Redwire Corporation Reports Full Fiscal Year 2021 Financial Results

These factors and circumstances include, but are not limited to: (1) the company’s limited operating history; (2) matters relating to or arising from the company’s Audit Committee investigation, including regulatory investigations and proceedings, litigation matters, and potential additional expenses, may adversely affect our business and results of operations; (3) the possibility that the company’s assumptions relating to future results may prove incorrect; (4) the inability to successfully integrate recently completed and future acquisitions; (5) the emerging nature of the market for in-space infrastructure services; (6) the inability to convert orders in backlog into revenue; (7) early termination, audits, investigations, sanctions and penalties with respect to government contracts; (8) data breaches or incidents involving the company’s technology; (9) the company’s dependence on senior management and other highly skilled personnel; (10) significant fluctuation of our operating results; (11) incurrence of significant expenses and capital expenditures to execute our business plan; (12) the need for substantial additional funding to finance our operations, which may not be available when we need it, on acceptable terms or at all; (12) the impacts of COVID-19 on the company’s business, including as a result of current supply chain constraints, labor shortage and inflationary pressures; (13) adverse publicity stemming from any incident involving the company or its competitors; (14) any delays in the development, design, engineering and manufacturing of our products and services; (15) material weaknesses in our internal control over financial reporting that are unremediated; (16) inability to meet stock exchange listing standards; (17) the ability to recognize the anticipated benefits of the business combination Genesis Park Acquisition Corp., which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (18) costs related to the business combination with Genesis Park Acquisition Corp.; (19) changes in applicable laws or regulations; (20) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; and (15) other risks and uncertainties described in our Prospectus filed pursuant to Rule 424(b)(3) on October 4, 2021 and those indicated from time to time in other documents filed or to be filed with the SEC by the company.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward looking statements, whether as a result of new information, future events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward looking statements.

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Total backlog, Adjusted EBITDA, and Pro Forma Adjusted EBITDA.

We use certain financial measures to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources which are not calculated in accordance with U.S. GAAP and are considered to be Non-GAAP financial performance measures. These Non-GAAP financial performance measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA and Pro Forma Adjusted EBITDA are two such Non-GAAP financial measures that we use. Adjusted EBITDA is defined as net loss adjusted for interest expense, income tax expense (benefit), depreciation and amortization, acquisition deal costs, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue, capital market and advisory fees, write-off of long-lived assets, equity-based compensation and warrant liability change in fair value adjustment. Pro Forma Adjusted EBITDA is computed in accordance with Article 8 of Regulation S-X and is computed to give effect to the business combinations as if they occurred on January 1 of the year in which they occurred.

About Redwire Corporation

Redwire Corporation (NYSE: RDW) is a leader in mission critical space solutions and high reliability components for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.

REDWIRE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands of U.S. dollars, except share and per share amounts)

 

 

Successor

 

 

Predecessor

 

Year Ended
December 31, 2021

 

Period from
February 10, 2020 to
December 31, 2020

 

 

Period from
January 1, 2020 to
June 21, 2020

Revenues

$

137,601

 

 

$

40,785

 

 

 

$

16,651

 

Cost of sales

 

108,224

 

 

 

32,676

 

 

 

 

12,623

 

Gross margin

 

29,377

 

 

 

8,109

 

 

 

 

4,028

 

Operating expenses:

 

 

 

 

 

 

Selling, general and administrative

 

78,695

 

 

 

13,103

 

 

 

 

5,260

 

Contingent earnout expense

 

11,337

 

 

 

 

 

 

 

 

Transaction expenses

 

5,016

 

 

 

9,944

 

 

 

 

 

Research and development

 

4,516

 

 

 

2,008

 

 

 

 

387

 

Operating income (loss)

 

(70,187

)

 

 

(16,946

)

 

 

 

(1,619

)

Interest expense, net

 

6,456

 

 

 

1,072

 

 

 

 

76

 

Other (income) expense, net

 

(3,837

)

 

 

15

 

 

 

 

23

 

Income (loss) before income taxes

 

(72,806

)

 

 

(18,033

)

 

 

 

(1,718

)

Income tax expense (benefit)

 

(11,269

)

 

 

(3,659

)

 

 

 

(384

)

Net income (loss)

$

(61,537

)

 

$

(14,374

)

 

 

$

(1,334

)

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

$

(1.36

)

 

$

(0.39

)

 

 

$

 

Weighted-average shares outstanding:

 

 

 

 

 

 

Basic and diluted

 

45,082,544

 

 

 

37,200,000

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss):

 

 

 

 

 

 

Net income (loss)

$

(61,537

)

 

$

(14,374

)

 

 

$

(1,334

)

Foreign currency translation gain (loss), net of tax

 

(403

)

 

 

506

 

 

 

 

2

 

Total other comprehensive income (loss), net of tax

 

(403

)

 

 

506

 

 

 

 

2

 

Total comprehensive income (loss)

$

(61,940

)

 

$

(13,868

)

 

 

$

(1,332

)

REDWIRE CORPORATION

CONSOLIDATED BALANCE SHEETS

( Unaudited )

(In thousands of U.S. dollars, except share data)

 

 

Successor

 

December 31,
2021

 

December 31,
2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

20,523

 

 

$

22,076

 

Accounts receivable, net

 

16,262

 

 

 

6,057

 

Contract assets

 

11,748

 

 

 

4,172

 

Inventory

 

688

 

 

 

330

 

Income tax receivable

 

688

 

 

 

688

 

Related party receivable

 

 

 

 

4,874

 

Prepaid insurance

 

2,819

 

 

 

 

Prepaid expenses and other current assets

 

2,488

 

 

 

1,109

 

Total current assets

 

55,216

 

 

 

39,306

 

Property, plant and equipment, net

 

19,384

 

 

 

3,262

 

Goodwill

 

96,314

 

 

 

52,711

 

Intangible assets, net

 

90,842

 

 

 

60,961

 

Deferred tax assets

 

 

 

 

 

Other non-current assets

 

 

 

 

534

 

Total assets

$

261,756

 

 

$

156,774

 

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

13,131

 

 

$

7,158

 

Notes payable to sellers

 

1,000

 

 

 

1,827

 

Short-term debt, including current portion of long-term debt

 

2,684

 

 

 

1,074

 

Accrued expenses

 

17,118

 

 

 

7,462

 

Deferred revenue

 

15,734

 

 

 

15,665

 

Other current liabilities

 

1,571

 

 

 

378

 

Total current liabilities

 

51,238

 

 

 

33,564

 

Long-term debt

 

74,867

 

 

 

76,642

 

Warrant liabilities

 

19,098

 

 

 

 

Deferred tax liabilities

 

8,601

 

 

 

7,367

 

Other non-current liabilities

 

730

 

 

 

6

 

Total liabilities

 

154,534

 

 

 

117,579

 

Shareholders’ Equity:

 

 

 

Preferred stock, $0.0001 par value, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2021

 

 

 

 

 

Common stock, $0.0001 par value, 500,000,000 shares authorized; 62,690,868 issued and outstanding as of December 31, 2021 and 37,200,000 issued and outstanding as of December 31, 2020

 

6

 

 

 

4

 

Additional paid-in capital

 

183,024

 

 

 

53,059

 

Accumulated deficit

 

(75,911

)

 

 

(14,374

)

Accumulated other comprehensive income (loss)

 

103

 

 

 

506

 

Shareholders’ equity

 

107,222

 

 

 

39,195

 

Total liabilities and shareholders’ equity

$

261,756

 

 

$

156,774

 

REDWIRE CORPORATION

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