Redwire Corporation Reports Q4, Full Year 2023 Results
Redwire Corporation Reports Q4, Full Year 2023 Results
Revenues for Full Year 2023 Increased 51.9 Percent
Redwire Corporation has announced results for its fourth quarter and full year ended December 31, 2023. Unless otherwise referred to as Comparable Revenues, financial information presented herein includes the results of Space NV for periods including and subsequent to the acquisition date of October 31, 2022.
“Redwire saw marked financial improvement on a year-over-year basis, with a 51.9% increase in revenues."
Jonathan Baliff, Redwire
“During 2023, Redwire achieved four consecutive quarters of revenue growth and positive Adjusted EBITDA,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “This trend is expected to continue in 2024 with Contracted Backlog of $372.8 million at the start of the year. In addition, we expect to aggressively add new business by scaling production, expanding our offerings, and bidding on larger contracts. For instance, in Q4 2023 Redwire signed an approximately $142 million contract with an undisclosed satellite manufacturer to produce Roll Out Solar Arrays.”
Full Year 2023 Highlights
Revenues for full year 2023 increased 51.9% to $243.8 million, as compared to $160.5 million for the full year 2022.
Net Loss for full year 2023 improved by $103.4 million to $(27.3) million, as compared to $(130.6) million for the full year 2022.
Adjusted EBITDA for full year 2023 increased by $26.3 million to $15.3 million, as compared to $(11.0) million for the full year 2022.
Contracted Backlog increased 19.1% year-over-year to $372.8 million as of December 31, 2023, as compared to $313.1 million as of December 31, 2022.
On a full year basis, book-to-bill was 1.23 for 2023, as compared to 2.04 for 2022.
Total available liquidity was $48.3 million as of December 31, 2023, comprised of $30.3 million in cash and cash equivalents and $18.0 million in available borrowings from our existing credit facilities.
Fourth Quarter 2023 Highlights
Revenues for the fourth quarter of 2023 increased 18.2% to $63.5 million, as compared to $53.7 million for the fourth quarter of 2022.
Comparable Revenues for the fourth quarter of 2023 increased 15.5% to $48.6 million, as compared to $42.0 million for the fourth quarter of 2022.
Net Loss for the fourth quarter of 2023 improved 68.2% to $(8.2) million, as compared to $(25.9) million for the fourth quarter of 2022.
Adjusted EBITDA for the fourth quarter of 2023 increased by $2.5 million to $1.7 million, as compared to $(0.8) million for the fourth quarter of 2022.
Book-to-bill ratio for the fourth quarter of 2023 was 2.81, as compared to 3.74 as of the fourth quarter of 2022.
Net cash provided by (used in) operating activities for the fourth quarter of 2023 improved by $20.5 million to $15.7 million, as compared to $(4.8) million for the fourth quarter of 2022.
Free Cash Flow for the fourth quarter of 2023 was $12.6 million, as compared to $(5.5) million for the fourth quarter of 2022.
2024 Forecast
For the full year ended December 31, 2024, Redwire is forecasting revenues of $300 million.
“Redwire finished 2023 with strong commercial and financial performance in the fourth quarter, recognizing record revenues of $63.5 million and positive Adjusted EBITDA of $1.7 million in Q4 2023, which includes a negative impact from net EAC adjustments during the fourth quarter” said Jonathan Baliff, Chief Financial Officer of Redwire. “Redwire saw marked financial improvement on a year-over-year basis, with a 51.9% increase in revenues. 2023 profitability improvement was driven by an increase in Gross Profit and a decrease in SG&A year-over-year. This yielded $15.3 million in full year Adjusted EBITDA, positive net cash flow from operations of $1.2 million, and $30.3 million of cash on the balance sheet. Importantly, with our significant improvement in fourth quarter Contracted Backlog with book-to-bill of 2.81, Redwire enters 2024 with strong growth and profitability momentum and a full year revenue forecast of $300 million.”