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Sep 30, 2022
Redwire Q3 2022 Earnings Report
Reported third quarter 2022 financial results.
Key Takeaways
Redwire Corporation reported a revenue increase of 14.0% to $37.2 million for the third quarter ended September 30, 2022. The company's net loss was $(10.4) million and Pro Forma Adjusted EBITDA was $(1.5) million.
Revenue increased $4.6 million, or 14.0%, to $37.2 million compared to the same period last year.
Financial performance improved compared to the previous quarter, with revenue growth, gross margin improvement, and decreased net loss.
Redwire enabled the successful execution of NASA’s Double Asteroid Redirection Test (“DART”) mission.
Total Backlog increased to $304.0 million as of September 30, 2022, compared to $251.7 million as of June 30, 2022.
Redwire
Redwire
Forward Guidance
Redwire expects to achieve improved results during the fourth quarter of 2022 compared to the third quarter, driven by increased revenue and changes in contract mix with higher gross margin. For the fiscal year ended December 31, 2022, Redwire expects revenues to be in a range of approximately $140.0 million to $155.0 million and Pro Forma Adjusted EBITDA to be approximately $(13.0) million to $(6.0) million. This guidance does not include contributions anticipated from Space NV.
Positive Outlook
- Improved results during the fourth quarter of 2022
- Increased revenue
- Changes in contract mix with higher gross margin
- Addition of Space NV on October 31st
- Improvement in operating leverage
Challenges Ahead
- Slower contract ramp up has pushed revenue execution into subsequent quarters.
- Updated guidance for the fiscal year ended December 31, 2022
- Revenues to be in a range of approximately $140.0 million to $155.0 million
- Pro Forma Adjusted EBITDA to be approximately $(13.0) million to $(6.0) million
- Guidance does not include contributions anticipated from Space NV