The Q1 earnings paired with an ATM offering create a mixed signal: strong operational momentum (revenue, margins, backlog) contrasts with a significant GAAP earnings miss and dilution. Monitor upcoming quarters for cash flow improvement and whether the offering signals distress or opportunistic capital raising. The reaffirmed FY revenue guidance provides a positive anchor.
Price Chart
Executive Summary
Redwire reported Q1 2026 revenue of $97.0M (+57.9% YoY) but GAAP EPS of -$0.40 missed consensus of -$0.16 by 150%. Net loss widened to $76.5M, including $42.5M in non-recurring equity compensation. Book-to-bill hit 1.92, backlog reached a record $498M, and FY2026 revenue guidance of $450-500M was reaffirmed. A concurrent ATM offering (424B5) was filed, indicating potential capital needs.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $96.97M (+57.9% YoY from $61.4M)
- GAAP diluted EPS -$0.40 vs consensus -$0.16 (150% miss)
- Net loss of $76.5M includes $42.5M non-recurring equity-based compensation
- Gross margin improved to 26.6% from 14.7% YoY
- Book-to-bill ratio of 1.92 (vs 0.92 in Q1 2025)
- Record contracted backlog of $498.1M (from $411.2M at Dec 2025)
- FY2026 revenue guidance reaffirmed at $450M-$500M
- Total liquidity of $175.2M at March 31, 2026
- Concurrent 424B5 filed for ATM offering on same day
Financial Impact
Large EPS miss and widened net loss offset by strong revenue growth and record backlog. Concurrent ATM offering suggests dilution risk.
Risk Factors
- Sustained GAAP and adjusted EBITDA losses despite revenue growth
- Dilution from the ATM offering filed simultaneously
- Potential inability to convert record backlog into profitable revenue
- Dependence on government contracts and potential budget disruptions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819810-26-000060 |
| Document: 0001819810-26-000060-index-headers.html | 0001819810-26-000060 |
| Document: 0001819810-26-000060-index.html | 0001819810-26-000060 |
| Document: 0001819810-26-000060.txt | 0001819810-26-000060 |
| 8-K Data (Synthetic) | 0001819810-26-000060 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 9, 2026 7w ago | Institutional Cluster | $13.12 $11.23 | ▼ −14.41% | ▼ −13.49% | $10.88 (−17.07%) |
Jun 11, 2026 16w ago | Institutional Cluster | $17.09 $10.47 | ▼ −38.74% | ▼ −40.63% | $10.88 (−36.34%) |
Jun 9, 2026 16w ago | 8-K | $15.75 $10.21 | ▲ +35.17% | ▲ +36.62% | $10.88 (+30.92%) |
Jun 9, 2026 16w ago | 424B5 | $15.75 $10.21 | ▲ +35.17% | ▲ +36.62% | $10.88 (+30.92%) |
May 19, 2026 19w ago | 144 | $13.91 $14.36 | ▼ −3.24% | ▼ −2.25% | $10.88 (+21.78%) |
May 6, 2026 21w ago | 8-K | $9.20 $18.62 | ▲ +102.39% | ▲ +99.26% | $10.88 (+18.26%) |
Apr 10, 2026 25w ago | DEFA14A | $9.99 $12.16 | ▲ +21.72% | ▲ +13.99% | $10.88 (+8.91%) |
Feb 26, 2026 31w ago | 8-K/A | $9.55 $8.87 | ▼ −7.12% | ▼ −0.72% | $10.88 (+13.93%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access