Redwire Reports First Quarter Net Loss of $17.3 Million

by Douglas Messier
Managing Editor

JACKSONVILLE, Fla. — Redwire reported a first quarter net loss of $17.3 million on revenues of $32.9 million. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $4.7 million for the quarter.

“Delays in contract awards, macroeconomic challenges, including inflation and supply chain delays in contractor start dates had a negative impact on performance,” the company said in a statement.

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Lonestar to Place Data Centers on the Moon

Data center on the moon. (Credit: Lonestar Data Holdings)

ST. PETERSBURG, Fla., April 19, 2022 (Lonestar Data PR) — Lonestar Data Holdings Inc. announced today that it is launching a series of data centers to the lunar surface and has contracted for its first two missions to the lunar surface and for the build of its first data services payload, the first data center to the Moon.

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What We Learned from the Space Station this Past Year

This image shows the planned configuration of six iROSA solar arrays intended to augment power on the International Space Station. The roll-up arrays arrive on the SpaceX-22 resupply mission. (Credits: NASA/Johnson Space Center/Boeing)

HOUSTON (NASA PR) — As the International Space Station enters its third decade of continuous human presence, the impact of microgravity research conducted there keeps growing. The months between Nov. 2020 and Nov. 2021 saw publication of more than 400 scientific papers based on studies aboard the orbiting lab.

Here are some highlights of recent results from groundbreaking space station science:

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Robbins LLP Informs Investors of Class Action Against Redwire Corporation (RDW) f/k/a Genesis Park Acquisition Corp.

SAN DIEGO (Robbins LLP PR) — Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased Redwire Corporation (NYSE: RDW) between August 11, 2021 and November 14, 2021. The complaint alleges violations of the Securities Exchange Act of 1934. Redwire purports to offer mission critical space solutions and high reliability components for the next generation space economy.

If you suffered a loss due to Redwire Corporation’s misconduct, click here.

There Were Material Weaknesses in Redwire Corporation’s (RDW) Internal Controls Over Financial Reporting

According to the complaint, Genesis Park Acquisition Corp., a special purpose acquisition company, combined with certain entities to become Redwire on September 2, 2021. On November 10, 2021, Redwire announced it would postpone the release of its third quarter earnings results. The Company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations. On this news, Redwire’s stock price fell $1.92, or 16%, to close at $9.99 per share on November 10, 2021. Then, on November 15, 2021, Redwire stated it could not timely file its quarterly report for the period ended September 30, 2021. Due to the investigation, “the Company has not been able to finalize its financial statements or its assessment of effectiveness of its disclosure controls and procedures and any impact” on the report. On this news, the Company’s stock price fell over 8% over two consecutive trading sessions to close at $10.32 per share on November 16, 2021, harming investors.

If you purchased shares of Redwire Corporation (RDW) between August 11, 2021 and November 14, 2021, you have until February 15, 2022, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Virgin Orbit Invests in Hypersat

PARIS, 15 DECEMBER 2021 (Virgin Orbit PR) – Virgin Orbit, the responsive launch and space solutions company that has announced a planned business combination with NextGen Acquisition Corp. II (“NextGen”) (NASDAQ: NGCA), announced today an agreement to acquire a 17.5% stake in geospatial analytics company Hypersat LLC (“Hypersat”).

This investment will further expand Virgin Orbit’s space solutions business by providing highly accurate electro-optic and hyperspectral imagery capabilities, which can provide vital information to customers in the agriculture, defense, energy, insurance, and minerals industries, among others. The investment by Virgin Orbit is part of the company’s strategy to leverage the relationships with its satellite launch customers and space solutions end users. As part of that strategy, Virgin Orbit has previously announced investments in ArQit Quantum, SatRevolution, and Sky and Space Global.

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Redwire Announces Supplier Agreement with Terran Orbital to Support Satellite Manufacturing

JACKSONVILLE, Fla. (Redwire PR) — Redwire Corporation (NYSE: RDW), a global leader in mission critical space infrastructure for the next generation space economy, today announced a three-year supplier agreement with Terran Orbital, a global leader and pioneer in the development, innovation and operation of small satellites and Earth observation solutions.

Through this agreement, Redwire will deliver a range of advanced components and solutions that will be used in Terran Orbital’s industry-leading line of satellite manufacturing and service offerings. Terran Orbital recently announced that it intends to go public through a merger with special purpose acquisition company Tailwind Two Acquisition Corp.

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Redwire Reschedules Earnings Announcement Due to Potential Accounting Issues

JACKSONVILLE, Fla. (Redwire PR) — Redwire Corporation (NYSE: RDW; “Redwire” or “the Company”) announced yesterday it would reschedule its earnings announcement for the third quarter ended September 30, 2021, which had been previously scheduled for Wednesday, November 10, 2021.

On Friday evening, November 5, 2021, Redwire management was notified by an employee of potential accounting issues with a business subunit. Management promptly informed the independent Audit Committee of the Board of Directors. The Audit Committee has commenced an independent investigation. Given the timing of the recent notification, the Company has not finalized its financial statements and expects to file an NT-10Q. The Company has voluntarily reported the matter to the Securities and Exchange Commission.

Redwire remains confident in its business prospects and, to date, the Company has not identified any material misstatements or restatements of its previously filed financial statements.

About Redwire

Redwire Corporation (NYSE: RDW) is a leader in space infrastructure for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.

Space SPACs Earnings Week

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)

Five space companies that went public by merging with special purpose acquisition companies (SPACs) report earnings this week.

Monday, Nov. 8

Virgin Galactic
5 p.m. EST (22:00 UTC)
https://investors.virgingalactic.com/news/news-details/2021/Virgin-Galactic-Announces-Date-of-Third-Quarter-2021-Financial-Results-and-Conference-Call/default.aspx

Tuesday, Nov. 9

Momentus
5 p.m. EST (22:00 UTC)
https://investors.momentus.space/news-releases/news-release-details/momentus-announces-date-third-quarter-2021-financial-results-and

Wednesday, Nov. 10

Redwire
8:30 a.m. EST (13:30 UTC)
https://ir.redwirespace.com/news-events/press-releases/detail/32/redwire-corporation-to-report-third-quarter-2021-results-on

Spire Global
5 p.m. EST (22:00 UTC)
https://ir.spire.com/news-events/press-releases/detail/76/spire-global-inc-schedules-third-quarter-2021-results

Thursday, Nov. 11

Astra Space
4:30 p.m. EST (21:30 UTC)
https://investor.astra.com/news-releases/news-release-details/astra-report-third-quarter-financial-results-november-11-2021

Redwire Acquires Space Biotechnology Leader Techshot

JACKSONVILLE, Fla., November 2, 2021 (Redwire PR) – Redwire Corporation (NYSE: RDW), a leader in space infrastructure for the next generation space economy, today announced that it has acquired Techshot, Inc., a leader in biotechnology in microgravity, bioprinting, and on-orbit manufacturing needed for commercial space-based research and development.  

“Techshot’s space bioprinting and other proven biotech solutions in microgravity are some of the most consequential innovations in Low Earth Orbit (LEO) with life-saving benefits on and off our home planet,” said Peter Cannito, Chairman and CEO of Redwire. “Adding Techshot’s leading position in commercial space biotechnology with Redwire’s leading position in on-orbit material manufacturing adds significant scale and synergy to our commercial space offerings.  This is a giant leap forward in our vision for people living and working in space for the benefit of the terrestrial economy.” 

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Tailwind Two Acquisition Corp. Signs Definitive Agreement to Take Terran Orbital Public Using a SPAC; Valuation of $1.58 Billion

  • $345 million cash-in-trust from Tailwind Two
  • $50 million PIPE with participation from AE Industrial Partners, Beach Point Capital, Daniel Staton and Lockheed Martin
  • $75 million of additional financial commitments from Francisco Partners and Beach Point Capital
  • Transaction expected to close in first quarter of 2022

New York, NY. and BOCA RATON, FL. (October 28, 2021) Tailwind Two Acquisition Corp. (NYSE:TWNT) (“Tailwind Two”), a special purpose acquisition company, and Terran Orbital Corporation, the global leader and pioneer in the development, innovation and operation of small satellites and earth observation solutions, jointly announced today that they have entered into a definitive business combination agreement.  Upon the closing of the transaction, the combined company (the “Company”) will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol LLAP. The pro forma total enterprise value of the combined companies is approximately $1.58 billion. The transaction is expected to close in the first quarter of 2022.

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Blue Origin, Sierra Space and Partners Unveil Plans for Orbital Reef Commercial Space Station

Orbital Reef commercial space station (Credit: Orbital Reef)

New Orbital Destination Opens Up Space For Business And Travel, Creating New
Ecosystem

KENT, Wash., October 25, 2021 (Blue Origin/Sierra Space PR) – Blue Origin and Sierra Space today announced plans for Orbital Reef, a commercially developed, owned, and operated space station to be built in low Earth orbit. The station will open the next chapter of human space exploration and development by facilitating the growth of a vibrant ecosystem and business model for the future. Orbital Reef is backed by space industry leaders and teammates including Boeing, Redwire Space, Genesis Engineering Solutions, and Arizona State University.

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Redwire Shares Surge on First Day of Trading on NYSE

by Douglas Messier
Managing Editor

Shares of space infrastructure and manufacturing conglomerate Redwire (RDW) surged by 16.57 percent on Friday during the company’s first day of trading on the New York Stock Exchange. The stock price rose by $1.74 to $12.24.

The debut came after shareholders of Genesis Park Acquisition Corp. overwhelmingly backed a merger with Redwire on Wednesday. Genesis Park was a special purpose acquisition company (SPAC) that was already traded on NYSE that was established by investors with the goal of finding a company with which to merge and take public.

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Genesis Park Acquisition Corp. and Redwire Announce Shareholder Approval of the Business Combination

JACKSONVILLE, Fla. and HOUSTON, Sept. 1, 2021 (Genesis Park PR) — Genesis Park Acquisition Corp. (“GPAC”) (NYSE: GNPK), a U.S. publicly-traded special purpose acquisition company, and Redwire, LLC (“Redwire” or the “Company”), a leader in mission critical space solutions and high reliability components for the next generation space economy, announced that at GPAC’s extraordinary general meeting held today (the “Extraordinary General Meeting”), GPAC’s shareholders voted to approve the previously announced proposed business combination between GPAC and Redwire (the “Business Combination”), as well as all other proposals related to the Business Combination. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC’s outstanding shares as of the record date, voted to approve the Business Combination.

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Redwire Developing Key Technologies to Build Sustainable Lunar Infrastructure

Redwire’s Additive Manufacturing Device, which will be used to run the regolith simulant prints for the Redwire Regolith Print mission. (Credit: Redwire)

JACKSONVILLE, Fla. (NASA PR) — The farther humans go into deep space, the more important it will be to generate products with local materials. Reducing Earth delivery requirements reduces overall mission cost and launch weight.  It also allows for the construction of infrastructure using space-based resources, a practice called in-situ resource utilization (ISRU). NASA is making long term investments to advance ISRU technology across multiple areas, including regolith-based in-space manufacturing and construction.

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Redwire Announces State-of-the-Art Digital Engineering Laboratory to Enable Next Generation Space Architectures

Credit: Redwire

JACKSONVILLE, Fla., August 19, 2021 (Redwire PR) – Redwire, a leader in mission critical space solutions for the next generation space economy, announced today initial operational capability for its investment in a first-of-its-kind digital engineering environment, the Hyperion Operational Space Simulation Laboratory (HOSS). The state-of-the-art facility leverages the full suite of Redwire digital engineering capabilities, including software- and hardware-in-the-loop configurations, to enable next generation space architectures and solutions, such as advanced artificial intelligence, machine learning and cyber technologies.

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