Redwire Corp, a leading player in space infrastructure, reported robust growth in its Q3 financial results on Monday, marking the third consecutive quarter of strong revenue growth and positive Adjusted EBITDA under CEO Peter Cannito's leadership.
The company's revenue surged by 68.1% to $62.6 million from $37.2 million in Q3 2022, demonstrating the effectiveness of the company's disciplined technical execution and the talent of its space professionals in delivering real value for customers. These factors have positioned Redwire for future success.
In addition to revenue growth, Redwire also reported an improvement in net loss by 39.3% to $(6.3) million from $(10.4) million in the same quarter last year. This improvement came despite a sequential increase of $0.9 million or 15.7% from Q2 2023.
Adjusted EBITDA, another key metric, rose by $6.4 million to reach $4.9 million, up from $(1.5) million in Q3 2022. The company also noted a sequential increase of $0.6 million compared to the previous quarter.
Adding to its strong financial performance, Redwire revealed that its contracted backlog grew by a significant 59.5% year-over-year to reach $253.4 million as of September 30, 2023. This surge indicates an increasing demand for Redwire's services and its growing role in the space infrastructure sector.
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