Redwire

Redwire builds spacecraft, space infrastructure, power systems, avionics, microgravity research hardware, tactical uncrewed aircraft and intelligence, surveillance and reconnaissance payloads. Its business is organized into two operating segments: Space and Defense Tech.

The Space segment supplies spacecraft platforms, solar arrays, structures, guidance, navigation and control hardware, radio-frequency systems, digital engineering and microgravity platforms for civil, national-security and commercial missions. Defense Tech supplies Stalker and Penguin uncrewed aircraft, Octopus electro-optical and infrared payloads, energy systems and related autonomous mission capabilities. Redwire retired the Edge Autonomy brand in January 2026 and folded those products into Redwire Defense Tech.

Spacecraft Platforms

Redwire markets six spacecraft families spanning very low Earth orbit through geosynchronous and cislunar missions: VLEO, Thresher, SabreSat, Phantom, Mako and Hammerhead. SabreSat is Redwire's highly maneuverable very-low-Earth-orbit platform and is being developed for missions including DARPA's Otter program. Mako is a high-agility, radiation-hardened GEO/MEO platform designed for rendezvous and proximity operations. Hammerhead is a versatile low-Earth-orbit platform with heritage in European Space Agency missions.

Power Systems: ROSA, iROSA and ELSA

Redwire's Roll-Out Solar Array (ROSA) family supplies deployable power for spacecraft, including International Space Station Roll-Out Solar Arrays and other civil and commercial missions. In March 2026 Redwire introduced the Extensible Low-Profile Solar Array (ELSA), a standardized, lower-mass product intended for higher-volume satellite production. Moog placed the first ELSA order under a $12.8 million contract for its METEOR bus supporting an undisclosed national-security mission.

Avionics, Sensors, RF and Structures

Redwire supplies star trackers, sun sensors, cameras, guidance, navigation and control components, radio-frequency systems, antennas, satellite payloads, launch accommodations, deployment mechanisms and the International Berthing and Docking Mechanism. Its tactical communications work also supports defense-space architectures such as the Proliferated Warfighter Space Architecture.

Digital Engineering and Acorn 2.0

The Digital Engineering Enterprise provides modeling and simulation, digital twins, hardware-in-the-loop testing, mesh-network and hybrid-architecture analysis, radio-frequency phenomenology characterization and flight-software development for space and multi-domain missions. Acorn 2.0 is Redwire's AI-enabled, agent-based modeling and simulation platform for mission design, cyber and test ranges, spacecraft communications, meshed networks, multi-domain operations and supply-chain digital twins.

Stalker UAS

Redwire's Stalker family includes Stalker Block 30 and Stalker Block 40 variants. The aircraft are long-endurance Group 2 uncrewed systems used for intelligence, surveillance, reconnaissance and target acquisition. In 2026 the U.S. Marine Corps ordered Advanced Navigation and standard Stalker systems, while the U.S. Army awarded a separate $15.857 million contract for eight Stalker Block 35 systems and a $15 million follow-on training order through the Army Aviation Center of Excellence.

Penguin Tactical UAS

The Penguin family includes Penguin Mk2X, Penguin Mk2.5 VTOL and Penguin Mk3 VTOL. Redwire announced a multi-year Penguin Mk3 contract for a NATO country in May 2026 and a Penguin Mk2.5 award for the Taiwan Coast Guard in June 2026.

Octopus ISR and Optics Payloads

Redwire's Octopus gimbal portfolio includes the E95, E140LC, E140Z G2, E140 MWIR and E180 families. At Eurosatory 2026 the company unveiled an upgraded E140 MWIR electro-optical/infrared payload and announced the E180 HD MWIR, adding 4K high-definition imaging to the larger payload class.

SpaceMD, PIL-BOX and Microgravity

SpaceMD commercializes Redwire's microgravity pharmaceutical and biotechnology capabilities. Its Pharmaceutical In-space Laboratory, or PIL-BOX, is used for protein crystallization and drug-development experiments on the International Space Station. By July 2026 Redwire reported 54 PIL-BOX systems flown and 45 unique compounds crystallized. Related platforms include the BioFabrication Facility and other microgravity research systems.

Commercial Greenhouse and Life Sciences

Redwire's Greenhouse is a commercial plant-growth platform for orbital agriculture research. A June 2026 contract with Astrobiome Space is scheduled to use the system to grow strawberries and test a soil-enhancement product aboard the International Space Station. The platform builds on Redwire's Passive Orbital Nutrient Delivery System and Advanced Plant Habitat operating heritage.

Energy Systems

Redwire also supplies propane-powered fuel cells and energy components through its Endurance and Performer product families. These systems support redundant and austere power requirements across aviation, monitoring, rail and uncrewed-system applications.

Redwire reported $117.1 million of Q2 2026 revenue, up 89.6% from $61.8 million a year earlier, with a record 27.8% GAAP gross margin against (30.9)% in Q2 2025. Contracted backlog reached a record $542.1 million and quarterly book-to-bill was 1.42, with last-twelve-months book-to-bill of 1.52 versus 0.87 a year earlier. First-half 2026 revenue was $214.0 million. The company reaffirmed FY2026 revenue guidance of $450 million to $500 million.

Q2 net loss improved by $56.0 million year-over-year to $(41.0) million, or $(0.19) per share, with Adjusted EBITDA of $(3.2) million after $12.5 million of research and development expense. By segment, Defense Tech revenue rose to $61.9 million from $5.1 million and generated $14.1 million of Segment Adjusted EBITDA, while Space revenue was $55.2 million against $56.7 million and posted $(4.2) million of Segment Adjusted EBITDA. Backlog splits $322.0 million Space and $220.2 million Defense Tech. Free cash flow was $(35.3) million in the quarter on $(24.9) million of operating cash flow and $10.4 million of capital expenditures.

Growth is being driven by a larger defense mix after the Edge Autonomy acquisition, recurring Stalker and Penguin demand, expansion of spacecraft platforms and power systems, European national-security space work and new microgravity applications through SpaceMD. Defense Tech book-to-bill was 2.35 in the quarter, including a high eight-figure multi-year Penguin contract from an undisclosed NATO country.

At 30-JUN-2026 Redwire held $557.0 million of cash and cash equivalents plus $0.8 million of restricted cash, with total liquidity of $607.8 million, a 366.9% increase over year-end 2025. Total assets were $1.943 billion against $313.5 million of total liabilities. Shares issued and outstanding reached 249,221,102 at 30-JUN-2026, up from 191,915,804 at year-end 2025, against weighted-average diluted shares of 220.5 million for the quarter. On the 06-AUG-2026 earnings call management stated a current count of approximately 249.9 million common shares, implying roughly 0.7 million shares of post-quarter issuance from July restricted-stock-unit vesting, employee stock purchase plan activity and option exercises rather than further at-the-market sales. First-half financing activities produced $566.2 million of proceeds from common stock issuance, less $13.9 million of equity issuance costs, and the remaining convertible preferred stock, 46,505.13 shares at year-end 2025, is now fully retired. On 09-JUN-2026 the company established an at-the-market equity program authorizing sales of up to $500 million of common stock. On 30-JUN-2026 it increased its revolving credit facility from $30 million to $50 million and prepaid $40 million of term loans, reducing term-loan principal to $50 million.

The balance sheet looks materially different than it did 90 days ago. Cash rose from $144.5 million at 31-MAR-2026 to $557.0 million at 30-JUN-2026, total liquidity reached $607.8 million, up 366.9% from year-end 2025, and term loans were reduced from $90.0 million to $50.0 million. That funding came at a cost. Weighted-average diluted shares rose to 220.5 million in Q2 2026 from 89.6 million a year earlier, so per-share progress lags operating progress. Adjusted EBITDA of $(3.2) million and free cash flow of $(35.3) million mean the company is still consuming cash while investing $12.5 million per quarter in research and development.

Guidance of $450 million to $500 million was reaffirmed. First-half revenue of $214.0 million implies $236 million to $286 million in the back half, a substantial step up that depends on backlog conversion and on the new Georgetown, Indiana and Huntsville, Alabama capacity coming online. Watch Q3 gross-margin durability, whether Space Segment Adjusted EBITDA turns positive, Stalker and Penguin production cadence, and how much of the $500 million at-the-market authorization is actually drawn now that liquidity is no longer the binding constraint.

Redwire's strongest advantage is breadth with real flight and field heritage. The company can sell complete spacecraft, power systems, avionics, structures, tactical aircraft, ISR payloads and microgravity platforms rather than relying on one launch vehicle or one flagship program. That broad catalog can create cross-selling opportunities and lets Redwire participate in both civil-space and defense procurement cycles.

The moat is strongest where heritage matters: deployable power, guidance sensors, European spacecraft programs, ISS microgravity systems and fielded Stalker and Penguin aircraft. It is weaker in areas where scale manufacturing and software-defined autonomy dominate. Redwire therefore competes less like a single-product disruptor and more like a mid-tier aerospace platform company trying to combine specialized technology businesses into a coherent production system.

Material risks include continuing GAAP losses, dilution from equity issuance, execution on fixed-price programs, integration of Edge Autonomy, customer concentration, government budget timing, supply-chain constraints, export-control compliance and the challenge of moving development programs into profitable production. The company also disclosed material weaknesses in internal control over financial reporting in its FY2025 risk factors.

Backlog is not guaranteed revenue. Government contracts can be modified, terminated or funded incrementally, and international backlog is exposed to foreign-exchange translation. Redwire also competes with larger defense primes and better-capitalized space companies while simultaneously trying to scale production across multiple product families.

PC

Peter Cannito

Chairman & CEO

Chief executive since 2020; former CEO of Polaris Alpha and U.S. Marine Corps officer.

CE

Chris Edmunds

Chief Financial Officer

Leads finance, capital allocation and SEC reporting.

MG

Mike Gold

President, Redwire Space

Former NASA associate administrator; leads the Space operating segment.

SA

Steve Adlich

President, Redwire Defense Tech

Leads Redwire Defense Tech and the integrated UAS, ISR payload and energy-systems portfolio.

AF

Aaron Futch

EVP, General Counsel & Secretary

Leads legal, governance and corporate-secretary functions.

AJ

Austin Jordan

CMO & EVP, Strategic Communications

Leads marketing and strategic communications.

RB

Reggie Brothers

Director

Former DHS Under Secretary for Science and Technology; AE Industrial operating partner.

FC

Frank Calvelli

Director

Former Assistant Secretary of the Air Force for Space Acquisition and Integration.

MG

Michael Greene

Director

AE Industrial executive and investment leader.

DH

Dorothy D. Hayes

Director

Financial and audit executive; Audit Committee chair.

GH

Greg L. Heston

Director

Retired EY audit partner appointed to the board in July 2026.

JI

Joanne Isham

Director

Former CIA senior executive and defense-industry leader.

KK

Kirk Konert

Director

AE Industrial partner.

JM

James McConville

Director

Retired U.S. Army chief of staff and AE Industrial operating partner.

Governance

Redwire is led by Chairman, President and Chief Executive Officer Peter Cannito. The board includes directors with aerospace, defense, finance and government acquisition backgrounds. Frank Calvelli, former Assistant Secretary of the Air Force for Space Acquisition and Integration, joined the board effective 12-MAR-2026. Greg L. Heston, a retired EY audit partner, joined in July 2026. The board also includes Joanne O. Isham, Kirk Konert, Reggie Brothers, Michael Greene, Dorothy D. Hayes and James McConville. Committee composition and governance documents are maintained on Redwire's investor-relations site.

All eleven Form 4s filed 07-JUL through 16-JUL-2026 are non-discretionary: annual equity awards and Rule 16b-3 tax withholding on RSU vesting. There were no open-market purchases or sales by Section 16 officers in the period. Dates shown are transaction dates; filing dates were 07-JUL, 14-JUL and 16-JUL-2026. Prices for withholding events are the closing price used for tax valuation, not proceeds received.

Ownership & Major Holdings

Redwire's ownership changed materially after the 2025 Edge Autonomy acquisition and related equity issuance. The 2026 proxy reported AE Industrial Partners and affiliates as the company's largest controlling holder group as of the proxy record date. A Schedule 13G filed 29-JUL-2026 reported BlackRock, Inc. with sole voting power over 14,262,079 common shares as of 30-JUN-2026. Ownership percentages can move quickly because of Redwire's enlarged share count, equity awards and capital-raising activity, so current SEC beneficial-ownership filings should be treated as the controlling record.

Redwire was founded in 2020 by AE Industrial Partners as a consolidation platform for space businesses with operating heritage that reaches back decades. Its early acquisitions included Adcole Space, Deep Space Systems, Made In Space and Roccor. Redwire became publicly traded in 2021 through a business combination with Genesis Park Acquisition Corp., which was renamed Redwire Corporation.

The company continued to expand through acquisitions, including Hera Systems in 2024 and Edge Autonomy in 2025. The Edge transaction closed on 13-JUN-2025 for $160 million in cash plus 49,764,847 Redwire common shares, adding tactical uncrewed aircraft, electro-optical and infrared payloads and energy systems. Redwire formed SpaceMD in 2025 to commercialize microgravity pharmaceutical development.

On 13-JAN-2026 Redwire sunset the Edge Autonomy brand and reorganized into two operating segments. Mike Gold leads Redwire Space and Steve Adlich leads Redwire Defense Tech. The change made the defense-UAS portfolio a core Redwire business rather than a separately branded acquisition.