Redwire (RDW)2025-05-12 10:21Financial Performance - Revenues for Q1 2025 were $61.4 million, a decrease of 30.1% compared to $87.8 million in Q1 2024[9] - Net Loss for Q1 2025 was $(2.9) million, improved by $5.1 million from $(8.1) million in Q1 2024[9] - Adjusted EBITDA for Q1 2025 was $(2.3) million, down $6.5 million from $4.3 million in Q1 2024[9] - Gross profit for Q1 2025 was $9.0 million, down from $14.8 million in Q1 2024, reflecting a gross margin decline[29] - Operating loss for Q1 2025 was $14.3 million, compared to a loss of $3.6 million in Q1 2024[29] - Free Cash Flow for Q1 2025 was $(49.1) million, compared to $0.4 million in Q1 2024[9] - Net cash used in operating activities for Q1 2025 was $(45.1) million, an increase of $47.8 million from $2.8 million in Q1 2024[9] - Net income for the three months ended March 31, 2025, was a loss of $2,948,000, an improvement from a loss of $8,096,000 for the same period in 2024[32] - Adjusted EBITDA for the three months ended March 31, 2025, was $(2,268,000), compared to $4,281,000 for the same period in 2024[36] - Free cash flow for the three months ended March 31, 2025, was $(49,136,000), compared to $397,000 for the same period in 2024[40] Liquidity and Assets - Total liquidity reached a record $89.2 million, consisting of $54.2 million in cash and cash equivalents and $35.0 million in available borrowings[2][9] - Total current assets increased to $142.1 million as of March 31, 2025, up from $125.9 million at the end of 2024[27] - Total liabilities decreased to $247.4 million as of March 31, 2025, down from $344.5 million at the end of 2024[27] - Cash, cash equivalents, and restricted cash at the end of the period were $54,221,000, up from $32,569,000 at the end of the same period in 2024[32] Contracts and Backlog - Book-to-Bill ratio increased significantly to 0.92 in Q1 2025, compared to 0.40 in Q1 2024[9] - Significant contracts awarded include a NASA contract for launching pharmaceutical investigations and a contract from Thales Alenia Space for the Lunar I-Hab module[1][2] - Total contracts awarded for the three months ended March 31, 2025, were $56,244,000, compared to $35,101,000 for the same period in 2024[43] - The contracted backlog as of March 31, 2025, was $291,219,000, a slight decrease from $296,652,000 as of December 31, 2024[48] - The company recognized $57,568,000 in organic revenue during the three months ended March 31, 2025[48] - The company’s organic backlog at the end of the period was $279,363,000, compared to $280,969,000 at the beginning of the period[48] Acquisition and Risks - The company announced the acquisition of Edge Autonomy, receiving all regulatory approvals for the transaction[1] - Redwire's Adjusted EBITDA and Free Cash Flow forecasts are not provided due to uncertainties surrounding the acquisition of Edge Autonomy[20] - The company is facing risks related to the acquisition of Edge Autonomy, including potential dilution of existing shareholders[19] - Edge Autonomy's revenue is significantly impacted by sales to customers in Ukraine, which have been declining due to ongoing conflicts[19] - The company incurred $3,799,000 in transaction expenses related to acquisitions during the three months ended March 31, 2025[36]