Redwire (NYSE: RDW) Posts Record Q2 Revenue of $117.1M, EPS Beats Consensus by 47.6%

Redwire Corporation (NYSE: RDW) reported second-quarter 2026 results on August 5, 2026, posting record revenue of $117.1 million and a gross margin of 27.8%, while GAAP EPS of -$0.09 beat the consensus estimate of -$0.17 by 47.6%. Shares gained 14.88% on Friday, August 7, 2026, while the S&P 500 advanced 0.61%.

Q2 2026 Results

• Revenue: $117.1 million, up 89.6% year-over-year from $61.8 million in Q2 2025, a company record.
• Gross margin: 27.8% in Q2 2026, compared to -30.9% in Q2 2025, a substantial year-over-year improvement.
• GAAP net loss: $(41.0) million, improved by $56.0 million year-over-year from $(97.0) million in Q2 2025.
• Adjusted EBITDA: $(3.2) million, an improvement of $24.2 million year-over-year, inclusive of $12.5 million in research and development expense.
• Contracted backlog: $542.1 million, a record, with a book-to-bill ratio of 1.42 for the quarter and 1.52 on a trailing twelve-month basis.
• Total liquidity: $607.8 million as of June 30, 2026, a 366.9% increase over year-end 2025, comprised of $557.0 million in cash, $50.0 million in available credit, and $0.8 million in restricted cash.

What Drove the Results

GAAP EPS of -$0.09 beat the consensus estimate of -$0.17 by 47.6%. Revenue of $117.1 million exceeded the prior year by 89.6%, reflecting broad-based operational improvement across the company's space and defense technology portfolio. Gross margin swung 58.7 percentage points year-over-year, from -30.9% to +27.8%, the sharpest improvement in the company's recent reported history.

The record contracted backlog of $542.1 million provides meaningful forward revenue visibility. The book-to-bill ratio of 1.52 on a trailing twelve-month basis indicates that new contract awards continue to outpace recognized revenue. During the quarter, Redwire reduced its aggregate term loans from $90.0 million to $50.0 million, strengthening an already materially improved balance sheet. First-half 2026 recorded revenue of $214.0 million underpins management's reaffirmed full-year revenue forecast of $450 million to $500 million.

Key operational milestones in the quarter included follow-on awards for its Stalker Block 30 unmanned aerial system from the Marine Corps and the U.S. Army, a multi-year contract valued in the high eight-figures from an undisclosed NATO country for Penguin uncrewed aerial systems, and a contract from Taiwan Color Optics for the Taiwan Coast Guard. Redwire also delivered nearly 200 Octopus ISR payloads year-to-date, a more than 15% increase year-over-year, and launched two new Octopus products. Subsequent to quarter-end, the company held a grand opening in Georgetown, Indiana, and announced a facility expansion in Huntsville, Alabama.

Wall Street View

Wall Street carried a broadly constructive posture on Redwire heading into the print, with nine analysts carrying Buy ratings and three at Hold as of the August 1, 2026 consensus snapshot. No specific new price targets were available in the source data following the Q2 release.

Investor Takeaway

The combination of record revenue, a 58.7 percentage-point swing in gross margin, and an Adjusted EBITDA improvement of $24.2 million year-over-year positions Redwire's second half of 2026 differently than any prior period. With $214.0 million in first-half revenue already recorded and a $542.1 million backlog providing forward visibility, the reaffirmed full-year revenue target of $450 million to $500 million implies a meaningfully weighted back half, a cadence investors will likely monitor closely alongside the trajectory toward EBITDA breakeven.