Redwire Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting (Tables)

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Selected Financial Data by Business Segment

The following tables provide a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before taxes:


Year Ended December 31, 2025	Space		Defense Tech		Total
Revenues	$	209,817	$	125,564	$	335,381
Less:
Cost of sales	202,482		115,614		318,096
Selling, general and administrative	19,093		87,205		106,298
Transaction expenses	—		115		115
Impairment expense	34,420		265		34,685
Research and development	2,977		15,918		18,895
Reportable segment income (loss) from operations	$	(49,155)	$	(93,553)	$	(142,708)
Less:
Other (income) expense, net	(4,041)		1,009		(3,032)
Add:
Depreciation and amortization expense	7,784		22,735		30,519
Purchase accounting fair value adjustment related to inventory	—		13,645		13,645
Impairment expense	34,420		265		34,685
Severance costs	2,817		73		2,890
Equity-based compensation expense	4,151		45,891		50,042
Transaction expenses	—		115		115
Acquisition integration cost	593		547		1,140
Disposal of long-lived assets	243		404		647
Reportable Segment Adjusted EBITDA	$	4,894	$	(10,887)	$	(5,993)

Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net					(39,704)

Depreciation and amortization expense					(32,639)
Severance costs					(3,789)
Equity-based compensation expense					(58,990)
Transaction expenses					(21,236)
All other corporate charges(1)					(38,102)

Loss on extinguishment of debt					(996)
Impairment expense					(34,685)
Purchase accounting fair value adjustment related to inventory					(13,645)
Acquisition integration cost					(1,140)
Disposal of long-lived assets					(647)
Income (loss) before income taxes					$	(251,566)

(1) All other corporate charges mainly consists of corporate overhead costs maintained at the corporate level. These expenses include costs relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.


Year Ended December 31, 2024	Space		Defense Tech		Total
Revenues	$	255,336	$	48,765	$	304,101
Less:
Cost of sales	222,927		36,719		259,646
Selling, general and administrative	11,971		1,973		13,944
Transaction expenses	6		—		6
Research and development	4,333		1,524		5,857
Reportable segment income (loss) from operations	$	16,099	$	8,549	$	24,648
Less:
Other (income) expense, net	334		16		350
Add:
Depreciation and amortization expense	7,577		2,897		10,474
Severance costs	724		63		787
Equity-based compensation expense	3,049		1,045		4,094
Transaction expenses	6		—		6
Acquisition integration cost	385		—		385
(Gain) Loss on Sale of Investment, net	(1,255)		—		(1,255)
Reportable Segment Adjusted EBITDA	$	26,251	$	12,538	$	38,789

Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net					(13,483)

Depreciation and amortization expense					(11,692)
Severance costs					(867)
Equity-based compensation expense					(11,326)
Transaction expenses					(9,129)
All other corporate charges(1)					(109,493)

Acquisition integration cost					(385)
Gain (loss) on sale of investment, net					1,255
Income (loss) before income taxes					$	(116,331)


Year Ended December 31, 2023	Space		Defense Tech		Total
Revenues	$	194,000	$	49,800	$	243,800
Less:
Cost of sales	149,298		36,533		185,831
Selling, general and administrative	13,008		3,392		16,400


Research and development	4,073		707		4,780
Reportable segment income (loss) from operations	$	27,621	$	9,168	$	36,789
Less:
Other (income) expense, net	(687)		(261)		(948)
Add:
Depreciation and amortization expense	7,713		2,835		10,548

Severance costs	99		(27)		72
Equity-based compensation expense	2,410		1,033		3,443

Purchase accounting fair value adjustment related to deferred revenue	15		—		15
Reportable Segment Adjusted EBITDA	$	38,545	$	13,270	$	51,815

Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net					(10,699)

Depreciation and amortization expense					(10,724)
Severance costs					(313)
Equity-based compensation expense					(8,658)
Transaction expenses					(13)

All other corporate charges(1)					(49,143)

Purchase accounting fair value adjustment related to deferred revenue					(15)
Income (loss) before income taxes					$	(27,750)

The following table provides a capital expenditures by segment:


	December 31, 2025		December 31, 2024		December 31, 2023
Capital expenditures
Space	$	8,393	$	5,905	$	4,046
Defense Tech	6,483		330		1,874
Total segment capital expenditures	$	14,876	$	6,235	$	5,920
Corporate activities	8,404		4,681		2,407
Total capital expenditures	$	23,280	$	10,916	$	8,327