Revenue: As of FY2025, the actual value is USD 335.38 M, beating the estimate of USD 328.71 M.EPS: As of FY2025, the actual value is USD -2.28, missing the estimate of USD -1.688.EBIT: As of FY2025, the actual value is USD -211.86 M.<h4>Consolidated Financial Performance (Year Ended December 31, 2025 vs. 2024)</h4><ul><li>Revenues: Total revenues for Redwire Corporation increased by $31,280 thousand, or 10%, to $335,381 thousand in 2025 from $304,101 thousand in 2024, primarily driven by $107.1 million in revenue from the Edge Autonomy acquisition, partially offset by - $41.1 million in net unfavorable EAC adjustments.</li><li>Cost of Sales: Increased by $58,450 thousand (23%) to $318,096 thousand in 2025 from $259,646 thousand in 2024, including $70.1 million from the Edge Autonomy acquisition and - $13.6 million non-cash purchase accounting fair value adjustment to inventory.</li><li>Gross Profit: Decreased by - $27,170 thousand (-61%) to $17,285 thousand in 2025 from $44,455 thousand in 2024.</li><li>Gross Margin: Decreased to 5% in 2025 from 15% in 2024.</li><li>Selling, General and Administrative (SG&amp;A) Expenses: Increased by $99,882 thousand (140%) to $171,280 thousand in 2025 from $71,398 thousand in 2024, largely due to a $47.1 million increase in share-based compensation and $48.5 million in other SG&amp;A expenses related to Edge Autonomy.</li><li>Transaction Expenses: Increased by $12,107 thousand (133%) to $21,236 thousand in 2025 from $9,129 thousand in 2024, primarily due to the Edge Autonomy acquisition.</li><li>Impairment Expense: $34,685 thousand was recorded in 2025, compared to $0 thousand in 2024, including $2.6 million for property, plant and equipment, $10.9 million for intangible assets, and $20.9 million for goodwill, mainly related to the Space Europe reporting unit.</li><li>Research and Development: Increased by $13,633 thousand (222%) to $19,761 thousand in 2025 from $6,128 thousand in 2024, mainly from the Edge Autonomy acquisition.</li><li>Operating Income (Loss): Decreased by - $187,477 thousand (-444%) to - $229,677 thousand in 2025 from - $42,200 thousand in 2024.</li><li>Interest Expense, net: Increased by $26,221 thousand (194%) to $39,704 thousand in 2025 from $13,483 thousand in 2024, primarily due to the repayment of the Seller Note and interest on the new JPMorgan Credit Agreement.</li><li>Loss on Extinguishment of Debt: $996 thousand was recorded in 2025, related to the write-off of unamortized discount and deferred financing costs from the Adams Street Credit Agreement.</li><li>Other (Income) Expense, net: Changed by - $79,459 thousand (-131%) to - $18,811 thousand in 2025 from $60,648 thousand in 2024, mainly due to a $16.1 million gain from the decrease in fair value of private warrant liability in 2025 compared to a - $52.0 million loss in 2024.</li><li>Net Income (Loss) attributable to Redwire Corporation: Decreased by - $112,237 thousand (98%) to - $226,552 thousand in 2025 from - $114,315 thousand in 2024.</li></ul><h4>Segmented Operating Results (Year Ended December 31, 2025 vs. 2024)</h4><ul><li>Space Segment:<ul><li>Revenues: Decreased by - $45,519 thousand (-18%) to $209,817 thousand in 2025 from $255,336 thousand in 2024, mainly due to - $28.1 million in net unfavorable EAC adjustments and timing shifts in power generation contract production cycles.</li><li>Operating Income (Loss): Decreased by - $65,254 thousand to - $49,155 thousand in 2025 from $16,099 thousand in 2024, primarily due to increased unfavorable EAC adjustments and $34.4 million in impairment expense.</li><li>Operating Margin: Decreased to -23% in 2025 from 6% in 2024.</li></ul></li><li>Defense Tech Segment:<ul><li>Revenues: Increased by $76,799 thousand (157%) to $125,564 thousand in 2025 from $48,765 thousand in 2024, primarily due to $107.1 million in revenue from the Edge Autonomy acquisition, partially offset by - $12.9 million in net unfavorable EAC adjustments.</li><li>Operating Income (Loss): Decreased by - $102,102 thousand to - $93,553 thousand in 2025 from $8,549 thousand in 2024, mainly due to a $44.4 million increase in Edge Incentive Units, a - $13.6 million non-cash inventory fair value adjustment, a $20.2 million increase in depreciation and amortization from the acquisition, and - $25.8 million in net unfavorable EAC adjustments.</li><li>Operating Margin: Decreased to -75% in 2025 from 18% in 2024.</li></ul></li></ul><h4>Key Performance Indicators (KPIs) (Last Twelve Months Ended December 31, 2025 vs. 2024)</h4><ul><li>Total Contracts Awarded: Increased to $441,478 thousand in 2025 from $229,789 thousand in 2024, including $73.7 million of acquired contract value from the Edge Autonomy acquisition in 2025.<ul><li>Space Contracts Awarded: $237,761 thousand in 2025 vs. $184,370 thousand in 2024.</li><li>Defense Tech Contracts Awarded: $203,717 thousand in 2025 vs. $45,419 thousand in 2024.</li></ul></li><li>Total Book-to-Bill Ratio: Increased to 1.32 in 2025 from 0.76 in 2024.<ul><li>Space Book-to-Bill Ratio: 1.13 in 2025 vs. 0.72 in 2024.</li><li>Defense Tech Book-to-Bill Ratio: 1.62 in 2025 vs. 0.93 in 2024.</li></ul></li><li>Total Contracted Backlog: Increased to $411,246 thousand in 2025 from $296,652 thousand in 2024, including $77,556 thousand from acquisition-related contract value in 2025.<ul><li>Space Backlog: $299,804 thousand in 2025 vs. $263,996 thousand in 2024.</li><li>Defense Tech Backlog: $111,442 thousand in 2025 vs. $32,656 thousand in 2024.</li><li>Contracted backlog from international operations was $193.1 million in 2025 vs. $70.5 million in 2024.</li></ul></li></ul><h4>Cash Flow (Year Ended December 31, 2025 vs. 2024)</h4><ul><li>Net cash provided by (used in) operating activities: - $177,331 thousand in 2025 vs. - $17,348 thousand in 2024, an increase in cash used of - $160.0 million, primarily due to a - $74.0 million increase in cash used by working capital and a - $112.2 million increase in cash used related to the net loss.</li><li>Net cash provided by (used in) investing activities: - $175,071 thousand in 2025 vs. - $7,199 thousand in 2024, an increase in cash used of - $167.9 million, primarily due to cash used for the Edge Autonomy acquisition and increased capital expenditures.</li><li>Net cash provided by (used in) financing activities: $397,496 thousand in 2025 vs. $43,716 thousand in 2024, an increase of $353.8 million, primarily due to $518.4 million in net proceeds from common stock issuance and warrant exercises, partially offset by - $43.0 million in net debt repayments and - $63.9 million for the repurchase of Series A Convertible Preferred Stock.</li><li>Cash, cash equivalents and restricted cash at end of period: $95,183 thousand in 2025 vs. $49,071 thousand in 2024.</li></ul><h4>Outlook / Guidance</h4>Redwire Corporation expects existing liquidity sources to cover working capital needs and debt service for at least the next twelve months from the issuance date of its consolidated financial statements. The company continuously evaluates opportunities to strengthen its financial position, including issuing additional equity or debt or refinancing existing credit facilities. Geopolitical and macroeconomic events, such as U.S. and international defense spending and the war in Ukraine, are noted as potential factors affecting future financial condition and operating performance.

Redwire | 10-K: FY2025 Revenue Beats Estimate at USD 335.38 M