Slides
Page 1
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Redwire 101 November 2025
Page 2
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 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. 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 any prospective financial information provided in this Presentation, financial position, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, objectives of management, and the expected performance of Redwire following our acquisition of Edge Autonomy, 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, effects of trade tariffs and other trade actions, supply chain challenges, labor shortages, increased labor costs, high interest rates, foreign currency exchange volatility, concerns of economic slowdown or recession and reduced spending or suspension of investment in new or enhanced projects; (2) the failure of financial institutions or transactional counterparties; (3) Redwire’s limited operating history in an evolving industry and history of losses to date as well as the limited operating history of Edge Autonomy and the relatively novel nature of the drone industry makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; (4) the inability to successfully integrate recently completed and future acquisitions, including the recent acquisition of Edge Autonomy, as well as the failure to realize the anticipated benefits of our acquisition of Edge Autonomy or to realize estimated projected combined company results; (5) the development and continued refinement of many of Redwire’s proprietary technologies, products and service offerings; (6) competition with new or existing companies; (7) a limited number of customers make up a high percentage of our revenue; (8) natural disasters, geopolitical conflicts, or other natural or man-made catastrophic events; (9) adverse publicity stemming from any incident or perceived risk involving Redwire or our competitors; (10) incurring significant risks and uncertainties not covered by insurance or indemnity; (11) failure to respond to industry cycles in terms of our cost structure, manufacturing capacity, and/or personnel needs; (12) delays in the development, design, engineering and manufacturing of our core offerings; (13) unsatisfactory performance of our core offerings resulting from challenges in the space environment, extreme space weather events or otherwise; (14) impacts to our cash flows caused by our mix of fixed-price, cost-plus and time-and-material type contracts; (15) incurrence of expenditures prior to final receipt of a contract; (16) failure of new offerings and technologies to materialize; (17) the inability to convert orders in backlog into revenue; (18) the inability to properly manage the use of artificial intelligence in our business; (19) reliance on third-party launch vehicles to launch our spacecraft and customer payloads; (20) risk of an accident on launch or during a journey into space; (21) customers’ willingness to adopt uncrewed aircraft systems technology; (22) Redwire’s inability to meet expected financial results; (23) cyber-attacks and other security threats and disruptions; (24) failure to attract and retain highly qualified personnel; (25) risks resulting from broader geographic operations; (26) impairment of goodwill; (27) changes to our pension funding and costs, which are dependent on several economic assumptions; (28) inability to use net operating loss carryforwards and certain other tax attributes; (29) 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; (30) dependence on U.S. government contracts; (31) changes to our facility security clearance; (32) Redwire is subject to stringent U.S. economic sanctions, and trade control laws and regulations, as well as risks related to doing business in other countries; (33) failure to adequately protect our intellectual property rights; (34) failure to obtain necessary additional funding; (35) the fact that AE Industrial Partners and its affiliates have significant influence over us, which could limit your ability to influence the outcome of key transactions; (36) the fact that provisions in our Certificate of Designation with respect to our Series A Convertible Preferred Stock may delay or prevent our acquisition by a third party, which could also reduce the market price of our capital stock; (37) the fact that our Series A Convertible Preferred Stock has rights, preferences and privileges that are not held by, and are preferential to, the rights of holders of our other outstanding capital stock; (38) the possibility of sales of a substantial amount of our Common Stock by our current stockholders; (39) volatility in the trading price of our Common Stock; (40) identification of material weaknesses of other deficiencies or failure to maintain effective internal controls over financial reporting; (41) the impact of a prolonged United States federal government shutdown and (42) 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. 22
Page 3
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 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 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 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, litigation-related expenses, write-off of long-lived assets, equity-based compensation, committed equity facility transaction costs, debt financing costs, 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. Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures. We use Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin 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. 33
Page 4
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 4 Redwire 101: Proven and Operating Now 42 PIL-BOXes launched to the ISS through Q3 2025 6 iROSA Wings installed on the ISS, with 2 additional wings delivered 300k+ Flight Hours for the Stalker UAS series 400+ Octopus Gimbals delivered to the Ukraine Armed Forces ~50 Years combined flight time without failure for PROBA missions 11 payload facilities built by Redwire and active on the ISS 100% Success Rate on-orbit for Redwire’s Roll Out Solar Arrays 200+ Penguin UAS delivered to the Ukraine Armed Forces Thousands of space-based sensors and payloads delivered 2 VLEO Prime Contracts for DARPA’s Otter in the U.S. and ESA’s Skimsat in Europe Next-Gen Spacecraft Large Space Infra. Large Space Infra. Next-Gen Spacecraft Micrograv. Dev. Micrograv. Dev. Combat- Proven UAS Combat- Proven UAS Sensors & Payloads Sensors & Payloads
Page 5
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Redwire 101: Who Are Our Customers? 5 We’ve served these customers...and many more!
Page 6
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Next-Gen Spacecraft Large Space Infrastructure Microgravity Development Combat-Proven UAS Sensors & Payloads VLEO / GEO ROSA / IBDM SpaceMD Stalker / Penguin Optics / RF We build next- generation spacecraft with key capabilities such as AI, QKD and maneuverability We provide building blocks for critical space infrastructure like space stations and moon/mars We are a global leader in microgravity with decades of heritage and 100s of experiments flown We supply combat- proven, autonomous UAS systems, built in the US and Europe, to the warfighter We support multi- domain missions ranging from airborne ISR to moon-to-mars with avionics of choice Redwire 101: What Are Our Value Drivers? 6
Page 7
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Next-Gen Spacecraft 7 Differentiators • Existing funded customers • First mover advantage with two advanced VLEO designs • Classified personnel and facilities Q3 2025 Proof Point • In Q3, became the prime contractor for the European Space Agency's VLEO Skimsat program, leveraging Redwire's Phantom spacecraft, an advanced European VLEO platform out of our Belgian facility • Signed an MOU with Honeywell for QKDSat; aim is to combine Redwire's quantum platform technology with Honeywell's quantum optical payload Future Growth • VLEO is a relatively untapped orbit with no dominant provider that can be leveraged for future defense space architectures such as Golden Dome and European defense programs. • Target Customers: studies for the intelligence community; AFRL Tetra follow-ons; Space Force; DeepSat additional phases; Honeywell partnership for QKDSat; and others
Page 8
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 8 Tech Spotlight: VLEO Spacecraft Phantom: Adaptable European VLEO Platform built in Belgium • ESPA-class satellite platform designed to enable a wide variety of intelligence, Earth science, and communications missions • Budget-friendly design; standardized off-the-shelf elements reduce manufacturing cost • Designed to operate for up to 5 years enabling sustainable, cost-effective missions; aerodynamic design uses less propellant and does not require fuel to deorbit • Compatible with small satellite launchers • Select Heritage: European Space Agency’s Skimsat Mission SabreSat: U.S.-built VLEO platform designed for performance, endurance and cost-effectiveness • Designed to operate for up to 7 years and can be produced in volume to meet the needs of large constellations • Modular design with optional air-breathing technology; changes the calculus for maneuvering in flight by harvesting, ionizing, and accelerating low-density air to use as fuel, extending operations and enabling true maneuverability without regret • Digital engineering tools enable optimization for VLEO • Rideshare compatible • Select Heritage: Defense Advanced Research Projects Agency’s Otter Program PAYLOAD MASS 50 kg ORBITAL ALTITUDE Below 300 km POWER AVAILABLE >25 W OAP (EOL) TOTAL SPACECRAFT WEIGHT Below 300 kg PAYLOAD MASS ~200 kg ORBITAL ALTITUDE > 150 km POWER AVAILABLE Up to 5,000 W OAP (EOL) TOTAL SPACECRAFT WEIGHT ~400 kg
Page 9
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Large Space Infrastructure 9 Differentiators • ROSA heritage on the ISS, DART, Maxar's Ovzon 3, and more • Key supplier for ROSA and IBDM on funded contracts from customers • Protected IP such as Roll-Out design Q3 2025 Proof Point • Awarded a contract to develop and deliver ROSA wings for Axiom Station’s Payload Power Thermal Module • Redwire's ROSA technology has a 100% success rate of on-orbit performance across a wide range of civil and commercial missions Future Growth • Working with existing customers such as Blue Origin and Thales to scale future ROSA orders • Targeting all commercial LEO destination providers with ROSA, IBDM and other infrastructure • Position ROSA and IBDM for other power-intensive spacecraft programs and Moon-to-Mars infrastructure
Page 10
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Microgravity Development 10 Differentiators • 100s of microgravity experiments conducted • Proven PIL-BOX IP • Existing funded customers (commercial, government, and international) Q3 2025 Proof Point • Launched 14 PIL-BOXes to the ISS in Q3 bringing our total to 42 PIL-BOXes to-date, studying 35 unique molecules • The 14 PIL-BOXes are studying 18 molecules with three different partners: Bristol Myers Squibb, Butler University, and Purdue University Future Growth • Pharma has a <10% success rate from Phase I to approval1 and a fast- approaching patent cliff that threatens ~$350B in annual worldwide revenue from drugs losing exclusivity through 20302 • Targeting royalty partnerships with biotech companies for drug development and new therapies 1See Biotechnology Innovation Organization's, "Clinical Development Success Rates and Contributing Factors 2011-2020," https://go.bio.org/rs/490-EHZ-999/images/ ClinicalDevelopmentSuccessRates2011_2020.pdf 2See BCG's "Biopharma Trends 2025," https://www.bcg.com/publications/2025/biopharma-trends
Page 11
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Combat-Proven UAS 11 Differentiators • Stalker is proven, with ~20 years of heritage and 300K+ flight hours • All-electric Stalker VTOL is silent, payload agnostic with 30+ third party payloads integrated, and has extended endurance of 18+ hours • Delivered more than 200 Penguin aircraft to Ukraine Armed Forces Q3 2025 Proof Point • Awarded and delivered Stalkers for the prototype phase agreement of the U.S. Army's Long-Range Reconnaissance (LRR) program; Stalker was previously selected for two Programs of Record, U.S. Marine Corps LR/LE and U.K. Ministry of Defence TIQUILA • During Q3 2025, shipped Stalker aircraft to 8 different end customers in the United States and allied countries Future Growth • From "Unleashing American Drone Dominance" to the "European Drone Defence Initiative," in-region capability is critical • We stand ready with production capacity and fielded aircraft to deliver on programs like the US Army LRR program
Page 12
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 12 Tech Spotlight: Stalker UAS Series Stalker Block 40: Closes the capabilities gap of small and large UAS, providing double the endurance and payload capacity of the base Block 30 • All-electric VTOL UAS; silent flight operations • Assembled and deployed in <10 minutes with a small, light, and mobile logistics footprint • Payload agnostic and prepped for third party integrations through a MOSA • Delivers long-range “mothership” operations by providing communications relay & small first-person view (FPV) drones & other droppables to the battlefield • Select Heritage: Delivering to NATO Partners, Federal Civilian Agencies (FEDCIV), and FVEY SOF Partners; non-ITAR Stalker Block 30: Combat-proven, All-electric VTOL UAS; operates in highly contested environments, including GPS-denied and jamming • Silent flight operations; high TRL/MRL with 300,000+ flight hours • Toolless Assembly in ~10 minutes; Launch in ~20 minutes • Multi-mission capable; Integrated 30+ different 3rd party payloads via Modular Open Systems Approach (MOSA) • Select Heritage: U.S. Marine Corps, U.S. Army, UK Ministry of Defense, FVEY Partners, USSOCOM, U.S. Secret Service, Customs & Border Patrol and others; non- ITAR Stalker Block 30 Stalker Block 40 LOS COMMUNICATIONS RANGE Up to 160km / 100mi TAKEOFF WEIGHT <25kg / <55lb WINGSPAN 4.9m / 16ft ENDURANCE 8+ HoursFUEL TYPE (OPTIONAL) Propane (solid oxide fuel cell) or battery, easily field- swappable CEILING 4,572m / 15,000ft AGL LOS COMMUNICATIONS RANGE Up to 160km / 100mi BLOS COMMUNICATIONS RANGE Up to 1000km / 620mi TAKEOFF WEIGHT <25kg / <55lb WINGSPAN 4.9m / 16ft ENDURANCE 18+ Hours CEILING 4,572m / 15,000ft AGL FUEL TYPE (OPTIONAL) Propane (solid oxide fuel cell) or battery, easily field- swappable
Page 13
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 13 Tech Spotlight: Penguin UAS Series Penguin C VTOL: Fully automated, long-endurance; can rapidly deploy to support critical missions even in harsh or contested environments • Agile platform for multi-mission needs with meaningful payload and endurance requirements • Only needs a crew of two to operate, and the whole system can be packed into several ruggedized containers • Built from the robust, combat-proven Penguin Series UAS • Select Heritage: Latvia Ministry of Defense, Lithuania Ministry of Defense,Latvia, Lithuania, & Croatia Boarder Guards, Royal Saudi Air Force and others; non-ITAR Penguin C Mk2: Combat-proven, rail-launched variant provides long-endurance ISR capability at competitive pricing • High TRL/MRL technology, operating in highly contested environments, including GPS-denied and jamming. Multiple variants for extreme environmental conditions • Only needs a crew of two to operate, and the whole system can be packed into several ruggedized containers • Multiple variants and built on a MOSA platform and can be adapted to meet a variety of mission needs with a wide range of field-swappable payloads • Select Heritage: Ukraine Armed Forces, Latvia Ministry of Defense, Kingdom of Saudi Arabia Ministry of Defense, Commercial Operations and others; non-ITAR Penguin C Mk2 Penguin C VTOL COMMUNICATIONS RANGE Up to 180km / 112mi MAX TAKEOFF WEIGHT 25kg / 55lb WINGSPAN 3.3m / 10.8ft ENDURANCE 24+ Hours CEILING 4,000m / 13,000ft MAX TAKEOFF WEIGHT 41kg / 90lb WINGSPAN 4.12m / 13.5ft COMMUNICATIONS RANGE Up to 180km / 112mi ENDURANCE 12+ Hours CEILING 4,000m / 13,000ft
Page 14
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Sensors & Payloads 14 Differentiators • Decades of heritage; delivered thousands of space-based sensors & payloads, including antennas, sun sensors, star trackers, and cameras • More than 400 Octopus gimbals delivered to the Ukraine Armed Forces • Compatible with wide variety of UAS platforms Q3 2025 Proof Point • Partnered with Red Cat to integrate the Black Widow sUAS onto the Stalker as a deployable payload to support U.S. Army echelon missions • Stalker and gimbals are already integrated with controllers such as ATAK and Kutta Technologies; post-Q3, we announced an MOU with UXV Technologies to enhance controller interoperability and align with the EU's ambition to strengthen its defense industrial base Future Growth • Growing UAV EO/IR Sensor opportunity: forecasted to grow from ~$1.6B in FY23 to ~$4.8B in FY32; a 12.9% CAGR1 • Target customers: Further growth with the U.S. government and other key OEMs around the world • Proliferation of satellites: as many as 70K LEO satellites are expected to be launched over the next 5 years2 1See Teal Group's, "UAV/Drone Electro-Optical/Infrared (EO/IR) Sensor Market," https://www.tealgroup.com/index.php/teal-group-media-news-briefs-2/teal-group-news-media/item/uav-drone- electro-optical-infrared-eo-ir-sensor-market 2See Goldman Sachs, "The global satellite market is forecast to become seven times bigger," https://www.goldmansachs.com/insights/articles/the-global-satellite-market-is-forecast-to-become- seven-times-bigger
Page 15
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 20252024 15 Redwire 101: We Have a History of M&A Edge Autonomy is Redwire's 11th Acquisition Since March of 2020 20212020 2022 2023 2026 March 2020 Adcole Maryland Aerospace June 2020 Deep Space Systems June 2020 Made In Space October 2020 Roccor December 2020 LoadPath January 2021 Oakman Aerospace February 2021 Deployable Space Systems November 2021 Techshot October 2022 QinetiQ Space August 2024 Hera Systems September 2021 Public Platform Established Platform Consolidation June 2025 Acquisition of Edge Autonomy closed
Page 16
1. Insert Footnote 16 …and 4 locations 1 in EuropeWith 19 locations1 in North America… Location # of Facilities AL 1 CA 5 CO 4 FL 2 IN 1 MA 1 MI 1 NM 1 VA 2 Canada 1 Total 19 Location # of Facilities Belgium 1 Latvia 1 Luxembourg 1 Poland 1 Total 4 1 As of December 31, 2024, inclusive of locations acquired pursuant to the Edge Autonomy transaction. In January 2025, Edge Autonomy opened a location in Ukraine. Redwire 101: Where Are We Located? A Scaled, Global Space & Defense Technology Presence
Page 17
1. Insert Footnote Redwire 101: How Do We Make Money? ◦ Redwire recognizes revenue under Point in Time and Over Time methods ◦ Point in Time: ▪ Revenue is recognized when the asset is transferred to the customer ▪ 26.0% of backlog1 as of September 30, 2025 ◦ Over Time: ▪ Revenue is based on contract program progress with revenue recognized as contract percentage completes ▪ Program costs are expensed in the period incurred as cost of goods sold ▪ Cash payments are based on program milestones ▪ Launch often occurs after the Redwire effort is completed ▪ 74.0% of backlog1 as of September 30, 2025 17 Launch Example Over Time Contract 1Contracted Backlog is a “Key Performance Indicator.” Please refer to the Appendix of this Presentation for additional information.
Page 18
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote 18 Redwire 101: Financial Summary (1) Adjusted Gross Margin is not a measure of results under generally accepted accounting principles in the United States. Please refer to slide 3 and the Appendix of this Presentation for additional information. Revenue Growth $69.6 $61.4 $61.8 $103.4 Revenue Q4 2024 Q1 2025 Q2 2025 Q3 2025 $— $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Gross Margin Expansion 6.6% 14.7% (30.9)% 16.3% 6.6% 14.7% (27.0)% 27.1% Gross Margin Adjusted Gross Margin Q4 2024 Q1 2025 Q2 2025 Q3 2025 (40.0)% (30.0)% (20.0)% (10.0)% —% 10.0% 20.0% 30.0% 40.0% 1
Page 19
1. Insert Footnote 19 Revenue by Customer Grouping ($M) $18.2 $58.6 $26.6 Civil space National security Commercial and other Revenue by Geographic Location of Customer ($M) $62.1 $32.5 $8.9 U.S. Europe Other Revenue by Recognition Method (%) 51.4%48.6% Over time Point in time Redwire 101: Revenue Diversification Q3 2025 Revenue by Recognition Method, Customer Grouping, and Geographic Location
Page 20
Appendix: 20
Page 21
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Please refer to the next slide for explanatory footnotes. Supplemental Non-GAAP Information 21 Three Months Ended Nine Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income (loss) $ (41,152) $ (20,959) $ (141,079) $ (47,142) Interest expense, net 6,282 3,610 33,631 9,537 Income tax expense (benefit) 6,862 (472) (25,924) (348) Depreciation and amortization 12,121 2,860 20,227 8,538 Transaction expenses (i) 684 5,121 21,126 5,399 Acquisition integration costs (i) 1,041 96 1,498 96 Purchase accounting fair value adjustment related to inventory (ii) 11,227 — 13,645 — Severance costs (iii) 353 365 2,529 532 Capital market and advisory fees (iv) 837 1,071 4,545 5,503 Write-off of long-lived assets (v) 165 — 165 — Litigation-related expenses (vi) 1,216 9,096 1,216 11,329 Equity-based compensation (vii) 11,993 3,593 47,591 8,046 Debt financing costs (viii) — — 105 — Gain on sale of joint ventures, net of costs incurred (ix) — — — (1,255) Warrant liability change in fair value adjustment (x) (14,198) (1,941) (11,506) 8,111 Adjusted EBITDA $ (2,569) $ 2,440 $ (32,231) $ 8,346 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 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, litigation-related expenses, write-off of long-lived assets, equity-based compensation, committed equity facility transaction costs, debt financing costs, 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.
Page 22
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote i. Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity. Acquisition deal costs was reclassified as Transaction expenses to conform with current period presentation. 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 transitional activities associated with becoming a public company, such as implementation of internal controls over financial reporting, and the internalization of corporate services, including, but not limited to, implementing enhanced enterprise resource planning systems. v. Redwire incurred a loss on the write-off of long-lived assets. vi. Redwire incurred expenses related to securities litigation and 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. ix. Redwire recognized a gain related to the sale of all its ownership in two joint ventures during the second quarter of 2024, presented net of transaction costs incurred. x. Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods. Supplemental Non-GAAP Information, Continued 22 Three Months Ended (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income (loss) $ (20,959) $ (67,169) $ (2,948) $ (96,979) $ (41,152) Interest expense, net 3,610 3,946 3,594 23,755 6,282 Income tax expense (benefit) (472) (1,672) (182) (32,604) 6,862 Depreciation and amortization 2,860 3,154 3,046 5,060 12,121 Transaction expenses (i) 5,121 3,730 3,799 16,643 684 Acquisition integration cost (i) 96 513 — 457 1,041 Purchase accounting fair value adjustment related to inventory (ii) — — — 2,418 11,227 Severance costs (iii) 365 335 177 1,999 353 Capital market and advisory fees (iv) 1,071 1,200 968 2,740 837 Write-off of long-lived assets (v) — — — — 165 Litigation-related expenses (vi) 9,096 (318) — — 1,216 Equity-based compensation (vii) 3,593 3,280 2,912 32,686 11,993 Debt financing costs (viii) — — — 105 — Warrant liability change in fair value adjustment (x) (1,941) 43,849 (13,634) 16,326 (14,198) Adjusted EBITDA $ 2,440 $ (9,152) $ (2,268) $ (27,394) $ (2,569)
Page 23
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Supplemental Non-GAAP Information, Continued 23 Three Months Ended Nine Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net cash provided by (used in) operating activities $ (20,325) $ (17,670) $ (153,069) $ (24,412) Less: Capital expenditures (7,489) (2,798) (17,427) (6,852) Free Cash Flow $ (27,814) $ (20,468) $ (170,496) $ (31,264) 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. 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. Three Months Ended (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net cash provided by (used in) operating activities $ 7,064 $ (45,081) $ (87,663) $ (20,325) Less:Capital expenditures (4,064) (4,055) (5,883) (7,489) Free Cash Flow $ 3,000 $ (49,136) $ (93,546) $ (27,814) Three Months Ended Nine Months Ended (in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Gross Profit $ 16,810 $ 12,023 $ 6,787 $ 39,832 Purchase accounting adjustments(1) 11,227 — 13,645 — Adjusted Gross Profit $ 28,037 $ 12,023 $ 20,432 $ 39,832 Adjusted Gross Margin 27.1 % 17.5 % 9.0 % 17.0 % Three Months Ended (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Gross Profit $ 4,623 $ 9,041 $ (19,064) $ 16,810 Purchase accounting adjustments(1) — — 2,418 11,227 Adjusted Gross Profit $ 4,623 $ 9,041 $ (16,646) $ 28,037 Adjusted Gross Margin 6.6 % 14.7 % (27.0) % 27.1 %
Page 24
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Contracted 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. The acquisition-related backlog activity presented in the table above is related to the Edge Autonomy acquisition completed during the second quarter of 2025. Key Performance Indicators 24 (in thousands) September 30, 2025 June 30, 2025 December 31, 2024 Organic backlog, beginning balance $ 296,652 $ 296,652 $ 372,790 Organic additions during the period 145,221 71,772 229,789 Organic revenue recognized during the period (171,128) (117,209) (304,101) Foreign currency translation 8,782 8,844 (1,826) Organic backlog, ending balance 279,527 260,059 296,652 Acquisition-related contract value, beginning balance — — — Acquisition-related contract value acquired during the period 73,716 73,716 — Acquisition-related additions during the period 57,670 1,319 — Acquisition-related revenue recognized during the period (55,459) (5,946) — Foreign currency translation 174 335 — Acquisition-related backlog, ending balance 76,101 69,424 — Contracted backlog, ending balance $ 355,628 $ 329,483 $ 296,652 Three Months Ended Last Twelve Months (in thousands, except ratio) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Contracts awarded $ 129,800 $ 44,503 $ 312,355 $ 372,249 Revenues 103,432 68,638 296,147 298,026 Book-to-bill ratio 1.25 0.65 1.05 1.25 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, 2025, none of the contracts awarded balance includes acquired contract value and for the LTM ended September 30, 2025, contracts awarded includes $73.7 million from the Edge Autonomy acquisition, which was completed in the second quarter of 2025. For the three months and LTM ended September 30, 2024, $21.9 million of the contracts awarded balance relates to acquired contract value from the Hera Systems acquisition, which was completed in the third quarter of 2024.
Page 25
255 0 0 54 54 54 47 85 151 204 251 254 180 199 231 191 191 191 1. Insert Footnote Glossary 25 Acronym Definition Acronym Definition AFRL Air Force Research Laboratory LOS Line of Sight AGL Above Ground Level LR/LE Long Range/Long Endurance AI Artificial Intelligence LRR Long Range Reconnaissance ATAK Android Team Awareness Kit M&A Mergers & Acquisitions BLOS Beyond Line of Sight MOSA Modular Open Systems Approach DARPA Defense Advanced Research Projects Agency MOU Memorandum of Understanding DART Double Asteroid Redirection Test MRL Manufacturing Readiness Level EO/IR Electro-Optical/Infrared NATO North Atlantic Treaty Organization EOL End of Life OAP Orbit Average Power ESPA EELV Secondary Payload Adapter OEM Original Equipment Manufacturer FEDCIV Federal Civilian Agencies PIL-BOX Pharmaceutical In-space Laboratory - Bio-crystal Optimization eXperiments FPV First-Person View PROBA Project for On-Board Autonomy FVEY Five Eyes QKD Quantum Key Distribution GEO Geostationary Orbit RF Radio Frequency IBDM International Berthing and Docking Mechanism ROSA Roll-Out Solar Array IP Intellectual Property sUAS Small UAS iROSA ISS Roll Out Solar Array TRL Technology Readiness Level ISR Intelligence, Surveillance, and Reconnaissance UAS Uncrewed Aerial System ISS International Space Station UAV Uncrewed Aerial Vehicle ITAR International Traffic in Arms Regulations VLEO Very Low Earth Orbit LEO Low Earth Orbit VTOL Vertical Take-Off and Landing