Redwire

Fugazi Research published on Redwire (NYSE: RDW — $2.70 billion), a space equipment manufacturing company. Fugazi wrote:

“Since late 2025, Redwire has relied heavily on the equity markets to fund its operations, authorizing more than $1.1 billion of at-the-market equity issuance while common shares outstanding have nearly tripled in roughly fifteen months. Operating cash flow remains negative, and recent increases in cash have been driven by equity issuance rather than internally generated cash flow.”