Redwire ($RDW) reported Q2 2022 results before the market opened on Wednesday. The Jacksonville, FL-based space infrastructure company reported quarterly revenues of $36.7M (+14.2% YoY).
Quick refresher: Commercial space powerbroker AE Industrial Partners hatched Redwire in late 2020 by merging Adcole Space and Deep Space Systems. Shortly thereafter, Redwire acquired Made in Space. The company has continued to augment its tech portfolio via M&A.
Key Redwire Q2 2022 #s
- Net loss = $77M, including a $80.5M impairment expense
- Adj. EBITDA = -$4.1M.
- Book-to-bill ratio = 1.68
- Backlog = $251.7M
“We continued to execute on our long-term strategy during the second quarter, building on our diversified portfolio of proven products, demonstrated flight heritage, and long-term customer relationships across the government civil, national security and commercial segments,” Redwire CEO Peter Cannito said.
Q2 developments
Redwire opened a new robotics facility in Luxembourg, sold its first space-manufactured crystal, and said it will create a pharma manufacturing platform in LEO. Redwire also added nearly 30,000 square feet of production space to make radiofrequency antennas, deployable structure, and robotics/mechatronics products.
Another point of pride for the company was the “on-time” delivery of roll-out solar arrays to Boeing. The solar arrays will be sent to the ISS on an upcoming resupply flight and then used to generate additional power for the space station.
Looking forward: Redwire expects to add an additional ~40,000 square feet of production space in Q3. Management also lifted full-year revenue guidance to $165M–$175M (Redwire made $140M last year).
Redwire expects to reach positive Adj. EBITDA in H2 2022, riding on the back of projected strong growth and a favorable change in contract mix with higher gross margins.
+ While we’re here: For more on Redwire, check out our recent Q+A with president and COO Andrew Rush.
