Equity-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
In connection with the amended Edge Incentive Unit Plan, the Company determined the weighted average fair value at the modification date of the Edge Incentive Units as $13.94 per unit using Black-Scholes OPM with the following assumptions:
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June 23, 2025 |
Strike price |
$1.00 to $7.71 |
Redwire common stock price |
$15.36 |
Time to exit |
1.52 to 2.52 years |
| Expected volatility |
94.00% to 89.30% |
| Risk-free rate of return |
3.88% to 3.78% |
| Expected annual dividend yield |
— |
% |
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| Schedule of Option Activity |
The table below presents the outstanding stock options under the Plan:
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Number of Options |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Exercise Price per Share |
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Weighted-Average Remaining Contractual Term (Years) |
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| Outstanding as of December 31,2024 |
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1,742,942 |
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$ |
2.64 |
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$ |
6.96 |
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7.04 |
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| Exercised |
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(13,670) |
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1.80 |
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3.13 |
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Outstanding as of September 30, 2025 |
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1,729,272 |
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$ |
2.65 |
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$ |
6.99 |
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6.29 |
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| Schedule of Restricted Stock Units Activity |
The table below presents the outstanding PSUs under the Plan:
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Number of PSUs |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Remaining Contractual Term (in Years) |
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Aggregate Intrinsic Value |
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Outstanding as of December 31, 2024 |
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1,459,962 |
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$ |
8.48 |
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1.6 |
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$ |
24,031 |
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| Granted |
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346,240 |
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26.02 |
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Outstanding as of September 30, 2025 |
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1,806,202 |
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$ |
11.84 |
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1.1 |
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$ |
16,238 |
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The table below presents the activity of RSUs under the Plan:
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Number of RSUs |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Remaining Contractual Term (in Years) |
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Aggregate Intrinsic Value |
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Unvested as of December 31, 2024 |
2,441,971 |
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$ |
4.93 |
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1.1 |
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$ |
40,195 |
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| Granted |
1,025,085 |
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15.75 |
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| Vested |
(1,326,773) |
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4.56 |
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| Forfeited |
(60,771) |
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3.17 |
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Unvested as of September 30, 2025 |
2,079,512 |
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$ |
10.56 |
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1.4 |
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$ |
18,695 |
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| Schedule of Stock Compensation Expense |
The table below presents the equity-based compensation expense recorded for the following periods:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
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| Cost of sales |
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Edge incentive units |
$ |
413 |
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$ |
— |
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$ |
413 |
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$ |
— |
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ESPP |
159 |
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60 |
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375 |
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130 |
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Stock options |
— |
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1 |
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— |
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16 |
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Restricted stock units |
472 |
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459 |
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1,366 |
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1,576 |
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Performance-based restricted stock units |
43 |
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19 |
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86 |
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28 |
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| Total cost of sales |
$ |
1,087 |
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$ |
539 |
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$ |
2,240 |
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$ |
1,750 |
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| Selling, general and administrative expenses |
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Edge incentive units |
$ |
6,984 |
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$ |
— |
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$ |
36,611 |
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$ |
— |
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ESPP |
120 |
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42 |
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211 |
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88 |
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Stock options |
1 |
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311 |
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227 |
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1,040 |
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Restricted stock units |
1,822 |
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1,588 |
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3,892 |
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3,692 |
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Performance-based restricted stock units |
1,979 |
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1,113 |
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4,410 |
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1,476 |
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| Total selling, general and administrative expenses |
$ |
10,906 |
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$ |
3,054 |
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$ |
45,351 |
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$ |
6,296 |
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| Total equity-based compensation expense |
$ |
11,993 |
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$ |
3,593 |
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$ |
47,591 |
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$ |
8,046 |
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| Schedule of Monte-Carlo Simulation Following Assumptions |
The fair value of PSUs granted under the Plan was estimated on the grant date using a Monte Carlo simulation model with the following assumptions:
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2025 Grants |
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Valuation date stock price |
$ |
17.50 |
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Remaining term of performance period |
2.46 years |
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| Expected volatility |
88.80 |
% |
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| Risk-free rate of return |
3.83 |
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| Expected annual dividend yield |
— |
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