Slides
Page 1
INVESTOR UPDATE NOVEMBER 5, 2026 Q3 2026
Page 2
USE OF DATA Industry and market data used in this Presentation have been obtained from third-party industry publications and sources, as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. Statements other than historical facts, including, but not limited to, those concerning market conditions or trends, consumer or customer preferences or other similar concepts with respect to Redwire, are based on current expectations, estimates, projections, targets, opinions and/or beliefs of Redwire or, when applicable, of one or more third-party sources. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. The metrics regarding select aspects of Redwire’s operations were selected by Redwire or its subsidiaries on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of Redwire's businesses, are incomplete, and are not necessarily indicative of Redwire’s or its subsidiaries’ performance or overall operations. There can be no assurance that historical trends will continue. USE OF PROJECTIONS The financial outlook and projections, estimates and targets in this Presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainty and contingencies, many of which are beyond Redwire’s control. Redwire’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the financial projections for purposes of inclusion in this Presentation, and, accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purposes of this Presentation. While all financial projections, estimates and targets are necessarily speculative, Redwire believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results for the Company are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this Presentation should not be regarded as an indication that Redwire, or its representatives, considered or consider the financial projections, estimates or targets to be a reliable prediction of future events. Further, inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Readers are cautioned that the statements contained in this Presentation regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are “forward-looking statements” as defined by the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this Presentation, including statements regarding our strategy, financial projections, including the prospective financial information provided in this Presentation, financial position, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, and objectives of management, among others, are forward-looking statements. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “continued,” “project,” “plan,” “opportunity,” “estimate,” “potential,” “predict,” “demonstrates,” “may,” “will,” “could,” “intend,” “shall,” “possible,” “forecast,” “trends,” “contemplate,” “would,” “approximately,” “likely,” “outlook,” “schedule,” “pipeline,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These factors and circumstances include, but are not limited to (1) risks associated with economic uncertainty, including high inflation, market volatility, and the potential worsening of macro-economic conditions; (2) geopolitical and macroeconomic events; (3) tariffs impacting demand for our products; (4) the failure of financial institutions or transactional counterparties; (5) our evolving industry, limited operating history since our acquisition of Redwire Defense Tech Intermediate Holdings, LLC and its subsidiaries (f/k/a Edge Autonomy Intermediate Holdings, LLC) (“Edge Autonomy”) and history of losses makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; (6) the inability to successfully integrate recently completed and future acquisitions, or successfully select, execute or integrate future acquisitions into the business and realize the anticipated benefits or do so within the expected timeframe; (7) the development and continued refinement of many of Redwire’s proprietary technologies, products and service offerings; (8) competition with new or existing companies; (9) a limited number of customers make up a high percentage of our revenue; (10) potential litigation arising from time to time; (11) natural disasters, geopolitical conflicts, or other natural or man-made catastrophic events; (12) adverse publicity stemming from any incident or perceived risk involving Redwire or our competitors; (13) incurring significant risks and uncertainties not covered by insurance or indemnity; (14) failure to respond to industry cycles in terms of our cost structure, manufacturing capacity, and/or personnel needs; (15) customers unwillingness to adopt our core offerings; (16) delays in the development, design, engineering and manufacturing of our core offerings; (17) unsatisfactory performance of our core offerings; (18) impacts to our cash flows caused by our mix of fixed-price, cost-plus and time-and-material type contracts; (19) incurrence of expenditures prior to final receipt of a contract; (20) failure of new offerings and technologies to materialize; (21) the inability to convert orders in backlog into revenue; (22) the inability to properly manage the use of artificial intelligence in our business; (23) reliance on third-party launch vehicles to launch our spacecraft and customer payloads; (24) risk of an accident on launch or during a journey into space; (25) Redwire’s inability to meet expected financial results; (26) unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix and the resulting impact on our margins and operating results; (27) shorter lives than anticipated for our systems, products, technologies, services and related equipment; (28) cyber-attacks and other security threats and disruptions; (29) risks resulting from broader geographic operations; (30) impairment of goodwill; (31) inability to use net operating loss carryforwards and certain other tax attributes; (32) requirements of the National Industrial Security Program Operating Manual for our facility security clearance, which is a prerequisite to performing on classified contracts for the U.S. government; (33) changes to the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and any resulting government shutdowns; (34) dependence on U.S. government contracts; (35) disputes with our subcontractors or the inability of our subcontractors to perform, or of our key suppliers to timely deliver components, parts or services, resulting in our core offerings being produced or delivered in an untimely or unsatisfactory manner; (36) the potential application of U.S. foreign investment regulations to investments in us, which may impose conditions on or limit certain investors' ability to purchase our common stock, potentially making our common stock less attractive to investors; (37) Redwire is subject to stringent U.S. economic sanction laws and regulations, and trade control laws and regulations, as well as risks related to doing business in other countries; (continued on subsequent slide) Redwire | Q3 2026 Investor Update2
Page 3
Redwire | Q3 2026 Investor Update3 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS (CONTINUED) (continued from prior slide) (38) the wide variety of extensive and evolving government laws and regulations to which our business is subject, and the potential material adverse effect of any failure to comply with such laws and regulations; (39) the potential impact on our reputation and ability to do business resulting from improper conduct of our employees, agents or business partners; (40) failure to comply with federal, state and foreign laws and regulations relating to privacy, data protection and consumer protection, or the expansion of current or enactment of new laws or regulations relating to privacy, data protection and consumer protection, and the resulting adverse effect on our business and financial condition; (41) changes in tax laws or regulations and the resulting increase in tax uncertainty and adverse effect on our results of operations and effective tax rate; (42) failure to adequately protect our intellectual property rights; (43) potential violations of third-party proprietary rights by our technology; (44) failure to obtain necessary additional funding; (45) the possibility of sales of a substantial amount of our common stock by our current stockholders; (46) the inability to remain in compliance with the continued listing requirements of the New York Stock Exchange; (47) the issuance of additional common stock or other equity securities and the resulting dilution of our shareholders' ownership interests; (48) volatility in the trading price of our common stock; (49) our existing material weaknesses and the identification of material weaknesses or other deficiencies or failure to maintain effective internal controls over financial reporting and (50) other risks and uncertainties described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and those indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission by Redwire. The forward- looking statements contained in this Presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward-looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this Presentation are made as of the date of this Presentation, and Redwire disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this Presentation are cautioned not to place undue reliance on forward-looking statements. NON-GAAP FINANCIAL INFORMATION This Presentation contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EPS and Free Cash Flow. Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. We encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Adjusted EBITDA is defined as net income (loss) adjusted for interest (income) expense, net, income tax expense (benefit), depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, capital market and advisory fees, disposal of long-lived assets, litigation-related expenses, equity-based compensation, committed equity facility transaction costs, debt financing costs and extinguishment losses, gains on sale of joint ventures, net of costs incurred, and warrant liability change in fair value adjustment. Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, excluding adjustments resulting from the application of purchase accounting included in cost of sales and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations as the calculation of these measures excludes the impact of certain non-recurring charges. Management believes that by using Adjusted Gross Margin in conjunction with GAAP Gross Margin, investors will get a more complete view of what management considers to be the Company's core operating performance and allow for comparison of this measure when compared to those of prior periods. Adjusted EPS is defined as U.S. GAAP diluted earnings per share (the most directly comparable U.S. GAAP measure) before transaction expenses, acquisition integration costs, purchase accounting adjustments, litigation expenses, equity- based compensation, debt financing costs and extinguishment losses and changes in fair value of private warrants, adjusted to assume the Company’s Convertible Preferred Stock does not exist. Adjusted EPS is a useful measure because it eliminates the impact of items that do not relate to business performance and provides additional information to investors about certain material non-cash and unusual items that we do not expect to continue at the same level in the future. Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures. We use Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EPS to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. We use Free Cash Flow as an indicator of liquidity to evaluate our period-over-period operating cash generation that will be used to service our debt, and can be used to invest in future growth through new business development activities and/or acquisitions, among other uses. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for discretionary expenditures, since we have mandatory debt service requirements and other non- discretionary expenditures that are not deducted from this measure. KEY PERFORMANCE INDICATORS Management uses Key Performance Indicators (“KPIs”) to assess the financial performance of the Company, monitor relevant trends and support financial, operational and strategic decision-making. Management frequently monitors and evaluates KPIs against internal targets, core business objectives as well as industry peers and may, on occasion, change the mix or calculation of KPIs to better align with the business, its operating environment, standard industry metrics or other considerations. If the Company changes the method by which it calculates or presents a KPI, prior period disclosures are recast to conform to current presentation. TRADEMARKS This Presentation contains trademarks, service marks, tradenames and copyrights of Redwire and other companies, which are the property of their respective owners. The use herein does not imply an affiliation with, or endorsement by, the owners of these trademarks, service marks and tradenames. Third-party logos herein may represent past customers, present customers or may be provided simply for illustrative purposes only. Inclusion of such logos does not necessarily imply affiliation with or endorsement by such firms or businesses. There is no guarantee that Redwire will work, or continue to work, with any of the firms or businesses whose logos are included herein in the future.
Page 4
AGENDA Redwire | Q3 2026 Investor Update4 Peter Cannito CHAIRMAN, CHIEF EXECUTIVE OFFICER, & PRESIDENT Chris Edmunds CHIEF FINANCIAL OFFICER 1. Q3 2026 Highlights 2. Financial Results & FY26 Outlook
Page 5
Q3 2026 HIGHLIGHTS Peter Cannito, Chairman, CEO, and President Redwire | Q3 2026 Investor Update5
Page 6
GROWING DEMAND, QUALITY REVENUE Q3 2026 Highlights Redwire | Q3 2026 Investor Update6 Q3 2026 HIGHLIGHTS 1Book-to-Bill and Backlog are “Key Performance Indicators.” Please refer to the Appendix of this Presentation for additional information. 2Total liquidity of $538.9 million as of September 30, 2026 is comprised of $488.9 million in cash, cash equivalents and restricted cash and $50.0 million in available borrowings from our existing credit facilities. $109.0M Revenue, year-over-year increase of 5.4% 32.3% Record gross margins, continued execution $619.7M Record Backlog1, bolstered by Book-to-Bill1 ratio of 1.73x $538.9M Total liquidity2, enabling strategic investments
Page 7
REDWIRE INVESTMENT FRAMEWORK - Q3 2026 UPDATE Q3 2026 Highlights Redwire | Q3 2026 Investor Update7 BALANCE SHEET STRENGTH With current cash balance, well- positioned to withstand market perturbations INTERNAL INNOVATION Diverse, balanced portfolio across segments, customer types, and geographies ACCRETIVE M&A Despite macro environment, continuing to keep eyes open for potential M&A FOSTERING RESILIENCY & STEADY GROWTH, REMAINING OPPORTUNISTIC
Page 8
REDWIRE VALUE DRIVERS Q3 2026 Highlights Redwire | Q3 2026 Investor Update8 NEXT-GENERATION SPACECRAFT SPACE DEFENSE TECH LARGE SPACE INFRASTRUCTURE MICROGRAVITY DEVELOPMENT COMBAT-PROVEN UAS SENSORS & PAYLOADS
Page 9
OPERATING AT THE FOREFRONT OF VLEO INNOVATION NEXT-GEN SPACECRAFT Q3 2026 Highlights Redwire | Q3 2026 Investor Update9 This contract is to complete additional testing and experimentation on a scaled version of SabreSat for a precursor flight test in very low-Earth orbit (VLEO) as part of the DARPA Otter Program. This marks a major step toward sustained operations in VLEO — one of space's most challenging and strategically important orbital regimes. AWARDED $20M DARPA CONTRACT FOR ADDITIONAL OTTER VLEO TESTING & EXPERIMENTATION The views and opinions expressed are those of the authors and should not be interpreted as representing the official views or policies of DARPA or the U.S. Government.
Page 10
Q3 2026 Highlights Redwire | Q3 2026 Investor Update10 LARGE SPACE INFRASTRUCTURE This marks the second, announced sale of Redwire's Extensible Low-Profile Solar Array (ELSA), a high-performance, low- mass solar array product, since its introduction earlier this year. Under this contract, Redwire will deliver ELSA wings for AscendArc, a geosynchronous orbit (GEO) satellite customer. DELIVERING RELIABLE, ROBUST, AND AFFORDABLE POWER AWARDED $15M CONTRACT TO DELIVER ELSA WINGS TO ASCENDARC Rendering of ELSA wings on a Hammerhead spacecraft.
Page 11
LARGE SPACE INFRASTRUCTURE Q3 2026 Highlights Redwire | Q3 2026 Investor Update11 Credit: Axiom Space Redwire was awarded a contract to develop and deliver two Roll-Out Solar Array (ROSA) wings for Axiom Space's second space station module. As previously announced, Redwire is also building ROSA wings for Axiom Space's first space station module. POWERING HUMANITY'S AMBITIONS IN SPACE FOLLOW-ON POWER CONTRACT FOR AXIOM STATION'S SECOND SPACE STATION MODULE
Page 12
Q3 2026 Highlights Redwire | Q3 2026 Investor Update12 MICROGRAVITY DEVELOPMENT Credit: NASA/Jessica Meir These include the first vascular tissue bioprint in microgravity, pharmaceutical investigations targeting a cancer "kill switch", and a microgravity plant growth experiment. The investigations will be controlled from Redwire's Payload Operations Control Center in Georgetown, IN. EXPANDING OPPORTUNITIES IN COMMERCIAL MICROGRAVITY IN OCTOBER 2026, SPACEMD LAUNCHED 4 MICROGRAVITY INVESTIGATIONS ON SPACEX-35
Page 13
COMBAT-PROVEN UAS Q3 2026 Highlights Redwire | Q3 2026 Investor Update13 The National Guard requires versatile operators who are trained on combat-proven aircraft that are ready to field. The long-range Stalker UAS will provide National Guard instructors with a highly reliable, modular platform to train incoming soldiers on complex flight operations, field maintenance, and multi-mission payload deployment. ENSURING DOMESTIC READINESS AND OVERSEAS MISSION SUCCESS SECURED ~$13.8M IN PURCHASE ORDERS TO DELIVER STALKER UAS TO U.S. NATIONAL GUARD
Page 14
SENSORS & PAYLOADS Q3 2026 Highlights Redwire | Q3 2026 Investor Update14 Credit: Firefly 1Includes sun sensors, star trackers, cameras, and associated spacecraft component deliverables. During the quarter, announced the Seeker product line, a family of navigation sensors and space cameras manufactured at Redwire's high-volume production facility in Riga, Latvia. Seeker is intended to strengthen Europe's satellite supply chain sovereignty and meet growing demand across the European space sector. PROVIDING MISSION-CRITICAL NAVIGATION AND IMAGING DELIVERED 200+ SPACE SENSORS1 YEAR-TO-DATE, A 100% INCREASE YEAR-OVER-YEAR
Page 15
FINANCIAL RESULTS & FY26 OUTLOOK Chris Edmunds, Chief Financial Officer Redwire | Q3 2026 Investor Update15 Rapid Apophis Mission for Space Safety (Ramses) rendering. Credit: European Space Agency.
Page 16
$103.4 $109.0 $226.6 $323.1 $46.5 $61.3 $155.4 $169.1$56.9 $47.8 $71.2 $154.0 Space Revenue Defense Tech Revenue Q3 FY25 Q3 FY26 YTD FY25 YTD FY26$— $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 Q3 FY26 REVENUE Financial Results & FY26 Outlook Redwire | Q3 2026 Investor Update16 Year-over-year increase in Q3 revenue +5.4% 59.9% revenue derived from customers in the United States and 40.1% derived from customers internationally in YTD 2026
Page 17
27.1% 32.3% 9.0% 29.0% 16.3% 3.0% Gross Margin Adjusted Gross Margin Q3 FY25 Q3 FY26 YTD FY25 YTD FY26—% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Q3 FY26 PROFITABILITY Financial Results & FY26 Outlook Redwire | Q3 2026 Investor Update17 1Adjusted EBITDA and Adjusted Gross Margin are not measures of results under generally accepted accounting principles in the United States. Please refer to the Appendix of this Presentation for additional information. Q3 Adjusted EBITDA1 $(5.3)M Q3 R&D Expense $14.4M FUNDING INVESTMENT, NOT LOSSES 1 Q3 Gross Margin 32.3%
Page 18
$89.3 $538.9 $54.3 $488.9 $35.0 $50.0 $195.4 $47.8 Cash, cash equivalents, and restricted cashAvailable borrowingsTotal Debt Q3 FY25 Q3 FY26$— $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 LIQUIDITY & CAPITAL STRUCTURE Financial Results & FY26 Outlook Redwire | Q3 2026 Investor Update18 Ending Q3 2026 Total Liquidity1 $538.9M 1Total liquidity of $538.9 million as of September 30, 2026 is comprised of $488.9 million in cash, cash equivalents and restricted cash and $50.0 million in available borrowings from our existing credit facilities. FROM NET INTEREST EXPENSE TO INCOME Earned $3.8M in interest income on more than $400M invested in money market funds and interest expense decreased by $5.2M year-over-year to $1.1M in Q3 2026.
Page 19
$(153.1) $(95.2) $(97.7) $(25.4) $(55.3) $(69.8) Net loss plus reconciling adjustmentsChanges in working capital Net cash used in operating activities YTD 2025 YTD 2026$(175.0) $(150.0) $(125.0) $(100.0) $(75.0) $(50.0) $(25.0) $— Q3 FY26 CASH FLOWS Financial Results & FY26 Outlook Redwire | Q3 2026 Investor Update19 Year-over-year improvement in net cash used in operating activities for the nine months ended September 30, 2026 +$57.9M Year-over-year changes in working capital for the nine months ended September 30, 2026 include +$41.7M and +$35.6M of cash used in inventory and contract assets, respectively.
Page 20
$291.2 $329.5 $355.6 $411.2 $498.1 $542.1 $619.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1Backlog and Book-to-Bill are “Key Performance Indicators.” Please refer to the Appendix of this Presentation for additional information. BACKLOG & BOOKINGS Redwire | Q3 2026 Investor Update20 CONTINUED MOMENTUM WITH BACKLOG1 TO SUPPORT FY26 GROWTH & OPERATIONS Q3 2026 Bookings $188.7M Q3 2026 Book-to-Bill1 1.73x BACKLOG1 Financial Results & FY26 Outlook Sequential increase of 14.3% LTM Q3 2026 Bookings $705.8M LTM Q3 2026 Book-to-Bill1 1.63x
Page 21
DURABLE DEMAND Redwire | Q3 2026 Investor Update21 REVENUE BACKLOG1 WIP & FINISHED GOODS INVENTORY Q3 REVENUE IMPACTED BY DELIVERY TIMING,OFFSET BY BACKLOG & INVENTORY BUILD $117.1 $109.0 June 30, 2026 September 30, 2026 $— $25.0 $50.0 $75.0 $100.0 $125.0 $542.1 $619.7 June 30, 2026 September 30, 2026 $— $200.0 $400.0 $600.0 $800.0 $36.1 $46.8 $29.1 $37.2$7.0 $9.6 June 30, 2026 September 30, 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 1Backlog is a “Key Performance Indicator.” Please refer to the Appendix of this Presentation for additional information. Financial Results & FY26 Outlook
Page 22
$335.4 $500.0 Recorded RevenueGuidance FY25 FY26$— $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0 $550.0 FY26 OUTLOOK Financial Results & FY26 Outlook Redwire | Q3 2026 Investor Update22 Reaffirming the FY26 projected revenue range $450M- $500M Implies 41.6% year-over-year revenue growth at the midpoint of $475M FY26 projected revenue range$450.0
Page 23
Q&A The appearance of U.S. Department of War (DoW) visual information does not imply or constitute DoW endorsement. Credit: U.S. Marine Corps photo by Sgt. Martha Linares.
Page 24
Q3 2026 Appendix Redwire | Q3 2026 Investor Update24
Page 25
Q3 2026 QUARTER- & YEAR-TO-DATE PERFORMANCE Appendix Redwire | Q3 2026 Investor Update25 Three Months Ended Nine Months Ended ($ in thousands, except percentages) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenues $ 109,035 $ 103,432 $ 323,081 $ 226,587 Cost of sales 73,813 86,622 229,507 219,800 Gross profit 35,222 16,810 93,574 6,787 Operating expenses: Selling, general and administrative expenses 46,161 50,285 171,124 123,495 Transaction expenses 934 684 985 21,126 Research and development 14,396 7,693 39,525 10,226 Operating income (loss) (26,269) (41,852) (118,060) (148,060) Interest (income) expense, net (2,653) 6,282 610 33,631 Loss on extinguishment of debt — — 3,731 — Other (income) expense, net (21) (13,844) 16,164 (14,688) Income (loss) before income taxes (23,595) (34,290) (138,565) (167,003) Income tax expense (benefit) (417) 6,862 2,086 (25,924) Net income (loss) $ (23,178) $ (41,152) $ (140,651) $ (141,079)
Page 26
SUPPLEMENTAL NON-GAAP INFORMATION Appendix Redwire | Q3 2026 Investor Update26 Adjusted EBITDA Adjusted EBITDA is not a measure of results under generally accepted accounting principles in the United States. Adjusted EBITDA is defined as net income (loss) adjusted for interest (income) expense, net, income tax expense (benefit), depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, capital market and advisory fees, disposal of long-lived assets, litigation-related expenses, equity-based compensation, committed equity facility transaction costs, debt financing costs and extinguishment losses, gains on sale of joint ventures, net of costs incurred, and warrant liability change in fair value adjustment. The table to the right presents a reconciliation of Adjusted EBITDA to net income (loss), computed in accordance with U.S. GAAP. i. Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity. ii. Redwire adjusted inventory related to the application of purchase accounting for the Edge Autonomy acquisition and recognized expense for the amount of the fair value adjustment included in cost of sales for the inventory sold after the acquisition date. iii. Redwire incurred severance costs related to separation agreements entered into with former employees. iv. Redwire incurred capital market and advisory fees related to advisors assisting with the implementation of internal controls over financial reporting, including material weakness remediation efforts, and the internalization of corporate services, including, but not limited to, implementing enhanced enterprise resource planning systems across U.S. and foreign operations. v. Redwire incurred a loss on the disposal of long-lived assets. vi. Redwire incurred expenses related to settlements of legal matters. vii. Redwire incurred expenses related to equity-based compensation under Redwire’s equity-based compensation plan and Edge Autonomy’s incentive units. viii. Redwire incurred expenses related to debt financing agreements, including amendment related fees paid to third parties that are expensed in accordance with U.S. GAAP, and losses on debt extinguishments. ix. Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods. Three Months Ended Nine Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income (loss) $ (23,178) $ (41,152) $ (140,651) $ (141,079) Interest (income) expense, net (2,653) 6,282 610 33,631 Income tax expense (benefit) (417) 6,862 2,086 (25,924) Depreciation and amortization 11,214 12,121 33,924 20,227 Transaction expenses (i) 934 684 985 21,126 Acquisition integration costs (i) 551 1,041 1,035 1,498 Purchase accounting fair value adjustment related to inventory (ii) — 11,227 — 13,645 Severance costs (iii) 155 353 711 2,529 Capital market and advisory fees (iv) 1,355 837 6,112 4,545 Disposal of long-lived assets (v) 218 165 427 165 Litigation-related expenses (vi) 862 1,216 1,765 1,216 Equity-based compensation (vii) 6,310 11,993 56,945 47,591 Debt financing costs and extinguishment losses (viii) — — 4,185 105 Warrant liability change in fair value adjustment (ix) (641) (14,198) 14,147 (11,506) Adjusted EBITDA $ (5,290) $ (2,569) $ (17,719) $ (32,231)
Page 27
SUPPLEMENTAL NON-GAAP INFORMATION Appendix Redwire | Q3 2026 Investor Update27 Free Cash Flow Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures. The tables to the right present the reconciliation of Free Cash Flow to net cash provided by (used in) operating activities, computed in accordance with U.S. GAAP. Three Months Ended Nine Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net cash provided by (used in) operating activities $ (63,590) $ (20,325) $ (95,192) $ (153,069) Less: Capital expenditures (2,764) (7,489) (19,205) (17,427) Free Cash Flow $ (66,354) $ (27,814) $ (114,397) $ (170,496) Three Months Ended Nine Months Ended (in thousands, except percentages) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Gross Profit $ 35,222 $ 16,810 $ 93,574 $ 6,787 Purchase accounting adjustments(1) — 11,227 — 13,645 Adjusted Gross Profit $ 35,222 $ 28,037 $ 93,574 $ 20,432 Adjusted Gross Margin 32.3 % 27.1 % 29.0 % 9.0 % Adjusted Gross Profit and Margin Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, excluding adjustments resulting from the application of purchase accounting included in cost of sales and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenues. The tables to the right present the reconciliation of Adjusted Gross Profit to Gross Profit, computed in accordance with U.S. GAAP and the calculation of Adjusted Gross Margin. (1) Relates to the application of purchase accounting for the Edge Autonomy acquisition and represents the amount of the fair value adjustment recognized in cost of sales for the inventory sold after the acquisition date.
Page 28
SUPPLEMENTAL NON-GAAP INFORMATION Appendix Redwire | Q3 2026 Investor Update28 Adjusted EPS Adjusted EPS is not a measure of results under generally accepted accounting principles in the United States. Adjusted EPS is defined as U.S. GAAP diluted earnings per share (the most directly comparable U.S. GAAP measure) before transaction expenses, acquisition integration costs, purchase accounting fair value adjustment related to deferred revenue and inventory, litigation expenses, equity-based compensation, debt financing costs and extinguishment losses and changes in fair value of private warrants, adjusted to assume the Company’s Convertible Preferred Stock does not exist. Adjusted EPS is a useful measure because it eliminates the impact of infrequent or non-recurring items that do not relate to operational performance and provides additional information to investors about certain material non- cash items that we do not expect to continue at the same level in the future. The table to the right presents a reconciliation of Adjusted EPS to diluted EPS, computed in accordance with U.S. GAAP. i. Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity. ii. Redwire adjusted inventory related to the application of purchase accounting for the Edge Autonomy acquisition and recognized expense for the amount of the fair value adjustment included in cost of sales for the inventory sold after the acquisition date. iii. Redwire incurred expenses related to settlements of legal matters. iv. Redwire incurred expenses related to equity-based compensation under Redwire’s equity-based compensation plan and Edge Autonomy's incentive units. v. Redwire incurred expenses related to debt financing agreements, including amendment related fees paid to third parties that are expensed in accordance with U.S. GAAP, and losses on debt extinguishments. vi. Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods. Three Months Ended Nine Months Ended (in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Diluted EPS $ (0.09) $ (0.29) $ (0.64) $ (1.72) Dividends on convertible preferred stock — 0.01 0.01 0.34 Transaction expenses (i) — — — 0.21 Acquisition integration costs (i) — 0.01 — 0.01 Purchase accounting fair value adjustment (ii) — 0.08 — 0.13 Litigation-related expenses (iii) — 0.01 0.01 0.01 Equity-based compensation (iv) 0.03 0.08 0.26 0.46 Debt financing costs and extinguishment losses (v) — — 0.02 — Warrant liability change in fair value adjustment (vi) — (0.10) 0.06 (0.11) Adjusted EPS $ (0.06) $ (0.20) $ (0.28) $ (0.67)
Page 29
KEY PERFORMANCE INDICATORS Appendix Redwire | Q3 2026 Investor Update29 Book-to-Bill Ratio We view book-to-bill as an indicator of future revenue growth potential. To drive future revenue growth, our goal is for the level of contracts awarded in a given period to exceed the revenue recorded, thus yielding a book-to-bill ratio greater than 1.0. For the three months ended September 30, 2026 and 2025, none of the contracts awarded balance includes acquired contract value. For the LTM ended September 30, 2026, none of the contracts awarded balance includes acquired contract value and for the LTM ended September 30, 2025 , contracts awarded includes $73.7 million of acquired contract value from the Edge Autonomy acquisition, which was completed in the second quarter of 2025, and included in the Defense Tech segment. Three Months Ended Last Twelve Months Ended (in thousands, except ratio) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Contracts awarded Space $ 119,906 $ 63,656 $ 365,983 $ 157,909 Defense Tech 68,750 66,144 339,861 154,446 Total contracts awarded $ 188,656 $ 129,800 $ 705,844 $ 312,355 Revenues Space $ 61,266 $ 46,548 $ 223,589 $ 215,155 Defense Tech 47,769 56,884 208,286 80,992 Total revenues $ 109,035 $ 103,432 $ 431,875 $ 296,147 Book-to-bill ratio Space 1.96 1.37 1.64 0.73 Defense Tech 1.44 1.16 1.63 1.91 Total book-to-bill ratio 1.73 1.25 1.63 1.05
Page 30
KEY PERFORMANCE INDICATORS Appendix Redwire | Q3 2026 Investor Update30 Backlog We view growth in backlog as a key measure of our business growth. Contracted backlog represents the estimated dollar value of firm funded executed contracts for which work has not been performed (also known as the remaining performance obligations on a contract). Organic backlog change excludes backlog activity from acquisitions for the first four full quarters since the entities’ acquisition date. Contracted backlog activity for the first four full quarters since the entities’ acquisition date is included in acquisition-related contracted backlog change. After the completion of four fiscal quarters, acquired entities are treated as organic for current and comparable historical periods. Organic contract value includes the remaining contract value as of January 1 not yet recognized as revenue and additional orders awarded during the period for those entities treated as organic. Acquisition-related contract value includes remaining contract value as of the acquisition date not yet recognized as revenue and additional orders awarded during the period for entities not treated as organic. Organic revenue includes revenue earned during the period presented for those entities treated as organic, while acquisition-related revenue includes the same for all other entities, excluding any pre-acquisition revenue earned during the period. There is no acquisition-related backlog activity presented in the table to the right as all acquired entities have completed four fiscal quarters post- acquisition. (in thousands) September 30, 2026 December 31, 2025 Organic backlog, beginning balance $ 411,246 $ 296,652 Organic additions during the period 540,972 441,478 Organic revenue recognized during the period (323,081) (335,381) Foreign currency translation (9,471) 8,497 Organic backlog, ending balance 619,666 411,246 Acquisition-related contract value, beginning balance — — Acquisition-related backlog, ending balance — — Contracted backlog, ending balance $ 619,666 $ 411,246 Contracted backlog by segment: Space $ 379,557 $ 299,804 Defense Tech 240,109 111,442