A Redwire Corporation banner is displayed on the Recent York Stock Exchange, Sept. 8, 2021.
Source: NYSE
Space infrastructure company Redwire said Monday that it nearly erased its net losses throughout the second quarter and further grew its contract backlog.
Redwire brought in $60.1 million in second-quarter revenue, up 64% from the identical period a 12 months ago. Its backlog of contracted orders increased nearly 70% 12 months over 12 months, to $272.8 million from $162.1 million a 12 months prior.
The company trimmed its net loss to $5.5 million, dropping the quantity 93% from $77 million within the quarter a 12 months ago.
“Our outstanding business and operational improvement continued within the second quarter of 2023, resulting in record financial performance on each a sequential and year-over-year basis,” Redwire Chief Financial Officer Jonathan Baliff said in a press release.
Redwire stock rose as much as 8% in after-hours trading from its close at $3.43 a share. Shares of Redwire have climbed greater than 70% this 12 months.
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The company also reaffirmed full-year revenue guidance, saying it expects to herald between $220 million and $250 million in 2023.
The company had $36.2 million in available liquidity at the tip of the quarter, which was a split mixture of money and borrowing capability.