RDW
Redwire Corporation6.59
-0.30-4.35%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Margin path, Edge details clarified
Q&A shed light on Redwire's margin strategy, embracing fixed-price development risks for Space market share while banking on Edge Autonomy's production ramp for gross margin lift. Management disclosed Edge delivered 100+ aircraft post-close (200 total in 2025), with scaled capacity and US Army LRR full production order still pending as 2026 upside. Backlog funds ~50% of $450M-$500M 2026 guide, diversified sans binary risks. Defense Tech eyes ~20% growth, outpacing Space, thanks to faster order cycles. No walk-backs, just operational color. Production scales margins. Watch LRR awards and Space constellations.
Key Stats
Market Cap
1.09BP/E (TTM)
-Basic EPS (TTM)
-3.11Dividend Yield
0%Recent Filings
10-K
FY2025 results
Redwire's FY2025 revenues climbed 10% to $335M, fueled by Edge Autonomy's $107M contribution post-June acquisition, yet Q4 momentum faltered amid $54M net unfavorable EAC adjustments—up from $18M in 2024—yielding just 5% gross margins versus 15% prior year. Space segment revenues dropped 18% to $210M with $28M EAC hits and $35M impairments in Space Europe; Defense Tech surged 157% to $126M but posted ($94M) operating loss from $44M Edge incentive units and $14M inventory fair value step-up. Backlog hit $411M (1.32 book-to-bill), liquidity stood at $129M with $88M debt. No 2026 guidance disclosed. Integration risks from Edge could stall quarterly momentum.
8-K
Redwire refinances $120M debt
Redwire Corporation amended its credit agreement on February 20, 2026, establishing a $30M revolving facility and $90M term loan, both maturing May 31, 2029, replacing prior arrangements and terminating the Adams Street Credit Agreement without penalties. Rates range from SOFR plus 3.25%-3.75% or base rate plus 2.25%-2.75%, secured by subsidiary assets with customary covenants. Debt restructuring extends maturities two years while preserving liquidity.
8-K
Board resignations, leadership shifts
Redwire's board saw Raphael Wallander resign immediately on February 11, 2026, followed by David Kornblatt's planned exit on March 3, 2026—both without disagreements. No disputes. Board swiftly appointed Mike Gold as President, Space, and Steve Adlich as President, Defense Tech, effective February 12. Resignations tied to expired Bain nomination rights; new chair, audit, and governance members pending.
8-K
Additional Edge acquisition pro formas
Redwire filed additional pro forma financials for its June 13, 2025 Edge Autonomy acquisition, showing combined 2024 revenues of $499M but deeper losses from $25M intangible amortization and $90M term loan interest. Pro forma EPS hit $(1.41) for 2024, $(1.60) for nine months ended September 30, 2025. Values remain preliminary.
8-K
ATM shelf for $250M
Redwire entered an Equity Distribution Agreement on November 10, 2025, with Truist Securities, J.P. Morgan, BofA, and Texas Capital to sell up to $250 million in common stock via at-the-market offerings. Proceeds will fund working capital, capex, debt repayment, acquisitions, and general purposes; agents earn up to 3% commission. No sales obligation exists. Flexible firepower, yet untriggered.
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