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Redwire reports Q2 2023 revenues up by 63%

The space infrastructure enabler and in-space 3D printing company is enjoying skyrocketing growth with sales for over $60 million in the quarter

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Redwire Corporation (NYSE: RDW), a global leader in space infrastructure that provides the foundational building blocks that are enabling some of the most complex space missions, closed the latest fiscal quarter, Q2 2023, reporting sales of $60.1, representing a 63% YoY growth. Even without considering revenue from the latest acquisition, Space NV, which was completed on October 31st, 2022, quarterly revenues increased 24.9% to $45.9 million.

“In Q2, we continued a trend of strong revenue growth and positive Adjusted EBITDA,” 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.”

Redwire reports Q2 2023 revenues up by 63% with sales for over $60 million in the quarter and large order backlog
Redwire’s 3D BioFabrication Facility was successfully installed on the International Space Station. (Credit: NASA)

Furthermore, the contracted backlog increased 68.3% year-over-year to $272.8 million as of June 30, 2023, as compared to $162.1 million as of June 30, 2022. For the full year ended December 31, 2023, Redwire affirmed that it expects revenues to be in the range of $220.0 million to $250.0 million. In FY 2022 the company, which we have been following since the acquisition of Made in Space and for ongoing development of in-space ceramic and polymer 3D printers, along with its bioprinters, had reported revenues of $160 million, with significant losses.

Revenues grew sequentially by 4.3%, as compared to the first quarter of 2023 and comparable revenues also grew sequentially by 1.1%, as compared to the first quarter of 2023. At the same time, the company has significantly cut nel loss by 92.9% to negative $5.5 million, as compared to negative $77.0 million for the second quarter of 2022. Net Loss also improved sequentially by $1.8 million or 24.7%, as compared to the first quarter of 2023.

Adjusted EBITDA for the second quarter of 2023 increased by $8.4 million to $4.4 million as compared to negative $4.1 million for the second quarter of 2022. Adjusted EBITDA increased sequentially by a nominal amount as compared to the first quarter of 2023.

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites and, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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