September 30, 2021 Financials
(Nine months ended)
REDWIRE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands of U.S. dollars, except share and per share data) |
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Successor |
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Predecessor |
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Three Months Ended
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Three Months Ended
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Nine Months Ended
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Period from
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|
Period from
|
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Revenues |
$ |
32,680 |
|
|
$ |
12,485 |
|
|
$ |
96,526 |
|
|
$ |
17,656 |
|
|
|
$ |
16,651 |
|
Cost of sales |
|
26,786 |
|
|
|
10,546 |
|
|
|
74,418 |
|
|
|
14,027 |
|
|
|
|
12,623 |
|
Gross margin |
|
5,894 |
|
|
|
1,939 |
|
|
|
22,108 |
|
|
|
3,629 |
|
|
|
|
4,028 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
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| Selling, general and administrative |
|
34,333 |
|
|
|
3,520 |
|
|
|
57,855 |
|
|
|
5,461 |
|
|
|
|
5,260 |
|
| Contingent earnout expense |
|
113 |
|
|
|
— |
|
|
|
11,227 |
|
|
|
— |
|
|
|
|
— |
|
| Transaction expenses |
|
1,128 |
|
|
|
500 |
|
|
|
3,547 |
|
|
|
5,959 |
|
|
|
|
— |
|
| Research and development |
|
1,371 |
|
|
|
776 |
|
|
|
3,326 |
|
|
|
1,303 |
|
|
|
|
387 |
|
| Operating income (loss) |
|
(31,051 |
) |
|
|
(2,857 |
) |
|
|
(53,847 |
) |
|
|
(9,094 |
) |
|
|
|
(1,619 |
) |
| Interest expense, net |
|
1,740 |
|
|
|
82 |
|
|
|
4,931 |
|
|
|
82 |
|
|
|
|
76 |
|
| Other (income) expense, net |
|
(2,957 |
) |
|
|
8 |
|
|
|
(2,980 |
) |
|
|
21 |
|
|
|
|
23 |
|
| Income (loss) before income taxes |
|
(29,834 |
) |
|
|
(2,947 |
) |
|
|
(55,798 |
) |
|
|
(9,197 |
) |
|
|
|
(1,718 |
) |
| Income tax expense (benefit) |
|
(5,582 |
) |
|
|
(611 |
) |
|
|
(7,971 |
) |
|
|
(1,889 |
) |
|
|
|
(384 |
) |
| Net income (loss) |
$ |
(24,252 |
) |
|
$ |
(2,336 |
) |
|
$ |
(47,827 |
) |
|
$ |
(7,308 |
) |
|
|
$ |
(1,334 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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| Net income (loss) per share, basic and diluted |
$ |
(0.55 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.21 |
) |
|
$ |
(0.20 |
) |
|
|
$ |
— |
|
| Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
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| Basic and diluted |
|
44,036,040 |
|
|
|
37,200,000 |
|
|
|
39,503,720 |
|
|
|
37,200,000 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
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| Net income (loss) |
$ |
(24,252 |
) |
|
$ |
(2,336 |
) |
|
$ |
(47,827 |
) |
|
$ |
(7,308 |
) |
|
|
$ |
(1,334 |
) |
| Foreign currency translation gain (loss), net of tax |
|
(119 |
) |
|
|
304 |
|
|
|
(298 |
) |
|
|
342 |
|
|
|
|
2 |
|
| Total other comprehensive income (loss), net of tax |
|
(119 |
) |
|
|
304 |
|
|
|
(298 |
) |
|
|
342 |
|
|
|
|
2 |
|
| Total comprehensive income (loss) |
$ |
(24,371 |
) |
|
$ |
(2,032 |
) |
|
$ |
(48,125 |
) |
|
$ |
(6,966 |
) |
|
|
$ |
(1,332 |
) |
| REDWIRE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands of U.S. dollars, except share data) |
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|
Successor |
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|
September 30,
|
|
December 31,
|
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| Assets |
|
|
|
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| Current assets: |
|
|
|
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| Cash and cash equivalents |
$ |
27,258 |
|
|
$ |
22,076 |
|
| Accounts receivable, net |
|
10,396 |
|
|
|
6,057 |
|
| Contract assets |
|
9,364 |
|
|
|
4,172 |
|
| Inventory |
|
607 |
|
|
|
330 |
|
| Income tax receivable |
|
688 |
|
|
|
688 |
|
| Related party receivable |
|
— |
|
|
|
4,874 |
|
| Prepaid insurance |
|
3,806 |
|
|
|
— |
|
| Prepaid expenses and other current assets |
|
1,855 |
|
|
|
1,109 |
|
| Total current assets |
|
53,974 |
|
|
|
39,306 |
|
| Property, plant and equipment, net |
|
4,830 |
|
|
|
3,262 |
|
| Goodwill |
|
69,625 |
|
|
|
52,711 |
|
| Intangible assets, net |
|
87,453 |
|
|
|
60,961 |
|
| Other non-current assets |
|
125 |
|
|
|
534 |
|
| Total assets |
$ |
216,007 |
|
|
$ |
156,774 |
|
|
|
|
|
|
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| Liabilities and Equity |
|
|
|
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| Current liabilities: |
|
|
|
||||
| Accounts payable |
$ |
7,390 |
|
|
$ |
7,158 |
|
| Notes payable to sellers |
|
888 |
|
|
|
1,827 |
|
| Short-term debt, including current portion of long-term debt |
|
3,827 |
|
|
|
1,074 |
|
| Accrued expenses |
|
12,841 |
|
|
|
7,462 |
|
| Deferred revenue |
|
11,737 |
|
|
|
15,665 |
|
| Other current liabilities |
|
823 |
|
|
|
378 |
|
| Total current liabilities |
|
37,506 |
|
|
|
33,564 |
|
| Long-term debt |
|
74,989 |
|
|
|
76,642 |
|
| Warrant liabilities |
|
18,789 |
|
|
|
— |
|
| Deferred tax liabilities |
|
6,415 |
|
|
|
7,367 |
|
| Other non-current liabilities |
|
— |
|
|
|
6 |
|
| Total liabilities |
|
137,699 |
|
|
|
117,579 |
|
| Shareholders’ Equity: |
|
|
|
||||
| Preferred stock, $0.0001 par value, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2021 |
|
— |
|
|
|
— |
|
| Common stock, $0.0001 par value, 500,000,000 shares authorized; 59,661,273 issued and outstanding as of September 30, 2021 and 37,200,000 issued and outstanding as of December 31, 2020 |
|
6 |
|
|
|
4 |
|
| Additional paid-in capital |
|
140,295 |
|
|
|
53,059 |
|
| Accumulated deficit |
|
(62,201 |
) |
|
|
(14,374 |
) |
| Accumulated other comprehensive income (loss) |
|
208 |
|
|
|
506 |
|
| Shareholders’ equity |
|
78,308 |
|
|
|
39,195 |
|
| Total liabilities and shareholders’ equity |
$ |
216,007 |
|
|
$ |
156,774 |
|
REDWIRE CORPORATION
