Redwire Corp rated Hold with $9 target, citing execution risks and flat growth despite strong backlog.

Redwire Corporation is rated Hold with a $9.00 price target, indicating a 4% downside from its current $9.45 share price. The company has a record $498 million backlog and strong gross margin of 26.6%, but faces challenges including flat organic growth, ongoing cash burn, and 20% share dilution. Key upcoming milestones include Q2 2026 earnings, where maintaining over 25% gross margin, surpassing $110 million in revenue, improving cash flow, and limiting dilution are crucial for a positive outlook. Risks remain around backlog conversion, margin stability, dilution, and the profitability and integration of Edge Autonomy.