RDWRedwire Corp

Guided Missiles & Space Vehicles & Parts

Revenue: $335M; 10% YoY
Operating margin: -68.5%; 393% YoY
EBITDA: −$197M; 546% YoY
Market cap: $2.1B
Employees: 1,410; $238K revenue each
Net debt / EBITDA: —; −$509M net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
40% of assets
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$238K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
4 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.2B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$138M	$161M	$244M	$304M	$335M	10%
Operating income	−$70M	−$146M	−$16M	−$42M	−$230M	444%
Net income	−$62M	−$131M	−$27M	−$114M	−$227M	98%
Operating cash flow	−$37M	−$32M	$1M	−$17M	−$177M	922%
Capex	$2M	$4M	$6M	$6M	$13M	111%
Stock-based comp	$27M	$11M	$9M	$11M	$59M	421%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 9, 2025	DEFM14A	Edge Autonomy Ultimate Holdings, LP	$15.07	30.43%
Apr 7, 2025	PREM14A	—	$15.07	0%

13D filers

Filed	Filer	Form	Stake	Intent
May 20, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	7.6%	Passive
Apr 24, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	1.0%	Active
Apr 22, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	55.7%	Active
Apr 20, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	5.8%	Passive
Apr 15, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	7.0%	Passive
Mar 26, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	7.7%	Passive
Mar 3, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	10.5%	Passive
Feb 4, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	11.8%	Passive
Jan 30, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	13.2%	Passive
Jan 16, 2026	AE RED HOLDINGS, LLC	SCHEDULE 13D/A	15.2%	Passive

Insider trading

Open-market buys, 12 mo: $405K · 6
Open-market sells, 12 mo: $1.2B · 39
Net: −$1.2B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	−$6M	267	—
FY2024	$4M	$13M	578	—