Redwire States Record Revenue Increase in Q1 2023; Peter Cannito Quoted

Space infrastructure developer Redwire (NYSE: RDW) reported a 75.3 percent year-on-year increase in revenue for the first quarter of 2023, driven in part by its contributions to commercial space launches during the period.

Redwire executives held a quarterly earnings call on Wednesday, highlighting $57.6 million in sales and $4.3 million in positive adjusted earnings before interest, taxes, depreciation and amortization.

The company’s financial statement reflects the performance by QinetiQ Space NV during and after the October 2022 acquisition.

Peter Cannito, chair and CEO of Redwire, told analysts the company’s revenue for the January-March period was “the highest of any quarter-to-date” while its differentiated offerings drove the quarterly financial performance.

“For example, in Q1, the U.S. Space Force and SpaceX launched the GPS II SV-06 satellite from Cape Canaveral, Florida with two complete Redwire fine sensors,” Cannito noted.

He added the delivery of two Roll-Out Solar Array wings that will be launched through Boeing (NYSE: BA) to the International Space Station.

Redwire reaffirmed its full year revenue outlook of between $220 million and $250 million.

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