$RDW

Redwire Corp

CIK:0001819810|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 117,074	$ 61,760	$ 214,046	$ 123,155
Cost of sales	84,530	80,824	155,694	133,178
Gross profit	32,544	(19,064)	58,352	(10,023)
Operating expenses:
Selling, general and administrative expenses	42,076	54,464	124,963	73,210
Transaction expenses	11	16,643	51	20,442
Research and development	12,547	1,720	25,129	2,533
Operating income (loss)	(22,090)	(91,891)	(91,791)	(106,208)
Interest expense, net	796	23,755	3,263	27,349
Loss on extinguishment of debt	1,186	0	3,731	0
Other (income) expense, net	15,037	13,937	16,185	(844)
Income (loss) before income taxes	(39,109)	(129,583)	(114,970)	(132,713)
Income tax expense (benefit)	1,862	(32,604)	2,503	(32,786)
Net income (loss)	(40,971)	(96,979)	(117,473)	(99,927)
Less: dividends on Convertible Preferred Stock	504	29,739	2,016	33,179
Net income (loss) available to common shareholders	$ (41,475)	$ (126,718)	$ (119,489)	$ (133,106)
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.19)	$ (1.41)	$ (0.58)	$ (1.66)
Diluted (in dollars per share)	$ (0.19)	$ (1.41)	$ (0.58)	$ (1.66)
Weighted-average shares outstanding:
Basic (in shares)	220,466,669	89,554,940	207,143,490	80,424,270
Diluted (in shares)	220,466,669	89,554,940	207,143,490	80,424,270
Comprehensive income (loss):
Net income (loss)	$ (40,971)	$ (96,979)	$ (117,473)	$ (99,927)
Foreign currency translation gain (loss), net of tax	(5,157)	10,174	(11,582)	11,009
Total other comprehensive income (loss), net of tax	(5,157)	10,174	(11,582)	11,009
Total comprehensive income (loss)	$ (46,128)	$ (86,805)	$ (129,055)	$ (88,918)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (117,473)	$ (99,927)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	22,710	8,106
Amortization of debt issuance costs and discount	657	642
Equity-based compensation expense	50,635	35,598
Loss on extinguishment of debt	3,731	0
(Gain) loss on change in fair value of warrants	14,787	2,692
Deferred provision (benefit) for income taxes	2,485	(32,069)
Other	1,961	(3,677)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	9,553	(3,468)
(Increase) decrease in contract assets	(28,388)	(5,724)
(Increase) decrease in inventory	(30,170)	1,449
(Increase) decrease in prepaid expenses and other assets	68	(3,024)
Increase (decrease) in accounts payable and accrued expenses	19,358	(5,586)
Increase (decrease) in deferred revenue	25,344	(28,433)
Increase (decrease) in operating lease liabilities	(427)	(55)
Increase (decrease) in other liabilities	(7,433)	732
Increase (decrease) in notes payable to sellers	1,000	0
Net cash provided by (used in) operating activities	(31,602)	(132,744)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0	(151,791)
Purchases of property, plant and equipment	(13,287)	(4,752)
Purchase of intangible assets	(3,154)	(5,186)
Net cash provided by (used in) investing activities	(16,441)	(161,729)
Cash flows from financing activities:
Proceeds received from debt	89,728	190,327
Repayments of debt	(129,537)	(125,876)
Payment of debt issuance fees	(1,914)	(105)
Repayment of finance leases	(294)	(227)
Proceeds from (repayment of) third-party advances	0	(7,820)
Proceeds from issuance of common stock	566,243	328,684
Payment of equity issuance costs	(13,881)	0
Proceeds from common stock issued for options exercise	4,155	0
Shares repurchased for settlement of employee tax withholdings on share-based awards	0	(8)
Convertible preferred stock dividend	(3,039)	0
Repurchase of convertible preferred stock	0	(61,486)
Net cash provided by (used in) financing activities	511,461	323,489
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash	(883)	472
Net increase (decrease) in cash, cash equivalents and restricted cash	462,535	29,488
Cash, cash equivalents and restricted cash at beginning of period	95,183	49,071
Cash, cash equivalents and restricted cash at end of period	$ 557,718	$ 78,559

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents and restricted cash	$ 557,718	$ 95,183
Accounts receivable, net	27,495	37,251
Contract assets	72,045	44,019
Inventory, net	85,364	55,847
Prepaid expenses and other current assets	18,538	20,512
Total current assets	761,160	252,812
Property, plant and equipment, net of accumulated depreciation of $20,013 and $14,558	56,092	49,199
Right-of-use assets	34,390	31,741
Intangible assets, net of accumulated amortization of $62,817 and $46,192	319,104	336,153
Goodwill	772,170	779,114
Other non-current assets	428	118
Total assets	1,943,344	1,449,137
Current liabilities:
Accounts payable	54,158	32,295
Notes payable to sellers	3,171	2,171
Short-term debt, including current portion of long-term debt	4,500	5,162
Short-term operating lease liabilities	4,545	4,088
Short-term finance lease liabilities	611	595
Accrued expenses	29,715	32,034
Deferred revenue	84,970	60,119
Other current liabilities	12,568	19,150
Total current liabilities	194,238	155,614
Long-term debt, net	43,561	80,036
Long-term operating lease liabilities	32,698	30,471
Long-term finance lease liabilities	1,189	1,276
Warrant liabilities	692	4,213
Deferred tax liabilities	39,885	38,358
Other non-current liabilities	1,224	2,119
Total liabilities	313,487	312,087
Commitments and contingencies (Note L – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2026—none and 2025—46,505.13. Liquidation preference: 2026—none and 2025—$118,434 (Note M – Convertible Preferred Stock)	0	77,034
Shareholders’ Equity (Deficit):
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2026—249,221,102 and 2025—191,915,804	25	19
Treasury stock, at cost: 2026—1,036,294 shares and 2025—1,036,294 shares	(7,342)	(7,342)
Additional paid-in capital	2,377,689	1,678,799
Accumulated deficit	(739,235)	(621,762)
Accumulated other comprehensive income (loss)	(1,280)	10,302
Total shareholders’ equity (deficit)	1,629,857	1,060,016
Total liabilities, convertible preferred stock and equity (deficit)	$ 1,943,344	$ 1,449,137