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Redwire (RDW) - 2025 Q1 - Quarterly Results
RDWRedwire (RDW)2025-05-12 10:21

Financial Performance - Revenues for Q1 2025 were 61.4million,adecreaseof30.161.4 million, a decrease of 30.1% compared to 87.8 million in Q1 2024[9] - Net Loss for Q1 2025 was (2.9)million,improvedby(2.9) million, improved by 5.1 million from (8.1)millioninQ12024[9]−AdjustedEBITDAforQ12025was(8.1) million in Q1 2024[9] - Adjusted EBITDA for Q1 2025 was (2.3) million, down 6.5millionfrom6.5 million from 4.3 million in Q1 2024[9] - Gross profit for Q1 2025 was 9.0million,downfrom9.0 million, down from 14.8 million in Q1 2024, reflecting a gross margin decline[29] - Operating loss for Q1 2025 was 14.3million,comparedtoalossof14.3 million, compared to a loss of 3.6 million in Q1 2024[29] - Free Cash Flow for Q1 2025 was (49.1)million,comparedto(49.1) million, compared to 0.4 million in Q1 2024[9] - Net cash used in operating activities for Q1 2025 was (45.1)million,anincreaseof(45.1) million, an increase of 47.8 million from 2.8millioninQ12024[9]−NetincomeforthethreemonthsendedMarch31,2025,wasalossof2.8 million in Q1 2024[9] - Net income for the three months ended March 31, 2025, was a loss of 2,948,000, an improvement from a loss of 8,096,000forthesameperiodin2024[32]−AdjustedEBITDAforthethreemonthsendedMarch31,2025,was8,096,000 for the same period in 2024[32] - Adjusted EBITDA for the three months ended March 31, 2025, was (2,268,000), compared to 4,281,000forthesameperiodin2024[36]−FreecashflowforthethreemonthsendedMarch31,2025,was4,281,000 for the same period in 2024[36] - Free cash flow for the three months ended March 31, 2025, was (49,136,000), compared to 397,000forthesameperiodin2024[40]LiquidityandAssets−Totalliquidityreachedarecord397,000 for the same period in 2024[40] Liquidity and Assets - Total liquidity reached a record 89.2 million, consisting of 54.2millionincashandcashequivalentsand54.2 million in cash and cash equivalents and 35.0 million in available borrowings[2][9] - Total current assets increased to 142.1millionasofMarch31,2025,upfrom142.1 million as of March 31, 2025, up from 125.9 million at the end of 2024[27] - Total liabilities decreased to 247.4millionasofMarch31,2025,downfrom247.4 million as of March 31, 2025, down from 344.5 million at the end of 2024[27] - Cash, cash equivalents, and restricted cash at the end of the period were 54,221,000,upfrom54,221,000, up from 32,569,000 at the end of the same period in 2024[32] Contracts and Backlog - Book-to-Bill ratio increased significantly to 0.92 in Q1 2025, compared to 0.40 in Q1 2024[9] - Significant contracts awarded include a NASA contract for launching pharmaceutical investigations and a contract from Thales Alenia Space for the Lunar I-Hab module[1][2] - Total contracts awarded for the three months ended March 31, 2025, were 56,244,000,comparedto56,244,000, compared to 35,101,000 for the same period in 2024[43] - The contracted backlog as of March 31, 2025, was 291,219,000,aslightdecreasefrom291,219,000, a slight decrease from 296,652,000 as of December 31, 2024[48] - The company recognized 57,568,000inorganicrevenueduringthethreemonthsendedMarch31,2025[48]−Thecompany’sorganicbacklogattheendoftheperiodwas57,568,000 in organic revenue during the three months ended March 31, 2025[48] - The company’s organic backlog at the end of the period was 279,363,000, compared to 280,969,000atthebeginningoftheperiod[48]AcquisitionandRisks−ThecompanyannouncedtheacquisitionofEdgeAutonomy,receivingallregulatoryapprovalsforthetransaction[1]−Redwire′sAdjustedEBITDAandFreeCashFlowforecastsarenotprovidedduetouncertaintiessurroundingtheacquisitionofEdgeAutonomy[20]−ThecompanyisfacingrisksrelatedtotheacquisitionofEdgeAutonomy,includingpotentialdilutionofexistingshareholders[19]−EdgeAutonomy′srevenueissignificantlyimpactedbysalestocustomersinUkraine,whichhavebeendecliningduetoongoingconflicts[19]−Thecompanyincurred280,969,000 at the beginning of the period[48] Acquisition and Risks - The company announced the acquisition of Edge Autonomy, receiving all regulatory approvals for the transaction[1] - Redwire's Adjusted EBITDA and Free Cash Flow forecasts are not provided due to uncertainties surrounding the acquisition of Edge Autonomy[20] - The company is facing risks related to the acquisition of Edge Autonomy, including potential dilution of existing shareholders[19] - Edge Autonomy's revenue is significantly impacted by sales to customers in Ukraine, which have been declining due to ongoing conflicts[19] - The company incurred 3,799,000 in transaction expenses related to acquisitions during the three months ended March 31, 2025[36]