Quick Read – Redwire (RDW) dropped 23% in a week on dilution fears, while Kratos (KTOS) beats earnings and raises guidance for the fourth straight time. – Intuitive Machines (LUNR) flipped to positive adjusted EBITDA and secured a $6.2B Space Force Andromeda IDIQ ceiling,…
gnaling real execution in the sector. – Rocket Lab (RKLB) grew revenue 63% YoY to $200M, holds a $2.2B backlog, and earned a Golden Dome selection alongside Raytheon. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AST SpaceMobile didn’t make the cut. Grab the names FREE today
Redwire (NYSE: RDW) is the space-and-drones story dominating retail feeds right now, riding a 107.2% year-to-date run on record backlog and a viral “drones plus space” thesis. But the data underlying the rally tells a different story. The dilution complaint is well-documented.
Redwire’s Q1 shareholders’ equity ballooned 1,531% to $1.09 billion, distorted by stock-based compensation, including a $42.5 million accelerated equity charge tied to Edge Autonomy incentive units. AE Industrial Partners converted Series A Convertible Preferred Stock and acquired 15,247,586 common shares at $3.05 on May 18, after liquidating tens of millions of shares across April at descending prices, including 21,365,909 shares at $10.85 on April 22. Layer in a $500 million at-the-market share-sale program, repeated Form 144 filings, and management’s own flag of material weaknesses in internal controls.