What Redwire Corp. told the SEC could break it.

Redwire's revenue is concentrated — its two largest (unnamed) customers were ~19% and ~20% of 2025 revenue, and ~46.9% came from national security customers — so losing a key customer relationship or a defense-budget shift would materially hurt results.

“Revenues from our two largest customers were approximately 19% and 20% of our total revenues for the year ended December 31, 2025.”

For some components Redwire has only a single supplier that may be unable to meet its needs, and it relies on subcontractors' compliance certifications — concentrating supply risk that could disrupt manufacturing.

“From time to time, there are components for which there may be only one supplier, which may be unable to meet our needs.”

Redwire disclosed material weaknesses in internal control over financial reporting as of December 31, 2025 — process-level controls across U.S. operations not fully deployed to demonstrate operating effectiveness — raising risk that financial-statement misstatements may not be prevented or detected.

“Management identified the following material weaknesses in internal control over financial reporting as of December 31, 2025: For substantially all of our U.S. operations, we designed process-level control activities pervasive across our financial reporting processes, but were unable to fully deploy those process-level control activities with sufficient time to demonstrate their operating effectiveness.”

U.S. tariff actions on imports from Canada, Mexico, EU, Japan and China are likely to raise Redwire's supply-chain costs and cause raw-material/component shortages, while its space business is also bound by ITAR/EAR export controls.

“The current U.S. administration issued tariff actions on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China. The effects of these tariffs cannot be predicted with certainty but there is a likelihood that they will create increased supply chain costs for certain inputs to the manufacture of our products and potentially cause shortages of certain raw materials or supplied components.”