Redwire Corp (Redwire (RDW)) shares are taking a hit in after-hours trading Wednesday after the space infrastructure company reported first-quarter results that fell short of analyst expectations and unveiled plans to sell up to $350 million in common stock.

Redwire reported first-quarter revenue of $96.97 million, missing the $104.65 million analysts were looking for, according to market data. The company posted a loss of 40 cents per share, wider than the expected loss of 15 cents per share. Ouch.

But it wasn't all bad news. Total revenue jumped 57.9% year-over-year, driven by what management called "very strong demand" for the company's differentiated products. Backlog grew to $498.1 million by the end of the quarter, and Redwire affirmed its full-year 2026 revenue outlook of $450 million to $500 million, which brackets the $471.22 million consensus estimate.

"Critical wins like the $1.8 billion Andromeda IDIQ for advanced spacecraft, our first order for ELSA, and follow-on orders with key customers like the Marine Corps for Stalker, to name a few, underscore our belief that Redwire is strategically positioned with many pathways to success across our mission-critical offerings," said Peter Cannito, chairman, president and CEO of Redwire.

Redwire ended the quarter with total liquidity of $175.20 million. The company also announced an equity distribution agreement to offer and sell up to $350 million of common stock from time to time. Redwire said any net proceeds will be used for working capital and other general corporate purposes, which may include financing capital expenditures, repaying or refinancing debt, financing acquisitions or investments, and other business opportunities.

RDW Price Action: Redwire shares were down 10.58% in after-hours Wednesday, trading at $8.62 at the time of publication.