Redwire (RDW) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $117.1 million, up 89.6%–90% year-over-year, driven by strong Defense Tech growth and improved contract performance.

• Gross margin reached a record 27.8%–28%, a significant improvement from negative margins in Q2 2025.

• Net loss narrowed to $41.0 million, improving by $56 million year-over-year, with Adjusted EBITDA improving to $(3.2) million.

• Backlog reached a record $542.1 million, supported by a book-to-bill ratio of 1.42 and major contract wins, including a high eight-figure NATO UAS contract.

• Liquidity strengthened to $607.8 million, with $557.0–$557.8 million in cash and significant debt reduction.

Financial highlights

• Q2 2026 revenue: $117.1 million (up 89.6%–90% year-over-year, up from $61.8 million in Q2 2025).

• Gross profit: $32.5 million in Q2 2026, up from a loss of $19.1 million in Q2 2025.

• Adjusted EBITDA improved to $(3.2) million from $(27.4) million in Q2 2025.

• Net loss narrowed to $41.0 million from $97.0 million year-over-year.

• Free cash flow for Q2 2026 was $(24.9) million to $(35.3) million, an improvement from prior year.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $450–$500 million, representing 41.6% year-over-year growth at midpoint.

• Backlog and bookings momentum, along with book-to-bill ratios above 1.0, support continued growth and revenue visibility.

• Gross margin guidance remains in the low to mid-20% range for the near term.

• Double-digit growth expected in both space and defense tech segments, with defense tech growing faster.

• U.S. and European government funding and policy changes may impact future results.