Redwire Corporation · NYSE:RDW
Redwire — Investor Presentation (November 2024)
24 slides from Redwire's investor presentation, November 2024
Slide 1: Redwire 101
Redwire 101 November 2024 1. Insert Footnote
Slide 2: Disclaimers
Disclaimers Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Redwire has not independently verified the data obtained from these sources and cannot assure you of the
Slide 3: Non-GAAP Financial Information
Non-GAAP Financial Information This Presentation contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Adjusted EBITDA and Free Cash Flow. Non-GAAP financial measures are used
Slide 4: Redwire 101: Investment Highlights
Redwire 101: Investment Highlights: Proven Pure-Play Space Innovator With Growth and Profitability Decades-long heritage, reliability, and deep relationships with dependable marquee space customers Revenue driven by lower launch costs and our critical missions for government and marquee customers Sp
Slide 5: Redwire 101: The Redwire Mission
Redwire 101: The Redwire Mission is accelerating humanity’s expansion into space by delivering reliable, economical and sustainable infrastructure for future generations (Credit: NASA) 1. Insert Footnote Redwire provides the fundamental building blocks of space infrastructure 5
Slide 6: Redwire 101: Massive Expansion in Infrastructure
Redwire 101: Massive Expansion in Infrastructure • Expected strong demand driven by: ◦ Space as a warfighting domain ◦ Growth in lunar infrastructure ◦ Proliferation of satellites 1. Insert Footnote 6
Slide 7: Redwire 101: What Does Redwire Do?
. Redwire 101: What Does Redwire Do? Integrated Mission Multinational Next-Generation Space Enabler Missions Spacecraft Manufacturing Avionics & Sensors System integrator / prime VLEO: SabreSat, Phantom Pharmaceutical development Power Generation satellite operator LEO: Hammerhead, Thresher Bioprint
Slide 8: 2024 Growth Strategy
2024 Growth Strategy • Protecting the core • Scaling production • Moving up the value chain • Venture optionality Digital Twin Rendering Credit: Redwire 1. Insert Footnote 8
Slide 9: In Focus: Moving Up the Value Chain
In Focus: Moving Up the Value Chain Spacecraft Platform Provider VLEO LEO GEO & MEO 5 heritage-based spacecraft platforms for missions across every orbit 1. Insert Footnote SabreSat Credit: Redwire; Thresher Credit: Redwire; Mako Credit: Redwire; Phantom Credit: Redwire; Hammerhead, Credit: Redwire.
Slide 10: In Focus: Venture Optionality
In Focus: Venture Optionality Credit: NASA Achieved All Manifested Launches New Partnerships Microgravity Microgravity With 12 PIL-BOXes launched on SpX-31, Redwire has PIL investigations including with commercial partners launched all 16 of the additional PIL-BOXes manifested in Bristol Myers Squib
Slide 11: Redwire 101: Go to Market with Core Offerings
Redwire 101: Go to Market with 6 Core Offerings Credit: Redwire Credit: NASA Credit: United States Army Avionics Power Structures & & Sensors Generation Mechanisms Mako rendering Credit: Redwire Credit: Redwire Credit: NASA Radio Frequency Platforms, Payloads & Microgravity 1. Insert Footnote System
Slide 12: M&A is a Core Strength of Redwire
M&A is a Core Strength of Redwire September 2021 Public Platform June 2020 Established Made In February 2021 March 2020 Space Deployable Adcole Space August 2024 Maryland Systems November 2021 December 2020 Techshot Platform Consolidation Hera Systems Aerospace LoadPath 2020 2021 2022 2023 2024 June
Slide 13: Redwire 101: How Do We Make Money?
Redwire 101: How Do We Make Money? Representative Profile of our Fixed Price Revenue Streams • Redwire revenue is generated through program contracts – with ~90% being fixed price and generally ~2 years in length over the long-term Launch • Revenue is based on contract program progress with revenue
Slide 14: Continued Pipeline and Backlog Growth
Continued Pipeline and Backlog Growth Demonstrating the Heritage + Innovation Differentiation ~$6.9B ~$2.9B Pipeline as of 2024 Year-to-Date September 30, 2024 submitted bids as of September 30, 2024 1 $44.5M 1.25x Q3 2024 Q3 2024 LTM Contract Awards Book-to-Bill1 1. Insert Footnote 1Contracted Back
Slide 15: Appendix: Recent Financial Information
Appendix: Recent Financial Information 15
Slide 16: Quarterly Revenues
Quarterly Revenues • 9.6% increase in revenues from $298.0M LTM revenue in Q3 2024 $62.6 million in Q3 2023 to $68.6 million in Q3 2024 • 30.1% increase in YTD revenues from $180.3 million for the nine months ended September 30, 2023 to $234.5 million for the nine months ended September 30, 2024 • M
Slide 17: Quarterly Adjusted EBITDA
Quarterly Adjusted EBITDA • 50.2% sequential increase in Adjusted EBITDA from $1.6 $10.1M LTM Adjusted EBITDA in Q3 2024 million in Q2 2024 to $2.4 million in Q3 2024 • Positive Adjusted EBITDA supported by a decrease in SG&A margin, to 25.5% in Q3 2024 vs. 29.2% in Q3 2023 • Q3 2024 negatively impa
Slide 18: Quarterly Free Cash Flow and Liquidity
Quarterly Free Cash Flow and Liquidity Total liquidity as of September 30, LTM Q3 2024 Net cash $(8.7)M provided by (used in) operating activities $61.1M 2024 comprised of $45.8M in available liquidity and $15.3M in restricted cash2 1 2 Exact figures may not foot or recalculate based on reported num
Slide 19: 2024 Year-to-Date Performance
2024 Year-to-Date Performance Nine Months Ended $ Change from prior % Change from prior ($ in thousands, except percentages) September 30, 2024 September 30, 2023 year period year period Revenues $ 234,541 $ 180,315 $ 54,226 30 % Cost of sales 194,709 133,077 61,632 46 Gross profit 39,832 47,238 (7,
Slide 20: Q3 2024 Quarter-to-Date Performance
Q3 2024 Quarter-to-Date Performance Three Months Ended $ Change from prior % Change from prior ($ in thousands, except percentages) September 30, 2024 September 30, 2023 year period year period Revenues $ 68,638 $ 62,612 $ 6,026 10 % Cost of sales 56,615 45,495 11,120 24 Gross profit 12,023 17,117 (
Slide 21: Supplemental Non-GAAP Information
Supplemental Non-GAAP Information Adjusted EBITDA Three Months Ended Nine Months Ended Last Twelve Months1 Adjusted EBITDA are not measures of results under generally September September September September September September accepted accounting principles in the United States. (in thousands) 30, 2
Slide 22: Supplemental Non-GAAP Information, Continued
Supplemental Non-GAAP Information, Continued 1. Redwire incurred acquisition costs including due diligence, integration costs and Three Months Ended additional expenses related to pre-acquisition activity. (in thousands) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 2. Redwire recorded adjustments related
Slide 23: Supplemental Non-GAAP Information, Continued
Supplemental Non-GAAP Information, Continued Free Cash Flow Three Months Ended Nine Months Ended Last Twelve Months September September September September September September Free Cash Flow is computed as net cash provided by (in thousands) 30, 2024 30, 2023 30, 2024 30, 2023 30, 2024 30, 2023 (use
Slide 24: Key Performance Indicators
Key Performance Indicators Contracted Backlog We view growth in backlog as a key measure of our business growth. Contracted backlog represents the estimated dollar value of firm funded executed contracts for which work September 30, December 31, (in thousands) 2024 2023 has not been performed (also