Fourth Quarter, Full Year 2025 Financial Results Released by Redwire
CEO Peter Cannito Calls Year ‘Transformational’
Fourth Quarter and Full Year results have been announced by Redwire. Both periods ended December 31.
“2025 marked the transformation of Redwire into an integrated, multi-domain space and defense tech company.”
Peter Cannito, Redwire.
Among the highlights of the year was the acquisition of Edge Autonomy, a provider of uncrewed aerial systems (“UAS”) on June 13, 2025. That was among the developments that led Redwire Chairman and CEO Peter Cannito to call the “transformational”.
“2025 marked the transformation of Redwire into an integrated, multi-domain space and defense tech company. This evolution is reflected in our new structure, which we believe will enable us to maintain strong positioning and continue our growth trajectory across both established and rapidly emerging domains,” Cannito said in a presentation made to investors and media. “With continued acceleration in contract awards during the fourth quarter of 2025 and confidence provided by our record Backlog1 of $411.2 million, we are entering 2026 with strong momentum.”
Other fourth quarter and full year 2025 highlights included:
Strengthened leadership in Very Low Earth Orbit (“VLEO”) with the award of a $44 million phase 2 contract to advance the Defense Advanced Research Projects Agency’s Otter mission during the fourth quarter of 2025, which leverages Redwire’s SabreSat.
Entered into an eight-figure agreement with The Exploration Company (“TEC”) during the fourth quarter of 2025 to provide two International Berthing and Docking Mechanisms (“IBDM”) to support autonomous rendezvous and docking capabilities for TEC’s Nyx spacecraft.
During 2025, launched 14 PIL-BOXes, studying 18 unique molecules, to the International Space Station (“ISS”); as of December 31, 2025, Redwire had eleven active payload facilities on the ISS.
Delivered more than 100 Stalker/Penguin UAS in 7 countries around the world subsequent to the Edge Autonomy acquisition, including the U.S. Army (directly and via the Long Range Reconnaissance (“LRR”) program), U.S. Marine Corps, and NATO and other allied nations.
During the fourth quarter of 2025, opened a new 85,000 square foot facility in Ann Arbor, Michigan to increase production of critical fuel cells to meet growing demand, reflecting a key investment in a domestic, vertical integration strategy for Stalker UAS production.
Revenues increased 10.3% year-over-year to $335.4 million for full year 2025 and increased 56.4% year-over-year to $108.8 million for the fourth quarter of 2025.
Meaningful sequential and year-over-year increase in Book-to-Bill ratio on both an annual and quarterly basis to 1.32 as of full year 2025 and 1.52 as of the fourth quarter of 2025.
Ended full year 2025 with total liquidity of $130.2 million, a 103.2% increase over the end of 2024.
Net Loss increased by $112.2 million year-over-year to $(226.6) million for full year 2025 and increased by $18.3 million year-over-year to $(85.5) million for the fourth quarter of 2025, both of which include the impact of more than $130 million and $40 million, respectively, in non-recurring activity.
Adjusted EBITDA3 decreased by $49.5 million year-over-year to $(50.3) million for full year 2025 and decreased by $8.9 million year-over-year to $(18.1) million for the fourth quarter of 2025.
Looking ahead, the company anticipates that for the full year ending December 31, 2026, Redwire is forecasting revenues of $450 million to $500 million.
“During the fourth quarter of 2025, we used proceeds from an efficient At-The-Market (“ATM”) program to repay $105.5 million of outstanding debt and in February 2026, we refinanced our remaining credit agreement. As a result of these proactive steps and additional debt repayment earlier in 2025, we have significantly strengthened our balance sheet and simplified our capital structure, with an estimated total annualized interest savings of over $17 million,” said Chris Edmunds, Chief Financial Officer of Redwire. “Our financial results in the fourth quarter of 2025 reflect substantial negative impact from EAC adjustments that were largely related to programs in the development stage, and as we head into 2026, our focus remains on transitioning these programs into production, which we expect will drive gross margin improvement.”