Redwire (RDW) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $109.0M, up 5.4% YoY; gross margin reached a record 32.3%, and net loss narrowed $18.0M to $23.2M.

• Backlog reached a record $619.7M, up nearly 75% YoY; Q3 and LTM book-to-bill were 1.73 and 1.63.

Financial highlights

• Q3 operating loss narrowed to $26.3M from $41.9M; net loss narrowed to $23.2M from $41.2M.

• Q3 Adjusted EBITDA was $(5.3)M; nine-month Adjusted EBITDA improved to $(17.7)M from $(32.2)M.

• Nine-month revenue rose to $323.1M from $226.6M; net loss was $140.7M versus $141.1M.

• Q3 R&D expense increased $6.7M, or 87.1%, to $14.4M.

• Q3 gross margin improvement reflected $3.7M of favorable EAC adjustments and no repeat of the prior-year $11.2M acquired-inventory charge.

Outlook and guidance

• FY26 revenue guidance was reaffirmed at $450M–$500M; the $475M midpoint implies 41.6% YoY growth.

• Backlog and $46.8M of defense tech WIP and finished goods supported the outlook; shipments and inventory conversion remain near-term execution priorities.

• 50% of the $501.7M in remaining performance obligations was expected to be recognized within 12 months.

• FY2027 U.S. appropriations remained pending under a continuing resolution through December 11, 2026.