Reduces losses and builds order book

Pete Cannito, Redwire Corporation on the New York Stock Exchange on September 8, 2021.

Source: NYSE

Space infrastructure company red cable released its fourth-quarter results on Wednesday, saying it had further cut losses and built its order book.

After rising 10% in premarket trading, Redwire stock fell slightly shortly after the opening bell.

The company posted revenue of $53.7 million in the fourth quarter, up 31% from the same period a year ago. Its total backlog nearly doubled to $465.1 million at the end of 2022, compared to the end of 2021.

Redwire also narrowed its quarter-over-quarter adjusted EBITDA loss to $773,000 from $1.5 million in the third quarter.

“Our financial performance has improved on both a sequential and year-over-year basis,” Redwire Chief Financial Officer Jonathan Baliff said in a statement.

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The company had $53.3 million in available cash at year-end, a combination of cash and borrowing capacity.

For 2023, Redwire forecasts annual revenue of between $220 million and $250 million, up from $160.6 million in 2022.

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