Redwire Corporation reported its fourth‑quarter and full‑year 2025 financial results, posting revenue of $108.79 million for the quarter and $335.4 million for the year, a 56.4% and 10.3% increase YoY, respectively. The quarter’s revenue was evenly split between the Space and Defense Technology (DefTech) segments, with $54.5 million and $54.3 million, respectively, and was driven largely by the recent acquisition of Edge Autonomy, which has become a key contributor to the DefTech mix.
The company ended the quarter with a record backlog of $411.2 million and a book‑to‑bill ratio of 1.52, indicating strong demand and a healthy pipeline. Gross margin improved to 9.6% from 8.8% a year earlier, but adjusted EBITDA remained negative at $18.1 million, largely due to $17.8 million in unfavorable Estimate at Completion (EAC) adjustments related to development‑stage programs. The quarterly loss per share was $0.58, and the full‑year net loss was $226.6 million; a per‑share figure for the full year was not consistently reported.
Redwire’s earnings miss was driven by the sizable EAC adjustments and integration costs associated with the Edge Autonomy acquisition. Chief Financial Officer Chris Edmunds noted that “our financial results in the fourth quarter of 2025 reflect substantial negative impact from EAC adjustments that were largely related to programs in the development stage, and as we head into 2026, our focus remains on transitioning these programs into production, which we expect to drive gross margin improvement.” The company also highlighted that the integration of Edge Autonomy’s autonomous systems portfolio is a strategic priority for 2026.
Management guided 2026 revenue to $450 million–$500 million, a 42% increase from the midpoint of the prior guidance. The company also completed a debt refinancing in February 2026 that extended maturities and lowered interest rates, strengthening its balance sheet. Chief Executive Officer Peter Cannito emphasized the company’s transformation, stating, “2025 marked the transformation of Redwire into an integrated, multi‑domain space and defense tech company. This evolution is reflected in a new structure, which we believe will enable us to maintain strong positioning and continue our growth trajectory across both established and rapidly emerging domains.”
Investors responded with mixed sentiment. While the revenue beat and robust backlog were viewed positively, the significant EPS miss and ongoing EAC‑related charges raised concerns about short‑term profitability. Analysts noted that the company’s focus on transitioning development programs to production and the debt refinancing are steps toward improving margins, but the current loss profile suggests that profitability will remain a challenge in the near term.
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