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House infrastructure firm Redwire trims quarterly losses, builds order backlog

Pete Cannito, Redwire Company on the New York Inventory Change, September 8, 2021.

Supply: NYSE

House infrastructure firm Redwire reported fourth-quarter outcomes on Wednesday, saying it additional trimmed its losses and constructed its order backlog.

After rising as a lot as 10% in premarket buying and selling, Redwire inventory fell barely quickly after the opening bell.

The corporate introduced in $53.7 million in fourth-quarter income, up 31% from the identical interval a yr in the past. Its complete backlog of orders almost doubled to $465.1 million as of the top of 2022, in comparison with the top of 2021.

Redwire additionally trimmed its adjusted EBITDA loss on a quarter-over-quarter foundation, to $773,000 from $1.5 million within the third quarter.

“Our monetary efficiency confirmed enchancment on each a sequential and year-over-year foundation,” Redwire  CFO Jonathan Baliff stated in a press release.

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The corporate had $53.three million in obtainable liquidity on the finish of the yr, which was a cut up combine of money and borrowing capability.

For 2023, Redwire forecast full yr income between $220 million to $250 million, up from $160.6 million in 2022 income.

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