Redwire Corporation (NYSE: RDW; “Redwire” or “the Company”)
today announced preliminary financial results for the year ended
December 31, 2021 and provided an update on the delay in filing its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2021 (the “Form 10-Q”) with the Securities and Exchange Commission
(the “SEC”).
Redwire expects to generate between $135 million and $140
million in total GAAP revenue and between $146 million and $151
million in total pro forma revenue for the year ended December 31,
2021, giving effect to the acquisitions completed in 2021 as
provided for under Article 11 of Regulation S-X. In comparison to
the Company’s previously provided guidance for 2021, the updated
range reflects effects on the business and operating environment
due to the Delta and Omicron variants and U.S. Government budget
uncertainty. The results represent approximately 160% GAAP revenue
growth and approximately 30% pro forma revenue growth for the year.
As of December 31, 2021 our contracted backlog is expected to be
between $133 million and $138 million and our uncontracted backlog
is expected to be between $136 million and $138 million for a total
backlog of between $269 million and $276 million.
Redwire achieved a number of significant technical and business
milestones in the fourth quarter of 2021 and to date in 2022. The
Company continued to build on its track record of technical and
commercial achievement, including:
- Acquisition and integration of Techshot,
Inc. a leader in on-orbit manufacturing and biotechnology
solutions;
- The successful deployment of a Redwire
Digital Sun Sensor system and two Redwire Roll-Out Solar Arrays
(ROSA) aboard NASA’s Double Asteroid Redirection Test (DART)
spacecraft, the world’s first planetary defense demonstration
mission;
- The successful delivery of Redwire’s L-Band
Link-16 Helical Antenna system for the Space Development Agency’s
(SDA) first generation of the National Defense Space Architecture;
and
- Partnering with leading space companies on
the new Orbital Reef project, a proposed dynamic commercial
ecosystem in Low Earth Orbit. This next-generation space station
could leverage Redwire capabilities including our Roll Out Solar
Arrays, digital engineering, and microgravity manufacturing
expertise.
“We take great pride in our business accomplishments in 2021,”
said Peter Cannito, Redwire Chairman and CEO. “We continue to build
on our proven heritage of successful first-of-a-kind space missions
now while investing significantly in new innovations that will
shape the future of space for generations to come. This unique
strategy of ‘heritage plus innovation’ delivered significant
revenue growth and a great foundation for the future.”
As previously announced, Redwire management was notified on
November 5, 2021 by an employee of potential accounting issues at a
business subunit. Management promptly informed the Company's
independent Audit Committee of the Board of Directors, its
independent registered accounting firm and the SEC. The Audit
Committee also promptly engaged independent, external legal and
accounting firms to complete an independent investigation.
The Audit Committee and Board of Directors have received a
preliminary briefing from the independent investigation. To date,
there have been no material misstatements identified in the
Company’s previously filed financial statements. Redwire is working
to finalize its third quarter 2021 Form 10-Q.
Added Cannito, “The Board of Directors and the entire Redwire
team take very seriously the values of accuracy and compliance in
the preparation of our financial statements. We look forward to
continuing to position Redwire for success in the long term. Our
vision for humanity’s expansion into space extends into the next
decade and beyond.”
Definition of Uncontracted Backlog
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 and of contract extensions under negotiation that are
priced, fully scoped, verbally awarded, and expected to be executed
shortly.
Disclaimer and Cautionary Statement Regarding Forward Looking
Statements
The preliminary revenue and backlog information included in this
press release is preliminary, unaudited and subject to completion,
reflect management’s current views, and may change as a result of
management’s review of results and other information, which may not
be currently available. Such preliminary results are subject to the
finalization of year-end financial and accounting procedures (which
have yet to be performed) and should not be viewed as a substitute
for audited results prepared in accordance with U.S. generally
accepted accounting principles. The actual results may be
materially different from the preliminary results. See the factors
discussed under the caption “Risk Factors” in the Company’s final
prospectus, dated October 4, 2021 and filed with the Securities and
Exchange Commission on the same date. We use certain financial
measures, including uncontracted and total backlog, to evaluate our
operating performance, generate future operating plans, and make
strategic decisions, including those relating to operating expenses
and the allocation of internal resources which are not calculated
in accordance with Generally Accepted Accounting Principles
(“GAAP”) and are considered to be Non-GAAP financial performance
measures. These Non-GAAP financial performance measures are used to
supplement the financial information presented on a GAAP basis and
should not be considered in isolation or as a substitute for the
relevant GAAP measures and should be read in conjunction with
information presented on a GAAP basis. Because not all companies
use identical calculations, our presentation of Non-GAAP measures
may not be comparable to other similarly titled measures of other
companies.
The statements in this release include forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements include, but are
not limited to, those including such words as “anticipates,”
“believes,” “remains,” “will,” and the negatives thereof or other
comparable terminology, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements also include other passages that are relevant to
expected future events, performances, and actions or that can only
be fully evaluated by events that will occur in the future.
Forward-looking statements in this release include, without
limitation, the Company’s statements regarding its business
prospects, its expectations and its and others’ actions with
respect to the investigation and related matters, expected
financial condition and results. There are many factors, risks and
uncertainties that could cause actual results to differ materially
from those predicted or projected in forward-looking statements
including, but not limited to, the findings of the investigation,
accountants and other third parties, finalization of its financial
statements and controls review, and factors, risks, and
uncertainties detailed from time to time in the Company’s filings
with the Securities and Exchange Commission.
About Redwire
Redwire Corporation (NYSE: RDW) is a leader in space
infrastructure for the next generation space economy, with valuable
IP for solar power generation and in-space 3D printing and
manufacturing. With decades of flight heritage combined with the
agile and innovative culture of a commercial space platform,
Redwire is uniquely positioned to assist its customers in solving
the complex challenges of future space missions. For more
information, please visit www.redwirespace.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220203005371/en/
Investor Contact: Michael Shannon
investorrelations@redwirespace.com 904-425-1413
Redwire (NYSE:RDW)
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