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Redwire Corporation (RDW-1.15%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a 25% increase in revenues to $304.1 million for the year, driven by larger contracts and increased production volume in power generation and structures and mechanisms offerings.
Cost of sales increased by 40% to $259.6 million, reflecting higher labor and subcontractor costs associated with larger contracts.
Gross profit decreased by 23% to $44.5 million, with gross margin falling to 15% from 24% in the previous year, impacted by net unfavorable EAC adjustments of $17.7 million.
Selling, general and administrative expenses rose by 4% to $71.4 million, though as a percentage of revenues, they decreased to 23% from 28% in the prior year.
Transaction expenses increased significantly to $9.1 million, primarily due to costs related to the acquisition of Hera Systems and pre-acquisition costs for prospective acquisitions.
Research and development expenses increased by 23% to $6.1 million, reflecting strategic investments in future technology developments.
Net loss for the year was $114.3 million, compared to a net loss of $27.3 million in the previous year, impacted by a $52.0 million non-cash loss related to the change in fair value of private warrants.
Net cash used in operating activities was $17.3 million, compared to net cash provided by operating activities of $1.2 million in the prior year, primarily due to the increased net loss and changes in working capital.
Contracted backlog decreased to $296.7 million from $372.8 million, with a book-to-bill ratio of 0.76, down from 1.23 in the previous year.
The company completed the acquisition of Hera Systems and expanded its global footprint with new facilities in California and Poland.
Subsequent to the fiscal year-end, Redwire entered into an agreement to acquire Edge Autonomy for $925 million, expanding its capabilities in uncrewed airborne system technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Redwire Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.