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Successful delivery of proven and differentiated products and services for multiple National Security Space ("NSS") and commercial customers, including for multi-year, multi-shipset missions.
Operational successes have led to additional work and cross-selling of higher gross margin products and services with improved on-time deliveries, including for large solar array programs and navigation component projects.
Investments continue to expand production capacity and increase scale and execution efficiency; opened new facility in Luxembourg to specialize in design and development of robotic arms for orbital, free-flying and lunar missions.
Our significantly higher 1.68 book-to-bill ratio, combined with increased gross margins, provides for an improved financial outlook for the second half of 2022 and 2023.
Net loss and Pro Forma Adjusted EBITDA1 were $(77.0) million and $(4.1) million, respectively, for the three months ended June 30, 2022 compared to net loss and Pro Forma Adjusted EBITDA of $(15.9) million and $2.1 million, respectively, for the three months ended June 30, 2021. The net loss in the second quarter of 2022 included an $80.5 million non-cash goodwill, intangible and long-lived asset impairment charge.
The three months ended June 30, 2022 delivered better financial performance compared to the three months ended March 31, 2022 with improved revenues of 11.7%, gross margin of 3.3%, Adjusted EBITDA1 of 13.2%, and Free Cash Flow of $(0.5) million compared to $(6.4) million for the three months ended June 30, 2022 and March 31, 2022, respectively.
Redwire expects to achieve positive Adjusted EBITDA in the second half of 2022 driven by increased revenue and changes in contract mix with higher gross margins. For the fiscal year ended December 31, 2022, Redwire is updating its previously provided guidance and now expects revenues to be in a range of approximately $165 million to $175 million and Pro Forma Adjusted EBITDA to be in a range between $(2.0) million and $3.0 million.
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https://www.fool.com/investing/2022/07/11/building-satellites-in-space-is-a-thing-now/
This is based on its 2022 expected revenue of >150M$.