Redwire Corporation Reports First Quarter 2026 Financial Results, Achieves Record Contract Backlog with Significant Gross Margin Improvement

Redwire Corporation  announced results for its first quarter ended March 31, 2026.

“We continue to see very strong demand for our differentiated products with a Book-to-Bill1 ratio of 1.92 resulting in record Backlog1 of $498.1 million,” said Peter Cannito, Chairman, Chief Executive Officer, and President of Redwire. “Critical wins like the $1.8 billion Andromeda IDIQ for advanced spacecraft, our first order for ELSA, and follow-on orders with key customers like the Marine Corps for Stalker, to name a few, underscore our belief that Redwire is strategically positioned with many pathways to success across our mission-critical offerings.”

First Quarter 2026 Highlights

Awarded a contract to develop a quantum-secure satellite under the European Space Agency’s Quantum Key Distribution Satellite program as part of a multi-country consortium that includes Honeywell Aerospace.

Awarded a $12.8 million contract to deliver Extensible Low-Profile Solar Array (“ELSA”) wings to Moog, Inc. marking the first sale of ELSA, a new high-performance, low-mass solar array product.

Supported a cancer therapy investigation led by Aspera Biomedicines that launched during the quarter using PIL-BOX; in addition, announced the award of an additional $4.0 million contract from NASA to support new drug development investigations on the International Space Station.

Subsequent to the end of the first quarter of 2026, Redwire’s advanced imaging and navigation technology launched on board the Orion spacecraft as part of NASA’s historic Artemis II mission, the first crewed mission for the Artemis program.

Received purchase orders totaling more than $20.0 million during the first quarter supporting the Portfolio Acquisition Executive Robotic Autonomous Systems Aircraft Program Management Office Family of Small UAS Team, encompassing the Marine Corps’ first acquisition of the Advanced Navigation version of the Stalker Block 30.

Stalker continued integration efforts with the U.S. Army’s Next Generation Command and Control (“NGC2”) tactical network during the Ivy Sting exercises, further integrating the platform into the U.S. Army’s future concept of operations.

Revenues increased 57.9% year-over-year to $97.0 million for the first quarter of 2026.

Sequential and year-over-year improvement in gross margins to 26.6% for the first quarter of 2026.

Net Loss increased by $73.6 million year-over-year to $(76.5) million for the first quarter of 2026, which includes the impact of more than $44.0 million in non-recurring activity, primarily related to recognizing the remaining $42.5 million of equity-based compensation for incentive units associated with the Edge Autonomy acquisition due to the acceleration of vesting.

Adjusted EBITDA2 decreased by $6.9 million year-over-year to $(9.2) million for the first quarter of 2026.

Meaningful sequential and year-over-year increase in Book-to-Bill3 ratio on a quarterly and last twelve months basis to 1.92 as of the first quarter of 2026.

Ended first quarter 2026 with total liquidity4 of $175.2 million, a 21.0% increase over the end of 2025.