Jacksonville, Florida, May 14, 2026, 10:25 EDT
- Redwire shares jumped close to 14% Thursday morning, last trading at $13.04.
- First-quarter revenue landed at $97.0 million, a jump of 57.9%. The company is sticking with its 2026 revenue outlook—still calling for $450 million to $500 million.
- Losses are still substantial. There’s also a fresh $350 million at-the-market share program, raising the risk of dilution for existing holders.
Redwire jumped almost 14% Thursday morning, building on its strong post-earnings recovery. Investors zeroed in on the space-and-defense firm’s record backlog and the 2026 sales goal, largely brushing off a steeper first-quarter loss. Shares were last seen at $13.04, putting Redwire’s market cap around $2.53 billion.
Investors are watching closely as Redwire works to prove its pivot toward defense tech and autonomous aircraft is translating into real business. The company reported a contracted backlog of $498.1 million at the end of March—up from $411.2 million at 2025’s close, according to a recent filing.
Management left its full-year revenue outlook unchanged at $450 million to $500 million, offering investors a firmer near-term benchmark. The company reported higher revenue for the quarter, but still notched a net loss of $76.5 million.
Redwire posted a 57.9% jump in first-quarter revenue, reaching $97.0 million, with gross margin climbing to 26.6%. Chairman and CEO Peter Cannito flagged “very strong demand,” highlighting a book-to-bill ratio of 1.92—orders received handily outpacing revenue booked for the period. Redwire Corporation
This wasn’t just a wave lifting all space stocks. Rocket Lab held steady, while Intuitive Machines edged lower in early action, market data show. Redwire’s jump, then, appears more connected to its own order news.
Defense is still tough to value here. Back in January, Redwire announced it had landed a spot on the Missile Defense Agency’s $151 billion SHIELD IDIQ contract—a framework that allows agencies to make future purchases, though it doesn’t promise any revenue.
The company pointed to Andromeda, a Space Force initiative that listed 14 vendors—Redwire among them—eligible to bid on a 10-year contract vehicle, worth $1.8 billion, focused on space-domain awareness, or keeping tabs on what’s moving in orbit. Lockheed Martin, Northrop Grumman, and Intuitive Machines are also on the roster.
Chief Financial Officer Chris Edmunds credited improved margins and stronger cash generation to better portfolio management and operations. Redwire wrapped up the quarter with $175.2 million in total liquidity—cash plus borrowing capacity—according to the company.
Still, there’s a hitch to the recent rally. On May 6, Redwire put out a prospectus supplement that gives it the green light to sell as much as $350 million in common stock via an at-the-market program. That means shares may be dripped into the market over time. The company flagged in the filing that additional equity sales could end up significantly diluting current shareholders.
Redwire’s latest quarterly filing flagged the risk of backlog shrinking if contracts get dropped, changed, or cut. Some longer-term deals, the company noted, are tied to receiving money each year. Liquidity looks solid for at least the next 12 months, according to the filing, though Redwire pointed to several factors—execution, market forces, rivals, regulation, and capital access—as key drivers for how things shape up ahead.
The market’s footing the bill for orders at this stage. Redwire’s challenge? Converting those orders into lasting profit remains an open question.
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