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# Redwire Gross Margin Hits Record 32.3% As Backlog Reaches $619.7 Million
- URL: https://www.bullished.co/redwire-gross-margin-hits-record-32-3-as-backlog-reaches-619-7-million-c87b283c/
- Published: 2026-11-04T21:42:05.000Z
- Updated: 2026-11-04T21:42:05.000Z
- Description: The space and defense company's quarterly loss narrowed to $23.2 million, but adjusted EBITDA slipped as research spending climbed 87.1%.
- Author: Matteo Parrino
- Tags: SEC Filings, RDW, Industry: Industrials

[Redwire](https://www.bullished.co/tag/rdw/), which builds spacecraft, solar arrays, drones and sensors for space and defense customers, posted a record third-quarter [gross margin of 32.3%](https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000139/exhibit991redwire09302026e.htm?ref=bullished.co), up from 16.3% a year earlier, and a contracted backlog of $619.7 million. CEO Peter Cannito conceded that revenue timing "continues to be uneven."

## Margin up, adjusted profit down

Revenue rose 5.4% to $109.0 million in the quarter ended September 30\. Net loss narrowed by $18.0 million to $23.2 million, or $0.09 per share, the company said in an [8-K](https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000139/rdw-20261104.htm?ref=bullished.co).

Adjusted EBITDA, a profit measure that strips out certain costs, worsened by $2.7 million to a loss of $5.3 million. Research and development expense rose $6.7 million, or 87.1%, which the company described as investment in future growth.

CFO Chris Edmunds said both the Space and Defense Tech segments improved margins from a year earlier and from the prior quarter.

Cannito said the quality of revenue is improving as the company delivers mission-critical products across multiple domains.

## A record order book

Contracted backlog reached $619.7 million, a nearly 75% increase from a year earlier. The company won $188.7 million of contracts in the quarter, lifting its ratio of new awards to revenue to 1.73 from 1.25.

Highlights included a $20 million DARPA contract for testing on a scaled version of its SabreSat spacecraft, a follow-on order from Axiom Space for two solar array wings, and follow-on Stalker drone orders from customers including the U.S. National Guard.

## Cash pile and the full-year forecast

Redwire reaffirmed its 2026 revenue forecast of $450 million to $500 million. Edmunds noted $323.1 million of revenue recorded in the first nine months.

Total liquidity ended September at $538.9 million: $488.9 million in cash and $50.0 million in available borrowings. Operations used $95.2 million of cash over nine months, while stock issuance brought in $566.7 million. Inventory and contract assets both grew over the period.

Management hosts a conference call at 9:00 a.m. ET on Thursday, November 5, to review the quarter.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Redwire Corp (RDW)](https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000139/rdw-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exhibit991redwire09302026e.htm — Redwire Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000139/exhibit991redwire09302026e.htm?ref=bullished.co) — SEC EDGAR
- [Redwire Corp. to Post Q3 Earnings: What's in the Cards?](https://finance.yahoo.com/markets/stocks/articles/redwire-corp-post-q3-earnings-143800712.html?ref=bullished.co) — Yahoo Finance

### More on Redwire

- [Vanguard Capital Management Reports 5% Passive Stake In Redwire](https://www.bullished.co/vanguard-capital-management-reports-5-passive-stake-in-redwire-8c1d9fc0/)

[All Redwire (RDW) coverage →](https://www.bullished.co/tag/rdw/)