(1) REDWIRE HERITAGE + INNOVATION Q2 2022 Investor Update | August 10, 2022 Disclaimers Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or an ...

Financial Data and Key Metrics Changes - GAAP revenue for Q1 2022 was $32.9 million, an increase of $1.2 million or 4% from the prior year, driven by $3.7 million in revenue from 2021 acquisitions [54] - Pro forma revenues decreased by $5.2 million or 14% due to the absence of large subcontract activities from Q1 2021 and macroeconomic challenges [55] - Gross margin declined by $2.3 million to $5.2 million in Q1 2022, influenced by cost impacts and increases in program estimates [57] - GAAP net loss for Q1 2022 was $17.3 million, with adjusted EBITDA showing a loss of $4.7 million compared to a gain of $1 million in Q1 2021 [59] Business Line Data and Key Metrics Changes - The backlog as of March 31, 2022, was $274 million, consistent with the previous quarter, with contracted backlog at $137 million [53][54] - Significant investments were made in business development, R&D, and capital expenditures, with spending increased over 70% in each category to support growth [25] Market Data and Key Metrics Changes - The national security sector is experiencing strong demand, driven by a 26% growth in the Space Force budget [15] - The approved NASA budget has grown by 8%, with increased investment in the Artemis program [16] - The emerging commercial space segment is expected to have tremendous growth potential over the next 5 to 10 years, despite near-term volatility [18][19] Company Strategy and Development Direction - The company aims to deliver foundational technologies for space infrastructure, focusing on improving and scaling products for customers [8] - Investments are being made to build a strong foundation for near-term growth and profitability, despite the associated cost impacts [13] - The company is uniquely positioned as a first mover in In-Space Servicing, Assembly, and Manufacturing (ISAM), with a national strategy supporting this area [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2022 forecast, expecting sales to be more heavily weighted towards the latter half of the year [14][31] - The company anticipates that the combination of existing backlog and a strong near-term pipeline will lead to increasing revenue profiles [60] - Management acknowledged potential rocky roads ahead for the economy but emphasized strong demand signals across all market segments [28][31] Other Important Information - The company ended Q1 2022 with $30.9 million in available liquidity, including $5.9 million in cash and $25 million in available borrowings [63] - A Committed Equity Facility was established, allowing the company to sell up to $80 million in equity for future growth [65] Q&A Session Summary Question: Near-term headwinds and revenue guidance - Management discussed the impact of backlog and bid execution on the second half of the year, with $547 million in bids submitted [69] Question: Expense side and inflation impact - Management highlighted the importance of maintaining good relationships with subcontractors to manage inflationary pressures [72] Question: Emerging commercial space opportunities - Management noted the difficulty in predicting timing but emphasized strong demand signals in the commercial space sector [74] Question: Solar array deliveries and revenue implications - Management confirmed expectations for solar array deliveries to triple in 2022, indicating strong customer interest and potential revenue growth [76] Question: National security opportunities and growth trajectory - Management acknowledged the growth in national security budgets and the company's capacity to execute on these opportunities [84] Question: Historical win rate on bids - Management indicated that historical data is limited, making it difficult to predict win rates for the current bids [92] Question: Long-term revenue trajectory - Management expressed confidence in the demand signals for space and the potential for growth, despite some uncertainty in timing [94]

Financial Performance - Revenues for the three months ended March 31, 2022, increased by $1.2 million, or 4%, to $32.867 million compared to $31.698 million for the same period in 2021[197]. - Cost of sales rose by $3.5 million, or 14%, for the three months ended March 31, 2022, totaling $27.696 million, primarily due to $3.7 million from 2021 acquisitions and increased production costs[199]. - Gross margin decreased by $2.3 million, or 31%, to $5.171 million, representing 16% of revenues for the three months ended March 31, 2022, down from 24% in the prior year[200]. - Selling, General and Administrative (SG&A) expenses surged by $9.7 million, or 86%, to $20.951 million, driven by equity-based compensation and litigation-related expenses[201]. - Research and development expenses increased by $0.7 million, or 73%, to $1.724 million, reflecting a strategic investment in future technologies despite macroeconomic challenges[204]. - Net loss for the three months ended March 31, 2022, was $17.293 million, compared to a net loss of $7.674 million for the same period in 2021, marking a 125% increase in losses[197]. - Adjusted EBITDA for the three months ended March 31, 2022, was $(4.669) million, a decrease from $0.977 million for the same period in 2021[210]. Operational Highlights - The company completed multiple launches and successfully operated payloads on the International Space Station, demonstrating its commitment to supporting current space missions[187]. - The company is focused on expanding its infrastructure solutions to support the growth of the space economy, which is seen as being at an inflection point due to reduced launch costs[186]. - The company is investing in in-space manufacturing and assembly technologies, with a critical design review for OSAM-2 completed in Q4 2021[188]. - The company anticipates continued investment in technologies throughout 2022, despite the impact of COVID-19 and macroeconomic factors on its operations[189]. Financial Position - Available liquidity as of March 31, 2022, totaled $30.9 million, consisting of $5.9 million in cash and $25.0 million in available borrowings[225]. - Total debt as of March 31, 2022, was $77.867 million, a decrease from $79.204 million as of December 31, 2021[226]. - The company has identified a plan for cost reduction actions, including workforce rationalizations and business unit optimization initiatives[224]. - The consolidated total net leverage ratio was amended to not exceed 6.50:1.00 as of the last day of any quarter[229]. - The revolving credit facility commitment was increased from $5.0 million to $25.0 million on March 25, 2022[231]. - As of March 31, 2022, the company was in compliance with its debt covenants under the Adams Street Credit Agreement[233]. - The company entered into an $80 million common stock purchase agreement to support growth strategies, including acquisitions and working capital[239]. Cash Flow and Investments - For the three months ended March 31, 2022, net cash used in operating activities was $11.4 million, compared to $12.5 million for the same period in 2021[242][244]. - Net cash used in investing activities for the three months ended March 31, 2022, was $1.0 million, significantly lower than $34.1 million in the same period of 2021[245][246]. - For the three months ended March 31, 2022, net cash used in financing activities was $2.1 million, compared to a net cash inflow of $40.9 million in the same period of 2021[247]. - The company had total contractual obligations of $93.0 million as of March 31, 2022, including long-term debt maturities and future minimum lease payments[240]. - The company repaid the full outstanding principal and interest of $41.6 million on the SVB Loan on September 2, 2021[236]. - The D&O Financing Loan of $3.0 million has an interest rate of 1.74% per annum and a maturity date of May 3, 2022[238]. Backlog and Contracts - The book-to-bill ratio was 0.93 for the three months ended March 31, 2022, down from 2.12 for the same period in 2021, with contracts awarded totaling $30.426 million compared to revenues of $32.867 million[213]. - Contracted backlog at the end of March 31, 2022, was $137.301 million, slightly down from $139.742 million at the end of December 31, 2021[218]. - Total backlog, including both contracted and uncontracted backlog, was $273.9 million as of March 31, 2022, with uncontracted backlog at $136.6 million[220].

Financial Performance - Revenues for the year ended December 31, 2021, were $137.60 million, compared to $40.79 million for the period from February 10, 2020, to December 31, 2020[402]. - The company reported a net loss of $61.54 million for the year ended December 31, 2021, compared to a net loss of $14.37 million for the previous period[402]. - The gross margin for the year ended December 31, 2021, was $29.38 million, which is 21.4% of total revenues[402]. - Operating expenses for the year ended December 31, 2021, totaled $99.56 million, significantly higher than $13.10 million for the previous period[402]. - Pro forma revenues for the year ended December 31, 2021, were $149,295 thousand, representing an increase from $126,999 thousand in 2020, while net loss increased to $57,766 thousand from $7,902 thousand[529]. Assets and Liabilities - Total assets as of December 31, 2021, were $261.76 million, up from $156.77 million as of December 31, 2020, representing a 67% increase[400]. - The company’s total current liabilities increased to $51.24 million as of December 31, 2021, from $33.56 million as of December 31, 2020[400]. - As of December 31, 2021, total shareholders' equity was reported at $107.22 million, with accumulated deficit amounting to $75.91 million[405]. - Cash and cash equivalents at the end of the period were $20.52 million, a decrease from $22.08 million at the beginning of the period[407]. - Total accounts receivable, net increased to $16,262 thousand as of December 31, 2021, up from $6,057 thousand in 2020, with billed receivables at $14,820 thousand and unbilled receivables at $1,442 thousand[537]. - Inventory balance as of December 31, 2021, was $688 thousand, compared to $330 thousand in 2020, with raw materials at $414 thousand, work in process at $117 thousand, and finished goods at $157 thousand[538]. Research and Development - Research and development expenses for the year ended December 31, 2021, were $4.5 million, focusing on advancing space infrastructure technologies[77]. - Research and development costs are primarily made up of labor charges, prototype material, and development expenses, which are expensed in the period incurred[452]. Acquisitions and Growth Strategy - The company completed eight acquisitions since March 2020, enhancing its technology and product offerings, including notable acquisitions like Adcole Space, LLC and Deep Space Systems, Inc.[410]. - The merger with Genesis Park Acquisition Corp. on September 2, 2021, resulted in gross proceeds of $110.6 million, which were partially used to repay $41.6 million of outstanding loans[411]. - The company is strategically focused on expanding its market presence through acquisitions and innovative technology development in the space sector[410]. - The company aims to capitalize on the commercialization of Low Earth Orbit (LEO) and on-orbit servicing, assembly, and manufacturing as key growth opportunities[70]. Workforce and Talent Acquisition - The company plans to increase its workforce by approximately 33% to support contracted work, with 34% of current employees hired in the past twelve months[87]. - The company has established a talent acquisition team to enhance recruitment efforts in a competitive labor market[88]. - The company offers competitive compensation packages, including short- and long-term incentive programs, to attract and retain talent[90]. - The company is committed to diversity and inclusion, supporting various organizations in the aerospace field[89]. Market and Industry Insights - The global space economy generated approximately $420 billion in total revenue in 2019 and is projected to grow to an estimated $2 trillion by 2040[65]. - The annual number of small satellites (Smallsats) launched has increased almost eightfold since 2012, with 94% of all launches in 2021 including a smallsat[68]. - The emergence of large reusable rockets has reduced launch costs by approximately 95% over the past decade, with costs as low as $2,700 per kilogram for launching satellites to LEO[67]. - Approximately $253 billion of equity investment has been made across 1,694 space companies over the last 10 years, indicating significant growth in the space market[63]. - NASA is a major customer, with the Archinaut One program being the largest revenue-generating contract, focusing on satellite construction in orbit[57]. Financial Reporting and Accounting - The company recognizes revenue over time for long-term contracts, reflecting the nature of the services provided, which include design and manufacturing of spacecraft components[429]. - The company utilizes the acquisition method of accounting for business combinations, recognizing the fair value of all assets acquired and liabilities assumed[420]. - The company recognizes anticipated contract losses as soon as they become known and estimable for long-term contracts[430]. - The company recognizes tax benefits only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities[451]. - The company adopted ASU No. 2021-08, which requires recognizing contract assets and liabilities in accordance with ASC 606 for business combinations[465]. Goodwill and Intangible Assets - Goodwill is assessed for impairment at least annually, with the company performing qualitative and quantitative analyses as necessary[442]. - The fair value of the acquired customer relationships from DSS was estimated using the excess earnings method, contributing to the overall goodwill[474]. - The total intangible assets acquired from the MIS acquisition were valued at $35,000,000, with a weighted average useful life of 10 years for technology[482]. - Goodwill from the Adcole acquisition was recorded at $21,525,000, reflecting potential synergies and market expansion[469]. - The fair value of the contingent earnout for MIS was estimated at $11,500,000, settled as of December 31, 2021[479]. Challenges and Risks - The company has experienced supply chain disruptions and labor shortages due to the COVID-19 pandemic, impacting its operating environment[415]. - Significant changes in unobservable inputs for contingent consideration could lead to substantial adjustments in fair value measurements, emphasizing the inherent risks in valuation[534].

Business Performance - In Q3 2021, the company experienced strong order volume and secured significant new business mandates, despite facing delays due to U.S. government funding uncertainties and COVID-19 impacts [201]. - Revenues increased 162% to $32.7 million for Q3 2021 compared to $12.5 million for Q3 2020, with acquisitions contributing $16.9 million, representing 135% of the increase [224]. - Operating loss for Q3 2021 was $(31.1) million, compared to $(2.9) million in Q3 2020, reflecting a 987% increase in losses [223]. - Net income loss for Q3 2021 was $(24.3) million, a 938% increase compared to $(2.3) million in Q3 2020 [223]. - Revenues for the nine months ended September 30, 2021 increased 447% to $96.5 million compared to $17.7 million for the same period in 2020, driven by acquisitions contributing $49.9 million [235]. Cost and Expenses - Cost of sales as a percentage of net revenues decreased to 82% in Q3 2021 from 84% in Q3 2020, with a 154% increase in cost of sales attributed to acquisitions [225]. - SG&A expenses as a percentage of revenues rose to 105% in Q3 2021 from 28% in Q3 2020, with a significant portion due to equity-based compensation and public company readiness expenses [226]. - Research and development expenses as a percentage of revenues decreased to 5% in Q3 2021 from 6% in Q3 2020, focusing on next-generation technologies [229]. - Interest expense, net increased to 5% of revenues in Q3 2021 from 1% in Q3 2020, primarily due to outstanding debt [230]. - Income tax expense as a percentage of revenues was 17% in Q3 2021, up from 5% in Q3 2020, influenced by nondeductible transaction costs [232]. Acquisitions and Partnerships - The company completed the merger with Genesis Park Acquisition Corp. and began trading on the NYSE on September 3, 2021 [203]. - The company acquired Techshot, Inc. for cash and stock, enhancing its capabilities in microgravity bioprinting and on-orbit manufacturing [213]. - The company has partnered with leading space companies on the Orbital Reef project, a proposed commercial ecosystem in low Earth orbit [203]. - The company has been integrating several acquisitions from a fragmented landscape of space-focused technology companies to enhance its innovative capabilities [199]. Contracts and Backlog - Contracted backlog as of September 30, 2021, totaled $121.4 million, a slight decrease from $122.3 million as of December 31, 2020 [261]. - Organic backlog at the end of the period was $32.6 million, down from $52.6 million at the beginning of the period, reflecting higher organic revenue recognized [261]. - Acquisition-related backlog increased to $88.8 million as of September 30, 2021, compared to $69.7 million at the end of the previous period [261]. - Total backlog, including both contracted and uncontracted backlog, reached $284.6 million as of September 30, 2021, with uncontracted backlog at $163.3 million [264]. Financial Position and Liquidity - Available liquidity as of September 30, 2021, was $32.3 million, consisting of $27.3 million in cash and cash equivalents, and $5.0 million in available borrowings [270]. - Total debt as of September 30, 2021, was $80.5 million, an increase from $78.6 million as of December 31, 2020 [271]. - The company incurred net losses and negative operating cash flow since inception, impacting its cash management strategy [266]. - The Adams Street Credit Agreement has a maturity date of October 28, 2026, and requires compliance with customary covenants [274]. - As of September 30, 2021, total contractual obligations amounted to $98.2 million, with long-term debt maturities contributing $80.5 million and future minimum lease payments totaling $17.7 million [285]. Cash Flow Activities - For the Successor 2021 Period, net cash used in operating activities was $34.3 million, primarily due to a net loss of $18.5 million and an unfavorable change in net working capital of $15.8 million [287]. - Net cash used in investing activities for the Successor 2021 Period was $36.1 million, mainly for the acquisitions of Oakman and DPSS, totaling $38.7 million [290]. - Net cash provided by financing activities for the Successor 2021 Period was $75.5 million, driven by proceeds from debt of $49.0 million and merger proceeds of $110.6 million [292]. - The net increase in cash and cash equivalents for the Successor 2021 Period was $5.2 million, resulting in cash and cash equivalents of $27.3 million at the end of the period [286]. Operational Challenges - The company continues to monitor the impacts of COVID-19 on operations, with uncertainties regarding program execution and supply chain stress [220]. - The unfavorable change in net working capital during the Successor 2021 Period was largely driven by increases in accounts receivable ($1.2 million) and contract assets ($3.5 million) [287]. Accounting and Estimates - The company regularly evaluates critical accounting estimates, which can significantly impact net revenues and expenses, based on historical experience and reasonable assumptions [295].

Financial Performance - For the six months ended June 30, 2021, the Company incurred a loss from operations of $921,610, primarily due to professional fees[122] - The Company recognized $4,570,441 in other expenses for the same period, driven by a loss in the fair value of warrants[122] IPO and Capital Raising - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units[116] - The underwriter in the IPO is entitled to a deferred fee of $0.35 per unit, totaling $5,732,168, payable only if the business combination is completed[140] - The Company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of raising capital or completing a business combination[118] Trust Account and Cash Position - As of June 30, 2021, the Trust Account held $166,290,257, compared to $166,243,614 as of December 31, 2020[124] - As of June 30, 2021, the Company had cash of $557,200 outside the Trust Account[125] Business Combination and Agreements - The Company entered into a Merger Agreement on March 25, 2021, to merge with Redwire, with the SEC declaring the registration statement effective on August 11, 2021[119] - The Company does not anticipate needing additional funds to meet operating expenditures prior to the business combination[130] Obligations and Arrangements - The Company has no off-balance sheet arrangements or significant contractual obligations other than a monthly fee of $15,000 to the Sponsor for administrative services[139]

IPO and Financial Proceeds - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units at an offering price of $10.00 per unit[113]. - Transaction costs related to the IPO amounted to $9,640,145, which included an underwriting discount of $3,275,524 and deferred underwriter's fees of $5,732,168[124]. Financial Position - As of March 31, 2021, the Trust Account held $166,272,072, reflecting a slight increase from $166,243,614 as of December 31, 2020[120]. - The Company had cash of $1,186,528 outside the Trust Account as of March 31, 2021, down from $1,295,380 as of December 31, 2020[121]. - As of March 31, 2021, the Company did not have any off-balance sheet arrangements or contractual obligations[140]. Operational Performance - For the three months ended March 31, 2021, the Company incurred a loss from operations of $213,974, primarily due to professional fees totaling $93,392[120]. - The Company recognized $474,123 in other income, driven by a change in the fair value of warrants amounting to $445,665 and interest income of $28,458 from the Trust Account[120]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination[119]. Business Combination - The Company entered into a Merger Agreement on March 25, 2021, to merge with Redwire, with the aggregate consideration to be paid in a combination of stock and cash[116]. - The Company may need to obtain additional financing to complete a Business Combination or to meet obligations if cash on hand is insufficient[128].

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended December 31, 2020 Commission File Number 001-39733 GENESIS PARK ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 98-1550429 (State or Other Jurisdiction of Incorporation) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 2000 Edwards Street, Suite B Houston, TX 77007 (Address of principal executive offices) (zip c ...

IPO and Financial Proceeds - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units at an offering price of $10.00 per unit[92]. - Following the IPO, $166,232,864 was placed in a trust account, representing net proceeds from the IPO and private placement[102]. Transaction Costs - The Company incurred transaction costs of $9,640,145, which included an underwriting discount of $3,275,524 and deferred underwriter's fees of $5,732,168[101]. Financial Performance - As of September 30, 2020, the Company reported a net loss of $5,111, primarily due to formation costs[97]. - The Company has not engaged in any operations or generated revenues to date, with expectations to generate non-operating income from interest on marketable securities held in the Trust Account[95]. Cash and Financing Needs - The Company held no cash as of September 30, 2020, relying on initial stock purchases and loans from the Sponsor totaling $65,000 to cover offering-related costs[98]. - The Company may need additional financing to complete a business combination or to meet obligations if cash on hand is insufficient[104]. - The Sponsor or its affiliates may provide loans to fund working capital deficiencies, with up to $1,500,000 of such loans convertible into warrants at the lender's option[103]. Risk and Investment Strategy - As of September 30, 2020, the Company was not subject to any market or interest rate risk, with plans to invest IPO proceeds in U.S. government treasury bills or money market funds[109]. Accounting Policies - The Company has not identified any critical accounting policies that could materially affect its financial statements[106].