Redwire
ConvictionModerate
Project- and program-based hardware manufacturing on mostly fixed-price and cost-plus contracts for government (NASA, DoD, ESA, allied MoDs) and commercial space customers; revenue recognized over time on milestone/percent-complete; growth via backlog conversion plus M&A roll-up (heritage component shops + Edge Autonomy UAS).
Revenuefact
$97.0M Q1 2026qtr ended 3/31/26); $335.4M FY2025; ~$371M TTMRev growthfact
+57.9% YoY Q1 2026FY25 +10.3% organic, +56% YoY in Q4 incl. EdgeGross marginfact
26.6% Q1 2026up from 14.7% Q1 2025Op marginfact
Negative — Q1 2026 net loss $76.5)M incl. $42.5M non-cash Edge vesting; adj. EBITDA $(9.2)MCapex intensity
Low single-digit % of revenue — asset-light contract manufacturerestimateMarket cap
~$2.14Bprice $10.80 x ~197.9M sh, 25 Jun 2026; factAcross the boards
The thesis on this name
opportunityModerate
State of Space & Launch
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-27. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$138M
FY’22
$161M+17%
FY’23
$244M+52%
FY’24
$304M+25%
FY’25
$335M+10%
Margins & balance sheet — FY’25
Gross margin5.2%
Operating margin-68.5%
Net margin-67.6%
Net cash$56M
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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