Redwire : Q1 FY2026 Earnings Presentation

About this update from Redwire Corporation

INVESTOR UPDATE Q1 2026 MAY 7, 2026 Credit: NASA | Photo taken with a Redwire camera during Artemis II. 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 business is subject, and the potential material adverse effect of any failure to comply with such laws and regulations; (39) the potential impact on our reputation and ability to do business resulting from improper conduct of our employees, agents or business partners; (40) failure to comply with federal, state and foreign laws and regulations relating to privacy, data protection and consumer protection, or the expansion of current or enactment of new laws or regulations relating to privacy, data protection and consumer protection, and the resulting adverse effect on our business and financial condition; (41) changes in tax laws or regulations and the resulting increase in tax uncertainty and adverse effect on our results of operations and effective tax rate; (42) failure to adequately protect our intellectual property rights; (43) potential violations of third-party proprietary rights by our technology; (44) failure to obtain necessary additional funding; (45) the fact that AE Industrial Partners and its affiliates have significant influence over us, which could limit your ability to influence the outcome of key transactions; (46) the fact that provisions in our Certificate of Designation with respect to our Series A Convertible Preferred Stock may delay or prevent our acquisition by a third party, which could also reduce the market price of our capital stock; (47) the fact that our Series A Convertible Preferred Stock has rights, preferences and privileges that are not held by, and are preferential to, the rights of holders of our other outstanding capital stock; (48) the possibility of sales of a substantial amount of our common stock by our current stockholders; (49) the inability to remain in compliance with the continued listing requirements of the New York Stock Exchange; (50) the issuance of additional common stock or other equity securities and the resulting dilution of our shareholders' ownership interests; (51) volatility in the trading price of our common stock; (52) our existing material weaknesses and the identification of material weaknesses of other deficiencies or failure to maintain effective internal controls over financial reporting and (53) other risks and uncertainties described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and those indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission by Redwire. The forward-looking statements contained in this Presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward-looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this Presentation are made as of the date of this Presentation, and Redwire disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this Presentation are cautioned not to place undue reliance on forward-looking statements. NON-GAAP FINANCIAL INFORMATION This Presentation contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). These financial measures include Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin and Free Cash Flow. Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. We encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Adjusted EBITDA is defined as net income (loss) adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, capital market and advisory fees, disposal of long-lived assets, litigation-related expenses, equity-based compensation, committed equity facility transaction costs, debt financing costs and extinguishment losses, gains on sale of joint ventures, net of costs incurred, and warrant liability change in fair value adjustment. Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, excluding adjustments resulting from the application of purchase accounting included in cost of sales and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations as the calculation of these measures excludes the impact of certain non-recurring charges. Management believes that by using Adjusted Gross Margin in conjunction with GAAP Gross Margin, investors will get a more complete view of what management considers to be the Company's core operating performance and allow for comparison of this measure when compared to those of prior periods. Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures. We use Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. We use Free Cash Flow as an indicator of liquidity to evaluate our period-over-period operating cash generation that will be used to service our debt, and can be used to invest in future growth through new business development activities and/or acquisitions, among other uses. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure. KEY PERFORMANCE INDICATORS Management uses Key Performance Indicators ("KPIs") to assess the financial performance of the Company, monitor relevant trends and support financial, operational and strategic decision-making. Management frequently monitors and evaluates KPIs against internal targets, core business objectives as well as industry peers and may, on occasion, change the mix or calculation of KPIs to better align with the business, its operating environment, standard industry metrics or other considerations. If the Company changes the method by which it calculates or presents a KPI, prior period disclosures are recast to conform to current presentation. TRADEMARKS This Presentation contains trademarks, service marks, tradenames and copyrights of Redwire and other companies, which are the property of their respective owners. The use herein does not imply an affiliation with, or endorsement by, the owners of these trademarks, service marks and tradenames. Third-party logos herein may represent past customers, present customers or may be provided simply for illustrative purposes only. Inclusion of such logos does not necessarily imply affiliation with or endorsement by such firms or businesses. There is no guarantee that Redwire will work, or continue to work, with any of the firms or businesses whose logos are included herein in the future. 3 Redwire | Q1 2026 Investor Update AGENDA Peter Cannito CHAIRMAN, CHIEF EXECUTIVE OFFICER, & PRESIDENT Q1 2026 Highlights Chris Edmunds CHIEF FINANCIAL OFFICER Financial Results & FY26 Outlook 4 Redwire | Q1 2026 Investor Update Q1 2026 HIGHLIGHTS Peter Cannito, Chairman, CEO, and President 5 Redwire | Q1 2026 Investor Update The appearance of U.S. Department of War visual information does not imply or constitute DOW endorsement. Q1 2026 Highlights Q1 2026 HIGHLIGHTS STRONG DEMAND FOR OUR DIFFERENTIATED PRODUCTS Strong bookings profile d rove a Book-to-Bill ratio 1 of 1.92x Ended the quarter with record Contracted Backlog 1 of $498.1M Year-over-year improvement in gross margin from 14.7% in Q1 2025 to 26.6% in Q1 2026 Investing in large procurement opportunities such as Andromeda, CLPS, QKDSat, and LRR, gaining momentum 6 Redwire | Q1 2026 Investor Update 1 Book-to-Bill and Contracted Backlog are "Key Performance Indicators." Please refer to the Appendix of this Presentation for additional information. Q1 2026 Highlights REDWIRE VALUE DRIVERS SPACE NEXT-GENERATION SPACECRAFT VLEO GEO LARGE SPACE INFRASTRUCTURE ROSA ELSA IBDM MICROGRAVITY DEVELOPMENT PIL-BOX BIOFABRICATION FACILITY DEFENSE TECH COMBAT-PROVEN UAS STALKER PENGUIN SENSORS & PAYLOADS OPTICS RF 7 Redwire | Q1 2026 Investor Update Q1 2026 Highlights NEXT-GEN SPACECRAFT SELECTED FOR SPACE SYSTEMS COMMAND $1.8B+, 10-YEAR ANDROMEDA IDIQ In April 2026, Redwire was selected as one of 14 vendors from a total of 32 bids to be awarded an indefinite-delivery/indefinite-quantity ("IDIQ") contract for the Andromeda contract vehicle, which is focused on rapidly fielding proliferated space domain awareness capabilities in geosynchronous orbit. FURTHER VALIDATION THAT WE ARE STRATEGICALLY POSITIONED TO BE A TRUSTED PRIME CONTRACTOR ON NEXT-GEN SPACECRAFT 8 Redwire | Q1 2026 Investor Update Q1 2026 Highlights NEXT-GEN SPACECRAFT AWARDED CONTRACT TO DELIVER A QUANTUM-SECURE SPACECRAFT Awarded a contract to develop a quantum-secure satellite under ESA's QKDSat. As part of a multi-country consortium that includes Honeywell Aerospace, Redwire will manufacture and deliver its European-built Hammerhead spacecraft, equipped with the QKD payload and Redwire's ADPMS-3 suite of avionics. A CONSTELLATION-SIZED OPPORTUNITY TO BE A NEXT-GEN SPACECRAFT PROVIDER FOR A GLOBAL QUANTUM SECURE NETWORK 9 Redwire | Q1 2026 Investor Update Credit: Honeywell Q1 2026 Highlights LARGE SPACE INFRASTRUCTURE AWARDED $12.8M CONTRACT TO DELIVER ELSA WINGS TO MOOG, INC. This marks the first sale of Redwire's ELSA, a new high-performance, low-mass solar array product.The ELSA wings will be integrated with Moog's METEOR satellite bus in support of a Low Earth Orbit mission for an undisclosed national security customer. OUR POWER PRODUCT PORTFOLIO NOW SPANS THE TOTAL ADDRESSABLE MARKET FROM LARGE CONSTELLATIONS IN LEO TO THE LUNAR SURFACE AND BEYOND 10 Redwire | Q1 2026 Investor Update Q1 2026 Highlights MICROGRAVITY DEVELOPMENT RECEIVED AN ADDITIONAL $4M FROM NASA TO SUPPORT DRUG DEVELOPMENT INVESTIGATIONS ON THE ISS This additional funding expands an existing task order under a $25M, five-year IDIQ through NASA's In Space Production Applications Program (InSPA). During the quarter, Redwire's PIL-BOX also supported a cancer therapy investigation led by Aspera Biomedicines that launched aboard the SpaceX Crew-12 mission to the ISS. NASA SEES THE GROUND-BREAKING POTENTIAL AND CONTINUES TO INVEST IN PIL-BOX 11 Redwire | Q1 2026 Investor Update Credit: NASA Q1 2026 Highlights COMBAT-PROVEN UAS AWARDED $20M+ FOR MARINE CORPS AIR PMO FAMILY OF SMALL UAS TEAM This award, in support of the Long Range Tactical Program of Record, encompasses the Marine Corps' first acquisition of Redwire's Advanced Navigation version of the Stalker Block 30 UAS. These new systems will provide an increase in capability and will join the nearly 250+ existing Stalker aircraft already fielded by the Marine Corps. OUR TRUSTED COMBAT-PROVEN PLATFORM CONTINUES TO SCALE FOR THE MOST DEMANDING CUSTOMERS 12 Redwire | Q1 2026 Investor Update Q1 2026 Highlights COMBAT-PROVEN UAS INTEGRATING OF STALKER WITH THE U.S. ARMY'S NEXT GENERATION COMMAND AND CONTROL (NGC2) AT IVY STING During the quarter, Stalker continued integration efforts with the U.S. Army's NGC2 tactical network during the Ivy Sting exercises, further integrating the platform into the U.S. Army's future concept of operations. Continued integration is expected at upcoming events and experiments to enhance situational awareness and decision-making across the battlefield. CONTINUED INTEGRATION WITH U.S. ARMY NGC2 UNDERSCORES THE CRITICALITY OF OUR STALKER AS A PLATFORM 13 Redwire | Q1 2026 Investor Update Q1 2026 Highlights SENSORS & PAYLOADS REDWIRE'S ADVANCED IMAGING & NAVIGATION TECHNOLOGY ENABLED ARTEMIS II MISSION Building on heritage from Artemis I, Redwire provided Artemis II with a camera system, comprised of 11 internal and external inspection and navigation cameras as well as 4 Coarse Sun Sensor assemblies. NASA's Artemis II launch window opened during Q1 2026, and the mission launched on April 1, 2026. REDWIRE IS TRUSTED ON THE MOST IMPORTANT MISSIONS 14 Redwire | Q1 2026 Investor Update Q1 2026 Highlights ACCELERATING INVESTMENT FUNDING OUR INVESTMENT, $(9.2)M $12.6M NOT LOSSES Q1 2026 Adjusted EBITDA 1 Q1 2026 R&D Expense REDWIRE IS INCREASING INVESTMENT IN 6 CRITICAL OPPORTUNITIES: VLEO (SabreSat and Phantom) QKDSat (Quantum Secure Constellation) Maneuverable, refuelable GEO (Andromeda) Lunar Infrastructure (Lunar Power Grid + CLPS) SpaceMD (PIL-BOX and bio-printing) Next-Generation Stalker (Block 40) & Penguin (MK3) WE B ELIEVE THESE ARE TRANSFORMATIVE OPPORTUNITIES WITH OUTSIZED GROWTH POTEN TIAL 15 Redwire | Q1 2026 Investor Update 1 Adjusted EBITDA is not a measure of results under generally accepted accounting principles in the United States. Please refer to the Appendix of this Presentation for additional information. FINANCIAL RESULTS & FY26 OUTLOOK Chris Edmunds, Chief Financial Officer 16 Redwire | Q1 2026 Investor Update Credit: NASA | Photo taken with a Redwire camera during Artemis II. Financial Results & FY26 Outlook Q1 FY26 REVENUE $120.0 $100.0 $97.0 +57.9% Year-over-year increase in Q1 revenue With 20.7% Civil, 47.4% National Security, and 31.9% Commercial and other revenue in Q1 2026 17 Redwire | Q1 2026 Investor Update $80.0 $60.0 $40.0 $20.0 $- $61.4 $52.7 $52.1 $9.3 $44.3 Q1 FY25 Revenue Q1 FY26 Revenue Financial Results & FY26 Outlook Q1 FY26 PROFITABILITY 30.0% 25.0% 26.6% 14.7% 26.6% Q1 Gross Margin Operational performance and portfolio management drove meaningful year-over-year and sequential gross margin improvement 20.0% 15.0% 10.0% 5.0% -% Q1 FY25 Q1 FY26 Gross Profit Net Income Adj. EBITDA 1 Consolidated $9.0M $(2.9)M $(2.3)M Gross Profit Net Income Adj. EBITDA 1 $25.8M $(76.5)M $(9.2)M 18 Redwire | Q1 2026 Investor Update 1 Adjusted EBITDA is not a measure of results under generally accepted accounting principles in the United States. Please refer to the Appendix of this Presentation for additional information. Financial Results & FY26 Outlook LIQUIDITY & CAPITAL STRUCTURE $200.0 $175.2 DURING Q1 2026, REDWIRE IMPROVED CASH FROM OPERATIONS , ENDING WITH RECORD TOTAL LIQUIDITY OF $175.2M 1 During the quarter, the company amended its remaining credit agreement extending the maturity to May 2029 and lowering the interest rate spread Meaningful reduction in net cash used in operating activities on both a sequential and year-over-year basis to $(6.7)M for Q1 2026 $150.0 $100.0 $50.0 $- $130.2 $95.2 $35.0 $145.2 $30.0 Q4 FY25 Total Liquidity Q1 FY26 Total Liquidity 19 Redwire | Q1 2026 Investor Update 1 Total liquidity of $175.2 million as of March 31, 2026 is comprised of $144.5 million in cash and cash equivalents, $30.0 million in available borrowings from our existing credit facilities, and $0.7 million in restricted cash. Financial Results & FY26 Outlook BACKLOG & BOOKINGS $186.5M Q1 2026 Bookings 1.92x Q1 2026 Book-to-Bill 1 $571.8M LTM Q1 2026 Bookings 1.54x LTM Q1 2026 Book-to-Bill 1 BACKLOG 1 $411.2 Sequential increase of 21.1% $329.5 $355.6 $291.2 $498.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 CONTINUED MOMENTUM WITH BACKLOG 1 TO SUPPORT FY26 GROWTH & OPERATIONS 20 Redwire | Q1 2026 Investor Update 1 Contracted Backlog and Book-to-Bill are "Key Performance Indicators." Please refer to the Appendix of this Presentation for additional information. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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