Why Redwire Stock Zoomed Into the Black Today

Key Points

• It's continuing a program to supply a key European ally.

• Ukraine has received a set of its Edge Autonomy's drone.

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Although Redwire (NYSE: RDW) often gets most noticed as a space company these days, it's also active in the defense industry. It was this side of the company that made the headlines on Tuesday, in a development that ultimately pushed its share price almost 14% higher that trading session. This looked quite good when compared to the S&P 500 index's 0.6% slide.

More equipment for Ukraine

That morning, Redwire announced that its Edge Autonomy subsidiary had completed a fresh delivery of drones to Ukraine, for use in that country's war against Russia. The Ukraine Armed Forces received a set of Penguin uncrewed aerial systems (UASes).

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Image source: Getty Images.

Edge Autonomy has been supplying such craft since the start of the conflict in early 2022, Redwire said. The Penguin UASes are used for a variety of purposes, such as target acquisition and reconnaissance. Drones such as these have played an increasingly crucial role in the war, and are actively and frequently used by both sides.

In the press release touting the latest delivery, Redwire quoted the president of Edge Autonomy, Steve Adlich, as saying, "We have a well-established presence in the Baltics and are heavily invested in the region, which has uniquely positioned us to understand and support Ukraine's mission for freedom and autonomy."

He added, "We look forward to continuing to strengthen our ties in Ukraine and across Europe."

Three years and counting

Redwire didn't provide the financial details of the latest Penguin delivery; nevertheless, investors were cheered by the fact that a long-running program shows no sign of fading. Also encouraging was Adlich's pronouncement that Ukraine and the broader European market -- which should see increased levels of defense spending -- will remain on the company's radar.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.