Redwire (RDW) Q4 2025 earnings summary

Executive summary

• Completed transformation into a multi-domain space and defense tech company in 2025, highlighted by the acquisition and integration of Edge Autonomy and expansion into uncrewed aerial systems.

• Expanded customer base to over 170, with a global headcount of approximately 1,410 employees by year-end 2025.

• Achieved record contracted backlog of $411.2 million and record year-end liquidity of $130.2 million.

• Opened a new 85,000 sq. ft. Ann Arbor facility to increase fuel cell and UAS production.

• Moved up the value chain with new prime contracts in the U.S. and Europe and added mature airborne platforms.

Financial highlights

• 2025 revenue increased 10.3% year-over-year to $335.4 million, near the top end of guidance, with Edge Autonomy contributing $107.1 million post-acquisition.

• Fourth quarter revenue was $108.8 million, up 56.4% year-over-year.

• Net loss for 2025 was $(226.6) million, impacted by over $130 million in non-recurring items.

• Adjusted EBITDA for 2025 was $(50.3) million; Q4 Adjusted EBITDA was $(18.1) million.

• Free cash flow for 2025 was $(200.6) million.

Outlook and guidance

• 2026 revenue forecast is $450 million–$500 million, representing 41.6% year-over-year growth at the midpoint.

• Expect revenue to build through 2026 due to lingering impacts from government shutdown delays.

• Defense tech segment expected to drive a larger share of growth in 2026, with a projected growth rate closer to 20%.

• Focus for 2026 is on transitioning development programs into production to drive gross margin improvement.

• Strong backlog and bookings momentum expected to support FY26 growth and operations.