Slide 1: Investor Presentation | March 25, 2021
Investor Presentation | March 25, 2021
Slide 2: Disclaimers and Other Important Information
Disclaimer 2 Disclaimers and Other Important Information This investor presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination between Redwire, L
Slide 3: Forward-Looking Statements
Disclaimer 3 Forward-Looking Statements This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “
Slide 4: Financial Information; Non-GAAP Financial Terms
Disclaimer 4 Financial Information; Non-GAAP Financial Terms The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated by the SEC. No independent registered public accounting firm has audited, reviewed, compiled, or performed an
Slide 5: Pure-Play Space Infrastructure Company Providing Critical Technology and Services
Pure-Play Space Infrastructure Company Providing Critical Technology and Services 5 Strong secular tailwinds as the global space economy reaches an inflection point Market projected to grow 4x by 2040, driven by lower launch costs and greater national security requirements A unique combination of de
Slide 6: Transaction Overview
Transaction Overview Genesis Park (NYSE: GNPK) is a publicly-listed special purpose acquisition company (“SPAC”) with $166 million in trust Key existing investors have reaffirmed their conviction in the equity story Anticipated pro forma enterprise value of $615 million (9.6x 2023E Adj. EBITDA; 2.5x
Slide 7: Best-In-Class Private and Public Management Experience
Best-In-Class Private and Public Management Experience 7 Expertise in Space & Defense Markets Significant Public Company Experience Aerospace, space, defense and government-focused private equity firm with over $3 billion in assets under management; currently investing out of Fund II Proven ability
Slide 8: Team and Presenters
Team and Presenters Peter Cannito Chairman & Chief Executive Officer 25+ years of experience in aerospace and defense Former CEO of Polaris Alpha leading up to the Parsons acquisition Operating Partner at AE Industrial Partners advising on aerospace and defense M&A Andrew Rush President & Chief Oper
Slide 9: Our Mission
Our Mission is accelerating humanity’s expansion into space by delivering reliable, economical and sustainable infrastructure for future generations
Slide 10: Heritage, Innovation and Vision
Enabled Every US Mission to Mars Went to Pluto and Beyond Landed on Multiple Asteroids Guided Every GPS Mission Spacecraft Technology to Build & Assemble Itself 1st To 3D Print Tools and Spares in Space Link-16 Antenna For Space Optical Fiber Manufactured in Space Heritage Innovation Vision The Majo
Slide 11: Proven Blue-Chip Space Company Today with Tremendous Future Potential Upside
Proven Blue-Chip Space Company Today with Tremendous Future Potential Upside 50+ Years of Flight Heritage $163M 2021E Revenue $1,413M 2025E Revenue 100+ Patents and Applications $20M 2021E Adj. EBITDA $150M+ Contracted Backlog $250M 2025E Adj. EBITDA 72% 2021E-2025E Revenue CAGR
Slide 12: Market Overview
Market Overview @) REDW/ IRE
Slide 13: Redwire Serves a Large and Growing Space Infrastructure Market
Redwire Serves a Large and Growing Space Infrastructure Market Source: The Space Report. Commercial Space Products & Services Commercial Infrastructure & Support Industries US Government Space Spend Non-US Government Space Spend Communications & EO Select Redwire Solutions: Advanced Communication An
Slide 14: Redwire Benefits from Decreasing Launch Costs and Increasing Satellite Volumes
Redwire Benefits from Decreasing Launch Costs and Increasing Satellite Volumes Source: International Conference on Environmental Systems and World Economic Forum. Space Shuttle Falcon 9 Launch Costs Are Down 95% in the Past Decade… … Enabling an Exponential Increase of Satellites Launched ~6,000 Sat
Slide 15: Redwire's Industry-Leading Flight Heritage Differentiates It from New Space Peers
Redwire’s Industry-Leading Flight Heritage Differentiates It from New Space Peers Mars Jupiter Saturn Pluto IKAROS Magellan Planet C GEO-EYE IRIS ISS Jason Landsat Radarsat SORCE TRACE Low Earth Orbit GPS Van Allen Medium Earth Orbit AEHF GOES SBIRS SOO SXI Commercial Satellites Geosynchronous Earth
Slide 16: Redwire Delivers Infrastructure that Enables a Full Spectrum of Activity in Space
Redwire Delivers Infrastructure that Enables a Full Spectrum of Activity in Space Redwire Develops and Manufactures a Wide Array of Space Infrastructure Solutions… Space-Capable Robotic Arms … Enabling the Space Missions of Today and Tomorrow Space-Capable Robotics Microgravity Additive Manufacturin
Slide 17: In-Space Manufacturing & Robotic Assembly Are Critical Capabilities
In-Space Manufacturing & Robotic Assembly Are Critical Capabilities “If NASA can print things in three-dimensions in space and then robotically assemble those things, those capabilities are going to be absolutely game changing for NASA and for our partners in the US government and commercial industr
Slide 18: Competitive Landscape
Legacy Defense Primes Legacy Space Hardware New Space First-Movers Fragmented New Space Base Focus on large, exquisite projects and major contracts Compete directly with major defense primes and pursue tangential opportunities that take focus away from new space innovation Significant flight heritag
Slide 19: Redwire is a Platform-Agnostic Play Across the High-Growth, New Space Sectors
Redwire is a Platform-Agnostic Play Across the High-Growth, New Space Sectors Launch & Exploration In-Space Mobility Earth Observation Satellite Communication When Space Wins, Redwire Wins
Slide 20: Significant Opportunity to Continue Consolidating a Fragmented Space Market
Significant Opportunity to Continue Consolidating a Fragmented Space Market Fragmented Landscape Opportunity to consolidate tech-enabled, emerging space companies Buyer of Choice Sole pure-play new space infrastructure company of scale Successful Track Record Extensive M&A execution and integration
Slide 21: Numerous Avenues to Potentially Accelerate and De-Risk Redwire's Growth
Numerous Avenues to Potentially Accelerate and De-Risk Redwire’s Growth ($ in Millions) Accelerated R&D / CapEx 1 2 Strong Growth in the Base Business with High Visibility 1.3x Backlog / Revenue with $100s of Millions in Options & Follow-Ons Transaction Proceeds Enable Additional Potential Upside Du
Slide 22: Redwire's Growth is Driven by Proven Capabilities and Transformative Technologies
Redwire’s Growth is Driven by Proven Capabilities and Transformative Technologies
Slide 23: Overview of Strategic Focus Areas
Overview of Strategic Focus Areas Advanced Sensors & Components Digitally-Engineered Spacecraft On-Orbit Servicing, Assembly & Manufacturing (“OSAM”) Low SWaP-C Components, Sensors and Systems Rapid Production of Low-Cost Spacecraft Transformational Enabling Technology Low Earth Orbit (“LEO”) Commer
Slide 24: Redwire's OSAM Capabilities Transform What Can Be Accomplished in Space
Limitations on Power and Capability and Reduced Mission Effectiveness Redwire’s OSAM Capabilities Transform What Can Be Accomplished in Space Current Paradigm Space-Capable Robotic Arms Redwire OSAM Solution Guidance Navigation and Control Systems Today, Satellites Are Engineered for Launch First an
Slide 25: Enabling Technologies for Low Earth Orbit Commercialization and Habitation
Enabling Technologies for Low Earth Orbit Commercialization and Habitation For Earth, In Space For Space, In Space Redwire is Manufacturing Advanced Materials In Space For Industrial Use on Earth With Properties Only Achievable in Microgravity 1st ZBLAN Optical Fiber Manufactured in Space Offers 100
Slide 26: Revolutionary Approach to Digitally-Engineered Spacecraft Design & Manufacturing
Existing Approaches Description “Rolls Royce” “Model T” Digital Engineering Mission Costs Expensive Inexpensive Best Value Level of Customization Mission-Specific None Mission-Specific Time From Order to Launch 4+ Years 1-2 Years 1-2 Years Lifetime On Orbit 5+ Years 3-5 Years 5+ Years Design Approac
Slide 27: Rising Need for Space Domain Awareness & Resiliency
Modern life is increasingly dependent upon assets in space –from GPS and communications to national defense Tracking and protecting space-based assets is an increasingly challenging problem Number of satellites being launched is exploding – monitoring, controlling and securing against physical and c
Slide 28: Expansive Portfolio of Advanced Sensors & Components
Expansive Portfolio of Advanced Sensors & Components GEO LEO Redwire’s market-leading portfolio of sensors and components have significant flight heritage and are trusted on the highest priority missions Space infrastructure solutions address the needs of a rapidly expanding satellite manufacturing
Slide 29: Archinaut's Win Validates Redwire's Position as the Leader in In-Space Manufacturing
Archinaut’s Win Validates Redwire’s Position as the Leader in In-Space Manufacturing Redwire is the prime on Archinaut 1 (“A1”), the first on-orbit demonstration using additive manufacturing to build and assemble complex components in space Could result in 5x power outputs when compared to state-of-
Slide 30: Momentum From Recent Program Wins
Momentum From Recent Program Wins Solar Cruiser December 2020 40m x 40m Deployed Solar Sail for NASA SMD Vigoride Robotic Systems January 2021 Robotic Systems for Next-Gen Vigoride In-Space Transportation Vehicle Lunar Lander Payloads February 2021 Deep Space Systems and Operations Development Firef
Slide 31: Financial Overview
Financial Overview @) REDW/ IRE
Slide 32: Robust Backlog Drives Near-Term Revenue Momentum
Robust Backlog Drives Near-Term Revenue Momentum Note: All financials are pro forma for historical closed acquisitions. High visibility into near-term revenue streams 85%+ of 2021E revenue is in backlog or on programs where Redwire is the incumbent provider $163 Million 2021E Revenue $150+ Million C
Slide 33: Projected Revenue Growth Driven by Increasing TAM Across End Markets
Projected Revenue Growth Driven by Increasing TAM Across End Markets Note: All financials are pro forma for historical closed acquisitions. Numbers may not tie do to rounding. (1) Other represents opportunities that may be executed across multiple customer types. Revenue growth comes from a strong b
Slide 34: The Building Blocks of Margin Improvement
The Building Blocks of Margin Improvement Centralization & Specialization Transition from Prototype to Production Increasing Workshare Revenue ($) Cost (% Rev) The roots of Redwire’s formation make it a prime candidate for margin improvement as the company continues to integrate and scale operations
Slide 35: Financial Forecast Shows Positive and Growing Revenue, Adj. EBITDA and Cash Flow
Financial Forecast Shows Positive and Growing Revenue, Adj. EBITDA and Cash Flow ($ in Millions) Note: All financials are pro forma for historical closed acquisitions. Certain numbers do not tie due to rounding. Adjusted EBITDA accounts for one-time add backs that are not shown ($5.2m and $0.4m in 2
Slide 36: Transaction Details
Transaction Details @) reDwire : om y
Slide 37: Detailed Transaction Overview
Detailed Transaction Overview Current Redwire shareholders are rolling a large portion of their existing equity Cash to the balance sheet will serve as dry powder for strategic investments and continued pursuit of Redwire’s proprietary M&A pipeline Pro Forma Ownership Note: All financials are pro fo
Slide 38: Redwire Is a Unique Growth and Value Investment in the Space Industry
Redwire Is a Unique Growth and Value Investment in the Space Industry The $615 million pro forma enterprise value is underpinned by current revenue, EBITDA and free cash flow with highly-visible future growth in these metrics bolstered by a bottoms-up $23+ billion pipeline High visibility into near-
Slide 39: Redwire Uniquely Combines Near-Term Profitability with Breakout Organic Growth
Redwire Uniquely Combines Near-Term Profitability with Breakout Organic Growth Note: All financials are pro forma for historical closed acquisitions. Momentus, AST Space Mobile and Astra are pending De-SPAC. Market data as of March 17, 2021. Source: Public filings, Capital IQ. Equal to the sum of al
Slide 40: Operational Benchmarking Shows Redwire's Unique Revenue Growth Versus Peers
Operational Benchmarking Shows Redwire’s Unique Revenue Growth Versus Peers Note: All financials are pro forma for historical closed acquisitions. Momentus, AST Space Mobile and Astra are pending De-SPAC. Market data as of March 17, 2021. Source: Public filings, Capital IQ. Consensus estimates are u
Slide 41: Valuation Benchmarking Shows Redwire at a Material Discount to its Peers
Valuation Benchmarking Shows Redwire at a Material Discount to its Peers Note: All financials are pro forma for historical closed acquisitions. Momentus, AST Space Mobile and Astra are pending De-SPAC. Market data as of March 17, 2021. Source: Public filings, Capital IQ. Consensus estimates are used
Slide 42: Relative Discount Analysis
Relative Discount Analysis Relative Valuation Transaction Value Note: All financials are pro forma for historical closed acquisitions. Applies two year forward high-growth defense EBITDA multiples to two versions of Redwire’s 2025E EBITDA 2025E EBITDA, as projected ($250 million) 2025E EBITDA, sensi
Slide 43: Heritage + Innovation
@yrevw° oe HERITAGE + INNOVATION