Redwire Corporation · NYSE:RDW
Redwire — Investor Presentation (May 2026)
27 slides from Redwire's investor presentation, May 2026
Slide 1: Redwire 101 Q1 2026
REDWIRE 101 Q1 2026 MAY 2026 Credit: NASA | Photo taken with a Redwire camera during Artemis II.
Slide 2: Use of Data, Use of Projections, Cautionary Statement
USE OF DATA Industry and market data used in this Presentation have been obtained from third-party industry publications and sources, are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section as well as from research reports prepared for
Slide 3: Cautionary Statement Regarding Forward-Looking Statements (Continued)
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS (CONTINUED) (continued from prior slide) (38) the wide variety of extensive and evolving government laws and regulations to which our Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, ex
Slide 4: Redwire 101: Proven and Operating Now
Redwire 101 REDWIRE 101: PROVEN AND OPERATING NOW 2 VLEO Prime Contracts 400K+ Flight Hours 100+ Stalker/Penguin STRONG for DARPA's Otter in the U.S. and for our field-proven airborne delivered in 2025, subsequent to DEMAND ESA's Skimsat in Europe products and solutions the Edge Autonomy acquisition
Slide 5: Redwire 101: Who Are Our Customers?
Redwire 101 REDWIRE 101: WHO ARE OUR CUSTOMERS? REDWIRE EXECUTED FOR MORE THAN 90 CUSTOMERS IN Q1 2026 REDWIRE CUSTOMERS HAVE INCLUDED: 5 Redwire | May 2026 Redwire 101
Slide 6: Redwire Value Drivers
Redwire 101 REDWIRE VALUE DRIVERS SPACE DEFENSE TECH Next-Gen Large Space Microgravity Combat- Sensors & Spacecraft Infrastructure Development Proven UAS Payloads VLEO / GEO ROSA / IBDM PIL-BOX / BioFabrication Facility Stalker / Penguin Optics / RF 6 Redwire | May 2026 Redwire 101
Slide 7: Next-Gen Spacecraft
Redwire 101 NEXT-GEN SPACECRAFT STRATEGICALLY POSITIONED TO BE A TRUSTED PRIME CONTRACTOR ON NEXT-GENERATION SPACECRAFT WITH KEY CAPABILITIES SUCH AS AI, QKD, AND MANEUVERABILITY KEY PRODUCTS • VLEO: SabreSat (U.S.-built), Phantom (Belgium-built) • LEO: Thresher (U.S.-built), Hammerhead (Belgium-bui
Slide 8: Large Space Infrastructure
Redwire 101 LARGE SPACE INFRASTRUCTURE WE PROVIDE BUILDING BLOCKS FOR CRITICAL SPACE INFRASTRUCTURE FROM LARGE CONSTELLATIONS IN LEO TO SPACE STATIONS AND MOON/MARS EXPLORATION KEY PRODUCTS • Roll-Out Solar Array (ROSA) • Extensible Low-Profile Solar Array (ELSA) • International Berthing and Docking
Slide 9: Microgravity Development
Redwire 101 MICROGRAVITY DEVELOPMENT WE ARE A GLOBAL LEADER IN MICROGRAVITY WITH DECADES OF HERITAGE AND 100S OF EXPERIMENTS FLOWN KEY PRODUCTS • Pharmaceutical In-space Laboratory – Bio-crystal Optimization eXperiments (PIL-BOX) • BioFabrication Facility (BFF) FUTURE GROWTH • Pharma has a <10% succ
Slide 10: Combat-Proven UAS
Redwire 101 COMBAT-PROVEN UAS WE SUPPLY COMBAT-PROVEN AUTONOMOUS UAS SYSTEMS, BUILT IN THE U.S. AND EUROPE TO THE WARFIGHTER KEY PRODUCTS • Stalker Series UAS • Penguin Series UAS FUTURE GROWTH • From Unleashing American Drone Dominance to the European Drone Defence Initiative, in-region capability
Slide 11: Sensors & Payloads
Redwire 101 SENSORS & PAYLOADS SUPPORTING MULTI-DOMAIN MISSIONS WITH AVIONICS OF CHOICE FROM AIRBORNE RSTA TO MOON-TO-MARS KEY PRODUCTS • Octopus Gimbals • Radio Frequency (RF) Payloads FUTURE GROWTH • Growing UAV EO/IR Sensor opportunity: forecasted to grow from ~$1.6B in FY23 to ~$4.8B in FY32; a
Slide 12: Redwire 101: We Have a History of M&A
Redwire 101 REDWIRE 101: WE HAVE A HISTORY OF M&A September 2021 Public Platform June 2020 Established Made In February 2021 March 2020 Space Deployable June 2025 Adcole Space Acquisition of Edge Maryland Systems November 2021 Autonomy closed December 2020 Aerospace Techshot Platform Consolidation L
Slide 13: Redwire 101: How Do We Make Money?
Redwire 101 REDWIRE 101: HOW DO WE MAKE MONEY? ILLUSTRATIVE OVER TIME CONTRACT REDWIRE RECOGNIZES REVENUE UNDER POINT IN TIME AND OVER TIME METHODS POINT IN TIME Launch • Revenue is recognized when the asset is transferred to the customer • 21.0% of Contracted Backlog1 as of March 31, 2026 OVER TIME
Slide 14: Redwire 101: Where Are We Located?
Redwire 101 REDWIRE 101: WHERE ARE WE LOCATED? 23 locations1 in North America… …and 5 locations in Europe 14 Redwire | May 2026 Redwire 101 1As of December 31, 2025. Subsequent to year-end 2025, only one facility remains in Indiana and Michigan, respectively.
Slide 15: Redwire 101: Financial Summary
Redwire 101 REDWIRE 101: FINANCIAL SUMMARY Revenue ($M) Gross Margin and Adjusted Gross Margin1 (%) $125.0 40.0% $108.8 $103.4 27.1% 26.6%26.6% $97.0 $100.0 20.0% 14.7%14.7% 16.3% 9.6% 9.6% $75.0 $61.4 $61.8 —% $50.0 (20.0)% $25.0 (27.0)% (30.9)% $— (40.0)% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1
Slide 16: Backlog & Bookings
Redwire 101 BACKLOG & BOOKINGS $186.5M 1.92x $571.8M 1.54x Q1 2026 Bookings Q1 2026 Book-to-Bill1 LTM Q1 2026 Bookings LTM Q1 2026 Book-to-Bill1 BACKLOG1 $498.1 Sequential $411.2 increase of 21.1% $355.6 $329.5 $291.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 CONTINUED MOMENTUM WITH BACKLOG1 TO SUPPOR
Slide 17: Redwire 101: Q1 2026 Revenue Diversification
Redwire 101 REDWIRE 101: Q1 2026 REVENUE DIVERSIFICATION Revenue by Segment ($M) Revenue by Recognition Revenue by Customer Revenue by Customer Method (%) Grouping ($M) Geographic Location ($M) $10.7 $20.1 11.0% $30.9 20.7% 31.9% $44.3 40% 45.7% $52.7 $51.0 $35.2 52.6% 54.3% 60% 36.3% $46.0 47.4% Sp
Slide 18: Appendix
Q1 2026 Appendix 18 Redwire | May 2026 Redwire 101
Slide 19: Tech Spotlight: Stalker UAS Series
Redwire 101 TECH SPOTLIGHT: STALKER UAS SERIES CEILING Stalker Block 30: Combat-proven, All-electric VTOL UAS; operates in highly contested 4,572m / 15,000ft AGL environments, including GPS-denied and jamming LOS COMMUNICATIONS RANGE ◦ Silent flight operations; high TRL/MRL with 300,000+ flight hour
Slide 20: Tech Spotlight: Penguin UAS Series
Redwire 101 TECH SPOTLIGHT: PENGUIN UAS SERIES Penguin C Mk2: Combat-proven, rail-launched variant provides long-endurance ISR CEILING 4,000m / 13,000ft capability at competitive pricing MAX TAKEOFF WEIGHT 25kg / 55lb ◦ High TRL/MRL technology, operating in highly contested environments, including G
Slide 21: Q1 2026 Quarter-to-Date Performance
Appendix Q1 2026 QUARTER-TO-DATE PERFORMANCE Three Months Ended $ Change from prior % Change from prior ($ in thousands, except percentages) March 31, 2026 March 31, 2025 year period year period Revenues $ 96,972 $ 61,395 $ 35,577 58 % Cost of sales 71,164 52,354 18,810 36 Gross profit 25,808 9,041
Slide 22: Supplemental Non-GAAP Information
Appendix SUPPLEMENTAL NON-GAAP INFORMATION Three Months Ended March 31, March 31, Adjusted EBITDA (in thousands) 2026 2025 Adjusted EBITDA is not a measure of results under generally accepted accounting Net income (loss) $ (76,502) $ (2,948) principles in the United States. Interest expense, net 2,4
Slide 23: Supplemental Non-GAAP Information
Appendix SUPPLEMENTAL NON-GAAP INFORMATION Three Months Ended (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 i. Redwire incurred acquisition costs including due diligence, integration costs and Net income (loss) $ (2,948) $ (96,979) $ (41,152) $ (85,473) $ (76,502) additional expenses relate
Slide 24: Supplemental Non-GAAP Information
Appendix SUPPLEMENTAL NON-GAAP INFORMATION Three Months Ended (in thousands) March 31, 2026 March 31, 2025 Net cash provided by (used in) operating activities $ (6,666) $ (45,081) Less: Capital expenditures (6,036) (4,055) Free Cash Flow Free Cash Flow $ (12,702) $ (49,136) Free Cash Flow is compute
Slide 25: Key Performance Indicators
Appendix KEY PERFORMANCE INDICATORS March 31, December 31, (in thousands) 2026 2025 Contracted Backlog Organic backlog, beginning balance $ 333,690 $ 296,652 We view growth in backlog as a key measure of our business growth. Contracted backlog Organic additions during the period 122,530 257,318 repr
Slide 26: Key Performance Indicators
Appendix KEY PERFORMANCE INDICATORS Three Months Ended Last Twelve Months Ended (in thousands, except ratio) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Contracts awarded Book-to-Bill Ratio Space $ 114,567 $ 53,707 $ 298,622 $ 217,387 We view book-to-bill as an indicator of future re
Slide 27: Glossary
Appendix GLOSSARY Acronym Definition Acronym Definition AGL Above Ground Level M&A Mergers & Acquisitions AI Artificial Intelligence MEO Medium Earth Orbit BFF BioFabrication Facility MOSA Modular Open Systems Approach BLOS Beyond Line of Sight MRL Manufacturing Readiness Level DARPA Defense Advance