Financial Performance - Revenues for the year ended December 31, 2021, were $137.60 million, compared to $40.79 million for the period from February 10, 2020, to December 31, 2020[402]. - The company reported a net loss of $61.54 million for the year ended December 31, 2021, compared to a net loss of $14.37 million for the previous period[402]. - The gross margin for the year ended December 31, 2021, was $29.38 million, which is 21.4% of total revenues[402]. - Operating expenses for the year ended December 31, 2021, totaled $99.56 million, significantly higher than $13.10 million for the previous period[402]. - Pro forma revenues for the year ended December 31, 2021, were $149,295 thousand, representing an increase from $126,999 thousand in 2020, while net loss increased to $57,766 thousand from $7,902 thousand[529]. Assets and Liabilities - Total assets as of December 31, 2021, were $261.76 million, up from $156.77 million as of December 31, 2020, representing a 67% increase[400]. - The company’s total current liabilities increased to $51.24 million as of December 31, 2021, from $33.56 million as of December 31, 2020[400]. - As of December 31, 2021, total shareholders' equity was reported at $107.22 million, with accumulated deficit amounting to $75.91 million[405]. - Cash and cash equivalents at the end of the period were $20.52 million, a decrease from $22.08 million at the beginning of the period[407]. - Total accounts receivable, net increased to $16,262 thousand as of December 31, 2021, up from $6,057 thousand in 2020, with billed receivables at $14,820 thousand and unbilled receivables at $1,442 thousand[537]. - Inventory balance as of December 31, 2021, was $688 thousand, compared to $330 thousand in 2020, with raw materials at $414 thousand, work in process at $117 thousand, and finished goods at $157 thousand[538]. Research and Development - Research and development expenses for the year ended December 31, 2021, were $4.5 million, focusing on advancing space infrastructure technologies[77]. - Research and development costs are primarily made up of labor charges, prototype material, and development expenses, which are expensed in the period incurred[452]. Acquisitions and Growth Strategy - The company completed eight acquisitions since March 2020, enhancing its technology and product offerings, including notable acquisitions like Adcole Space, LLC and Deep Space Systems, Inc.[410]. - The merger with Genesis Park Acquisition Corp. on September 2, 2021, resulted in gross proceeds of $110.6 million, which were partially used to repay $41.6 million of outstanding loans[411]. - The company is strategically focused on expanding its market presence through acquisitions and innovative technology development in the space sector[410]. - The company aims to capitalize on the commercialization of Low Earth Orbit (LEO) and on-orbit servicing, assembly, and manufacturing as key growth opportunities[70]. Workforce and Talent Acquisition - The company plans to increase its workforce by approximately 33% to support contracted work, with 34% of current employees hired in the past twelve months[87]. - The company has established a talent acquisition team to enhance recruitment efforts in a competitive labor market[88]. - The company offers competitive compensation packages, including short- and long-term incentive programs, to attract and retain talent[90]. - The company is committed to diversity and inclusion, supporting various organizations in the aerospace field[89]. Market and Industry Insights - The global space economy generated approximately $420 billion in total revenue in 2019 and is projected to grow to an estimated $2 trillion by 2040[65]. - The annual number of small satellites (Smallsats) launched has increased almost eightfold since 2012, with 94% of all launches in 2021 including a smallsat[68]. - The emergence of large reusable rockets has reduced launch costs by approximately 95% over the past decade, with costs as low as $2,700 per kilogram for launching satellites to LEO[67]. - Approximately $253 billion of equity investment has been made across 1,694 space companies over the last 10 years, indicating significant growth in the space market[63]. - NASA is a major customer, with the Archinaut One program being the largest revenue-generating contract, focusing on satellite construction in orbit[57]. Financial Reporting and Accounting - The company recognizes revenue over time for long-term contracts, reflecting the nature of the services provided, which include design and manufacturing of spacecraft components[429]. - The company utilizes the acquisition method of accounting for business combinations, recognizing the fair value of all assets acquired and liabilities assumed[420]. - The company recognizes anticipated contract losses as soon as they become known and estimable for long-term contracts[430]. - The company recognizes tax benefits only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities[451]. - The company adopted ASU No. 2021-08, which requires recognizing contract assets and liabilities in accordance with ASC 606 for business combinations[465]. Goodwill and Intangible Assets - Goodwill is assessed for impairment at least annually, with the company performing qualitative and quantitative analyses as necessary[442]. - The fair value of the acquired customer relationships from DSS was estimated using the excess earnings method, contributing to the overall goodwill[474]. - The total intangible assets acquired from the MIS acquisition were valued at $35,000,000, with a weighted average useful life of 10 years for technology[482]. - Goodwill from the Adcole acquisition was recorded at $21,525,000, reflecting potential synergies and market expansion[469]. - The fair value of the contingent earnout for MIS was estimated at $11,500,000, settled as of December 31, 2021[479]. Challenges and Risks - The company has experienced supply chain disruptions and labor shortages due to the COVID-19 pandemic, impacting its operating environment[415]. - Significant changes in unobservable inputs for contingent consideration could lead to substantial adjustments in fair value measurements, emphasizing the inherent risks in valuation[534].

Business Performance - In Q3 2021, the company experienced strong order volume and secured significant new business mandates, despite facing delays due to U.S. government funding uncertainties and COVID-19 impacts [201]. - Revenues increased 162% to $32.7 million for Q3 2021 compared to $12.5 million for Q3 2020, with acquisitions contributing $16.9 million, representing 135% of the increase [224]. - Operating loss for Q3 2021 was $(31.1) million, compared to $(2.9) million in Q3 2020, reflecting a 987% increase in losses [223]. - Net income loss for Q3 2021 was $(24.3) million, a 938% increase compared to $(2.3) million in Q3 2020 [223]. - Revenues for the nine months ended September 30, 2021 increased 447% to $96.5 million compared to $17.7 million for the same period in 2020, driven by acquisitions contributing $49.9 million [235]. Cost and Expenses - Cost of sales as a percentage of net revenues decreased to 82% in Q3 2021 from 84% in Q3 2020, with a 154% increase in cost of sales attributed to acquisitions [225]. - SG&A expenses as a percentage of revenues rose to 105% in Q3 2021 from 28% in Q3 2020, with a significant portion due to equity-based compensation and public company readiness expenses [226]. - Research and development expenses as a percentage of revenues decreased to 5% in Q3 2021 from 6% in Q3 2020, focusing on next-generation technologies [229]. - Interest expense, net increased to 5% of revenues in Q3 2021 from 1% in Q3 2020, primarily due to outstanding debt [230]. - Income tax expense as a percentage of revenues was 17% in Q3 2021, up from 5% in Q3 2020, influenced by nondeductible transaction costs [232]. Acquisitions and Partnerships - The company completed the merger with Genesis Park Acquisition Corp. and began trading on the NYSE on September 3, 2021 [203]. - The company acquired Techshot, Inc. for cash and stock, enhancing its capabilities in microgravity bioprinting and on-orbit manufacturing [213]. - The company has partnered with leading space companies on the Orbital Reef project, a proposed commercial ecosystem in low Earth orbit [203]. - The company has been integrating several acquisitions from a fragmented landscape of space-focused technology companies to enhance its innovative capabilities [199]. Contracts and Backlog - Contracted backlog as of September 30, 2021, totaled $121.4 million, a slight decrease from $122.3 million as of December 31, 2020 [261]. - Organic backlog at the end of the period was $32.6 million, down from $52.6 million at the beginning of the period, reflecting higher organic revenue recognized [261]. - Acquisition-related backlog increased to $88.8 million as of September 30, 2021, compared to $69.7 million at the end of the previous period [261]. - Total backlog, including both contracted and uncontracted backlog, reached $284.6 million as of September 30, 2021, with uncontracted backlog at $163.3 million [264]. Financial Position and Liquidity - Available liquidity as of September 30, 2021, was $32.3 million, consisting of $27.3 million in cash and cash equivalents, and $5.0 million in available borrowings [270]. - Total debt as of September 30, 2021, was $80.5 million, an increase from $78.6 million as of December 31, 2020 [271]. - The company incurred net losses and negative operating cash flow since inception, impacting its cash management strategy [266]. - The Adams Street Credit Agreement has a maturity date of October 28, 2026, and requires compliance with customary covenants [274]. - As of September 30, 2021, total contractual obligations amounted to $98.2 million, with long-term debt maturities contributing $80.5 million and future minimum lease payments totaling $17.7 million [285]. Cash Flow Activities - For the Successor 2021 Period, net cash used in operating activities was $34.3 million, primarily due to a net loss of $18.5 million and an unfavorable change in net working capital of $15.8 million [287]. - Net cash used in investing activities for the Successor 2021 Period was $36.1 million, mainly for the acquisitions of Oakman and DPSS, totaling $38.7 million [290]. - Net cash provided by financing activities for the Successor 2021 Period was $75.5 million, driven by proceeds from debt of $49.0 million and merger proceeds of $110.6 million [292]. - The net increase in cash and cash equivalents for the Successor 2021 Period was $5.2 million, resulting in cash and cash equivalents of $27.3 million at the end of the period [286]. Operational Challenges - The company continues to monitor the impacts of COVID-19 on operations, with uncertainties regarding program execution and supply chain stress [220]. - The unfavorable change in net working capital during the Successor 2021 Period was largely driven by increases in accounts receivable ($1.2 million) and contract assets ($3.5 million) [287]. Accounting and Estimates - The company regularly evaluates critical accounting estimates, which can significantly impact net revenues and expenses, based on historical experience and reasonable assumptions [295].

Financial Performance - For the six months ended June 30, 2021, the Company incurred a loss from operations of $921,610, primarily due to professional fees[122] - The Company recognized $4,570,441 in other expenses for the same period, driven by a loss in the fair value of warrants[122] IPO and Capital Raising - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units[116] - The underwriter in the IPO is entitled to a deferred fee of $0.35 per unit, totaling $5,732,168, payable only if the business combination is completed[140] - The Company expects to incur significant costs in pursuing acquisition plans and cannot assure the success of raising capital or completing a business combination[118] Trust Account and Cash Position - As of June 30, 2021, the Trust Account held $166,290,257, compared to $166,243,614 as of December 31, 2020[124] - As of June 30, 2021, the Company had cash of $557,200 outside the Trust Account[125] Business Combination and Agreements - The Company entered into a Merger Agreement on March 25, 2021, to merge with Redwire, with the SEC declaring the registration statement effective on August 11, 2021[119] - The Company does not anticipate needing additional funds to meet operating expenditures prior to the business combination[130] Obligations and Arrangements - The Company has no off-balance sheet arrangements or significant contractual obligations other than a monthly fee of $15,000 to the Sponsor for administrative services[139]

IPO and Financial Proceeds - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units at an offering price of $10.00 per unit[113]. - Transaction costs related to the IPO amounted to $9,640,145, which included an underwriting discount of $3,275,524 and deferred underwriter's fees of $5,732,168[124]. Financial Position - As of March 31, 2021, the Trust Account held $166,272,072, reflecting a slight increase from $166,243,614 as of December 31, 2020[120]. - The Company had cash of $1,186,528 outside the Trust Account as of March 31, 2021, down from $1,295,380 as of December 31, 2020[121]. - As of March 31, 2021, the Company did not have any off-balance sheet arrangements or contractual obligations[140]. Operational Performance - For the three months ended March 31, 2021, the Company incurred a loss from operations of $213,974, primarily due to professional fees totaling $93,392[120]. - The Company recognized $474,123 in other income, driven by a change in the fair value of warrants amounting to $445,665 and interest income of $28,458 from the Trust Account[120]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination[119]. Business Combination - The Company entered into a Merger Agreement on March 25, 2021, to merge with Redwire, with the aggregate consideration to be paid in a combination of stock and cash[116]. - The Company may need to obtain additional financing to complete a Business Combination or to meet obligations if cash on hand is insufficient[128].

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended December 31, 2020 Commission File Number 001-39733 GENESIS PARK ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 98-1550429 (State or Other Jurisdiction of Incorporation) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 2000 Edwards Street, Suite B Houston, TX 77007 (Address of principal executive offices) (zip c ...

IPO and Financial Proceeds - The Company completed its IPO on November 27, 2020, raising gross proceeds of $163,776,220 from the sale of 16,377,622 units at an offering price of $10.00 per unit[92]. - Following the IPO, $166,232,864 was placed in a trust account, representing net proceeds from the IPO and private placement[102]. Transaction Costs - The Company incurred transaction costs of $9,640,145, which included an underwriting discount of $3,275,524 and deferred underwriter's fees of $5,732,168[101]. Financial Performance - As of September 30, 2020, the Company reported a net loss of $5,111, primarily due to formation costs[97]. - The Company has not engaged in any operations or generated revenues to date, with expectations to generate non-operating income from interest on marketable securities held in the Trust Account[95]. Cash and Financing Needs - The Company held no cash as of September 30, 2020, relying on initial stock purchases and loans from the Sponsor totaling $65,000 to cover offering-related costs[98]. - The Company may need additional financing to complete a business combination or to meet obligations if cash on hand is insufficient[104]. - The Sponsor or its affiliates may provide loans to fund working capital deficiencies, with up to $1,500,000 of such loans convertible into warrants at the lender's option[103]. Risk and Investment Strategy - As of September 30, 2020, the Company was not subject to any market or interest rate risk, with plans to invest IPO proceeds in U.S. government treasury bills or money market funds[109]. Accounting Policies - The Company has not identified any critical accounting policies that could materially affect its financial statements[106].