Reduces losses and forms a portfolio of orders

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

Source: New York Stock Exchange.

Space Infrastructure Company redwire reported its fourth-quarter results on Wednesday, saying it cut its losses even further and built up its backlog.

After a 10% gain in premarket trading, Redwire shares fell slightly shortly after the first bell.

The company’s fourth-quarter revenue was $53.7 million, up 31% from the same period a year ago. Total backlog almost doubled to $465.1 million at the end of 2022 compared to the end of 2021.

Redwire also cut its QoQ adjusted EBITDA loss to $773,000 from $1.5 million in the third quarter.

“Our financial performance has improved both sequentially and year-on-year,” said Redwire CFO Jonathan Baliff.

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At the end of the year, the company had $53.3 million of available liquidity, which was a split mix of cash and lending capacity.

For 2023, Redwire is projecting $220 million to $250 million in annual revenue, up from $160.6 million in 2022.

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