Redwire Corporation reported third quarter 2026 revenue of $109.0 million, a 5.4% year-over-year increase that missed analyst expectations of $118.4 million. However, the company achieved significant operational milestones, including record gross margins and a massive surge in contracted backlog, which provides high visibility into future fiscal periods.
Key Highlights
- Total contracted backlog increased nearly 75% year-over-year to a record $619.7 million, far exceeding internal and analyst targets.
- Gross margins expanded to a record 32.3% from 16.3% a year ago, driven by improved contract quality and operational efficiencies in both Space and Defense Tech segments.
- The company secured $188.7 million in contract awards during the quarter, resulting in a quarterly book-to-bill ratio of 1.73.
- Research and development investment surged 87.1% to $14.4 million as the company accelerates SabreSat precursor flight tests for VLEO applications.
- Liquidity increased significantly to $538.9 million, up 313.9% since the end of 2025, primarily through common stock issuances.