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Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

16. Related Party Transactions

Investments and Debts

The following transactions occurred between the Company and AE Industrial, which beneficially owned 36.68% of the Company's common stock outstanding as of March 31, 2026. Even though the Company is part of AE Industrial’s portfolio of companies, it is not a part of AE Industrial’s consolidated tax return and files its tax returns independently.

During the three months ended March 31, 2025, AE Industrial purchased 0.3 million shares of the Series D-1 Preferred Stock for an aggregate purchase price of $5.0 million. During the three months ended March 31, 2026, there were no such purchases by AE Industrial.

Accounts Payable and Expenses

On August 8, 2025, the Company entered into an Amended and Restated Consulting Agreement (the “Consulting Agreement”) with AE Industrial Operating Partners, LLC (“AE Operating”), an affiliate of AE Industrial. Under the Consulting Agreement, the Company will pay AE Operating an annual fee of approximately $2.4 million for consulting and advisory services until the earlier of August 8, 2027, or the time AE Industrial beneficially owns less than 10% of the Company’s outstanding common stock. Expenses recorded under this agreement for the three months ended March 31, 2026 were $0.5 million.

In addition to AE Operating, G.S. Precision and Redwire Corporation are also related parties of the Company, as these entities are part of AE Industrial’s investment portfolio and share a common board of directors.

The following is a summary of the Company’s related party accounts payable and accrued expenses as of March 31, 2026 and December 31, 2025, and related party research and development and selling, general, and administrative expenses:

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Accounts payable and accrued expenses:

 

 

 

 

 

 

Redwire Corporation

 

$

81

 

 

$

330

 

AE Operating

 

 

500

 

 

 

—

 

 

$

581

 

 

$

330

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Expenses:

 

 

 

 

 

 

Redwire Corporation

 

$

480

 

 

$

103

 

AE Operating

 

 

900

 

 

 

150

 

 

$

1,380

 

 

$

253

 

In the normal course of business, the Company engages in transactions with certain vendors and customers where AE Industrial maintains a significant ownership interest and/or can exhibit significant influence on the operations of such parties. For the three months ended March 31, 2026, transactions with other companies in AE Industrial’s investment portfolio were not material to the Company’s unaudited condensed consolidated financial statements.