Redwire Corporation · NYSE:RDW
Redwire — Investor Presentation (March 2024)
22 slides from Redwire's investor presentation, March 2024
Slide 1: Redwire 101
Redwire 101 March 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, Pro Forma Adjusted EBITDA, Free Cash Flow, and Comparabl
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 space customers Revenue driven by lower launch costs and our critical missions for government and marquee customers Space is a
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: with Marquee Customer Demand
. . . with Marquee Customer Demand National Security Commercial Civil Defense and Intelligence agencies Space primes & solution providers Civilian space agencies • Space is a warfighting domain • Large, well funded commercial • Growth in demand for lunar and this is the fastest growing entities stil
Slide 8: Redwire 101: What Does Redwire Do?
. Redwire 101: What Does Redwire Do? 1. Integrated Mission 2. Explore, Live and Work in Space 3. Supporting Ambitious, Enabler for the Benefit of Humanity Multinational Missions Power generation, antennas, deployable Microgravity payloads, platforms, and in- International operations and products tha
Slide 9: Redwire 101: Focus on 6 Core Offerings
Redwire 101: Focus on 6 Core Offerings IBDM iROSA Credit: NASA "Eyes of Orion" Avionics Power Structures & & Sensors Generation Mechanisms PROBA-3 rendering Link-16 Antenna Rendering Credit: ESA Credit: Redwire Radio Frequency Platforms, Payloads & Microgravity 1. Insert Footnote Systems Missions Pa
Slide 10: 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 ~80% being fixed price and generally ~2 years in length Launch • Revenue is based on contract program progress with revenue recognized as contr
Slide 11: Backlog Growth Demonstrates the Heritage + Innovation Differentiation
Redwire 101: Backlog Growth Demonstrates the Heritage + Innovation Differentiation 1 Contracted Backlog Detail ~$4.8B ~$944M $313 $373 Pipeline as of 2023 Year-to-Date +19.1% December 31, 2023 submitted bids as of December 31, 2023 $178.2M 2.81x Q4 2023 Q4 2023 Contract Awards Book-to-Bill1 12/31/20
Slide 12: Appendix: Recent Financial Information
Appendix: Recent Financial Information 12
Slide 13: Quarterly Revenues
Quarterly Revenues Increase in revenues to 18.2% $63.5 for Q4 2023 vs. $53.7 for Q4 2022 • 1.4% increase in revenues from Sequential Quarterly Revenues Q3 2023 to Q4 2023 $70.0 Quarter-to-Date Revenues (in millions) $62.6 $63.5 $60.1 • 15.5% increase in Q4 2023 vs. $60.0 $57.6 Q4 2022, excluding Spa
Slide 14: Full Year 2023 Revenues
Full Year 2023 Revenues Increase in revenues to • 26.9% increase over 2022, 51.9% $243.8 for 2023 vs. $160.5 for 2022 excluding Space NV1 Full Year 2022 to 2023 Revenues • Revenues by geographic location $300.0 of the customers were 71.0% from Year-to-Date Revenues (in millions) $54.9 $243.8 $250.0
Slide 15: Quarterly Adjusted EBITDA
Quarterly Adjusted EBITDA • Primarily driven by better contract Improvement in Adjusted mix and revenue growth which led to an increase in Gross Profit from +$2.5M EBITDA in Q4 2023 vs. Q4 2022 $8.6M to $10.7M in Q4 2022 vs. Q4 Quarterly Adjusted EBITDA 2023 $6.0 $4.9 Quarter-to-Date Adjusted EBITDA
Slide 16: Quarterly Free Cash Flow and Liquidity
Quarterly Free Cash Flow and Liquidity Q4 2023 record Free Cash $12.6M Flow1; a year-over-year improvement of $18.1M $48.3M Ending liquidity as of December 31, 2023 1 Quarterly Free Cash Flow Quarterly Total Available Liquidity $20.0 $60.0 $12.6 $53.3 Quarter-to-Date Total Liquidity (in Quarter-to-D
Slide 17: Q4 2023 Quarter-to-Date Performance
Q4 2023 Quarter-to-Date Performance Three Months Ended $ Change from prior % Change from prior ($ in thousands, except percentages) December 31, 2023 December 31, 2022 year period year period Revenues $ 63,485 $ 53,705 $ 9,780 18 % Cost of sales 52,754 45,112 7,642 17 Gross margin 10,731 8,593 2,138
Slide 18: 2023 Year-to-Date Performance
2023 Year-to-Date Performance Year Ended $ Change from prior % Change from prior ($ in thousands, except percentages) December 31, 2023 December 31, 2022 year period year period Revenues $ 243,800 $ 160,549 $ 83,251 52 % Cost of sales 185,831 131,854 53,977 41 Gross margin 57,969 28,695 29,274 102 O
Slide 19: Supplemental Non-GAAP Information
Supplemental Non-GAAP Information Adjusted EBITDA and Pro Forma Adjusted EBITDA Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures of results under Year Ended generally accepted accounting principles in the United States. December 31, December 31, (in thousands) 2023 2022 Adjusted EBITDA
Slide 20: Supplemental Non-GAAP Information, Continued
Supplemental Non-GAAP Information, Continued i. Redwire incurred acquisition costs including due diligence, integration costs and Three Months Ended additional expenses related to pre-acquisition activity. (in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 ii. Redwire recorded adjustments relate
Slide 21: Supplemental Non-GAAP Information, Continued
Supplemental Non-GAAP Information, Continued Year Ended Free Cash Flow December 31, December 31, Free Cash Flow is computed as net cash provided by (in thousands) 2023 2022 (used in) operating activities less capital expenditures. The Net cash provided by (used in) operating activities $ 1,231 $ (31
Slide 22: 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 December 31, December 31, (in thousands) 2023 2022 has not been performed (also k