Redwire Corporation

Greetings and welcome to the Redwire Corporation Q4 and full year 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jeffrey Zunich, SVP, Financial Planning and Analysis. Thank you. You may begin.

Good morning, and thank you, Daryl. Welcome to Redwire's fourth quarter and full year 2024 earnings call. We hope that you've seen our earnings release, which we issued yesterday afternoon. It has also been posted in the investor relations section of our website at redwirespace.com. Let me remind everyone that during the call, Redwire management may make forward-looking statements that reflect our beliefs, expectations, intentions, or predictions of the future. Our forward-looking statements are subject to risks and uncertainties that are described in more detail on slide three. Additionally, to the extent we discuss non-GAAP measures during the call, please see slide four, our earnings release, or the investor presentation on our website for the calculation of these measures and their reconciliation to U.S. GAAP measures. I am Jeff Zunich, Redwire Senior Vice President of Financial Planning and Analysis and Investor Relations. Joining me on today's call are Peter Conito, Redwire's Chairman and Chief Executive Officer, and Jonathan Bailiff, Redwire's Chief Financial Officer. With that, I would like to turn the call over to Pete. Pete?

Thank you, Jeff. During today's call, I will outline our key accomplishments during 2024, and Jonathan will then present the financial highlights for the same period. We will then discuss our 2025 outlook, after which we will open the call for Q&A. Please turn to slide seven. During 2024, Redwire effectively executed on the four key principles of our 2024 growth strategy, leading to approximately 25% revenue growth and a strong positioning for 2025. During the year, Redwire continued to provide critical picks and shovels as a trusted supplier to some of the most remarkable missions of the year. For example, in 2024, Redwire delivered 186 sensors, including sun sensors, star trackers, and cameras to our customers. Additionally, Redwire effectively scaled our production capabilities to meet growing demand through affordable capital investments. For example, in 2024, we increased the number of ROSA arrays under contract by 23.8% year over year. Also, in order to be better positioned for scalability and growth, Redwire effectively moved up the value chain from trusted supplier to strategic platform provider, with the introduction of five spacecraft platforms across multiple orbits serving the U.S. and international markets. Sabersat and Phantom for VLEO, Thresher and Hammerhead for LEO, and Mako for MEO-GEO. And finally, Redwire made incredible advancements in the field of microgravity manufacturing that furthered our venture optionology strategy by launching 27 pillboxes for partners including Eli Lilly, Bristol-Myers Squibb, and Excesso Libero Pharma. Please turn to slide eight. Taking a look at Redwire 2024 execution by the numbers. Redwire executed on programs for more than 100 customers with greater than 85% of revenues coming from our many government and marquee customers around the world, showcasing our strong revenue diversity. In addition, Redwire announced the launch of more than 70 products and solutions on 15 launches during the year, and that doesn't include product launches that did not get announced due to customer confidentiality. We expanded our footprint across the globe, adding three facilities, two in California and one in Poland. And as you can see in the right-hand column, our performance resulted in a robust year-over-year top-line growth of 24.7% to record annual revenue of $304.1 million. Please turn to slide nine. Turning to our contract awards and backlog. Our contract awards during the full year 2024 were $229.8 million. Our book-to-bill ratio was .76 times for the year, and we ended 2024 with a backlog of $296.7 million. As we have continuously reinforced, we often see lumpy contract awards from quarter to quarter. We continue to expand our pipeline with an estimated $7.1 billion of identified opportunities, including approximately $4.1 billion in proposals submitted during full year 2024. This is a result of our moving up the value chain and scaling production growth principles, leading to larger bids. As you can see on the upper right-hand side of this slide, this represents a significant increase of 334.3% over the corresponding prior year period. This growth in bids submitted throughout the year is a result of our effort to increase the average size of the individual opportunities we are pursuing. We are now bidding on individual programs in the $100 million plus award value on a more regular cadence. Of course, there is no guarantee we will win these opportunities. However, we now have a pipeline of bids that could result in a substantial increase in backlog if we land some of these larger opportunities. Because of the success of our transformational investments, building the Redwire platform in 2024, we are now positioned to continuously pursue larger opportunities in 2025 and beyond. Please turn to slide 10. With that, I'd now like to turn the call over to Jonathan Bailiff, Redwire's Chief Financial Officer, to discuss the financial results for the fourth quarter and full year 2024. Jonathan?