Redwire CorpRDW
Redwire Corp Segments Disclosure
Note U – Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer.
During the fourth quarter of 2025, the Company reorganized its segment structure to align with the strategic offerings of each business segment and the way the CODM assesses performance and makes capital allocation decisions. The Company previously operated in one operating segment and one reportable segment. Prior period segment information has been revised to reflect the reorganized segment structure.
As of December 31, 2025, the Company began operating in two operating segments and two reportable segments, Space and Defense Tech. The Space segment develops and provides next-generation spacecraft, large infrastructure, and microgravity capabilities to serve civil, national security, and commercial space customers. The Defense Tech segment develops and provides combat proven autonomous systems, optical sensors and radio frequency payloads that provide intelligence, surveillance, and reconnaissance capabilities for U.S. and allied nations across multiple domains.
Effective December 2025, the CODM assesses segment performance and decides how to allocate resources based on Segment Adjusted EBITDA, a non-GAAP measure, defined as income (loss) before taxes, excluding, 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, disposal of long-lived assets, equity-based compensation and gains on sale of joint ventures, net of costs incurred. Segment Adjusted EBITDA also excludes intra- and inter-segment sales and costs and corporate pushdown costs. Total asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segments.
The Company has intra- and inter-segment sales and costs, which are eliminated in the reportable Segment Adjusted EBITDA figures below. The Company had $5.6 million, $4.8 million and $7.0 million of inter-segment sales and costs during the years ended
December 31, 2025, 2024 and 2023, respectively, which are eliminated in consolidation. Further information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note P – Revenues.
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) | |||||||||||||||
(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, 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) | |||||||||||||||
(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.
Capital Expenditures
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 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.