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Trims losses and builds order backlog

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

Source: NYSE

Space infrastructure company Redwire reported fourth-quarter results on Wednesday, saying it further trimmed its losses and built its order backlog.

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

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

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

“Our financial performance showed improvement on both a sequential and year-over-year basis,” Redwire  CFO Jonathan Baliff said in a statement.

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The company had $53.3 million in available liquidity at the end of the year, which was a split mix of cash and borrowing capacity.

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

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