Three things about $RDW most coverage misses: 1. The growth is mostly bought: revenue up ~90% last quarter, about 2–3% with both companies counted in both years. 2. Defence makes all the profit; space lost money and fell 18% in 2025. 3. Its open lane in orbit got crowded: a startup, Albedo, flew first. So is Redwire one company, or two businesses sharing a name? https://youtu.be/DR3X72Ftx0c
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