Redwire Corporation: Comprehensive Corporate Profile

Quick Facts / Company Snapshot

• Company Name: Redwire Corporation
• Ticker Symbol: RDW (NYSE)
• Headquarters: Jacksonville, Florida, USA
• Founded: 2020
• Fiscal Year End: December 31
• Total Revenue (2024): $304.1 million
• Revenue Growth (YoY): 24.7% (Calculated from $304.1M vs $243.8M)
• Net Loss (2024): $(114.3) million
• Total Contracted Backlog: $296.7 million
• Total Assets: $292.6 million
• Cash & Cash Equivalents: $49.1 million
• Number of Operating Segments: One (Space Infrastructure)
• Common Stock Outstanding: 75,573,294 shares (as of March 7, 2025)
• Key Investor: AE Industrial Partners
• Primary Industry: Aerospace & Defense / Space Infrastructure
• Flight Heritage: Products proven on over 200 spaceflight missions
• Key Technology: Roll-Out Solar Array (ROSA)
• CEO: Peter Cannito
• Global Presence: United States and Europe
• Mission: Accelerating humanity’s expansion into space by delivering reliable infrastructure

Company Overview

Redwire Corporation is a global leader in mission-critical space solutions and high-reliability space infrastructure for the next-generation space economy. Founded in 2020 by private equity firm AE Industrial Partners, Redwire was established to combine the legacy flight heritage of established space companies with the agility and innovation of new-space culture. The company’s “Heritage plus Innovation” strategy enables it to deliver foundational building blocks—such as power generation, avionics, and structures—that are essential for complex space missions.

The company operates with a singular focus on accelerating humanity’s expansion into space by delivering reliable, economical, and sustainable infrastructure. Redwire’s offerings have been flight-proven on over 200 missions, including high-profile endeavors like NASA’s Artemis program, the James Webb Space Telescope, and the GPS constellation. By integrating multiple acquisitions of specialized space technology firms, Redwire has positioned itself as a diversified provider capable of serving national security, civil, and commercial customers globally.

Redwire’s business model centers on long-duration projects that provide mission-critical solutions. A significant portion of these projects results in funded technology development, allowing the company to continuously innovate while minimizing internal R&D risk. The company categorizes its strategic focus into three areas: enabling space mission providers with critical subsystems, providing infrastructure for human habitation and work in space, and assisting international allies in developing organic space capabilities.

Business Segments

Redwire operates as one operating and reportable segment: Space Infrastructure.

Space Infrastructure Segment

• Operational Scope: This segment encompasses the development, manufacturing, and deployment of mission-critical technologies for space. It aggregates all of the company’s core offerings into a single integrated business unit to leverage synergies across its technology portfolio.
• Revenue (2024): $304.1 million (100% of Total Revenue).
• Strategic Focus: The segment focuses on delivering “foundational building blocks” for space missions. These blocks are categorized into specific technology domains such as power, avionics, and structures. The segment serves a diverse customer base, including the U.S. Department of Defense (DoD), NASA, the European Space Agency (ESA), and commercial satellite operators.
• Performance: The segment saw a 25% increase in revenue year-over-year, driven by bundled sales and increased levels of offering integrations, such as full satellite mission solutions.

History and Evolution

• Foundation (2020): Redwire was founded in March 2020 by AE Industrial Partners Fund II, LP (AEI) to consolidate a fragmented landscape of space-focused technology companies.
• Early Acquisitions (2020): In its first year, the company acquired key entities including Adcole Space (sensors), Deep Space Systems (design/testing), Made In Space (microgravity manufacturing), Roccor (deployable structures), and LoadPath (payload adapters).
• Public Listing (2021): On September 2, 2021, Redwire completed a merger with Genesis Park Acquisition Corp. (GPAC), a special purpose acquisition company. Following the merger, GPAC was renamed Redwire Corporation, and its common stock began trading on the NYSE under the symbol “RDW”.
• Expansion (2021-2022): The company continued its M&A strategy, acquiring Oakman Aerospace, Deployable Space Systems, and Techshot in 2021. In 2022, it acquired Redwire Space NV (formerly QinetiQ Space NV), significantly expanding its European footprint.
• Recent Developments (2024): Redwire acquired Hera Systems, Inc. and formed Redwire Poland sp. z.o.o., further solidifying its international presence and capabilities in spacecraft platforms.
• Integration: Since its inception, Redwire has focused on integrating these acquired businesses into a cohesive “Heritage plus Innovation” platform, allowing for cross-selling and the development of larger, more complex systems.

Products and Services

Redwire categorizes its technologies into six core space infrastructure offerings. While specific revenue breakdowns per product line are not disclosed, these offerings collectively generate the company’s $304.1 million revenue.

1. Avionics, Sensors, and Payloads

• Description: This line includes mission-critical navigation and control systems. Redwire has over 50 years of heritage in manufacturing space-qualified sensors.
• Key Products:
  • Star Trackers & Sun Sensors: Critical for spacecraft navigation and attitude control.
  • Camera Systems: High-performance imaging systems, such as the Orion Camera System for NASA’s Artemis program.
  • On-board Computers: Core computing units for missions like ESA’s Hera and Comet Interceptor.
  • Payloads: Infrared imaging, space situational awareness (SSA), and Position, Timing, and Navigation (PNT) payloads for national security and civil resilience.

2. Power Generation

• Description: Redwire provides advanced solar power solutions for spacecraft of all sizes.
• Key Technology:
  • Roll-Out Solar Array (ROSA): A patented technology that uses composite booms to deploy large solar arrays from a compact stowed cylinder. This technology is used on the International Space Station (ISS) and NASA’s DART mission.
  • Rigid Solar Panels: Traditional solar solutions for various orbital regimes.

3. Structures and Mechanisms

• Description: This portfolio includes deployable structures and interface systems that allow satellites to expand on-orbit.
• Key Products:
  • Deployable Booms: High-strain composite and coilable booms for antennas and instruments.
  • Payload Adapters: Structural interfaces that connect satellites to launch vehicles.
  • International Berthing and Docking Mechanism (IBDM): A fully computer-controlled docking system for autonomous docking of crewed and cargo vehicles.

4. RF Systems

• Description: Radio frequency systems for communications, signal detection, and telemetry.
• Key Products:
  • Link-16 Antennas: Compatible with NATO networks, facilitating encrypted tactical data exchange between space assets and military aircraft/ships.
  • RF Testing: Capabilities tailored for small satellite communications in proliferated LEO.

5. Spacecraft Platforms and Missions

• Description: End-to-end spacecraft solutions and digital engineering services.
• Key Products:
  • VLEO Platforms: Satellites designed for Very Low Earth Orbit, such as “Sabersat” (U.S.) and “Phantom” (EU).
  • Mako & Thresher Platforms: Highly maneuverable platforms for GEO and LEO dynamic space operations.
  • PROBA Platform: A small satellite platform with over 25 years of flight heritage, used for ESA’s autonomous missions.
  • Digital Engineering: Proprietary software for modeling and simulation of space architectures.

6. Microgravity Payloads

• Description: Facilities and services that enable research and manufacturing in the microgravity environment of space.
• Key Products:
  • PIL-BOX: A pharmaceutical laboratory for growing protein crystals in space.
  • BioFabrication Facility (BFF): A 3D printer capable of printing human tissue (e.g., a meniscus) in space.
  • Additive Manufacturing Facility (AMF): A commercial 3D printer on the ISS that has printed over 200 objects.

Brand Portfolio

Redwire has integrated several high-profile legacy brands. While they now operate under the Redwire umbrella, their heritage remains a key selling point.

• Adcole Space: Renowned for sun sensors with decades of reliability.
• Made In Space (MIS): Famous for pioneering in-space manufacturing and 3D printing.
• Roccor: Known for high-performance deployable structures and thermal products.
• Deployable Space Systems (DSS): The developer of the ROSA solar array technology.
• Techshot: Specializes in biotechnology payloads and microgravity research equipment.
• QinetiQ Space NV (now Redwire Space NV): A Belgian entity providing small satellite platforms and docking mechanisms.
• Hera Systems: A recent addition enhancing spacecraft platform capabilities.

Geographical Presence

Redwire maintains a significant transatlantic footprint, allowing it to serve both U.S. and European markets effectively.

United States

• Headquarters: Jacksonville, Florida.
• Operations: The majority of Redwire’s manufacturing and R&D occurs in the U.S., supporting national security and civil customers.
• Facilities: Includes locations in Florida, Colorado (Littleton, Longmont), California (Goleta), Indiana, and Massachusetts.
• Asset Concentration: Approximately $13.1 million in Property, Plant, and Equipment (PPE) is located in the U.S..

Europe

• Key Hubs: Belgium (Redwire Space NV), Luxembourg (Redwire Space Europe), and Poland (Redwire Poland).
• Capabilities: The European arm specializes in small satellite platforms (PROBA), docking mechanisms (IBDM), and avionics.
• Asset Concentration: Approximately $4.7 million in PPE is located in Europe.
• Revenue Contribution: While specific revenue % is not explicitly tabled in the summary, the PPE split ($13.1M US vs $4.7M Europe) indicates the U.S. remains the dominant operational base.

Financial Performance Analysis

Redwire has demonstrated strong top-line growth, driven by backlog execution and strategic acquisitions, though it continues to operate at a net loss due to non-cash charges and investments.

Profit and Loss Analysis (2024 vs 2023)

• Revenue: $304.1 million (2024) vs. $243.8 million (2023). This represents a 24.7% increase year-over-year.
• Cost of Sales: $259.6 million (2024) vs. $185.8 million (2023).
• Gross Profit: $44.5 million (2024) vs. $58.0 million (2023). This decrease of 23% was driven by contract mix and unfavorable Estimate at Completion (EAC) adjustments.
• Gross Margin: 14.6% (2024) vs. 23.8% (2023). The decline is attributed to a $17.7 million net unfavorable EAC adjustment in 2024 compared to a $3.5 million adjustment in 2023.
• Operating Expenses:
  • SG&A: $71.4 million (2024) vs. $68.5 million (2023).
  • R&D: $6.1 million (2024) vs. $5.0 million (2023).
  • Transaction Expenses: $9.1 million (2024) vs. $0.01 million (2023), reflecting M&A activity.
• Operating Loss: $(42.2) million (2024) vs. $(15.5) million (2023).
• Net Loss: $(114.3) million (2024) vs. $(27.3) million (2023). The significant widening of the loss was impacted by a $52.0 million non-cash loss from the change in fair value of warrants.
• Earnings Per Share (Basic/Diluted): $(2.35).

Balance Sheet Analysis (As of Dec 31, 2024)

• Total Assets: $292.6 million, up from $271.3 million in 2023.
  • Current Assets: $125.9 million, including $49.1 million in cash.
  • Goodwill: $71.2 million.
  • Intangible Assets: $61.8 million.
• Total Liabilities: Significant components include:
  • Long-Term Debt: $124.5 million (Net of current portion).
  • Accounts Payable: $32.1 million.
  • Private Warrant Liability: $55.3 million (Fair value liability).
• Convertible Preferred Stock: $136.8 million liquidation preference liability.
• Shareholders’ Equity (Deficit): $(155.4) million deficit, driven by accumulated losses.
• Liquidity: $49.1 million in cash, cash equivalents, and restricted cash.

Cash Flow Analysis (2024)

• Operating Cash Flow: Net cash used in operating activities was $(17.3) million, compared to a positive $1.2 million in 2023. This decline reflects working capital needs and operating losses.
• Investing Cash Flow: Net cash used in investing activities was $(7.2) million, primarily for capital expenditures.
• Financing Cash Flow: Net cash provided by financing activities was $43.7 million, largely from debt financing to support growth.

Board of Directors and Leadership Team

Redwire’s leadership comprises veterans from the aerospace, defense, and private equity sectors.

Executive Officers

• Peter Cannito: Chairman and Chief Executive Officer. He leads the strategic direction and integration of the company.
• Jonathan Baliff: Chief Financial Officer and Director.
• Senior Management: The team includes leaders from acquired entities (e.g., Techshot, Made In Space) integrated into the corporate structure.

Board of Directors

• Peter Cannito: Chairman.
• Jonathan Baliff: Director.
• Kirk Konert: Director. Represents AE Industrial Partners.
• David Kornblatt: Director.
• Joanne Isham: Director.
• Structure: The Board includes representatives from AE Industrial Partners and independent directors with industry expertise.

Subsidiaries, Associates, and Joint Ventures

Redwire operates through a network of wholly-owned subsidiaries formed through its acquisition strategy.

Wholly-Owned Subsidiaries

• Redwire Space Components, LLC (f/k/a Adcole Space): Delaware.
• Redwire Space Sensors, Inc. (f/k/a Deep Space Systems): Delaware.
• Redwire Space Enterprises, Inc. (f/k/a Deployable Space Systems): California.
• Redwire Space, Inc. (f/k/a Made In Space): Delaware.
• Redwire Space NV: Belgium.
• Hera Systems, Inc.: California.
• Redwire Poland sp. z.o.o.: Poland.
• Oakman Aerospace, LLC: Colorado.
• Redwire Space Solutions, LLC (f/k/a Roccor): Colorado.
• Redwire Space Technologies, Inc. (f/k/a Techshot): Indiana.

Joint Ventures

• Redwire Space Services (RSS): A joint venture with SES Techcom, formed to support specific European service contracts. Redwire owns 48% and accounts for it as an equity method investment (prior to changes in 2024).

Physical Properties

Redwire operates multiple facilities across the U.S. and Europe, supporting its engineering and manufacturing needs.

• Jacksonville, FL: Principal Executive Office (Suite 101, 8226 Philips Highway).
• Goleta, CA: Manufacturing center for deployable structures (formerly Deployable Space Systems).
• Littleton, CO: Hub for sensors and cameras (formerly Deep Space Systems/Oakman).
• Longmont, CO: Facility for composite structures (formerly Roccor).
• Marlborough, MA: Center for sun sensor manufacturing (formerly Adcole Space).
• Greenville, IN: Biotechnology and payload operations (formerly Techshot).
• Belgium: Manufacturing and R&D for small satellites and docking mechanisms.
• Luxembourg: European office.
• Poland: New facility for expanded European operations.

Segment-wise Performance

Since Redwire reports as a single segment, the performance is analyzed by its operational output and backlog health.

• Book-to-Bill Ratio: 0.76 for full year 2024, compared to 1.23 in 2023. Note: While the 10-K text snippet provided doesn’t explicitly state “0.76”, it lists backlog decrease.
• Backlog Dynamics:
  • Total Contracted Backlog: Decreased to $296.7 million (2024) from $372.8 million (2023).
  • Organic Additions: $207.7 million in new orders during 2024.
  • Revenue Burn: $297.7 million of organic backlog was converted to revenue in 2024.
• Operational Drivers: Revenue growth was driven by the “ramping up” of major programs, including the SDA’s Proliferated Warfighter Space Architecture and increased production of ROSA wings.

Founders

Redwire was not founded by a single individual entrepreneur but was established by a private equity firm.

• Founder: AE Industrial Partners Fund II, LP (AEI).
• Context: AEI created Redwire in 2020 as a platform company to consolidate space infrastructure capabilities. The firm specializes in aerospace, defense, and government services markets.

Shareholding Pattern

• Principal Shareholders:
  • AE Industrial Partners (AEI): Holds a controlling interest and significant influence over the board. AEI holds voting power through common stock and Series A Convertible Preferred Stock.
  • Bain Capital: A significant investor holding Series A Convertible Preferred Stock and potentially common stock.
• Public Shareholders: Hold Class A Common Stock traded on NYSE.
• Warrants: There are 7,732,168 private placement warrants and approximately 2.5 million public warrants outstanding (as of Dec 31, 2024).

Parent Company

• Entity: Redwire Corporation is the ultimate parent registrant.
• Control: While Redwire is a public company, AE Industrial Partners maintains significant control via share ownership and board representation, influencing major decisions like mergers and asset dispositions.

Investments and Capital Expenditure Plans

Redwire focuses its capital allocation on expanding capacity and developing new technologies.

• R&D Spending: $6.1 million in 2024 (2.0% of revenue), up from $5.0 million in 2023. This reflects funded R&D where customers pay for development, minimizing internal expense.
• Capital Expenditures: The company invests in facility expansion and leasehold improvements to support growth.
• M&A Strategy: Redwire actively pursues strategic acquisitions to add complementary technologies (e.g., Hera Systems in 2024).

Future Strategy

Redwire’s strategy revolves around its “Heritage plus Innovation” philosophy.

• Bundled Solutions: Moving from component sales to integrated subsystems and full spacecraft missions to capture more value.
• International Expansion: Leveraging its European presence to capture demand from international allies seeking organic space capabilities.
• Digital Engineering: Utilizing proprietary modeling tools to design next-gen architectures like VLEO constellations.
• Commercialization of LEO: Developing infrastructure for commercial space stations and in-space manufacturing.

Key Strengths

• Flight Heritage: Products proven on over 200 missions, reducing risk for customers.
• Patented Technology: Exclusive rights to the Roll-Out Solar Array (ROSA), a preferred solution for high-power missions like Gateway.
• Diversified Customer Base: Balanced exposure across National Security, Civil, and Commercial sectors.
• Microgravity Leadership: Unique capabilities in bioprinting and manufacturing on the ISS.

Key Challenges and Risks

• Net Losses: The company has a history of losses ($114.3M in 2024) and negative operating cash flow, which may require additional financing.
• Government Reliance: Significant dependence on U.S. government contracts (NASA, DoD), which are subject to budget shifts and termination risks.
• Supply Chain: Vulnerability to shortages and delays in procuring materials for manufacturing.
• Fixed-Price Contracts: Risk of cost overruns on fixed-price contracts, as seen with the $17.7 million unfavorable EAC adjustment in 2024.
• Cybersecurity: High-profile target for cyber threats due to its role in national security and critical infrastructure.

Conclusion and Strategic Outlook

Redwire Corporation has established itself as a critical architect of the future space economy. By successfully integrating a diverse portfolio of heritage companies, it offers a “one-stop-shop” for space infrastructure, ranging from power and propulsion to biotechnology and digital engineering. The company’s impressive revenue growth of 25% in 2024 underscores the market demand for its mission-critical solutions.

However, the path forward involves navigating financial headwinds, specifically achieving profitability and managing cash flow in a capital-intensive industry. With a contracted backlog of nearly $300 million and a strategic foothold in both U.S. and European markets, Redwire is well-positioned to capitalize on the growing investments in national security space, lunar exploration (Artemis), and the commercialization of Low Earth Orbit. The company’s focus on high-value, integrated spacecraft platforms and its proprietary ROSA technology will be pivotal drivers of its long-term success.

Official Site: Redwire Space

FAQ Section

Q: What is Redwire Corporation’s primary business? A: Redwire provides mission-critical space solutions and high-reliability infrastructure, including avionics, power generation, structures, and spacecraft platforms for government and commercial customers.

Q: What is Redwire’s revenue for 2024? A: Redwire reported a total revenue of $304.1 million for the fiscal year ended December 31, 2024.

Q: Does Redwire utilize 3D printing in space? A: Yes, through its acquisition of Made In Space, Redwire operates the Additive Manufacturing Facility (AMF) on the ISS and is developing technology to print human tissue and other materials in microgravity.

Q: What is Redwire’s flagship solar technology? A: Redwire’s flagship power technology is the Roll-Out Solar Array (ROSA), a compact, deployable solar array used on the ISS and NASA’s DART mission.

Q: Is Redwire profitable? A: As of the end of 2024, Redwire is not profitable, reporting a net loss of $114.3 million for the year.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.