Revenue accelerated 89.6% year-over-year to $117.1M in 2026Q2, but operating losses widened to -$22.1M with a -18.9% margin, indicating that cost growth (R&D and SG&A of $54.6M) continues to outpace revenue gains.
Redwire Corp (RDW) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 426.27M | 335.38M | 304.1M | 243.8M | 160.55M | 137.6M | 57.44M | 19.01M |
| Revenue Growth % | 63.1% | 10.29% | 24.73% | 51.85% | 16.68% | 139.57% | 202.09% | - |
| Cost of Goods Sold | 340.61M | 318.1M | 259.65M | 185.83M | 131.85M | 108.22M | 45.3M | 15.02M |
| COGS % of Revenue | - | 94.85% | 85.38% | 76.22% | 82.13% | 78.65% | 78.87% | 78.99% |
| Gross Profit | 85.66M | 17.29M | 44.45M | 57.97M | 28.7M | 29.38M | 12.14M | 3.99M |
| Gross Margin % | 20.1% | 5.15% | 14.62% | 23.78% | 17.87% | 21.35% | 21.13% | 21.01% |
| Gross Profit Growth % | - | -61.12% | -23.31% | 102.02% | -2.32% | 142.04% | 203.88% | - |
| Operating Expenses | 300.01M | 246.96M | 86.66M | 73.52M | 175.14M | 99.56M | 20.76M | 7.21M |
| OpEx % of Revenue | - | 73.64% | 28.5% | 30.15% | 109.09% | 72.36% | 36.14% | 37.92% |
| Selling, General & Admin | 223.03M | 171.28M | 71.42M | 68.53M | 70.34M | 68.44M | 18.36M | 0 |
| SG&A % of Revenue | - | 51.07% | 23.49% | 28.11% | 43.81% | 49.74% | 31.97% | - |
| Research & Development | 42.36M | 19.76M | 6.13M | 4.98M | 4.94M | 4.52M | 2.4M | 890K |
| R&D % of Revenue | - | 5.89% | 2.02% | 2.04% | 3.08% | 3.28% | 4.17% | 4.68% |
| Other Operating Expenses | 822K | 55.92M | 9.11M | 13K | 99.86M | 26.61M | -39.66K | 6.32M |
| Operating Income | -214.35M | -229.68M | -42.2M | -15.55M | -146.45M | -70.19M | -8.62M | -3.22M |
| Operating Margin % | -50.28% | -68.48% | -13.88% | -6.38% | -91.22% | -51.01% | -15.01% | -16.91% |
| Operating Income Growth % | - | -444.26% | -171.42% | 89.38% | -108.65% | -714.14% | -168.07% | - |
| EBITDA | -167.1M | -197.04M | -30.51M | -4.82M | -135.16M | -59.6M | -5.46M | -3.15M |
| EBITDA Margin % | -39.2% | -58.75% | -10.03% | -1.98% | -84.19% | -43.32% | -9.5% | -16.57% |
| EBITDA Growth % | -35.22% | -545.86% | -532.42% | 96.43% | -126.77% | -992.63% | -73.17% | - |
| D&A (Non-Cash Add-back) | 47.24M | 32.64M | 11.69M | 10.72M | 11.29M | 10.58M | 3.17M | 66K |
| EBIT | -218.21M | -211.86M | -33.09M | -15.54M | -46.59M | -43.58M | -18.6M | -3.22M |
| Net Interest Income | -15.62M | -39.7M | -13.48M | -10.7M | -8.22M | -6.46M | 21.45K | 107K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M | 107K |
| Interest Expense | 15.62M | 39.7M | 13.48M | 10.7M | 8.22M | 6.46M | 1.15M | 0 |
| Other Income/Expense | -19.48M | -21.89M | -74.13M | -12.2M | 7.86M | -2.62M | -11.13M | -131K |
| Pretax Income | -233.82M | -251.57M | -116.33M | -27.75M | -138.59M | -72.81M | -19.75M | -3.35M |
| Pretax Margin % | -54.85% | -75.01% | -38.25% | -11.38% | -86.32% | -52.91% | -34.39% | -17.6% |
| Income Tax | 10.28M | -25.01M | -2.02M | -486K | -7.97M | -11.27M | -4.04M | 10K |
| Effective Tax Rate % | -4.39% | 9.94% | 1.74% | 1.75% | 5.75% | 15.48% | 20.47% | -0.3% |
| Net Income | -244.1M | -226.55M | -114.31M | -27.26M | -130.62M | -61.54M | -15.71M | -3.36M |
| Net Margin % | -57.26% | -67.55% | -37.59% | -11.18% | -81.36% | -44.72% | -27.35% | -17.66% |
| Net Income Growth % | -29.8% | -98.18% | -319.3% | 79.13% | -112.26% | -291.76% | -367.92% | - |
| Net Income (Continuing) | -244.1M | -226.55M | -114.31M | -27.26M | -130.62M | -61.54M | -15.71M | -3.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 228K | 226K | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | -2.28 | -2.35 | -0.73 | -2.03 | -0.98 | -0.26 | -0.06 |
| EPS Growth % | 55.09% | 2.98% | -221.92% | 64.04% | -107.14% | -276.92% | -361.81% | - |
| EPS (Basic) | - | -2.28 | -2.35 | -0.73 | -2.03 | -0.98 | -0.26 | -0.06 |
| Diluted Shares Outstanding | 220.47M | 119.54M | 66.15M | 64.65M | 64.28M | 62.69M | 59.66M | 59.66M |
| Basic Shares Outstanding | 220.47M | 119.54M | 66.15M | 64.65M | 64.28M | 62.69M | 59.66M | 59.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RDW stock.
For fiscal year 2025, Redwire Corp (RDW) reported total revenue of $335.4M. This represents a 1664.0% increase compared to $19.0M in 2019.
Redwire Corp (RDW) reported a net loss of $226.6M for the fiscal year ending 2025.
Redwire Corp (RDW) reported an operating income of $-229.7M, resulting in an operating profit margin of -68.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Redwire Corp (RDW) generated $17.3M in gross profit for the year, representing a gross profit margin of 5.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Revenue Surge Amidst Acquisition Spree
Redwire's revenue jumped 89.6% year-over-year to $117.1M in 2026Q2, per the latest quarterly report, marking a sharp acceleration from prior quarters, likely fueled by acquisitions and organic growth.
The 89.6% revenue growth in 2026Q2 is a significant acceleration from the 57.9% in 2026Q1 and 56.4% in 2025Q4, indicating a step-change in scale. This surge appears to be driven by inorganic contributions, as the company has been acquisitive, but organic growth may be masked. Investors should monitor whether this pace is sustainable and whether integration costs will pressure margins.
Gross Margin Recovery from Negative Territory
Gross margin rebounded to 27.8% in 2026Q2 from a negative -30.9% in 2025Q2, as reported in financial statements, suggesting improved cost absorption and product mix, though still below peer levels.
The gross margin swing from -30.9% to 27.8% within four quarters is dramatic, indicating that the 2025Q2 quarter was an anomaly, possibly due to one-time charges or acquisition-related costs. The current 27.8% margin is below ASTS's 53.4% but above LUNR's 15.6%, suggesting Redwire has moderate pricing power. However, the volatility in gross margin warrants caution, as it may reflect inconsistent cost management.
Operating Leverage Still Elusive
Despite revenue growth, operating losses widened to -$22.1M in 2026Q2, with operating margin at -18.9%, indicating that SG&A and R&D costs are scaling with revenue, preventing operating leverage.
Operating income improved from -$68.8M in 2026Q1 to -$22.1M in 2026Q2, but the operating margin of -18.9% remains deeply negative. SG&A spiked to $82.9M in 2026Q1, likely due to one-time items, but even at $42.1M in 2026Q2, it consumes a significant portion of revenue. R&D expenses have also risen to $12.5M, reflecting investment in future products. This suggests that the company is prioritizing growth over profitability, and operating leverage may not materialize until revenue scales further.
Net Losses Amplified by Non-Cash Charges
Net loss of -$41.0M in 2026Q2 includes $50.6M in stock-based compensation, as per the income statement, indicating that reported losses are significantly impacted by non-cash expenses.
The $50.6M SBC in 2026Q2 is exceptionally high, exceeding the net loss, which suggests that the company is using equity as a significant part of employee compensation. This inflates reported losses and dilutes shareholders, as seen in the EPS of -$0.19. Excluding SBC, the net loss would be much smaller, but the cash flow impact is minimal. Investors should adjust for SBC to assess underlying profitability, but the trend of rising SBC is concerning for dilution.
Rising R&D and SG&A Outpace Revenue
R&D and SG&A combined reached $54.6M in 2026Q2, up from $50.3M in 2025Q3, as reported in quarterly filings, indicating that cost growth is not yet being offset by revenue gains.
The combined R&D and SG&A expenses have grown from $50.3M in 2025Q3 to $54.6M in 2026Q2, a 8.5% increase, while revenue grew 13.2% over the same period. This suggests that the company is investing heavily in R&D and sales infrastructure, which is necessary for long-term growth but currently pressures margins. Management's expense discipline appears to be secondary to growth initiatives, as evidenced by the high SBC and rising SG&A.
Unsustainable Growth and Margin Volatility
Despite revenue acceleration, the company's negative operating margins and reliance on acquisitions raise questions about organic growth sustainability, as short-sellers might argue that the 89.6% growth is acquisition-driven and not repeatable.
The revenue growth in 2026Q2 is impressive, but it may be largely inorganic, given Redwire's history of acquisitions. The gross margin volatility, from -30.9% to 27.8%, suggests that the company's cost structure is unstable, possibly due to integration issues. Furthermore, the persistent negative operating income and heavy SBC indicate that the company is not yet self-sustaining. If acquisitions slow or integration costs rise, the growth narrative could unravel, leading to margin compression and further dilution.