Photo: NASA
Redwire’s order backlog swelled to a record $619.7 million in the third quarter, up nearly 75% from a year earlier, as the space infrastructure company also doubled its gross margin.
Revenue rose 5.4% to $109 million and gross margin hit a record 32.3%, up from 16.3% a year earlier, the company reported Wednesday. Its net loss narrowed by $18 million to $23.2 million.
Redwire won $188.7 million in new contracts during the quarter, pushing its book-to-bill ratio to 1.73, meaning it is booking work much faster than it can bill it. Among the wins: a $20 million DARPA contract to test a scaled version of its SabreSat spacecraft for a flight in very low-Earth orbit, and a follow-on order from Axiom Space for two of its Roll-Out Solar Array wings, the same technology that powers the International Space Station, for Axiom’s second commercial space station module.
“Redwire continued to see durable demand across our space and defense tech portfolio,” said CEO Peter Cannito, though he cautioned that “revenue timing continues to be uneven.”
The company reaffirmed its full-year 2026 revenue forecast of $450 million to $500 million. It has recorded $323.1 million in revenue through the first nine months.
For anyone watching the commercial space race, the takeaway is that the pick-and-shovel makers, the companies selling the solar wings and spacecraft parts rather than launching rockets, are finding plenty of buyers.
JBizNews Desk | Jacksonville
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