A Redwire Corporation banner is displayed at the New York Stock Exchange, Sept. 8, 2021.
Source: NYSE
Space infrastructure company
Redwire
said Monday that it nearly erased its net losses during the second quarter and further grew its contract backlog.
Redwire brought in $60.1 million in second-quarter revenue, up 64% from the same period a year ago. Its backlog of contracted orders increased nearly 70% year over year, to $272.8 million from $162.1 million a year prior.
The company trimmed its net loss to $5.5 million, dropping the amount 93% from $77 million in the quarter a year ago.
“Our outstanding commercial and operational improvement continued in the second quarter of 2023, leading to record financial performance on both a sequential and year-over-year basis,” Redwire Chief Financial Officer Jonathan Baliff said in a statement.
Redwire stock rose as much as 8% in after-hours trading from its close at $3.43 a share. Shares of Redwire have climbed more than 70% this year.
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The company also reaffirmed full-year revenue guidance, saying it expects to bring in between $220 million and $250 million in 2023.
The company had $36.2 million in available liquidity at the end of the quarter, which was a split mix of cash and borrowing capacity.