Redwire Corp (RDW, Financial), a global leader in space infrastructure, announced its third quarter financial results for the period ended September 30, 2023, on November 6, 2023. The company reported a significant increase in revenue and an improved net loss compared to the same period in the previous year.
Financial Performance
Redwire Corp (RDW, Financial) reported a 68.1% increase in revenues for Q3 2023, amounting to $62.6 million, compared to $37.2 million for Q3 2022. The company also reported a sequential growth of 4.2% in revenues compared to Q2 2023. The net loss for Q3 2023 improved by 39.3% to $(6.3) million, compared to $(10.4) million for Q3 2022. However, the net loss increased sequentially by $0.9 million or 15.7%, compared to Q2 2023.
Adjusted EBITDA and Contracted Backlog
Adjusted EBITDA for Q3 2023 increased by $6.4 million to $4.9 million compared to $(1.5) million for Q3 2022. The company also reported a sequential increase in Adjusted EBITDA by $0.6 million compared to Q2 2023. The contracted backlog increased by 59.5% year-over-year to $253.4 million as of September 30, 2023, compared to $158.9 million as of September 30, 2022.
Management Commentary
Peter Cannito, Chairman and Chief Executive Officer of Redwire, stated,
Q3 was our third consecutive quarter of strong revenue growth and positive Adjusted EBITDA. We continue to be disciplined in our technical execution, balancing growth with performance. This results in Redwire’s team of talented space professionals delivering real value for our customers in the present that positions us well for future success."
Outlook
For the full year ended December 31, 2023, Redwire expects revenues to be in a range of $220.0 million to $250.0 million.
Additional Financial Highlights
The company's book-to-bill ratio for Q3 2023 was 0.74 compared to 0.91 for Q3 2022. On a last twelve month (LTM) basis, the book-to-bill was 1.38 for Q3 2023, compared to 1.25 for Q3 2022. Net cash provided by operating activities for Q3 2023 improved by $8.0 million to $(3.3) million, compared to $(11.2) million for Q3 2022. Total available liquidity was $30.9 million as of September 30, 2023, comprised of $10.9 million in cash and cash equivalents and $20.0 million in available borrowings from existing credit facilities.
Explore the complete 8-K earnings release (here) from Redwire Corp for further details.
