WASHINGTON — Space infrastructure company Redwire plans to continue its growth and its push to profitability by seeking larger contracts for its lines of components while moving up the value chain, including a new satellite design.
In financial results released after the markets closed March 14, Redwire reported revenue of $243.8 million in 2023, a 51.9% increase over 2022. When excluding the contribution from QinetiQ Space NV, a Belgian company Redwire acquired in late 2022, Redwire’s revenue still grew by 26.9%.
The company also reported positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $15.3 million, versus an adjusted EBITDA loss of $11 million in 2022. The company still reported a net loss of $27.3 million in 2023, but that was an improvement of $103.4 million over 2022.
In a March 15 earnings call, Redwire executives said the financial results were vindicating their approach to the space market, where it acquired several companies that produced spacecraft components ranging from solar arrays to structures and used that as the basis for future development.
“Our heritage-plus-innovation strategy is working,” said Peter Cannito, chief executive of Redwire. “By focusing on the fundamental building blocks of space, we are leading the expanding demand of our customers.”
That growing demand, he said, is linked to reduced costs of space access. “Deploying space infrastructure is more affordable than ever,” he said. “We continue to see key signs of a massive expansion of demand for space infrastructure.” That demand comes from a mix of national security space activities, expansion of lunar exploration and more general interest in low Earth orbit satellite constellations.
Cannito said Redwire’s plans for future growth involve both increased demand for its current products and movement into new markets. That includes “winning and delivering on increasingly larger orders,”…
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