Redwire Corporation reports Revenue Growth for Second Quarter 2023

Redwire Corporation, a global leader in space infrastructure that also develops 3D printers for space missions, has reported revenue growth for the second quarter of 2023.

Q2 2023: Financial Highlights

Q2 2023 revenues increased 63.6% to $60.1 million compared to $36.7 million in Q2 2022. Interestingly, net loss also improved an impressive 92.9% year-over-year. Adjusted EBITDA increased $8.4 million to $4.4 million in Q2 2023 compared to -$4.1 million in the same period last year. Backlog on order increased 68.3% annually to $272.8 million through June 30, 2023.

“In Q2, we continued a trend of strong revenue growth and positive Adjusted EBITDA¹,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “This is a result of resilient demand for our differentiated space solutions across a diversified customer set and the operational excellence of our extraordinary Redwire professionals worldwide.”

“Our outstanding commercial and operational improvement continued in the second quarter of 2023, leading to record financial performance on both a sequential and year-over-year basis. During the quarter, we recognized record revenues of $60.1 million and achieved record positive Adjusted EBITDA of $4.4 million. Importantly, our team’s execution of second quarter 2023 profitable growth led to marked year-over-year improvement in cash provided by operations of $7.0 million and positive Free Cash Flow of $1.1 million,” said Jonathan Baliff, Chief Financial Officer of Redwire. “Our positive Free Cash Flow and LTM Book-to-Bill ratio of 1.49 are demonstrating strong momentum as we enter the second half of the year.”

With impressive revenue growth, improved net loss figures and solid adjusted EBITDA, Redwire is well on track to further consolidate its position in the space sector. The results presented demonstrate that, despite the global challenges, the company is well positioned and can continue to look forward to a successful future.