NEW YORK, August 7, 2026, 16:08 EDT
- Shares of Redwire finished Friday at $13.59, climbing 14.8% in the session and rising 57.6% across five sessions.
- Quarterly revenue increased by 89.6% on a reported basis, while unaudited pro forma revenue grew just 3.4%.
- Defense Tech delivered a segment margin of 22.8% and almost doubled its backlog by year-end.
Redwire ended Friday at $13.59, rising 14.8%. Shares have advanced 57.6% across five sessions. Core U.S. markets are now shut.
Redwire Corporation posted a robust earnings headline, as revenue hit an all-time high of $117.1 million. Gross margin rose to 27.8%.
However, reported growth reflects the impact of acquisitions. Compared to Redwire’s unaudited combined 2025 numbers, revenue increased by only 3.4%. This puts the focus on margin and business mix as a more compelling investment case.
Second quarter operating scorecard — figures in millions of dollars, unless margins are noted. Pro forma numbers reflect as if Edge Autonomy had been owned in the earlier period.
| Metric | Q2 2026 | Q2 2025 comparison | Change |
|---|---|---|---|
| Reported revenue | $117.1 | $61.8 | up 89.6% |
| Unaudited pro forma revenue | $117.1 | $113.3 | rose 3.4% |
| Gross margin | 27.8% | -30.9% | increase of 58.7 points |
| Adjusted EBITDA | -$3.2 | -$27.4 | improved by $24.2 |
| Net loss | -$41.0 | -$97.0 | narrowed by $56.0 |
Chief Executive Peter Cannito stated the quarter was “defined by successful execution.” The margins are backed up by the reported numbers. However, there is limited indication of widespread organic growth. Redwire Corporation
All segment profits came from Defense Tech. The unit posted an adjusted EBITDA margin of 22.8%. Space’s margin stood at negative 7.6%.
Segment economics and backlog — based on information from company filings.
| Segment | Q2 revenue | Revenue share | YoY revenue | Segment adjusted EBITDA | EBITDA margin | Backlog | Change from Dec. 31 |
|---|---|---|---|---|---|---|---|
| Space | $55.2m | 47.1% | -2.6% | -$4.2m | -7.6% | $322.0m | +7.4% |
| Defense Tech | $61.9m | 52.9% | Not meaningful* | $14.1m | 22.8% | $220.2m | +97.6% |
The year-ago Defense Tech comparison covered just 18 days following the closure of the Edge acquisition.
The backlog further supports that transition. Defense Tech’s backlog nearly doubled from December. Growth in the space backlog was much slower.
The total contracted backlog climbed to $542.1 million, an increase of 31.8%. The book-to-bill ratio for the quarter stood at 1.42, while the trailing 12-month figure rose to 1.52.
Management maintained its 2026 revenue outlook at $450 million to $500 million. Revenue for the first half was $214.0 million, leaving $261.0 million needed in the second half to reach the guidance midpoint.
This amounts to $130.5 million each quarter, roughly 11.5% higher than the figure reported for the second quarter. Achieving the upper end of the guidance would mean reaching $143 million per quarter.
The surge has largely factored in much of that performance. An initial estimate places enterprise value at approximately $2.89 billion, or about 6.1 times the midpoint of projected revenue.
Initial valuation bridge — share-count and balance-sheet dates are not aligned. The calculation does not include options, warrants, or subsequent ATM sales.
| Item | Value |
|---|---|
| Friday closing price | $13.59 |
| Shares in circulation, August 3 | 249.99m |
| Implied market capitalization | $3.40bn |
| Cash as of June 30 | $557.0m |
| Debt as of June 30 | $48.1m |
| Implied enterprise worth | $2.89bn |
| 2026 projection, midpoint | $475.0m |
| Enterprise value to revenue | 6.1 times |
Analysts continued to express optimism in new reports, but shares ended Friday above Cantor Fitzgerald’s updated price target. B. Riley and Alliance suggested the stock might have just 10% to 18% more room to rise.
Alliance Global stated it has a “clear path to profitability.” Roth MKM maintained the highest bullish new target. TipRanks
Analyst recommendations — projected changes are based on a comparison with Friday’s closing price of $13.59.
| Date | Firm / analyst | Recommendation | Price target | Implied move |
|---|---|---|---|---|
| Aug. 7 | B. Riley Securities | Buy reiterated | $15.00 | +10.4% |
| Aug. 7 | Roth MKM / Suji Desilva | Buy reiterated | $20.00 | +47.2% |
| Aug. 7 | Truist / Alexandra Mandery | Buy reiterated | Not stated | — |
| Aug. 6 | Alliance Global / Brian Kinstlinger | Buy; price target raised | $16.00 | +17.7% |
| Aug. 5 | Cantor Fitzgerald / Colin Canfield | Overweight; price target raised | $13.50 | -0.7% |
Redwire outperformed two small-cap rivals on Friday. Intuitive Machines Inc. NASDAQ:LUNR advanced 9.7%. BlackSky Technology Inc. NYSE:BKSY climbed 5.0%.
Over five days, their gains stood at 32.7% and 26.6%. Redwire jumped 57.6% in the same timeframe.
The SpaceMD deal reached on Thursday provides a further boost. The initial Starfall mission is scheduled for 2028 and may transport as many as 32 PIL-BOX research payloads.
Redwire currently does not have any investor events planned for next week. Rocket Lab Corporation NASDAQ:RKLB is set to post results following Monday’s market close on August 10. The announcement could influence growth and cash outlooks for the sector.
Risks: Redwire reported a net loss of $41.0 million in the quarter. Operating cash flow for the first half was minus $31.6 million. The number of shares outstanding increased by 30.3% from December 31 through August 3. As of June 30, $350.4 million of ATM capacity was still available, and material weaknesses rendered disclosure controls ineffective.
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