Redwire (RDW)

The desk's stance

On our research list, not on the slate.

What the company does

Space infrastructure roll-up: solar arrays, camera systems, and components that fly on other people’s spacecraft.

In short: Spacecraft components and defense payloads. Category: Space Infrastructure & Defense Tech. Sector: Industrials, Aerospace & Defense.

G-Street Value and Score

G-Street Value: $13.14, computed Oct 18, 2026 (confidence: low).

How we got there: 50% analyst leg $13.14 (street consensus, after 8% optimism discount) + 50% GainStreet factor value $21.48 (12.6× sales vs growth band) — capped at the analyst leg; factors never out-bull the street. 3 analyst targets have no linked source and are shown but not counted; this value will not open a position until they are sourced.

G-Street Score: 47 out of 100 (Weak).

  • Top-line growth & guidance: 20 of 32
  • Margin power: 3 of 15
  • Revenue visibility & quality: 8 of 11
  • Profitability & balance sheet: 11 of 24
  • Capital allocation & governance: 0 of 6
  • Valuation, sentiment & momentum: 5 of 12

How the G-Street Value and Score are calculated

Our current thesis

Updated Oct 12, 2026

The thesis

  • Record $542M contracted backlog and 1.42 book-to-bill provide solid multi-year revenue visibility.
  • Edge Autonomy integration transformed defense margins, expanding gross margins to a record 27.8%.
  • Fortress $557M cash balance eliminates insolvency risk and comfortably self-funds operational expansion.

Risks

  • Aggressive ATM equity dilution drove shares past 249M, eroding per-share revenue and earnings progress.
  • Persistent GAAP net losses and continued cash burn sustain ongoing balance sheet execution pressure.
  • Legacy Space segment revenue softened slightly, raising execution dependence on defense technology payloads.

What we're watching

  • Q3 2026 earnings on November 4, 2026, tracking Space segment inflection and cash burn.
  • Conversion pace of $393.4M in remaining performance obligations and new defense payload wins.
  • Technical support around the $8.00–$9.00 level following extended two-month post-offering decline.

Latest

RDW trades at $9.58, down 27.4% over two months as heavy ATM equity dilution expanded common shares to ~249M despite bolstering cash to $557.0M. Q2 2026 revenue jumped 89.6% YoY to $117.1M with gross margins turning positive to a record 27.8%, driven by Edge Autonomy and defense payload deliveries. Street sentiment remains divided heading into Q3 earnings on November 4, with Bank of America at $8 Underperform versus Canaccord and Cantor targeting $13.50–$15.00.

Key numbers

As of Oct 16, 2026: market cap $2.1B · revenue growth +89.6% year over year · gross margin 22.7% · net margin -57.3% · next earnings Nov 4, 2026.

On the Gainz Lab maps

Space map

Who it does business with

  • Redwire supplies Intuitive Machines — Spacecraft components. Redwire-class components — solar arrays, cameras — fly on landers like Intuitive Machines’.

In the Daily Brief

Named in 1 edition on 1 day.

  • Aug 6, 2026: Wall Street felt the gravity of profit-taking, and our space tech is defying it