Redwire Corporation Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Redwire Corporation Announces Second Quarter 2024 Financial Results
Redwire Corporation (NYSE:RDW), a significant player in the space infrastructure domain, today announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Wall Street Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $78.1 million | $60.1 million | +30.0% | $68.38 million |
| Earnings Per Share (EPS) | $(0.11) | - | - | $(0.11) |
| Net Loss | $(18.1) million | $(5.5) million | Increased $12.6 million | |
| Adjusted EBITDA | $1.6 million | $4.4 million | Decreased $2.7 million | |
| Net Cash Provided by Operating (Use) | $(9.5) million | $2.8 million | Decreased $12.3 million |
Redwire Corporation exceeded consensus estimates for revenue, achieving a substantial increase of 30.0% year-over-year at $78.1 million versus an expected $68.38 million. However, despite positive revenue performance, the company faced challenges, recording a net loss of $(18.1) million and a lower Adjusted EBITDA of $1.6 million, down by $2.7 million year-over-year.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| Total Revenue | $78.1 million | $60.1 million | +30.0% |
Redwire's revenue increase was driven by significant gains across its key segments. The contracted backlog saw a 29.9% increase year-over-year, reaching $354 million as compared to Q2 2023’s $273 million. This highlights the successful execution of the company's strategic initiatives and growing demand for Redwire's space infrastructure solutions.
Key Operational Data
| Metric | Figure |
|---|---|
| Bookings for Q2 2024 | $114.4 million |
| Sequential Increase in Bookings | +226.0% from Q1 2024 |
| Total Available Liquidity | $55.8 million (+54.1% YoY) |
| Book-to-Bill Ratio (LTM) | 1.28 |
Comments from Company Officers
Peter Cannito, Chairman and CEO, remarked on the company’s strategic execution and growth, highlighting significant wins like the SabreSat VLEO flight contract and a follow-on order for Roll-Out Solar Array wings for Thales Alenia Space's Space Inspire satellites. CFO Jonathan Baliff emphasized the positive Adjusted EBITDA and strong liquidity position, underscoring continuous investments and future growth prospects.
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced in this earnings report.
Forward Guidance
Redwire affirmed its forecast for the full year 2024, projecting revenues to reach $300 million. This steady forward guidance reflects the company’s confidence in its strategic trajectory and operational capabilities.
Stock Price Movement
Post-earnings release, Redwire's stock experienced a decline, with shares down by 6.35%.
In summary, Redwire Corporation delivered solid revenue growth amid a challenging operating environment. With a stable revenue forecast and strong liquidity, the company remains poised to achieve its growth objectives and continuing innovation in the space infrastructure sector.
