Third Quarter 2024 Financial Results Reported by Redwire
Revenues for the Third Quarter of 2024 Increased 9.6% Year-Over-Year to $68.6 Million
Redwire Corporation has announced results for its third quarter ended September 30, 2024.
“Redwire continued its robust top line performance during the third quarter, with revenue for the nine months ended September 30, 2024 reaching $234.5 million."
Jonathan Baliff, Redwire
According to a news release, revenues for the third quarter of 2024 increased 9.6% to $68.6 million, as compared to $62.6 million for the third quarter of 2023. Net Loss for the third quarter of 2024 increased by $14.6 million to $(21.0) million, as compared to $(6.3) million for the third quarter of 2023. Net Loss for the third quarter of 2024 includes a loss contingency of $8.0 million related to the Lemen v. Redwire Corp. securities lawsuit, of which there is no comparable cost for the third quarter of 2023.
Adjusted EBITDA4 for the third quarter of 2024 decreased by $2.5 million to $2.4 million, as compared to $4.9 million for the third quarter of 2023.
Other Q3 Highlights:
On a last twelve month (LTM) basis, Book-to-Bill ratio was 1.25 as of the third quarter of 2024, as compared to 1.38 as of the third quarter of 2023. On a quarterly basis, Book-to-Bill ratio was 0.65 as of the third quarter of 2024, as compared to 0.74 as of the third quarter of 2023.
Net cash used in operating activities for the third quarter of 2024 increased by $14.4 million to $(17.7) million, as compared to net cash used in operating activities of $(3.3) million for the third quarter of 2023.
Free Cash Flow4 for the third quarter of 2024 decreased by $14.5 million to $(20.5) million, as compared to $(5.9) million for the third quarter of 2023.
2024 Forecast
“Mergers and acquisitions are a core strength of Redwire and important to our growth strategy. During the third quarter, Redwire returned to our M&A roots by closing on the purchase of Hera Systems - our tenth acquisition. Hera Systems brings a highly competent team and two new platforms to Redwire’s spacecraft portfolio, expanding our ability to execute larger missions, particularly in our national security segment,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “The significant increase in bids submitted and backlog on a year-over-year basis indicates that our growth strategy is showing increasing potential.”
For the full year ended December 31, 2024, Redwire affirms that it is forecasting revenues of $310 million.
“Redwire continued its robust top line performance during the third quarter, with revenue for the nine months ended September 30, 2024 reaching $234.5 million, a 30.1% improvement year-over-year,” said Jonathan Baliff, Chief Financial Officer of Redwire. “We again achieved positive Adjusted EBITDA4 during the quarter of $2.4 million, while continuing to make significant investments for growth. Having seen a more than tripling in bids submitted year-over-year to $2.9 billion for the nine months ended September 30, 2024, and a year-over-year improvement in backlog5 of 30.2% to $330.1 million, we enter the final quarter of 2024 and full year 2025 with strong momentum.”