A Redwire Corporation banner will be exhibited on the New York Stock Exchange on September 8, 2021.
space infrastructure company Red cable said on Monday that it nearly erased its net loss in the second quarter and continued to increase its contract book.
Redwire generated revenue of $60.1 million in the second quarter, up 64% from the prior-year period. The backlog of contracted orders increased nearly 70% year over year to $272.8 million, compared to $162.1 million a year earlier.
The company trimmed its net loss to $5.5 million, down 93% from $77 million in the year-ago quarter.
“Our outstanding commercial and operational improvements continued in the second quarter of 2023, resulting in record financial performance both sequentially and year-on-year,” said Jonathan Baliff, Redwire’s chief financial officer, in a statement.
Redwire stock is up as much as 8% in after-hours trading from its closing price of $3.43 per share. Redwire’s shares are up more than 70% this year.
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The company also reiterated its full-year revenue guidance, saying it expects revenue of between $220 million and $250 million in 2023.
The company had $36.2 million in available liquidity at the end of the quarter, which was a mix of cash and credit capacity.
https://www.cnbc.com/2023/08/07/redwire-rdw-space-company-q2-earnings.html Space company Redwire (RDW) second quarter results.