolving capacity maturing April 2027) without penalty, consolidating debt under a single facility.
(Filed on November 6, 2025)
+50.7%
16.3%
$52.3M
Edge Autonomy (acquired June 13, 2025) contributed its first full quarter of consolidated operations in Q3, generating $49.5M in post-acquisition revenue. Q3 UAS deliveries included Stalker systems for the U.S. Army's Long Range Reconnaissance program and Penguin systems for the Ukrainian Armed Forces. The company now describes itself as an integrated space and defense technology company adding autonomous systems and multi-domain operations to its existing space infrastructure portfolio.
New space operations in Q3: Redwire was awarded a contract to develop and deliver Roll-Out Solar Arrays for Axiom Space's first commercial space station module, and launched 14 PIL-BOX microgravity payloads (with Bristol Myers Squibb, Butler University, and Purdue University), bringing cumulative PIL-BOX launches to 42. Revenue mix shifted materially—national security rose to 57% of Q3 revenue ($58.6M vs. $26.1M prior-year) and point-in-time recognition grew to 48.6% from 3.0%.
Contracted backlog increased to $355.6M at September 30, 2025 (from $296.7M at year-end 2024), including $76.1M of acquisition-related backlog from Edge Autonomy. Q3 book-to-bill improved to 1.25 (contracts awarded $129.8M vs. revenue $103.4M) from 0.65 in the prior-year quarter, signaling stronger forward demand.
A $15.2M unfavorable EAC adjustment was recorded in Q3 (within $8.3M net EAC impact), including a $6.5M loss reserve on an RF systems program driven by increased estimates for programmatic and technical complexity to meet customer specifications. Nine-month net unfavorable EAC adjustments totaled $36.6M, compressing nine-month gross margin to 3% from 17% a year earlier.
The company identified material weaknesses in internal control over financial reporting, including insufficient segregation of duties, inadequate formal accounting policies and contract-estimate controls, and IT general control gaps (program change management, user access, computer operations). Management engaged a third-party consulting firm and expects remediation of U.S. operations (excluding Edge) by December 31, 2025, with Europe operations expected to extend beyond that date. Integration of Edge Autonomy into ICFR processes is still in progress.
As of October 1, 2025, the U.S. federal government was under a partial shutdown due to unresolved FY 2026 appropriations, which the filing states may delay contract awards and new program starts for NASA and the Department of War. On the international side, the EU's Readiness 2030 package (~€800B over four years) and NATO's 5%-of-GDP defense spending commitment by 2035 are noted as sector demand drivers for drone and autonomous systems, while Ukraine-related UAS sales are flagged as potentially declining if hostilities change.
