Significant new business wins, order volume and robust backlog demonstrate strength and breadth of Redwire’s breakout space infrastructure solutions
Company confirms no material misstatements or restatements of previously filed financial statements following completion of investigation
JACKSONVILLE, Fla. / March 31, 2022 Redwire Corporation (NYSE: RDW), a leader in mission critical space solutions and high reliability components for the next generation space economy, today announced results for its fiscal year ended December 31, 2021.
Business Highlights
- Total backlog1 increased to $271.6 million as of December 31, 2021, providing substantial visibility into future revenue growth.
- Acquired Techshot Inc., a leader in on-orbit manufacturing, biotechnology in microgravity, and bioprinting needed for commercial space-based biotechnology and pharmaceutical research and development.
- Contributed key technologies to 12 different launches and successful deployment of space capabilities during the year.
- Delivered the first of three pairs of innovative and patented roll out solar array (ROSA) solar arrays that were successfully installed on the International Space Station (“ISS”), which will deliver an expected 30+% increase in aggregate power. This capability was also successfully utilized for the DART NASA planetary defense mission and is expected to be used for the planned Lunar Gateway.
- Partnered with leading space companies on the new Orbital Reef project, a strategic next generation commercial ecosystem in Low Earth Orbit (“LEO”). The project is expected to utilize Redwire’s state of the art capabilities, including its ROSA technology, digital engineering, and microgravity manufacturing expertise.
- Completed a critical milestone with a large-scale 3D printing test for the Archinaut One mission, significantly reducing the risk for the first-of-its kind robotics satellite assembly mission, which is expected to revolutionize the satellite manufacturing market. Robotic satellite assembly has the potential to expand mission capabilities and meaningfully reduce launch costs compared to traditional satellite launches.
- Delivered the first set of wired cameras for the Artemis III Orion Camera System, an array of navigation cameras developed for NASA’s Orion spacecraft. The Orion next generation spacecraft is for deep space missions and is expected to carry the first woman, next man, and other explorers to sustainably explore the Moon’s surface.
2021 Financial Highlights:
- Revenue increased $96.8 million, or 237%, to $137.6 million for 2021, from $40.8 million for the Successor 2020 Period2.
- Net Loss and Adjusted EBITDA1 were $61.5 million and $1.3 million, respectively, for 2021. Pro forma Adjusted EBITDA1 increased $1.6 million to $3.2 million for 2021, from $1.6 million for the Successor 2020 Period.
- On March 25, 2022, the Adam Street Partners Senior Secured Revolving Credit Facility was upsized from $5.0 million to $25.0 million, providing enhanced liquidity.
