Jacksonville-based space firm Rewire expect to reach $1.4 billion in revenue by 2025, building on organic growth in an expanding space market and additional acquisitions.
Those acquisitions will be funded in part by the $75 million in proceeds the company will get from its merger with special-purpose acquisition corporation Genesis Park (NYSE:GNPK) in order to become a publicly traded company.
"We intend to be highly acquisitive going forward with the SPAC proceeds," CFO Bill Read said on a call with investors Friday morning. "We have a very robust pipeline of opportunities."
Redwire was created by private equity firm AE Industrial Partners through the acquisition of several space-based companies, including Jacksonville-based Made In Space.
Conversations with other companies Redwire is interested in acquiring have been in the works, Redwire CEO Peter Cannito said during the call, although the company's focus now is on the merger with Genesis.
"We are on a great trajectory for mergers and acquisitions to date, but it's good to take a pause for the SPAC merger," Cannito said. "We didn't stop talking to people we were talking to six months ago."
When that pause ends, Redwire will continue to look for smaller space companies that are dominating specific space-tech niches that haven't scaled or expanded their companies yet, Read said. What Redwire offers, he said, are the resources that a company facing a surge in demand needs to execute growth.
Finding those businesses isn't hard, the CFO said.
"Founders talk to each other; founders have broad networks," he said. "That has created this virtuous cycle of introductions and people coming to us, as well seeing what we're doing, seeing where we're headed, seeing our unique culture and wanting to be a part of that."
The Jacksonville company's growth will also come from deploying the technology that comes with the companies it has acquired, such as the pair of roll-out solar arrays created by Redwire subsidiary Deployable Space Systems that were launched in May with SpaceX's commercial resupply mission to the International Space Station.
Revenue growth is also projected to come from camera systems on the Orion and other spacecraft, lunar landers, control systems and other opportunities within the Artemis program, the company executives said.
"The fact of the matter is, if there's a launch going u,p there's a good chance there will be a Redwire capability on it," Cannito said.
Quarter one revenue results for the company are projected to be up 27%, year over year. Redwire also has about $280 million of total projects on backlog and $220 million of bids submitted that are awaiting decision.
