Redwire Corporation Reports Full Fiscal Year 2021 Financial Results

Our total backlog as of December 31, 2021, which includes both contracted and uncontracted backlog, was $271.6 million. Uncontracted backlog represents the anticipated contract value, or portion thereof, of goods and services to be delivered under existing contracts which have not been appropriated or otherwise authorized. Our uncontracted backlog as of December 31, 2021 was $136.8 million. Uncontracted backlog includes $67.8 million of contract extensions under negotiation that are priced, fully scoped, verbally awarded, and expected to be executed shortly.

September 30, 2021 Financials
(Nine months ended)

REDWIRE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

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

 

 

Successor

 

 

Predecessor

 

Three Months Ended
September 30, 2021

 

Three Months Ended
September 30, 2020

 

Nine Months Ended
September 30, 2021

 

Period from
February 10, 2020 to
September 30, 2020

 

 

Period from
January 1, 2020 to
June 21, 2020

Revenues

$

32,680

 

 

$

12,485

 

 

$

96,526

 

 

$

17,656

 

 

 

$

16,651

 

Cost of sales

 

26,786

 

 

 

10,546

 

 

 

74,418

 

 

 

14,027

 

 

 

 

12,623

 

Gross margin

 

5,894

 

 

 

1,939

 

 

 

22,108

 

 

 

3,629

 

 

 

 

4,028

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

34,333

 

 

 

3,520

 

 

 

57,855

 

 

 

5,461

 

 

 

 

5,260

 

Contingent earnout expense

 

113

 

 

 

 

 

 

11,227

 

 

 

 

 

 

 

 

Transaction expenses

 

1,128

 

 

 

500

 

 

 

3,547

 

 

 

5,959

 

 

 

 

 

Research and development

 

1,371

 

 

 

776

 

 

 

3,326

 

 

 

1,303

 

 

 

 

387

 

Operating income (loss)

 

(31,051

)

 

 

(2,857

)

 

 

(53,847

)

 

 

(9,094

)

 

 

 

(1,619

)

Interest expense, net

 

1,740

 

 

 

82

 

 

 

4,931

 

 

 

82

 

 

 

 

76

 

Other (income) expense, net

 

(2,957

)

 

 

8

 

 

 

(2,980

)

 

 

21

 

 

 

 

23

 

Income (loss) before income taxes

 

(29,834

)

 

 

(2,947

)

 

 

(55,798

)

 

 

(9,197

)

 

 

 

(1,718

)

Income tax expense (benefit)

 

(5,582

)

 

 

(611

)

 

 

(7,971

)

 

 

(1,889

)

 

 

 

(384

)

Net income (loss)

$

(24,252

)

 

$

(2,336

)

 

$

(47,827

)

 

$

(7,308

)

 

 

$

(1,334

)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

$

(0.55

)

 

$

(0.06

)

 

$

(1.21

)

 

$

(0.20

)

 

 

$

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

44,036,040

 

 

 

37,200,000

 

 

 

39,503,720

 

 

 

37,200,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(24,252

)

 

$

(2,336

)

 

$

(47,827

)

 

$

(7,308

)

 

 

$

(1,334

)

Foreign currency translation gain (loss), net of tax

 

(119

)

 

 

304

 

 

 

(298

)

 

 

342

 

 

 

 

2

 

Total other comprehensive income (loss), net of tax

 

(119

)

 

 

304

 

 

 

(298

)

 

 

342

 

 

 

 

2

 

Total comprehensive income (loss)

$

(24,371

)

 

$

(2,032

)

 

$

(48,125

)

 

$

(6,966

)

 

 

$

(1,332

)

REDWIRE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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

 

 

Successor

 

September 30,
2021

 

December 31,
2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

27,258

 

 

$

22,076

 

Accounts receivable, net

 

10,396

 

 

 

6,057

 

Contract assets

 

9,364

 

 

 

4,172

 

Inventory

 

607

 

 

 

330

 

Income tax receivable

 

688

 

 

 

688

 

Related party receivable

 

 

 

 

4,874

 

Prepaid insurance

 

3,806

 

 

 

 

Prepaid expenses and other current assets

 

1,855

 

 

 

1,109

 

Total current assets

 

53,974

 

 

 

39,306

 

Property, plant and equipment, net

 

4,830

 

 

 

3,262

 

Goodwill

 

69,625

 

 

 

52,711

 

Intangible assets, net

 

87,453

 

 

 

60,961

 

Other non-current assets

 

125

 

 

 

534

 

Total assets

$

216,007

 

 

$

156,774

 

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

7,390

 

 

$

7,158

 

Notes payable to sellers

 

888

 

 

 

1,827

 

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

 

3,827

 

 

 

1,074

 

Accrued expenses

 

12,841

 

 

 

7,462

 

Deferred revenue

 

11,737

 

 

 

15,665

 

Other current liabilities

 

823

 

 

 

378

 

Total current liabilities

 

37,506

 

 

 

33,564

 

Long-term debt

 

74,989

 

 

 

76,642

 

Warrant liabilities

 

18,789

 

 

 

 

Deferred tax liabilities

 

6,415

 

 

 

7,367

 

Other non-current liabilities

 

 

 

 

6

 

Total liabilities

 

137,699

 

 

 

117,579

 

Shareholders’ Equity:

 

 

 

Preferred stock, $0.0001 par value, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2021

 

 

 

 

 

Common stock, $0.0001 par value, 500,000,000 shares authorized; 59,661,273 issued and outstanding as of September 30, 2021 and 37,200,000 issued and outstanding as of December 31, 2020

 

6

 

 

 

4

 

Additional paid-in capital

 

140,295

 

 

 

53,059

 

Accumulated deficit

 

(62,201

)

 

 

(14,374

)

Accumulated other comprehensive income (loss)

 

208

 

 

 

506

 

Shareholders’ equity

 

78,308

 

 

 

39,195

 

Total liabilities and shareholders’ equity

$

216,007

 

 

$

156,774

 

REDWIRE CORPORATION

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