What is the market's earnings forecast for Redwire next quarter?

What were the key takeaways from Redwire’s earnings call?

What does Redwire do and what are its main business segments?

What guidance did Redwire's management provide for the next earnings period?

What is Redwire's gross profit margin?

What factors drove the changes in Redwire's revenue and profit?

What were the key takeaways from Redwire's earnings call?

What is the revenue and EPS growth rate for Redwire year over year?

- **Revenue Surge**: Q3 2025 revenue up 50.7% YoY to $103.4 million, driven by Edge Autonomy integration.
- **Gross Margin Recovery**: Adjusted gross margin of 27.1%, targeting 30%+ in 2026 with scalable products like ROSA.
- **Backlog Growth**: $355.6 million backlog, 1.25x book-to-bill ratio, with $128.7 million from international markets.
- **Government Impact**: U.S. shutdown delays Q4 awards, but 2026 outlook strong with $10 billion pipeline.
- **Cost Efficiency**: $10 million sequential cash flow improvement; $10 million annual cost savings through lean operations.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $103.4 million, up 50.7% YoY, driven by Edge Autonomy's contribution of $49.5 million.
- **Gross Margin Improvement**: Adjusted gross margin rose to 27.1%, excluding a one-time $11.2 million purchase accounting adjustment.
- **Backlog Expansion**: Book-to-bill ratio of 1.25x resulted in a total backlog of $355.6 million, including $128.7 million from international operations.
- **Strategic Wins**: Awarded contract for rollout solar arrays (ROSA) for Axiom's Commercial Space Station and signed MoU with Honeywell for quantum key distribution satellites.
- **Government Shutdown Impact**: Delays in U.S. Army LRR program awards pushed into 2026, but demand remains strong.

**【CFO Financial Commentary】**
- **Profitability**: Sequential improvement in adjusted EBITDA from -$27.4 million to -$2.6 million, driven by 67.5% revenue growth.
- **Liquidity**: Total liquidity of $89.3 million (including $35 million undrawn revolver), up 46.2% YoY.
- **Guidance Update**: Revised 2025 revenue range of $320-$340 million due to delayed awards, but expects 2026 to benefit from pushed-out contracts.
- **Capital Allocation**: Announced $250 million ATM equity offering to support growth initiatives.

**【Q&A Highlights】**
- **Gross Margin Targets**: Aiming for 30%+ gross margin in 2026, with repeat orders for ROSA and other scalable products.
- **Cost Efficiency**: $10 million annual cost savings through lean operations and production efficiencies.
- **2026 Outlook**: Strong pipeline with $10 billion in identified opportunities, including $3 billion in submitted proposals.
- **Government Shutdown Impact**: Temporary delay in Q4 awards, but no loss of demand; expects 2026 to see significant growth.
- **Strategic Areas**: Focus on VLEO spacecraft (e.g., Skimsat mission), combat-proven UAS (Stalker, Penguin), and microgravity pharmaceutical development (42 PIL-BOXes flown).

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