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- Material Weakness (new) — The company disclosed existing material weaknesses in internal controls over financial reporting.
Redwire reports 58% revenue growth, record $498M backlog, but posts $76.5M loss on acquisition charges
Filed May 6, 2026 · Period ending May 6, 2026 · ~1 min read
Key Changes
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high
Q1 2026 revenue jumped 57.9% year-over-year to $97.0M with gross margin improving to 26.6%, though net loss reached $76.5M driven by $42.5M in non-cash equity compensation from accelerated vesting of Edge Autonomy acquisition incentive units.
Exhibit 99.1 view on EDGAR → -
high
Record contracted backlog of $498.1M and book-to-bill ratio of 1.92 signal strong demand, with major wins including $1.8B Andromeda spacecraft IDIQ, first $12.8M ELSA solar array sale to Moog, and $20M+ Marine Corps Stalker drone orders.
Exhibit 99.1 view on EDGAR → -
medium
Company ended quarter with $175.2M total liquidity (up 21% from year-end 2025) and reaffirmed full-year 2026 revenue guidance of $450M-$500M.
Exhibit 99.1 view on EDGAR → -
medium
Filing references existing material weaknesses in internal controls over financial reporting, a continuing governance concern requiring remediation.
Exhibit 99.1 view on EDGAR →
Summary
Redwire's Q1 2026 results show a business executing on strong commercial momentum despite headline losses. Revenue growth of 58% and margin expansion to 26.6% demonstrate operational progress, while the $76.5M net loss stems almost entirely from a one-time $42.5M non-cash charge related to acquisition accounting—not deteriorating fundamentals. The record $498.1M backlog and 1.92 book-to-bill ratio provide meaningful revenue visibility, supported by marquee contract wins spanning advanced spacecraft ($1.8B Andromeda IDIQ), next-generation solar arrays (first ELSA sale), and defense systems (Marine Corps drone orders exceeding $20M).
The material weakness disclosure warrants attention as an ongoing internal controls issue that could affect financial reporting reliability until remediated. Investors should monitor whether management provides a timeline for resolution in upcoming filings. With liquidity improving 21% to $175.2M and guidance reaffirmed at $450M-$500M for 2026, the company appears positioned to convert its backlog into revenue, though execution on controls remediation remains a key watch item alongside operational delivery.
Section-by-Section Diff
Event · Exhibit 99.1
Redwire reported Q1 2026 results with 57.9% revenue growth, record backlog of $498.1M, and a $76.5M net loss driven by $42.5M equity-based compensation.
Added in current filing · view on EDGAR →
Ended first quarter 2026 with total liquidity4 of $175.2 million, a 21.0% increase over the end of 2025. ... For the full year ended December 31, 2026, Redwire affirms that it is forecasting revenues of $450 million to $500 million.
Redwire ended Q1 2026 with total liquidity of $175.2 million, up 21.0% from year-end 2025, comprising $144.5 million cash, $30.0 million available credit, and $0.7 million restricted cash. Management reaffirmed full-year 2026 revenue guidance of $450 million to $500 million, indicating confidence in executing on the record backlog.
Show 1 minor / wording change
Added in current filing · view on EDGAR → · paraphrased
Proceeds received from debt 89,796 5,000 ... Repayments of debt (88,081) (25,681) ... Loss on extinguishment of debt 2,545 —
Redwire received $89.8 million in debt proceeds and repaid $88.1 million during Q1 2026, with a $2.5 million loss on debt extinguishment. This represents refinancing activity rather than net debt increase, as the company managed its capital structure.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 24, 2026 · How we verify