Redwire Corporation Reports Full Fiscal Year 2021 Financial

Redwire Corporation Reports Full Fiscal Year 2021 Financial Results

Our total backlog as of December 31, 2021, which includes both contracted and uncontracted backlog, was $271.6 million. Uncontracted backlog represents the anticipated contract value, or portion thereof, of goods and services to be delivered under existing contracts which have not been appropriated or otherwise authorized. Our uncontracted backlog as of December 31, 2021 was $136.8 million. Uncontracted backlog includes $67.8 million of contract extensions under negotiation that are priced, fully scoped, verbally awarded, and expected to be executed shortly.

September 30, 2021 Financials
(Nine months ended)

REDWIRE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands of U.S. dollars, except share and per share data)

	Successor												Predecessor
	Three Months Ended September 30, 2021			Three Months Ended September 30, 2020			Nine Months Ended September 30, 2021			Period from February 10, 2020 to September 30, 2020			Period from January 1, 2020 to June 21, 2020
Revenues	$	32,680		$	12,485		$	96,526		$	17,656		$	16,651
Cost of sales		26,786			10,546			74,418			14,027			12,623
Gross margin		5,894			1,939			22,108			3,629			4,028
Operating expenses:
Selling, general and administrative		34,333			3,520			57,855			5,461			5,260
Contingent earnout expense		113			—			11,227			—			—
Transaction expenses		1,128			500			3,547			5,959			—
Research and development		1,371			776			3,326			1,303			387
Operating income (loss)		(31,051	)		(2,857	)		(53,847	)		(9,094	)		(1,619	)
Interest expense, net		1,740			82			4,931			82			76
Other (income) expense, net		(2,957	)		8			(2,980	)		21			23
Income (loss) before income taxes		(29,834	)		(2,947	)		(55,798	)		(9,197	)		(1,718	)
Income tax expense (benefit)		(5,582	)		(611	)		(7,971	)		(1,889	)		(384	)
Net income (loss)	$	(24,252	)	$	(2,336	)	$	(47,827	)	$	(7,308	)	$	(1,334	)

Net income (loss) per share, basic and diluted	$	(0.55	)	$	(0.06	)	$	(1.21	)	$	(0.20	)	$	—
Weighted-average shares outstanding:
Basic and diluted		44,036,040			37,200,000			39,503,720			37,200,000			—

Comprehensive income (loss):
Net income (loss)	$	(24,252	)	$	(2,336	)	$	(47,827	)	$	(7,308	)	$	(1,334	)
Foreign currency translation gain (loss), net of tax		(119	)		304			(298	)		342			2
Total other comprehensive income (loss), net of tax		(119	)		304			(298	)		342			2
Total comprehensive income (loss)	$	(24,371	)	$	(2,032	)	$	(48,125	)	$	(6,966	)	$	(1,332	)

REDWIRE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands of U.S. dollars, except share data)

	Successor
	September 30, 2021			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	27,258		$	22,076
Accounts receivable, net		10,396			6,057
Contract assets		9,364			4,172
Inventory		607			330
Income tax receivable		688			688
Related party receivable		—			4,874
Prepaid insurance		3,806			—
Prepaid expenses and other current assets		1,855			1,109
Total current assets		53,974			39,306
Property, plant and equipment, net		4,830			3,262
Goodwill		69,625			52,711
Intangible assets, net		87,453			60,961
Other non-current assets		125			534
Total assets	$	216,007		$	156,774

Liabilities and Equity
Current liabilities:
Accounts payable	$	7,390		$	7,158
Notes payable to sellers		888			1,827
Short-term debt, including current portion of long-term debt		3,827			1,074
Accrued expenses		12,841			7,462
Deferred revenue		11,737			15,665
Other current liabilities		823			378
Total current liabilities		37,506			33,564
Long-term debt		74,989			76,642
Warrant liabilities		18,789			—
Deferred tax liabilities		6,415			7,367
Other non-current liabilities		—			6
Total liabilities		137,699			117,579
Shareholders’ Equity:
Preferred stock, $0.0001 par value, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2021		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized; 59,661,273 issued and outstanding as of September 30, 2021 and 37,200,000 issued and outstanding as of December 31, 2020		6			4
Additional paid-in capital		140,295			53,059
Accumulated deficit		(62,201	)		(14,374	)
Accumulated other comprehensive income (loss)		208			506
Shareholders’ equity		78,308			39,195
Total liabilities and shareholders’ equity	$	216,007		$	156,774

REDWIRE CORPORATION

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