Redwire Corp

Redwire reported Q2 2026 revenue of $117.1 million, up 20.7% sequentially and 89.6% versus Q2 2025. Space revenue was $55.2 million and Defense Tech revenue was $61.9 million. Gross margin was a record 27.8%, net loss improved by $56 million year over year to $41 million, and adjusted EBITDA was negative $3.2 million. Bookings were $165.8 million, book-to-bill was 1.42 for the quarter and 1.52 on an LTM basis, and backlog reached a record $542.1 million, up 8.8% sequentially and 64.5% year over year. Liquidity ended at $607.8 million, including $557.8 million of cash and $50 million of undrawn revolver capacity, aided by $487.9 million of net ATM proceeds. Redwire reaffirmed full-year 2026 revenue guidance of $450 million to $500 million, which it said implies 41.6% year-over-year growth at the midpoint. Management said revenue should build in the second half, with visibility into the guidance at about 90% after Q2 bookings.

Peter Cannito framed the quarter as evidence that Redwire is scaling into strong demand across its space and defense businesses. He highlighted an investment framework built around balance sheet strength, internal innovation/capacity, and accretive M&A, saying the company is well postured after delevering and raising liquidity. His tone was confident and upbeat, especially around new milestones like the microgravity center, the Huntsville expansion, and the Starfall spacecraft agreement.

Chris Edmunds emphasized the financial inflection point: revenue of $117.1 million, gross margin of 27.8%, net loss of $41 million, and adjusted EBITDA of negative $3.2 million. He said the balance sheet strengthened materially, with cash rising to $557.8 million, total debt down 75% to $48.9 million, net interest expense falling to less than $1 million versus $23.8 million in Q2 2025, and warrants down 92% to 202,000. He also noted R&D investment increased to $12.5 million from $1.7 million year over year, and that visibility into the full-year revenue guide rose to about 90% after Q2 bookings.

Analysts focused on whether the 27.8% gross margin is sustainable, and management said the near-term guide should still be thought of as low to mid-20s, though there is opportunity to improve over time as backlog replenishes and Defense Tech grows. Questions also centered on the second-half revenue range, with management saying guidance visibility improved to about 90% and that the company is on a scaling curve. On M&A, inventory, and UAS demand, management said it is actively looking for accretive deals, inventory is being intentionally built to shorten delivery times, and the main UAS pipelines are Stalker Block 40 and Penguin Mk3.