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$1.4B
Market Cap
P/E
PEG
-31.6%
ROCE
-41.8%
ROE
0.10
D/E
-68.5%
OPM
-55.7%
% from 52W High
88
α RS
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Ratio Health
Excellent
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About

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally.

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📈 Growth Pattern
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3-Statement Financial Model
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🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →
📊 MIXED Redwire Q1 2026 revenue $97M, gross margin 26.6%, record backlog $498M
Revenue & Profitability
Q1 2026 revenue was $97M, a 57.9% year-over-year increase. Net loss was $76.5M, impacted by $42.5M non-cash accelerated vesting of Edge Autonomy equity units. Adjusted EBITDA was -$9.2M. Gross margin improved to 26.6% from 14.7% year-over-year and 9.6% sequentially. Record backlog of $498.1M, up 71.1% year-over-year. Book-to-bill ratio of 1.92% for the quarter.
Outlook
Management reaffirmed FY2026 revenue guidance of $450-$500M, representing 41.6% year-over-year growth at the midpoint. They cited strong demand across differentiated products and a supportive macro environment, including increased U.S. and European defense and space budgets. Specific tailwinds include growing interest in Golden Dome, VLEO, GEO maneuverable spacecraft, and lunar infrastructure.
Growth Drivers
Key growth levers include the Andromeda IDIQ (GEO spacecraft, ceiling raised to $6B), VLEO with SabreSat and Phantom for Golden Dome, QKDSat for quantum-secure constellations, lunar power grid and CLPS lander missions, space biotech (PIL-BOX), and next-generation UAS (Stalker Block 40, Penguin Mark III). Q1 bookings were $186.5M, with strong contributions from both segments.
Balance Sheet & CapEx
Redwire increased internal R&D investment from under $1M in Q1 2025 to $12.6M in Q1 2026, focusing on six high-potential opportunities. The company entered an at-the-market (ATM) program to opportunistically fund emerging technologies. No specific CapEx guidance was provided, but the company emphasized investing in quality growth.
Margins
Gross margin improved to 26.6% in Q1 2026 from 14.7% year-over-year and 9.6% sequentially, driven by higher-margin backlog and tighter program execution (net EACs improved to $1.1M). Management expects operating margins to expand as revenue scales, but they continue to invest heavily in R&D. Net of discretionary IRAD, adjusted EBITDA would have been positive for the quarter.
Key Risks
Not discussed in this earnings call.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Record Q2 revenue and gross margin were driven by strong growth in both space and defense tech, with a robust backlog and improved balance sheet supporting a reaffirmed full-year outlook. Strategic investments in R&D, capacity, and M&A position the company for continued expansion.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 saw record backlog, strong revenue growth, and significant margin improvement, driven by robust demand and major contract wins in both space and defense tech. Increased R&D investment supports high-potential programs, with full-year revenue guidance reaffirmed.
Q4 2025 Q4 2025 2026-02-26
Revenue grew 10.3% to $335.4M in 2025, with record backlog and liquidity. Q4 saw strong bookings and balanced segment performance, while 2026 guidance targets up to 41.6% growth, led by defense tech. Significant deleveraging and new product launches position for further scaling.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 saw record revenue growth of 50.7% year-over-year, improved margins, and a strong book-to-bill ratio, driven by the Edge Autonomy acquisition and robust demand. Delays from the U.S. government shutdown pushed some contract awards into 2026, but the outlook remains positive.
Q2 2025 Q2 2025 2025-08-07
Q2 2025 saw revenue growth and record liquidity, but profitability was hit by a large EAC charge on a development program. The Edge Autonomy acquisition expanded capabilities and improved the balance sheet, while new ventures like SpaceMD and strong contract wins position the company for future growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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