Redwire Corporation (NYSE:RDW) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET

Company Participants

Jeff Zeunik - SVP, Financial Planning and Analysis
Peter Cannito - CEO
Jonathan Baliff - CFO & Director

Conference Call Participants

Greg Konrad - Jefferies
Griffin Boss - B. Riley Securities
Brian Kinstlinger - Alliance Global Partners
Suji DeSilva - ROTH MKM
Andres Sheppard - Cantor Fitzgerald

Operator

Greetings and welcome to the Redwire Space Corporation First Quarter 2024. [Operator Instructions]. I will now turn the conference over to your host, Jeff Zeunik, you may begin.

Jeff Zeunik

Thank you, Samali, and good morning, everyone. Welcome to Redwire's first-quarter 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 for the future. Our forward-looking statements are subject to risks and uncertainties that are described in more detail on slide 2.

Additionally, to the extent that we discuss non-GAAP measures during the call, please see slide 3 of our earnings release or the investor presentation on our website for the calculation of these measures and their GAAP reconciliations.

I am Jeff Zeunik, Redwire, Senior Vice President of Financial Planning and Analysis and Investor Relations. Joining me on today's call are Peter Cannito, Chairman and Chief Executive Officer, and Jonathan Baliff, Chief Financial Officer. With that, I would like to turn the call over to Pete. Pete?

Peter Cannito

Thank you, Jeff. During today's call, I will take you through a discussion of our key accomplishments in the first quarter of 2024. Jonathan will then present the financial highlights for the same first quarter 2024 period, after which we will open the floor for Q&A.

Please turn to slide 6. the first quarter of this year was another excellent quarter for Redwire, during which we continued our positive momentum from 2023. We have now delivered five consecutive quarters of positive adjusted EBITDA and revenue growth and two consecutive quarters of positive cash from operations. During the first quarter, we achieved $87.8 million in Q1 revenue, a 52.4% improvement over Q1 2023. It was a very strong quarter for revenue. Positive adjusted EBITDA of $4.3 million and net loss of $8.1 million. Free cash flow of positive $0.4 million, a year-over-year improvement of $15.2 million. Cash from operations of positive $2.8 million, a year-over-year improvement of $16.8 million. And finally, we achieved a last 12 months or LTM book-to-bill ratio of one 1.11 times during the quarter. It's important to note that we achieved these positive financial results by developing and delivering reliable critical innovations for our valued customers throughout the first quarter. These results are directly attributable to the commitment and expertise of our workforce.