Redwire Corporation (NYSE: RDW), a global leader in space infrastructure, including AM, to enable complex space missions, generated $160.5 million in revenues in the fiscal year 2022, growing 16.7% as compared to $137.6 million for the full year 2021. In 2020, Redwire acquired Made in Space, a pioneer in additive systems for in-space 3D printing. But what exactly does Redwire do?
Redwire’s 3D printers
Among several products for space manufacturing and exploration, Redwire offers several different additive manufacturing systems. These include the 3D BioFabrication Facility (BFF) and the Redwire ADvanced Space Experiment Processor (ADSEP), which together comprise the first-ever system capable of manufacturing human tissue in the microgravity condition of space.
Another AM system generating revenue for Redwire is the Additive Manufacturing Facility (AMF), the first permanent commercial manufacturing platform to operate in low Earth orbit. AMF is onboard the ISS and its versatility and durability have made it a reliable resource for government and commercial customers since its activation in 2016. More recently, Redwire’s Ceramics Manufacturing Module (CMM) was also installed on the ISS to use stereolithography (SLA) for solid ceramic parts. Ceramics manufacturing offers a unique capability to the company’s in-space partners, to produce hardware with high thermal resistance. It also offers this capability to Redwire’s commercial partners on Earth.
The upcoming Vulcan Advanced Hybrid Manufacturing (VULCAN) System combines several manufacturing technologies into one seamless system to produce precision metallic, polymer and hybrid parts. Utilizing additive and subtractive manufacturing, VULCAN will provide a unique capability to advance manufacturing in the microgravity environment and pave the way for advanced, all-purpose manufacturing systems. The system is able to produce high-strength, high-precision polymer and metallic components on-orbit with comparable quality to commercially-available, terrestrial machined and inspected parts.
Redwire FY 2022 highlights
On October 31, 2022, Redwire completed the acquisition of QinetiQ Space NV (“Space NV”). Space NV has significantly expanded the company’s global footprint and scope of business, especially with the European Space Agency.
Revenues for the fourth quarter of 2022 (including Space NV) increased 30.7% to $53.7 million, as compared to $41.1 million for the fourth quarter of 2021. Revenues also grew sequentially by 44.2%, as compared to the third quarter of 2022.
Net loss and Pro Forma Adjusted EBITDA for the full year 2022 (including the incremental Adjusted EBITDA that Space NV would have contributed if the acquisition had occurred on January 1, 2022) were $130.6 million and $7.0 million, respectively, as compared to net loss and Pro Forma Adjusted EBITDA of $61.5 million and $3.2 million, respectively, for the full year 2021. Net loss for the full year 2022 includes a $96.6 million non-cash impairment expense, while no such expense occurred in 2021.
Since its acquisition, Space NV contributed $11.7 million and $0.6 million to full-year 2022 revenues and Adjusted EBITDA. Excluding Space NV from revenues and Pro Forma Adjusted EBITDA1 (as if the acquisition had not occurred), Redwire would have achieved full-year 2022 revenues and Pro Forma Adjusted EBITDA of $148.9 million and negative $11.6 million, respectively, which are results within its revised full-year 2022 guidance range for revenues of $140.0 million to $155.0 million and Pro Forma Adjusted EBITDA1 of negative $13.0 million to negative $6.0 million (which guidance did not account for Space NV).
Total backlog (including Space NV) grew 71.2% year-over-year to $465.1 million as of December 31, 2022, as compared to $271.6 million as of December 31, 2021. In 2022, contracts awarded were $327.0 million.
For the full year ended December 31, 2023, Redwire expects revenue to be in the range of $220.0 million to $250.0 million.