Revenue growth reached 57.9% in 2026Q1, yet structural margin volatility persists, with gross margins fluctuating from a peak of 26.6% to a negative 30.9% in 2025Q2.
| Sales/Revenue | 370.96M | 335.38M | 304.1M | 243.8M | 160.55M | 137.6M | 57.44M | 19.01M |
| Revenue Growth % | 33.58% | 10.29% | 24.73% | 51.85% | 16.68% | 139.57% | 202.09% | - |
| Cost of Goods Sold | 336.91M | 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 | 34.05M | 17.29M | 44.45M | 57.97M | 28.7M | 29.38M | 12.14M | 3.99M |
| Gross Margin % | 9.18% | 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 | 318.2M | 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 | 180.96M | 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 | 31.53M | 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 | 1.81M | 55.92M | 9.11M | 13K | 99.86M | 26.61M | -39.66K | 6.32M |
| Operating Income | -284.15M | -229.68M | -42.2M | -15.55M | -146.45M | -70.19M | -8.62M | -3.22M |
| Operating Margin % | -76.6% | -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 | -243.31M | -197.04M | -30.51M | -4.82M | -135.16M | -59.6M | -5.46M | -3.15M |
| EBITDA Margin % | -65.59% | -58.75% | -10.03% | -1.98% | -84.19% | -43.32% | -9.5% | -16.57% |
| EBITDA Growth % | -494.08% | -545.86% | -532.42% | 96.43% | -126.77% | -992.63% | -73.17% | - |
| D&A (Non-Cash Add-back) | 40.84M | 32.64M | 11.69M | 10.72M | 11.29M | 10.58M | 3.17M | 66K |
| EBIT | -250.53M | -211.86M | -33.09M | -15.54M | -46.59M | -43.58M | -18.6M | -3.22M |
| Net Interest Income | -38.58M | -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 | 38.58M | 39.7M | 13.48M | 10.7M | 8.22M | 6.46M | 1.15M | 0 |
| Other Income/Expense | -40.15M | -21.89M | -74.13M | -12.2M | 7.86M | -2.62M | -11.13M | -131K |
| Pretax Income | -324.3M | -251.57M | -116.33M | -27.75M | -138.59M | -72.81M | -19.75M | -3.35M |
| Pretax Margin % | -87.42% | -75.01% | -38.25% | -11.38% | -86.32% | -52.91% | -34.39% | -17.6% |
| Income Tax | -24.19M | -25.01M | -2.02M | -486K | -7.97M | -11.27M | -4.04M | 10K |
| Effective Tax Rate % | 7.46% | 9.94% | 1.74% | 1.75% | 5.75% | 15.48% | 20.47% | -0.3% |
| Net Income | -300.11M | -226.55M | -114.31M | -27.26M | -130.62M | -61.54M | -15.71M | -3.36M |
| Net Margin % | -80.9% | -67.55% | -37.59% | -11.18% | -81.36% | -44.72% | -27.35% | -17.66% |
| Net Income Growth % | -174.9% | -98.18% | -319.3% | 79.13% | -112.26% | -291.76% | -367.92% | - |
| Net Income (Continuing) | -300.11M | -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) | -1.55 | -2.28 | -2.35 | -0.73 | -2.03 | -0.98 | -0.26 | -0.06 |
| EPS Growth % | -26.36% | 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 | 193.67M | 119.54M | 66.15M | 64.65M | 64.28M | 62.69M | 59.66M | 59.66M |
| Basic Shares Outstanding | 193.67M | 119.54M | 66.15M | 64.65M | 64.28M | 62.69M | 59.66M | 59.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
As indicated by the quarterly financial data, Redwire has demonstrated significant top-line momentum, with revenue growth reaching 57.9% in 2026Q1, suggesting that the company is successfully capturing market share within the specialized aerospace infrastructure sector despite the inherent lumpiness of government-funded project milestones and contract awards.
The recent acceleration in revenue suggests that Redwire's strategy of integrating niche space hardware providers is gaining traction with prime contractors. However, investors should monitor whether this growth is sustainable or merely a reflection of timing differences in long-term contract recognition.
Based on the reported income statements, Redwire's gross margin profile remains highly inconsistent, fluctuating from a peak of 26.6% in 2026Q1 to a negative 30.9% in 2025Q2, which highlights the difficulty of maintaining pricing power while managing the high costs of specialized space-qualified manufacturing.
The volatility in gross margins suggests that the company is susceptible to cost overruns on fixed-price contracts or potential inefficiencies in its production ramp-up. This inconsistency implies that the firm has yet to achieve the standardized production scale necessary to insulate its bottom line from project-specific execution risks.
According to the provided quarterly figures, Redwire's operating expenses, particularly SG&A, have frequently outpaced gross profit generation, resulting in deep operating losses that suggest the company has not yet realized the intended operational synergies from its aggressive acquisition-led growth strategy in the aerospace sector.
The persistent operating losses indicate that the corporate overhead required to manage a portfolio of disparate space subsidiaries is currently too heavy for the existing revenue base. Without a significant reduction in SG&A intensity, the company may struggle to achieve positive operating leverage even as top-line growth continues.
As reported in the financial statements, the company's net income is consistently pressured by significant non-cash charges, including substantial stock-based compensation that reached $35.6M in 2025Q2, which complicates the assessment of true operational profitability and suggests that equity dilution remains a primary tool for talent retention.
The reliance on stock-based compensation to manage the cost structure may mask the underlying cash burn associated with the company's R&D and engineering requirements. Investors should scrutinize these non-cash items to distinguish between genuine operational progress and the dilution of shareholder value.
Based on the income statement trends, the combination of negative operating margins and high cash burn raises questions regarding the company's long-term liquidity, as the current trajectory suggests that Redwire may require additional external financing to sustain its operations if profitability does not reach an inflection point.
Short-sellers would likely focus on the widening gap between revenue growth and the inability to convert that growth into positive cash flow. The reliance on external capital to fund ongoing operations warrants further investigation into the company's debt covenants and future financing flexibility.
Quick answers to the most common questions about buying RDW stock.
For fiscal year 2025, Redwire Corporation (RDW) reported total revenue of $335.4M. This represents a 1664.0% increase compared to $19.0M in 2019.
Redwire Corporation (RDW) reported a net loss of $226.6M for the fiscal year ending 2025.
Redwire Corporation (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 Corporation (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.