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JACKSONVILLE - Redwire Corporation (NYSE:RDW), a $2.2 billion market cap space technology company that has seen its stock surge over 120% in the past year, has completed the integration of a Hammerhead spacecraft platform for an upcoming European Space Agency mission at its facility in Kruibeke, Belgium, according to a press release statement.
The spacecraft will support the In-Orbit Demonstration and Verification mission that will demonstrate several innovative technologies funded by the European Union. Redwire serves as the prime contractor for this project. According to InvestingPro data, the company generated $277.7 million in revenue over the last twelve months, with analysts expecting continued growth this year.
The integrated platform will now undergo system testing and payload integration at Redwire’s satellite processing facility in Belgium. This marks the second Hammerhead spacecraft platform successfully integrated at the company’s Belgian facility this summer, following the integration of a satellite for ESA’s Atmospheric Limb Tracker for Investigation of the Upcoming Stratosphere mission in June.
The Hammerhead is described as a versatile low Earth orbit spacecraft platform with 50 years of in-orbit performance without spacecraft failure. The IOD/IOV satellites also feature Redwire’s third-generation Advanced Data and Power Management System avionics.
Redwire’s Belgian facility has over 40 years of spaceflight heritage, having developed spacecraft platforms for all of ESA’s Proba missions. The company continues to manufacture spacecraft for other ESA programs, including Skimsat, a technology demonstrator designed to operate in very low Earth orbit.
Redwire Corporation employs approximately 1,300 people throughout the United States and Europe, focusing on aerospace and defense technology solutions. While the company’s financial health score currently shows some weakness, analysts maintain a bullish outlook with consensus recommendations favoring a buy. For deeper insights into Redwire’s financial performance and growth prospects, check out the comprehensive Pro Research Report available on InvestingPro, which offers detailed analysis of this and 1,400+ other US stocks.
In other recent news, Redwire Corporation reported the completion of the first deployment test for its Roll-Out Solar Arrays (ROSA) intended for NASA’s lunar Gateway project. These arrays are expected to generate 60kW of power, marking them as the most powerful ROSAs constructed to date. In a significant business move, Redwire acquired Edge Autonomy in a deal valued at over $1.14 billion, enhancing its portfolio with autonomous systems and energy solutions. Following this acquisition, three board members have resigned, facilitating the appointment of new directors nominated by third parties involved in the acquisition. Truist Securities recently initiated coverage on Redwire with a hold rating, citing a price target of $16.00, reflecting the company’s current market position and growth potential. Furthermore, Redwire announced an upsized public offering of common stock, aiming to raise approximately $260 million for general corporate purposes and to address financial obligations related to the Edge Autonomy acquisition. The public offering, priced at $16.75 per share, is expected to close by mid-June 2025. These developments highlight Redwire’s strategic maneuvers in the space infrastructure and defense sectors.
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