JACKSONVILLE, Fla. - Redwire Corporation (NYSE:RDW), known for its space infrastructure solutions, has entered into a memorandum of understanding (MOU) with Consolidated Safety Services, Inc. (CSS), targeting NASA’s International Space Station (ISS) service contracts. This collaboration aims to secure task orders under the substantial $478 million Research, Engineering & Mission Integration Services-2 (REMIS-2) contract.
The partnership will leverage Redwire’s three decades of experience in spaceflight hardware and technology systems to compete for ISS Program task orders. These orders encompass a range of services, including the provision of spaceflight and ground hardware, software engineering, payload facility integration, and research mission operations.
Vice President of Corporate Advancement at Redwire, Richard Boling, highlighted the company's extensive contributions to the ISS Program, including the development of research and manufacturing payloads and the upgrade of the station’s power capabilities through Roll-Out Solar Arrays. Boling expressed pride in partnering with CSS to build upon Redwire's legacy and support ongoing ISS operations.
Currently, Redwire owns nine payloads and facilities on the ISS, conducting vital life and physical science research for commercial and government entities. The company also manages three NASA-owned research facilities, including material science furnaces and the Advanced Plant Habitat, under a similar space station services contract.
Redwire Corporation, with approximately 700 employees across 14 facilities in the United States and Europe, continues to play a pivotal role in advancing space infrastructure and innovation, supporting a range of civil, commercial, and national security space programs.
Redwire has been actively securing contracts for various projects. The Defense Advanced Research Projects Agency selected the company for the Otter program, a pioneering satellite project.The company also secured contracts from the European Space Agency for the development of a robotic arm prototype for the Argonaut Lunar Lander, and from NASA's Jet Propulsion Laboratory for a feasibility study of a commercially-led Mars spacecraft.
Among other developments, Redwire announced the creation of Phantom, a new Very Low Earth Orbit spacecraft platform. The company is also working on the Phantom European VLEO Platform for the European Space Agency's Skimsat program, in collaboration with Thales Alenia Space UK.
InvestingPro Insights
As Redwire Corporation (NYSE:RDW) forges a strategic partnership with Consolidated Safety Services, Inc. (CSS) to target NASA's ISS service contracts, the financial outlook of the company is a key interest for investors. Redwire's market capitalization stands at 474.79 million USD, reflecting its stature in the space infrastructure sector. Despite a challenging financial metric with a negative P/E ratio of -10.64, analysts are optimistic about the company's future, expecting net income and sales growth this year. This optimism is underscored by a significant revenue growth of nearly 47.87% in the last twelve months as of Q1 2024.
Investors tracking Redwire's stock performance will note the stock's volatility, yet there's a silver lining with a strong return over the last three months, surging by 90.53%. This upward trajectory is consistent with a six-month price total return of 153.15%, indicating a large price uptick in the recent half-year period. Redwire's recent performance in the market is a bright spot for the company, with analysts predicting profitability in the current year, which could be a turning point for the company that has not been profitable over the last twelve months. Notably, the company does not pay dividends, which may be a factor for income-focused investors to consider.
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