Financial Data and Key Metrics Changes - Redwire's total revenue for Q4 2022 was $53.7 million, the highest in the company's history, representing a 16.7% increase year-over-year [12][38] - The total backlog grew by 71.2% from $271.6 million at the end of 2021 to $465.1 million at the end of 2022 [5][42] - Adjusted EBITDA improved by over 47.5% compared to Q3 2022, with a year-over-year increase of 83.4% [12][47] - The GAAP net loss for Q4 2022 was $25.9 million, primarily due to a $16.2 million non-cash impairment charge, while the full year net loss was $130.6 million compared to $61.5 million in 2021 [22][45] Business Line Data and Key Metrics Changes - The acquisition of Space NV contributed $11.7 million to Q4 revenue since its closing on October 31, 2022, with the overall revenue excluding this contribution still reaching a record $42 million [20][21] - The company launched 11 products and capabilities during Q4 2022, including additional solar arrays installed on the International Space Station [12][13] - The backlog for Space NV increased from $109 million at acquisition to $128 million by the end of 2022, indicating strong growth potential [66] Market Data and Key Metrics Changes - Redwire's revenue growth was supported by a diversified customer base, with 86.2% of revenues coming from government and marquee customers [45][60] - The company reported a book-to-bill ratio of 2.04, indicating strong demand and contract additions [42] Company Strategy and Development Direction - Redwire aims to accelerate humanity's expansion into space by providing reliable and sustainable infrastructure, focusing on government contracts and commercial opportunities [11][36] - The company is positioned to capitalize on the growing global space race and the increasing demand for space infrastructure [36][37] - Redwire's strategy includes expanding its global footprint through acquisitions, such as Space NV, which enhances its capabilities and market reach [16][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining liquidity and profitability, emphasizing a focus on cash management and operational efficiency [32][70] - For 2023, the company expects full-year revenue to be between $220 million and $250 million, representing a 46% year-over-year growth at the midpoint [25][42] - Management highlighted the importance of backlog conversion and the potential for larger multi-year contracts to drive future revenue [51][66] Other Important Information - Redwire's adjusted EBITDA margin is expected to improve, with a target of exceeding 20% gross margins [94] - The company has a strong liquidity position with $53.3 million available as of December 31, 2022, bolstered by recent equity financing [49] Q&A Session Summary Question: How is the backlog conversion expected to change? - Management noted that the backlog conversion may have shifted slightly due to the acquisition and contracts from 2022, but they remain optimistic about future conversions [31] Question: What is the outlook for EBITDA and profitability in 2023? - Management is focused on profitability and expects to continue the positive trend seen in 2022, although they did not provide specific guidance for EBITDA [32] Question: What is the expected contribution from Space NV in 2023? - Management indicated that Space NV is expected to be a strong contributor, with its backlog growing significantly since acquisition [66] Question: How does the company view cash management and working capital? - Management emphasized the importance of cash management and plans to receive cash upfront for contracts to support growth and maintain liquidity [70] Question: What are the key drivers of backlog expansion? - Management stated that no single program drives over 10% of revenue, indicating a diverse base of programs contributing to backlog and revenue growth [96]

Q4 2022 Investor Presentation March 29, 2023 47 85 151 22 204 251 254 Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or any prior or subsequ ...

Operational Performance - The company reported significant operational wins in areas such as power systems, LEO commercialization, and human space flight, contributing to increased revenues and bookings [244]. - The company successfully delivered multiple L-Band Link-16 Helical Antenna systems for the SDA's National Defense Space Architecture constellation's Transport Layer in Q1 2022 [245]. - The company delivered the fourth Roll-Out Solar Array (ROSA) for the ISS ahead of schedule, with additional wings scheduled for launch in the coming years [246]. - The company is progressing on OSAM-2, a satellite that will manufacture and assemble parts of itself in space, aligning with national strategies for in-space manufacturing [248]. - The company has a robust backlog for its solar array product lines, including projects for NASA and various commercial customers [247]. Financial Performance - Revenues increased 14% to $37.2 million for the three months ended September 30, 2022, compared to $32.7 million for the same period in 2021, driven by $2.3 million from the Techshot Acquisition [266]. - Cost of sales rose by $2.5 million, or 9%, to $29.3 million for the three months ended September 30, 2022, primarily due to $1.5 million from the Techshot Acquisition and increased production costs [267]. - Gross margin improved by $2.1 million, or 35%, to $7.9 million, representing 21% of revenues for the three months ended September 30, 2022, up from 18% in the prior year [268]. - SG&A expenses decreased by $19.0 million, or 55%, to $15.3 million for the three months ended September 30, 2022, mainly due to a reduction in equity-based compensation [271]. - Net income loss narrowed to $10.4 million for the three months ended September 30, 2022, compared to a loss of $24.3 million in the same period of 2021, reflecting a $13.8 million improvement [265]. - Revenues for the nine months ended September 30, 2022 increased by $10.3 million, or 11%, to $106.8 million, with $5.1 million attributed to the Techshot Acquisition [279]. - Cost of sales for the nine months ended September 30, 2022 increased by $12.3 million, or 17%, to $86.7 million, driven by revenue growth and $4.0 million from the Techshot Acquisition [280]. - Gross margin decreased by $2.0 million, or 9%, to $20.1 million for the nine months ended September 30, 2022, representing 19% of revenues, down from 23% in the prior year [281]. - Research and development expenses increased by $1.2 million, or 37%, for the nine months ended September 30, 2022, reflecting strategic investments in future technologies [287]. - Impairment expense surged by $80.5 million for the nine months ended September 30, 2022, due to a non-cash impairment charge related to goodwill and long-lived assets [286]. - Interest expense, net increased by $0.6 million, or 12.0%, for the nine months ended September 30, 2022, compared to the same period in 2021 [288]. - Other (income) expense, net rose by $11.5 million, or 386%, for the nine months ended September 30, 2022, primarily due to a gain from a decrease in the fair value of the private warrant liability [289]. - The effective tax rate decreased to 6.2% for the nine months ended September 30, 2022, down from 14.3% in the same period of 2021 [290]. - Adjusted EBITDA for the nine months ended September 30, 2022, was $(10.2) million, compared to $1.8 million for the same period in 2021 [294]. - The company reported a net loss of $104.7 million for the nine months ended September 30, 2022, compared to a net loss of $47.8 million for the same period in 2021 [294]. Liquidity and Capital Structure - The company’s primary sources of liquidity include cash flows from operations and proceeds from the Purchase Agreement with B. Riley [307]. - As of September 30, 2022, the company's available liquidity totaled $17.0 million, consisting of $7.0 million in cash and cash equivalents, and $10.0 million in available borrowings from existing credit facilities [312]. - The total outstanding debt as of September 30, 2022, was $94.681 million, an increase from $79.204 million as of December 31, 2021 [316]. - The company anticipates final net proceeds of approximately $37.0 million to $40.0 million from the sale of Convertible Preferred Stock, net of transaction expenses [314]. - The company sold an aggregate of 80,000 shares of Convertible Preferred Stock for a total purchase price of $80.0 million to AEI and Bain Capital [313]. - The company is executing cost reduction actions, including workforce rationalizations and business unit optimization initiatives, to strengthen its financial position [311]. - The company entered into a committed equity facility on April 14, 2022, allowing it to sell up to $80.0 million of its common stock over 24 months [332]. - The company intends to use proceeds from the Convertible Preferred Stock sale for acquisitions, expanding global infrastructure offerings, and increasing total available liquidity [315]. - The company was in compliance with its debt covenants under the Adams Street Credit Agreement as of September 30, 2022 [326]. - The company has a maturity date of October 28, 2026, for the Adams Street Credit Agreement, which is secured by a first lien security interest in certain assets [321]. - As of September 30, 2022, total contractual obligations amounted to $112.6 million, with long-term debt maturities contributing $94.7 million and future minimum lease payments totaling $17.9 million [335]. Cash Flow and Investment Activities - For the nine months ended September 30, 2022, net cash used in operating activities was $26.8 million, an improvement from $34.3 million in the same period of 2021 [338][339]. - The net cash provided by financing activities for the nine months ended September 30, 2022, was $16.9 million, significantly lower than $75.5 million in the prior year [343][344]. - Net cash used in investing activities for the nine months ended September 30, 2022, was $3.4 million, a substantial decrease from $36.1 million in the same period of 2021 [341][342]. - The company reported a net loss before deducting depreciation, amortization, and other non-cash items of $28.5 million for the nine months ended September 30, 2022 [338]. - The change in net working capital during the nine months ended September 30, 2022, was a favorable $1.7 million, driven by increases in accounts payable and accrued expenses [338]. - The company had a future lease obligation of $1.5 million for a facility lease that had not yet commenced as of September 30, 2022 [336]. - Cash and cash equivalents at the end of the period on September 30, 2022, were $7.0 million, down from $27.3 million at the end of the same period in 2021 [337]. - The company utilized $2.8 million for the purchase of property, plant, and equipment during the nine months ended September 30, 2022 [341]. - The company’s future minimum lease payments for operating leases were estimated at $0.8 million for 2022, with total minimum lease payments of $17.9 million through the expiration of current leases [335].

Financial Data and Key Metrics Changes - Redwire reported a revenue increase of 14% year-over-year and a 1.4% sequential increase in Q3 2022, totaling $37.2 million [15][46] - Gross margin improved to 34.9% on a quarter-to-date basis compared to the prior year, with a sequential increase of 2.3% over Q2 2022 [15][46] - Pro forma adjusted EBITDA was negative $1.5 million in Q3 2022, an improvement from negative $4.1 million in Q2 2022 [16][46] - Total backlog reached a historic high of $304 million, up from $251.7 million in Q2 2022, representing a 20.8% growth [12][38] Business Line Data and Key Metrics Changes - The company continues to develop both traditional and patented rollout solar arrays, with increasing demand for power generation solutions on lunar missions [31][32] - Redwire has secured multiple multiphase programs for lower orbit commercialization and human space flight, expanding capabilities on the International Space Station [35] - The backlog for contracted projects stood at $158.9 million, consistent with Q2 2022, while total backlog increased significantly [37][38] Market Data and Key Metrics Changes - The European Space Agency is expected to submit a budget request with an increase of more than 25% from 2019 funding levels, indicating growing demand for space infrastructure in Europe [23] - Redwire's pipeline includes over $3.5 billion in opportunities, with approximately $950 million in bids submitted year-to-date [39] Company Strategy and Development Direction - Redwire aims to leverage the acquisition of Space NV to enhance its scale, access to markets, and backlog, positioning itself as a global provider of critical space infrastructure [20][24] - The company is focused on streamlining operations and reducing costs to achieve positive free cash flow in 2023 [16][68] Management Comments on Operating Environment and Future Outlook - Management acknowledged delays in contract awards and a tight labor market as factors impacting revenue execution, but expressed confidence in the strong demand for their products and services [11][18] - The company updated its 2022 revenue guidance to a range of approximately $140 million to $150 million, excluding contributions from Space NV [19][51] Other Important Information - Redwire completed the acquisition of Space NV, which is expected to provide significant backlog and revenue growth opportunities [14][70] - The company received an $80 million investment from Bain Capital and AE Industrial Partners to finance the acquisition and support future growth [17][71] Q&A Session Summary Question: Guidance and Revenue Performance - Management explained that the variability in guidance is due to the ability to ramp up on contracts amid labor and supply chain challenges, with no contributions from Space NV included in the current forecasts [84][87] Question: Labor Market and Inflation Impact - Management noted that hiring in the space industry is taking longer than expected due to a limited talent pool, and inflation impacts are being monitored closely [89][90] Question: Contract Award Delays - Delays in contract awards are affecting both government and commercial sectors, with management indicating that the variability is due to ramp-up challenges rather than funding issues [92][93] Question: Growth Outlook for 2023 - Management expressed optimism for 2023, citing a strong backlog and a healthy pipeline of bids, indicating potential for significant growth [94][96] Question: Inflation in Contracts - Management confirmed that inflation impacts can be included in cost-plus contracts, while fixed-price contracts are insulated through early subcontractor agreements [103][105]

(T) REDWIRE Q3 2022 Investor Update | November 9, 2022 I BUILD ABOVE H Disclaimers Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or any pri ...

Financial Performance - Revenues increased 14% to $36.7 million for the three months ended June 30, 2022, compared to $32.1 million for the same period in 2021, driven by $1.7 million from the Techshot Acquisition[228]. - Operating loss for the three months ended June 30, 2022, was $92.8 million, compared to a loss of $15.6 million for the same period in 2021, reflecting a significant increase in expenses[227]. - Net loss for the three months ended June 30, 2022, was $77.0 million, a 384% increase compared to a net loss of $15.9 million in the prior year[227]. - Revenues increased by $5.7 million, or 9%, for the six months ended June 30, 2022, primarily due to contributed revenue from 2021 acquisitions[244]. - Net income (loss) for the six months ended June 30, 2022 was $(94.3) million, a 300% increase in loss compared to $(23.6) million in the prior year[243]. Cost and Expenses - Cost of sales rose by $6.2 million, or 26%, for the three months ended June 30, 2022, primarily due to $1.3 million from the Techshot Acquisition and increased production costs[229]. - SG&A expenses increased by $5.4 million, or 45%, for the three months ended June 30, 2022, primarily due to equity-based compensation, litigation-related expenses, and severance costs[233]. - Research and development expenses increased by $750,000, or 78%, for the three months ended June 30, 2022, reflecting the company's commitment to future technologies[227]. - Cost of sales increased by $9.7 million, or 20%, for the six months ended June 30, 2022, driven by contributed costs from acquisitions and macroeconomic factors[245]. - Gross margin decreased by $1.6 million, or 19%, for the three months ended June 30, 2022, with gross margin percentages at 19% compared to 27% in the prior year[232]. - Gross margin decreased by $3.9 million, or 24%, for the six months ended June 30, 2022, with gross margin percentages at 17% compared to 25% in the prior year[247]. Impairment and Other Expenses - Impairment expense increased by $80.5 million, or 100%, for the three months ended June 30, 2022, with charges related to property and equipment, intangible assets, and goodwill[236]. - Other (income) expense, net increased by $14.3 million, or 62,226%, for the six months ended June 30, 2022, primarily due to a gain from the decrease in the fair value of the private warrant liability[253]. - Transaction expenses increased by $46 thousand, or 2300%, for the three months ended June 30, 2022, primarily related to the acquisition of Techshot[235]. - Contingent earnout expenses decreased by $11.1 million, or 100%, for the three months ended June 30, 2022, with no such expenses recognized during this period[234]. Investments and Growth Strategies - The company entered into an $80.0 million common stock purchase agreement to support growth strategies, including acquisitions and working capital[225]. - The company continues to invest in technologies and infrastructure to increase production capacity and operating leverage through 2022[216]. - The company expects to continue making significant investments in business expansion and technology development[271]. Debt and Liquidity - Liquidity as of June 30, 2022, totaled $25.9 million, consisting of $10.9 million in cash and cash equivalents and $15.0 million in available borrowings[274]. - Total debt as of June 30, 2022, was $86,910 thousand, up from $79,204 thousand as of December 31, 2021[275]. - The revolving credit facility commitment was increased from $5.0 million to $25.0 million under the Third Amendment[278]. - As of June 30, 2022, the company was in compliance with its debt covenants under the Adams Street Credit Agreement[284]. Backlog and Future Outlook - The book-to-bill ratio was 1.68 for the three months ended June 30, 2022, significantly up from 0.45 for the same period in 2021[261]. - Total contracted backlog as of June 30, 2022, was $162,137 thousand, an increase from $139,742 thousand as of December 31, 2021[266]. - Organic backlog at the end of the period was $150,624 thousand, up from $133,115 thousand at the beginning of the period[266]. - The company recognized organic revenue of $(66,793) thousand during the period ended June 30, 2022[266]. Risk Factors and Accounting Policies - The company is experiencing macroeconomic challenges, including inflation and supply chain pressures, impacting cost estimates and production costs[228][229]. - The Company faces risks including failure to meet internal forecasts, adverse technological events, and volatility in equity and debt markets[311]. - No material changes to critical accounting policies occurred during the reporting periods covered[311].

Financial Data and Key Metrics Changes - Revenue for Q2 2022 increased by 14.2% year-over-year to $36.7 million, and sequentially increased by 11.7% compared to Q1 2022 [75][79] - The net loss for Q2 2022 was $77 million, compared to a net loss of $15.9 million in Q2 2021, which included an $80.5 million non-cash impairment expense [75][76] - Adjusted EBITDA loss was $4.1 million in Q2 2022, an improvement from a loss of $4.7 million in Q1 2022 [78][79] - Free cash flow usage was $500,000 in Q2 2022, significantly better than $6.4 million in Q1 2022 [80] Business Line Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.68 in Q2 2022, up from 0.45 in the same quarter last year [51][63] - Contracted backlog grew from $137.3 million in Q1 2022 to $162.1 million in Q2 2022, an 18.1% increase [60] - New work contracted in Q2 2022 was $61.6 million, compared to $30.4 million in Q1 2022 [61] Market Data and Key Metrics Changes - Strong growth opportunities were noted in the national security segment, particularly with a 40% growth in the Space Force [25] - The commercial space segment is experiencing high volatility but has significant growth potential as new business models are validated [28] - The geopolitical competition is driving demand across all segments of the space industry, with a long-term trend expected to continue [9][26] Company Strategy and Development Direction - The company is focused on increasing near-term investments to achieve higher revenue and profitability while gaining operating leverage [43] - A land and expand strategy is being executed, leveraging deep customer relationships and proven heritage in critical product lines [19] - Investments in R&D have increased from approximately 3% of revenue in 2021 to nearly 5% year-to-date [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive adjusted EBITDA in the second half of 2022, driven by increased revenue and a favorable contract mix [24][107] - The company is positioned to capture high-end bespoke portions of the national security market, which is expected to grow due to ongoing geopolitical competition [32] - Management revised revenue guidance for 2022 to a range of $165 million to $175 million, reflecting a healthy growth rate of 20% to 27% [22][82] Other Important Information - The company is preparing for the Artemis I launch, providing camera systems for the Orion capsule, which is expected to drive additional demand [37] - Redwire is establishing itself as a key player in the supply chain for commercial space capabilities, turning customer supply chain struggles into opportunities [40] Q&A Session Summary Question: What is the outlook for revenue growth in the second half of 2022? - Management indicated that the second half of 2022 is expected to show improved revenue growth due to a strong book-to-bill ratio and a favorable contract mix [107] Question: How is the company addressing supply chain challenges? - The company is expanding its vendor base and building strategic partnerships to strengthen its supply chain [56] Question: What are the key drivers for growth in the national security segment? - The ongoing geopolitical competition is a significant driver for growth in the national security segment, particularly with the Space Force [26]

(1) REDWIRE HERITAGE + INNOVATION Q2 2022 Investor Update | August 10, 2022 Disclaimers Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or an ...

Financial Data and Key Metrics Changes - GAAP revenue for Q1 2022 was $32.9 million, an increase of $1.2 million or 4% from the prior year, driven by $3.7 million in revenue from 2021 acquisitions [54] - Pro forma revenues decreased by $5.2 million or 14% due to the absence of large subcontract activities from Q1 2021 and macroeconomic challenges [55] - Gross margin declined by $2.3 million to $5.2 million in Q1 2022, influenced by cost impacts and increases in program estimates [57] - GAAP net loss for Q1 2022 was $17.3 million, with adjusted EBITDA showing a loss of $4.7 million compared to a gain of $1 million in Q1 2021 [59] Business Line Data and Key Metrics Changes - The backlog as of March 31, 2022, was $274 million, consistent with the previous quarter, with contracted backlog at $137 million [53][54] - Significant investments were made in business development, R&D, and capital expenditures, with spending increased over 70% in each category to support growth [25] Market Data and Key Metrics Changes - The national security sector is experiencing strong demand, driven by a 26% growth in the Space Force budget [15] - The approved NASA budget has grown by 8%, with increased investment in the Artemis program [16] - The emerging commercial space segment is expected to have tremendous growth potential over the next 5 to 10 years, despite near-term volatility [18][19] Company Strategy and Development Direction - The company aims to deliver foundational technologies for space infrastructure, focusing on improving and scaling products for customers [8] - Investments are being made to build a strong foundation for near-term growth and profitability, despite the associated cost impacts [13] - The company is uniquely positioned as a first mover in In-Space Servicing, Assembly, and Manufacturing (ISAM), with a national strategy supporting this area [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2022 forecast, expecting sales to be more heavily weighted towards the latter half of the year [14][31] - The company anticipates that the combination of existing backlog and a strong near-term pipeline will lead to increasing revenue profiles [60] - Management acknowledged potential rocky roads ahead for the economy but emphasized strong demand signals across all market segments [28][31] Other Important Information - The company ended Q1 2022 with $30.9 million in available liquidity, including $5.9 million in cash and $25 million in available borrowings [63] - A Committed Equity Facility was established, allowing the company to sell up to $80 million in equity for future growth [65] Q&A Session Summary Question: Near-term headwinds and revenue guidance - Management discussed the impact of backlog and bid execution on the second half of the year, with $547 million in bids submitted [69] Question: Expense side and inflation impact - Management highlighted the importance of maintaining good relationships with subcontractors to manage inflationary pressures [72] Question: Emerging commercial space opportunities - Management noted the difficulty in predicting timing but emphasized strong demand signals in the commercial space sector [74] Question: Solar array deliveries and revenue implications - Management confirmed expectations for solar array deliveries to triple in 2022, indicating strong customer interest and potential revenue growth [76] Question: National security opportunities and growth trajectory - Management acknowledged the growth in national security budgets and the company's capacity to execute on these opportunities [84] Question: Historical win rate on bids - Management indicated that historical data is limited, making it difficult to predict win rates for the current bids [92] Question: Long-term revenue trajectory - Management expressed confidence in the demand signals for space and the potential for growth, despite some uncertainty in timing [94]

Financial Performance - Revenues for the three months ended March 31, 2022, increased by $1.2 million, or 4%, to $32.867 million compared to $31.698 million for the same period in 2021[197]. - Cost of sales rose by $3.5 million, or 14%, for the three months ended March 31, 2022, totaling $27.696 million, primarily due to $3.7 million from 2021 acquisitions and increased production costs[199]. - Gross margin decreased by $2.3 million, or 31%, to $5.171 million, representing 16% of revenues for the three months ended March 31, 2022, down from 24% in the prior year[200]. - Selling, General and Administrative (SG&A) expenses surged by $9.7 million, or 86%, to $20.951 million, driven by equity-based compensation and litigation-related expenses[201]. - Research and development expenses increased by $0.7 million, or 73%, to $1.724 million, reflecting a strategic investment in future technologies despite macroeconomic challenges[204]. - Net loss for the three months ended March 31, 2022, was $17.293 million, compared to a net loss of $7.674 million for the same period in 2021, marking a 125% increase in losses[197]. - Adjusted EBITDA for the three months ended March 31, 2022, was $(4.669) million, a decrease from $0.977 million for the same period in 2021[210]. Operational Highlights - The company completed multiple launches and successfully operated payloads on the International Space Station, demonstrating its commitment to supporting current space missions[187]. - The company is focused on expanding its infrastructure solutions to support the growth of the space economy, which is seen as being at an inflection point due to reduced launch costs[186]. - The company is investing in in-space manufacturing and assembly technologies, with a critical design review for OSAM-2 completed in Q4 2021[188]. - The company anticipates continued investment in technologies throughout 2022, despite the impact of COVID-19 and macroeconomic factors on its operations[189]. Financial Position - Available liquidity as of March 31, 2022, totaled $30.9 million, consisting of $5.9 million in cash and $25.0 million in available borrowings[225]. - Total debt as of March 31, 2022, was $77.867 million, a decrease from $79.204 million as of December 31, 2021[226]. - The company has identified a plan for cost reduction actions, including workforce rationalizations and business unit optimization initiatives[224]. - The consolidated total net leverage ratio was amended to not exceed 6.50:1.00 as of the last day of any quarter[229]. - The revolving credit facility commitment was increased from $5.0 million to $25.0 million on March 25, 2022[231]. - As of March 31, 2022, the company was in compliance with its debt covenants under the Adams Street Credit Agreement[233]. - The company entered into an $80 million common stock purchase agreement to support growth strategies, including acquisitions and working capital[239]. Cash Flow and Investments - For the three months ended March 31, 2022, net cash used in operating activities was $11.4 million, compared to $12.5 million for the same period in 2021[242][244]. - Net cash used in investing activities for the three months ended March 31, 2022, was $1.0 million, significantly lower than $34.1 million in the same period of 2021[245][246]. - For the three months ended March 31, 2022, net cash used in financing activities was $2.1 million, compared to a net cash inflow of $40.9 million in the same period of 2021[247]. - The company had total contractual obligations of $93.0 million as of March 31, 2022, including long-term debt maturities and future minimum lease payments[240]. - The company repaid the full outstanding principal and interest of $41.6 million on the SVB Loan on September 2, 2021[236]. - The D&O Financing Loan of $3.0 million has an interest rate of 1.74% per annum and a maturity date of May 3, 2022[238]. Backlog and Contracts - The book-to-bill ratio was 0.93 for the three months ended March 31, 2022, down from 2.12 for the same period in 2021, with contracts awarded totaling $30.426 million compared to revenues of $32.867 million[213]. - Contracted backlog at the end of March 31, 2022, was $137.301 million, slightly down from $139.742 million at the end of December 31, 2021[218]. - Total backlog, including both contracted and uncontracted backlog, was $273.9 million as of March 31, 2022, with uncontracted backlog at $136.6 million[220].