- Space infrastructure company Redwire said it trimmed its quarterly losses as it continued building its order backlog.
- Redwire brought in $53.7 million in fourth-quarter revenue, up 31% from the same period a year ago.
Space infrastructure company Redwire reported fourth-quarter results on Wednesday, saying it further trimmed its losses and built its order backlog.
After rising as much as 10% in premarket trading, Redwire stock fell slightly soon after the opening bell.
The company brought in $53.7 million in fourth-quarter revenue, up 31% from the same period a year ago. Its total backlog of orders nearly doubled to $465.1 million as of the end of 2022, compared to the end of 2021.
Get South Florida local news, weather forecasts and entertainment stories to your inbox. Sign up for NBC South Florida newsletters.
Redwire also trimmed its adjusted EBITDA loss on a quarter-over-quarter basis, to $773,000 from $1.5 million in the third quarter.
"Our financial performance showed improvement on both a sequential and year-over-year basis," Redwire CFO Jonathan Baliff said in a statement.
Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.
Money Report
The company had $53.3 million in available liquidity at the end of the year, which was a split mix of cash and borrowing capacity.
For 2023, Redwire forecast full year revenue between $220 million to $250 million, up from $160.6 million in 2022 revenue.