Redwire Corp 8-K/A, filed Jan 17, 2023

Redwire Corp (RDW)

8-K/A 2023-01-17 For: 2022-10-28

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Added on April 08, 2026

About this 8-K/A

Redwire Corp filed this 8-K/A on January 17, 2023, reporting on events of October 28, 2022.

Items reported

Item 9.01: Financial statements and exhibits

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Delaware (State or other jurisdiction of incorporation or organization)	001-39733 (Commission File Number)	98-1550429 (I.R.S. Employer Identification Number)
8226 Philips Highway, Suite 101 Jacksonville, Florida 32256
(Address of principal executive offices and zip code)
(650) 701-7722
(Registrant's telephone number, including area code)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	RDW	New York Stock Exchange
Warrants, each to purchase one share of Common Stock	RDW WS	New York Stock Exchange


Exhibit No.						Description
23.1						Consent of RSM InterAudit BV, Independent Auditor of QinetiQ Space NV
99.1						Audited Annual Accounts of QinetiQ Space NV, as of and for the year ended March 31, 2022
99.2						Unaudited Pro Forma Financial Information of Redwire Corporation and QinetiQ Space NV
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


Redwire Corporation

By:			/s/ Jonathan Baliff
Name:			Jonathan Baliff
Title:			Chief Financial Officer and Director


			Page
Introduction			1

Pro Forma Financial Statements (Unaudited)			3
Combined Condensed Balance Sheet as of June 30, 2022			3
Combined Condensed Statement of Operations for the six months ended June 30, 2022			5
Combined Condensed Statement of Operations for the year ended December 31, 2021			6

Notes to Unaudited Pro Forma Combined Condensed Financial Statements			7
Note 1. Basis of Presentation			7
Note 2. Reclassification and U.S. GAAP Adjustments			7
Note 3. Transaction Accounting Adjustments			18
Note 4. Financing Adjustments			20
Note 5. Net Income (Loss) Per Share			21


REDWIRE CORPORATION
PRO FORMA COMBINED CONDENSED BALANCE SHEET
(Unaudited)
As of June 30, 2022
(U.S. dollars in thousands)


	Redwire Corporation (Historical)		QinetiQ Space NV Adjusted (Historical) (Note 2)		Transaction Accounting Adjustments (Note 3)			Financing Adjustments (Note 4)			Pro Forma Combined
ASSETS
Current assets:
Cash and cash equivalents	$	10,879	$	7,886	$	(2,862)	A	$	76,417	F	$	55,390
					(36,930)		B	—
Accounts receivables, net	12,702		5,136		—			—			17,838
Contract assets	14,747		14,083		—			—			28,830

Inventory	1,681		—		—			—			1,681
Income tax receivable	688		—		—			—			688
Prepaid insurance	692		—		—			—			692

Prepaid expenses and other current assets	4,073		2,133		—			—			6,206
Total current assets	45,462		29,238		(39,792)			76,417			111,325

Non-current assets:
Property, plant and equipment, net	5,824		2,962		1,642		D	—			10,428
Right-of-use assets	12,080		1,675		—			—			13,755
Intangible assets, net	57,724		126		16,492		D	—			74,342
Goodwill	56,752		—		37,226		B	—			71,246
					(8,086)		C	—
					(19,179)		D	—
					4,533		E	—
Deferred tax assets	—		687		(687)		E	—			—
Equity method investment	—		2,349		1,045		D	—			3,394

Other non-current assets	756		—		—			—			756
Total non-current assets	133,136		7,799		32,986			—			173,921
Total assets	$	178,598	$	37,037	$	(6,806)		$	76,417		$	285,246


PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
For the Six Months Ended June 30, 2022
(U.S. dollars in thousands, except share and per share amounts)



	Redwire Corporation (Historical)		QinetiQ Space NV Adjusted (Historical) (Note 2)		Transaction Accounting Adjustments (Note 3)			Pro Forma Combined
Revenues	$	69,595	$	28,035	$	—		$	97,630

Cost of sales	57,442		22,153		148		D	79,743
Gross margin	12,153		5,882		(148)			17,887
Operating expenses
Selling, general and administrative expenses	38,513		3,546		1,032		D	43,091


Transaction expenses	94		—		—			94
Impairment expense	80,462		—		—			80,462
Research and development	3,432		1,094		—			4,526
Total operating expenses	122,501		4,640		1,032			128,173
Operating income (loss)	(110,348)		1,242		(1,180)			(110,286)
Interest expense, net	3,122		34		—			3,156
Other (income) expense, net	(14,335)		(417)		26		D	(14,726)
Income (loss) before income taxes	(99,135)		1,625		(1,206)			(98,716)
Income tax expense (benefit)	(4,814)		502		(302)		E	(4,614)

Net income (loss)	$	(94,321)	$	1,123	$	(904)		$	(94,102)
Net income (loss) attributable to noncontrolling interests	$	—	$	(58)	$	—		$	(58)
Net income (loss) available to common shareholders	$	(94,321)	$	1,181	$	(904)		$	(94,044)

Net income (loss) per share: (Note 5)
Basic	$	(1.50)						$	(1.61)
Diluted	$	(1.50)						$	(1.61)
Weighted average common shares outstanding:
Basic	62,842,495							62,842,495
Diluted	62,842,945							62,842,945


PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
For the Year Ended December 31, 2021
(U.S. dollars in thousands, except shares and per share amounts)



	Redwire Corporation (Historical)		QinetiQ Space NV Adjusted (Historical) (Note 2)		Transaction Accounting Adjustments (Note 3)			Pro Forma Combined
Revenues	$	137,601	$	57,100	$	—		$	194,701

Cost of sales	108,224		44,619		476		D	153,319
Gross margin	29,377		12,481		(476)			41,382
Operating expenses
Selling, general and administrative expenses	78,695		9,110		2,274		D	90,079

Contingent earnout expense	11,337		—		—			11,337
Transaction expenses	5,016		—		2,862		A	7,878

Research and development	4,516		2,568		—			7,084
Total operating expenses	99,564		11,678		5,136			116,378
Operating income (loss)	(70,187)		803		(5,612)			(74,996)
Interest expense, net	6,456		79		—			6,535
Other (income) expense, net	(3,837)		(646)		52		D	(4,431)
Income (loss) before income taxes	(72,806)		1,370		(5,664)			(77,100)
Income tax expense (benefit)	(11,269)		(183)		(694)		E	(12,146)

Net income (loss)	$	(61,537)	$	1,553	$	(4,970)		$	(64,954)
Net income (loss) attributable to noncontrolling interests	$	—	$	25	$	—		$	25
Net income (loss) available to common shareholders	$	(61,537)	$	1,528	$	(4,970)		$	(64,979)

Net income (loss) per share: (Note 5)
Basic	$	(1.36)						$	(1.72)
Diluted	$	(1.36)						$	(1.72)
Weighted average common shares outstanding:
Basic	45,082,544							45,082,544
Diluted	45,082,544							45,082,544


Period of Exchange Rate			€/$
Balance Sheet as of June 30, 2022 period end exchange rate at June 30, 2022			1.048
Statement of Operations for the year ended March 31, 2022 average exchange rate for that period			1.162
Statement of Operations for the six months ended June 30, 2022 average exchange rate for that period			1.093


Unaudited Condensed Consolidated Balance Sheet Adjustments
As of June 30, 2022
(in thousands)

Redwire Presentation	Historical QinetiQ Space NV Presentation	Historical QinetiQ Space NV EURO		Historical QinetiQ Space NV USD		Reclassification Adjustments		Notes	U.S. GAAP Adjustments		Notes	QinetiQ Space NV Adjusted (Historical) USD
ASSETS
CURRENT ASSETS
Cash and cash equivalents	Cash at bank and in hand	€	6,266	$	6,564	$	—		$	1,322	2(a)	$	7,886
	Trade debtors	4,900		5,133		(5,133)		1(a)	—			—
	Other amounts receivable	371		389		(389)		1(b)	—			—
Accounts receivables, net						5,136		1(a,b)	—			5,136
Contract assets	Contracts in progress	22,376		23,442		—			(9,359)		2(c,e)	14,083
	Accruals and deferred income	1,438		1,506		(1,506)		1(c)	—			—
Prepaid expenses and other current assets						2,008		1(b,c,e)	125		2(a)	2,133
Total current assets		35,351		$	37,034	$	116		$	(7,912)		$	29,238

Non-current assets:
Property, plant and equipment, net	Tangible fixed assets	2,827		2,962		—			—			2,962
Right-of-use assets						—			1,675		2(d)	1,675
Intangible assets, net	Intangible fixed assets	2,917		3,056		—			(2,930)		2(b)	126
Deferred tax assets						—			687		2(f)	687
	Affiliated companies	52		55		(55)		1(d)	—			—
	Other companies linked by participating interests	48		50		(50)		1(d)	—			—
	Amounts receivable and cash guarantees	17		18		(18)		1(e)	—			—
Equity method investment						105		1(d)	2,244		2(a,g)	2,349
Total non-current assets		5,861		6,141		(18)			1,676			7,799
Total assets		€	41,212	$	43,175	$	98		$	(6,236)		$	37,037


Redwire Presentation	Reclassification Adjustments
Accounts payable	$	1,451
Accrued expenses	13,481
Other current liabilities	49
	$	14,981


Redwire Presentation	U.S. GAAP Adjustment
ASSETS
Cash and cash equivalents	$	1,322
Prepaid expenses and other current assets	125
Equity method investment	(54)
Total assets	$	1,393

LIABILITIES
Accounts payable	$	64
Accrued expenses	1,067
Other current liabilities	19
Total liabilities	1,150


Redwire Presentation	U.S. GAAP Adjustment
SHAREHOLDERS’ EQUITY
Retained earnings (accumulated deficit)	100
Total noncontrolling interests	143
Total equity	243
Total liabilities and equity	$	1,393


Unaudited Condensed Consolidated Statement of Operations Adjustments
For Six Months Ended June 30, 2022
(in thousands)

Redwire Presentation	Historical QinetiQ Space NV Presentation	Historical QinetiQ Space NV EURO		Historical QinetiQ Space NV USD		Reclassification Adjustments		Notes	U.S. GAAP Adjustments		Notes	QinetiQ Space NV Adjusted (Historical) USD

Revenues	Turnover	€	24,348	$	26,622	$	—		$	1,413	2(a, c)	$	28,035
	Produced fixed assets	2,209		2,415		(2,415)		1(a)	—			—
	Other operating income	653		714		(714)		1(b)	—			—
Cost of sales						21,705		1(a,b,c,d,e,f,g)	448		2(a)	22,153
Gross margin		27,210		29,751		(24,834)			965			5,882
Operating expenses
Selling, general and administrative expenses						2,486		1(b,d,e,f,h,i)	1,060		2(a)	3,546
	Goods for resale, raw materials and consumables - Purchases	16,970		18,555		(18,555)		1(c)	—			—
	Services and other goods	1,789		1,956		(1,956)		1(d)	—			—
	Remuneration, social security and pensions	5,813		6,355		(6,355)		1(e)	—			—
	Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets	354		387		(387)		1(f)	—			—
	Provisions for liabilities and charges: appropriations (uses and write-backs)	50		55		(55)		1(g)	—			—
	Other operating charges	8		9		(9)		1(h)	—			—
Research and development						—			1,094		2(b)	1,094
Total operating expenses		24,984		27,317		(24,831)			2,154			4,640
Operating income (loss)		2,226		2,434		(3)			(1,189)			1,242
Interest expense, net	Debt charges	24		26		—			8		2(a)	34
	Other financial charges	26		28		(28)		1(i)	—			—
	Income from current assets	(1)		(1)		1		1(j)	—			—
	Other financial income	(58)		(64)		64		1(j)	—			—
Other (income) expense, net						(40)		1(b,d,i,j)	(377)		2(a, d)	(417)
Income (loss) before income taxes		2,235		2,445		—			(820)			1,625
Income tax expense (benefit)						647		1(k)	(145)		2(a, e)	502
	Taxes	598		654		(654)		1(k)	—			—
	Adjustment of income taxes and write-back of tax provisions	(6)		(7)		7		1(k)	—			—
Net income (loss)		1,643		1,798		—			(675)			1,123
Net income (loss) attributable to noncontrolling interests						—			(58)		2(a)	(58)
Net income (loss) available to common shareholders		€	1,643	$	1,798	$	—		$	(617)		$	1,181


Unaudited Condensed Consolidated Statement of Operations Adjustments
For the Year Ended March 31, 2022
(in thousands)

Redwire Presentation	Historical QinetiQ Space NV Presentation	Historical QinetiQ Space NV EURO		Historical QinetiQ Space NV USD		Reclassification Adjustments		Notes	U.S. GAAP Adjustments		Notes	QinetiQ Space NV Adjusted (Historical) USD

Revenues	Turnover	€	43,876	$	51,004	$	—		$	6,096	2(a, c)	$	57,100
	Produced fixed assets	2,209		2,568		(2,568)		1(a)	—			—
	Other operating income	1,168		1,358		(1,358)		1(a)	—			—
Cost of sales						43,067		1(a,b,c,d,e,f,g)	1,552		2(a)	44,619
Gross margin		47,253		54,930		(46,993)			4,544			12,481
Operating expenses
Selling, general and administrative expenses						4,750		1(c,d,e,g,h)	4,360		2(a)	9,110
	Goods for resale, raw materials and consumables - Purchases	30,399		35,337		(35,337)		1(b)	—			—
	Services and other goods	3,039		3,532		(3,532)		1(c)	—			—
	Remuneration, social security and pensions	10,202		11,860		(11,860)		1(d)	—			—
	Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets	789		918		(918)		1(e)	—			—
	Provisions for liabilities and charges: appropriations (uses and write-backs)	50		58		(58)		1(f)	—			—
	Other operating charges	40		47		(47)		1(g)	—			—
Research and development						—			2,568		2(b)	2,568
Total operating expenses		44,519		51,752		(47,002)			6,928			11,678
Operating income (loss)		2,734		3,178		9			(2,384)			803
Interest expense, net	Debt charges	52		61		—			18		2(a)	79
	Other financial charges	19		22		(22)		1(h)	—			—
	Income from financial fixed assets	(2,436)		(2,832)		2,832		1(i)	—			—
	Income from current assets	(7)		(8)		8		1(i)	—			—
	Other financial income	(142)		(165)		165		1(i)	—			—
Other (income) expense, net						(2,974)		1(c,h,i)	2,328		2(a, d)	(646)
Income (loss) before income taxes		5,248		6,100		—			(4,730)			1,370
Income tax expense (benefit)						907		1(j)	(1,090)		2(a, e)	(183)
	Taxes	786		914		(914)		1(j)	—			—
	Adjustment of income taxes and write-back of tax provisions	(6)		(7)		7		1(j)	—			—
Net income (loss)		4,468		5,193		—			(3,640)			1,553
Net income (loss) attributable to noncontrolling interests						—			25		2(a)	25
Net income (loss) available to common shareholders		€	4,468	$	5,193	$	—		$	(3,665)		$	1,528


	Fair value
Cash paid	$	36,930
Note payable to seller	296
Purchase consideration	37,226
Assets:
Cash and cash equivalents	7,886
Accounts receivables, net	5,136
Contract assets	14,083
Prepaid expenses and other current assets	2,133
Property, plant and equipment, net	4,604
Right-of-use assets	1,675
Intangible assets, net	16,618
Equity method investment	3,394

Total assets	55,529
Liabilities:
Accounts payable	1,515

Accrued expenses	17,793
Short-term lease liabilities	505
Deferred revenue	6,466
Other current liabilities	1,098
Long-term lease liabilities	1,191
Deferred tax liabilities	3,846
Other non-current liabilities	240
Total liabilities	32,654
Fair value of net identifiable assets acquired	22,875
Non-controlling interest	143
Goodwill	$	14,494



Proceeds from AEI (1)	$	30,000
Proceeds from Bain Capital (1)	50,000
Proceeds from the Additional Investors (1)	1,250
Less: Payment of equity issuance costs (2)	(4,833)
Net cash proceeds related to the Financing	76,417
Less: Payment of purchase consideration to seller (3)	(36,930)
Less: Payment of buyer’s transaction costs (4)	(2,862)
Pro forma adjustment to cash and cash equivalents	$	36,625


	Six Months Ended		Year Ended
	June 30, 2022		December 31, 2021
Numerator:
Pro forma combined net income (loss)	$	(94,044)	$	(64,979)
Less: dividend on Convertible Preferred Stock	6,871		12,492
Pro forma combined net income (loss) available to common shareholders	$	(100,915)	$	(77,471)

Denominator:
Historical weighted average common shares outstanding - basic and diluted	62,842,495		45,082,544

Net income (loss) per share:
Pro forma combined net income (loss) per share - basic and diluted	$	(1.61)	$	(1.72)