Change of Ownership for Edge Autonomy in Riga Announced
Edge Autonomy, a pioneering force in the unmanned aerial vehicle (UAV) technology industry, has achieved remarkable success in recent years. Based in Riga, Latvia, the company has partnered with the Latvian Armed Forces and is now a leader in developing advanced, autonomous drone systems.
In 2023, Edge Autonomy reported a turnover of EUR 79.99 million, a significant 3.8 times increase from the previous year. Alongside this impressive growth, the company's profit rose 6.5 times, reaching EUR 29.02 million.
The company's journey began in the Jelgava business incubator of the Latvian Investment and Development Agency. Over the years, Edge Autonomy has expanded its reach, manufacturing unmanned system technologies and supplying them to government, commercial, and academic clients in nearly 70 countries.
In 2021, Edge Autonomy was acquired by AE Industrial Partners, with the terms and value of the deal not disclosed. This year, the company was acquired by Redwire, a major player in space infrastructure and advanced technology solutions. This strategic move is expected to accelerate Edge Autonomy's growth and expand its market presence within defense and potentially space-related autonomous platforms.
Redwire aims to expand its presence in the sector of autonomous warfare through the acquisition of Edge Autonomy. The combined company's revenues are projected to range from USD 535 million to USD 605 million by the end of 2025.
Edge Autonomy's drones have been sent to support the Ukrainian military, demonstrating the company's commitment to providing cutting-edge technology for critical operations. In 2021, the company's unmanned reconnaissance aircraft Penguin C Mk 2 VTOL won the Latvia-America Innovation Award, further solidifying its reputation as a leader in the UAV industry.
Looking towards the future, Edge Autonomy Holdings, LLC, the owner of the merged company, projects an adjusted EBITDA of between USD 70 million and USD 105 million by the end of 2025. If all necessary approvals are received, the acquisition of Edge Autonomy is expected to be completed during Q2 2025.
Steve Adlich, CEO of Edge Autonomy, expressed excitement about joining forces with Redwire, and Konstantins Popiks, UAV Factory co-founder, stated that the unmanned aerial vehicle market is growing rapidly, and the company is ready to accelerate growth with the financial and operational support of its new partners. The acquisition by Redwire signals confidence in continued growth driven by demand for tactical autonomy, autonomous mission systems, and integrated drone operations in defense sectors.
- The European Union (EU) has expressed interest in collaborating with Edge Autonomy, given its leading role in the development of autonomous drone systems and its expanding market presence.
- With its newly acquired technology from Edge Autonomy, Redwire plans to strengthen its position in the autonomous warfare sector, particularly in the development of autonomous platforms for defense and potentially space-related applications.
