Redwire reports Q4 EPS (25c), consensus (12c)

Reports Q4 revenue $63.5M, consensus $59.72M. “Redwire finished 2023 with strong commercial and financial performance in the fourth quarter, recognizing record revenues of $63.5 million and positive Adjusted EBITDA of $1.7 million in Q4 2023, which includes a negative impact from net EAC adjustments during the fourth quarter” said Jonathan Baliff, CFO of Redwire. “Redwire saw marked financial improvement on a year-over-year basis, with a 51.9% increase in revenues. 2023 profitability improvement was driven by an increase in Gross Profit and a decrease in SG&A year-over-year. This yielded $15.3 million in full year Adjusted EBITDA, positive net cash flow from operations of $1.2 million, and $30.3 million of cash on the balance sheet. Importantly, with our significant improvement in fourth quarter Contracted Backlog with book-to-bill of 2.81, Redwire enters 2024 with strong growth and profitability momentum and a full year revenue forecast of $300 million.”