A Redwire Corporation banner is displayed at the New York Stock Exchange, Sept. 8, 2021.
Space infrastructure company Redwire said Monday that it nearly erased its net losses during the second quarter and further grew its contract backlog.
Redwire brought in $60.1 million in second-quarter revenue, up 64% from the same period a year ago. Its backlog of contracted orders increased nearly 70% year over year, to $272.8 million from $162.1 million a year prior.
The company trimmed its net loss to $5.5 million, dropping the amount 93% from $77 million in the quarter a year ago.
“Our outstanding commercial and operational improvement continued in the second quarter of 2023, leading to record financial performance on both a sequential and year-over-year basis,” Redwire Chief Financial Officer Jonathan Baliff said in a statement.
Redwire stock rose as much as 8% in after-hours trading from its close at $3.43 a share. Shares of Redwire have climbed more than 70% this year.
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The company also reaffirmed full-year revenue guidance, saying it expects to bring in between $220 million and $250 million in 2023.
The company had $36.2 million in available liquidity at the end of the quarter, which was a split mix of cash and borrowing capacity.