Redwire Corporation (NYSE: RDW), a global leader in space infrastructure that provides the foundational building blocks that are enabling some of the most complex space missions, closed the latest fiscal quarter, Q2 2023, reporting sales of $60.1, representing a 63% YoY growth. Even without considering revenue from the latest acquisition, Space NV, which was completed on October 31st, 2022, quarterly revenues increased 24.9% to $45.9 million.
“In Q2, we continued a trend of strong revenue growth and positive Adjusted EBITDA,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “This is a result of resilient demand for our differentiated space solutions across a diversified customer set and the operational excellence of our extraordinary Redwire professionals worldwide.”
Furthermore, the contracted backlog increased 68.3% year-over-year to $272.8 million as of June 30, 2023, as compared to $162.1 million as of June 30, 2022. For the full year ended December 31, 2023, Redwire affirmed that it expects revenues to be in the range of $220.0 million to $250.0 million. In FY 2022 the company, which we have been following since the acquisition of Made in Space and for ongoing development of in-space ceramic and polymer 3D printers, along with its bioprinters, had reported revenues of $160 million, with significant losses.
Revenues grew sequentially by 4.3%, as compared to the first quarter of 2023 and comparable revenues also grew sequentially by 1.1%, as compared to the first quarter of 2023. At the same time, the company has significantly cut nel loss by 92.9% to negative $5.5 million, as compared to negative $77.0 million for the second quarter of 2022. Net Loss also improved sequentially by $1.8 million or 24.7%, as compared to the first quarter of 2023.
Adjusted EBITDA for the second quarter of 2023 increased by $8.4 million to $4.4 million as compared to negative $4.1 million for the second quarter of 2022. Adjusted EBITDA increased sequentially by a nominal amount as compared to the first quarter of 2023.