A striking Redwire Corporation banner adorns the New York Stock Exchange, showcasing its growing presence and influence in the market. (Source: NYSE)
In an impressive feat, Redwire, a leading space infrastructure company, has significantly reduced its net losses in the second quarter while expanding its contract backlog.
The company reported a remarkable $60.1 million in revenue for the second quarter, representing a remarkable 64% increase compared to the same period last year. Moreover, its contracted order backlog experienced a substantial surge of nearly 70%, reaching $272.8 million compared to $162.1 million a year prior.
Redwire effectively minimized its net loss to a mere $5.5 million, marking a staggering 93% drop from the $77 million recorded in the same quarter last year.
“Our exceptional progress in both commercial and operational fronts persisted during the second quarter of 2023, resulting in record-breaking financial performance on a sequential and year-over-year basis,” remarked Redwire’s Chief Financial Officer, Jonathan Baliff.
Following this positive announcement, Redwire stock witnessed a remarkable after-hours surge of up to 8%, surpassing its closing price of $3.43 per share. Throughout the year, shares of Redwire have phenomenally surged by over 70%.
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The company also reaffirmed its full-year revenue guidance, projecting a revenue range of $220 million to $250 million for 2023.
As of the end of the quarter, Redwire boasted a promising available liquidity of $36.2 million, consisting of a balanced mix of cash and borrowing capacity.
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