Redwire (RDW) - 2024 Q2 - Quarterly Results

Financial Performance - Revenues for Q2 2024 increased by 30.0% year-over-year to $78.1 million, compared to$60.1 million in Q2 2023[1] - Net Loss for Q2 2024 was $(18.1) million, an increase of$12.6 million from $(5.5) million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 decreased by$2.7 million to $1.6 million, down from$4.4 million in Q2 2023[4] - Free Cash Flow for Q2 2024 decreased by $12.3 million to$(11.2) million, compared to $1.1 million in Q2 2023[4] - Total comprehensive loss for Q2 2024 was$(18,170,000), compared to $(5,326,000) in Q2 2023[24] - Net income for the six months ended June 30, 2024, was a loss of$26,183 thousand, compared to a loss of $12,723 thousand for the same period in 2023[25] - The adjusted EBITDA for the six months ended June 30, 2024, was$5,906 thousand, down from $8,698 thousand for the same period in 2023[27] - Cash flows from operating activities for the six months ended June 30, 2024, resulted in a net cash used of$6,742 thousand, an improvement from $11,204 thousand used in the same period in 2023[25] - Free cash flow for the six months ended June 30, 2024, was$(10,796) thousand, compared to $(13,752) thousand for the same period in 2023[29] Liquidity and Assets - Total available liquidity as of June 30, 2024, was$55.8 million, a 54.1% increase from June 30, 2023[2] - Total current assets decreased to $105,313,000 as of June 30, 2024, down from$109,313,000 at the end of 2023[20] - Cash and cash equivalents increased slightly to $30,832,000 as of June 30, 2024, from$30,278,000 at the end of 2023[20] - The cash and cash equivalents at the end of the period on June 30, 2024, were $30,832 thousand, compared to$11,231 thousand at the end of the same period in 2023[25] Backlog and Contracts - Contracted Backlog increased by 29.9% year-over-year to $354 million as of June 30, 2024, compared to$273 million on June 30, 2023[1] - Book-to-Bill ratio was 1.28 on a last twelve month (LTM) basis as of Q2 2024, compared to 1.49 in Q2 2023[4] - The book-to-bill ratio for the three months ended June 30, 2024, was 1.47, significantly higher than 0.76 for the same period in 2023[31] - Total contracts awarded for the three months ended June 30, 2024, amounted to $114,437 thousand, compared to$45,646 thousand for the same period in 2023[31] - Organic backlog increased to $372,790 thousand as of June 30, 2024, compared to$313,057 thousand as of December 31, 2023, reflecting a growth of 19.1%[33] - Contracted backlog at the end of the period was $354,344 thousand, down from$372,790 thousand as of December 31, 2023, representing a decline of 4.5%[33] - The company expects all amounts reflected in contracted backlog to ultimately be fully funded despite potential terminations or amendments[37] Expenses and Liabilities - Operating loss for Q2 2024 was $(7,130,000), worsening from$(3,856,000) in Q2 2023[24] - Total liabilities increased to $229,844,000 as of June 30, 2024, compared to$218,444,000 at the end of 2023[20] - Convertible preferred stock had a liquidation preference of $242,381,000 as of June 30, 2024, up from$187,780,000 at the end of 2023[22] - Research and development expenses for Q2 2024 were $1,748,000, down from$2,070,000 in Q2 2023[24] - The company incurred acquisition costs related to due diligence and integration expenses, impacting financial performance[26] Growth and Innovation - The company submitted approximately $1.9 billion in bids year-to-date in 2024, indicating strong growth momentum[5] - The company was awarded a prime contract for the SabreSat VLEO platform under DARPA's Otter program, highlighting its innovation and market expansion efforts[1] - Organic additions during the period were$149,538 thousand, down from $300,042 thousand in the previous period, indicating a decrease of 50$(165,903) thousand, an improvement from $(243,800) thousand in the prior period[33] - Foreign currency translation impacts on backlog were$(2,081) thousand for the current period, compared to $3,491 thousand in the previous period[33]