CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash, cash equivalents and restricted cash	$ 54,328	$ 49,071
Accounts receivable, net	31,976	21,905
Contract assets	50,925	43,044
Inventory, net	53,491	2,239
Prepaid expenses and other current assets	19,920	9,666
Total current assets	210,640	125,925
Property, plant and equipment, net of accumulated depreciation of $15,188 and $9,628	50,630	17,837
Right-of-use assets	31,370	15,277
Intangible assets, net of accumulated amortization of $41,704 and $25,920	353,229	61,788
Goodwill	800,012	71,161
Other non-current assets	365	629
Total assets	1,446,246	292,617
Current liabilities:
Accounts payable	34,309	32,127
Notes payable to sellers	2,171	0
Short-term debt, including current portion of long-term debt	6,274	1,266
Short-term operating lease liabilities	4,309	4,354
Short-term finance lease liabilities	550	473
Accrued expenses	28,963	24,192
Deferred revenue	60,009	67,201
Other current liabilities	12,994	19,730
Total current liabilities	149,579	149,343
Long-term debt, net	184,699	124,464
Long-term operating lease liabilities	29,732	13,444
Long-term finance lease liabilities	1,111	980
Warrant liabilities	8,816	55,285
Deferred tax liabilities	37,279	582
Other non-current liabilities	2,116	428
Total liabilities	413,332	344,526
Commitments and contingencies (Note M – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—71,702.95 and 2024—108,649.30. Liquidation preference: 2025—$223,024 and 2024—$599,412 (Note N – Convertible Preferred Stock)	104,869	136,805
Shareholders’ Equity (Deficit):
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2025—155,188,092 and 2024—67,002,370	15	7
Treasury stock, at cost: 2025—903,925 shares and 2024—728,739 shares	(6,336)	(3,573)
Additional paid-in capital	1,459,710	161,619
Accumulated deficit	(536,289)	(348,106)
Accumulated other comprehensive income (loss)	10,945	1,339
Total shareholders’ equity (deficit)	928,045	(188,714)
Total liabilities, convertible preferred stock and equity (deficit)	$ 1,446,246	$ 292,617

Redwire Corp 10-Q