All right, well, good morning, everyone. Thanks for coming to the Roth Conference down here at, at Ocean, you know, in Orange County. We're glad to have all of you here. My name is Sujit Desilva. I'm the Semiconductor and Intelligent Systems Analyst, which means I get to cover very cool, cool companies like Redwire as well. Today's conference, and we're glad you're all here for it. We have 400 companies, 100 fireside chats, including this one, 30 panels, so a lot of content for you guys. We'd definitely like to thank our sponsors. We're very appreciative, appreciative of their help here, Moss Adams, Loeb, and Elev8 New Media. And with that, I'd like to turn over to Redwire's CFO, Jonathan Baliff, and in the back there hiding is Alex Curatolo. She's on the with the company as well. With that, Jonathan, I'll do a little prepared remarks, and we'll do Q&A. Thank you, Sujit. I'm Jonathan Baliff, the Chief Financial Officer of Redwire Space. I'm gonna give a presentation, overview. We call it Redwire 101 'cause some investors are not familiar with space, some people are familiar with aerospace, some people are familiar with technology. We are, we're a lot of both, and in many ways, we're a very unique company. But in the end, we're taking advantage of the new space economy. Our moniker is Build Above, right, because we build space infrastructure, but it's also Defend Above because we do work for the national security, you know, through the defense of the United States and our allies. So I'm gonna give this presentation. It is currently posted on our Redwire website. We did come out with our earnings, on Friday was the presentation. Thursday night was the release of our earnings material for the fourth quarter of 2023. That is our fiscal year-end. We also gave guidance, which I'll explain in a few minutes, for 2024. These are the disclaimers for everybody. I'll do this for about 10-15 minutes. We are being webcast today, so we wanna get out to all the investors as we begin a very short ability to talk to investors before we go into quiet period for the first quarter. Page three, again, more information and disclaimers. All right, Redwire 101. These are the investment highlights. I'm gonna go through them fairly quickly 'cause we've used them. We've been a public company since September of 2021. This is a company that has, though, been around for decades. We have equipment that we can trace all the way back to the first Apollo missions, where many of our sun sensors and star trackers were there. So we have decades-long heritage. Heritage matters in space. Heritage means that you have equipment in space, and it works, right? And that matters, because when you've done that, you can prove that you have reliability, and then obviously efficiency to get your customers in space. I'll talk about who our customers are, but in the end, they're the largest primes in aerospace. They're some of the largest government entities, both in the U.S. and Europe, and they're also some of the largest commercial enterprises like Blue Origin and Sierra Space. The growth of our business has an underlying foundation that launch costs are coming down. In the end, launch 20, 30 years ago used to be the highest cost piece of putting infrastructure into space. Now that has come down a hundredfold, and we believe it's gonna be coming down even more significantly. If people didn't see two weeks ago the Starship launch, the third Starship launch in which they were able to get into orbit, that, that just think of that as that is our truck that is gonna get Redwire infrastructure into space. And that truck now, the costs on a per-kilogram basis, have come down by orders of magnitude. Space is a war-fighting domain. In the end, space is a war-fighting domain, and we, both in terms of the U.S. and our allies, want to be able to have control of that airspace or that, that space for a whole number of reasons. I won't be able to get into all of the details here, but we have the national security infrastructure. We have the clearances. We have the facilities. We have the people to create the infrastructure to Defend Above. We have a global footprint. We're one of the few companies in space that actually has the ability to work for European customers. A third of our revenue, roughly a third of our revenue, comes from Europe, and so that's very important 'cause although space is very global, literally, it's actually very local when it comes to funding. The other thing that we do is we're not just doing defense, and we're not just doing satellites, but we also do lunar. If everybody's familiar with the recent landing, successful landing with our client, Intuitive Machines, we were the navigation cameras that allowed the Odyssey to land. And then finally, and this might snap some people's heads back, we are revenue positive. We're EBITDA positive, and we're operating cash flow positive in 2023. That is something that not only are we proud of the people that made that happen, which I'm here representing almost 800 engineers and team we call them galactic citizens, by the way, of Redwire, but this path to profitability is very important. Our contract structure, which I'll talk about in a few slides, allows us to have a path to profitability. We're not just a someday company. We're making positive revenue today. 2024, we gave guidance of $300 million of revenue for 2024. If you're not familiar with Redwire, we gave last year in 2023 guidance of $220 million-$250 million, and we came out at almost $244 million of revenue. For us, being able to, do what we say, say what we do, is a big part of our core values. All right. The rest of this presentation just answers a couple of questions, right? What is the Redwire mission? We accelerate humanity's expansion into space. We deliver reliable, economical, and sustainable infrastructure. People ask, "What is space infrastructure?" I have a nice little slide. We'll show what space infrastructure is. But space infrastructure, think of it as in the terrestrial world, you have power plants. You have toll roads. You have antennas or, you know, cell towers. We have the same thing being built in space. Redwire provides the picks and shovels, the components for the prime suppliers like Boeing or Airbus or Thales or others. We provide that, that equipment. And we also do and are a prime, i.e., we also make a lot of the equipment, like satellites and other things like that in Europe. Why is that important? Because there is a massive expansion of infrastructure. I think Sujit, as much as any analyst, has been able to capture the excitement. And again, we're, I'm a CFO, so I care about the numbers, but the excitement of space is just this massive expansion. You know, we only have around 5,000 satellites. You'd think when I talk to people, they think we have, like, 50,000 satellites going around. We don't. We have actually not very many satellites. That doesn't account what maybe China and Russia have. But the bottom line is we're gonna have a lot more, and we need a lot more. We need a lot more as space is a war-fighting domain, growth in lunar infrastructure, the excitement about Odysseus and being able to just land something on the moon that worked, which, which we're very proud to be part of the Intuitive Machines team that did that successfully for the first time in 50 years. You saw a U.S. lander land and then work as advertised. Proliferation of satellites. This is another big part of what we do. If you look at this diagram, there is LEO, low Earth orbit. There's VLEO, which we actually announced some things on our earnings call in which we wanna participate in very low Earth orbit. MEO, GEO, which are the geosynchronous satellites. We participate in all of these and have done so for decades. We provide equipment, which I'll talk about, for all of this. We're the key to the picks and shovels of that. But then cislunar, which is cislunar, that's the space between the Earth and the Moon. And then on the Moon itself, we are currently building the infrastructure to make the Moon work both for national security and commercial reasons. Who do we do it for? This answers the question, "Who do we work for?" We work for marquee customers, most of the primes, both in Europe and the U.S. We do it for national security clients. These are also three what we call three-letter agencies like SDA, NRO, the National Reconnaissance Office. We work for commercial space companies like, for example, Sierra Space and Blue Origin. We just announced we're a partner with the Blue Origin, a number of their, spacecraft. Civil, we work with NASA and ESA directly, in contracts. So when you look at where in 2024 this is going, space is a war-fighting domain. Redwire is participating in most of, if not all, of the satellites that are being built. We build the infrastructure for those satellites, and then we can do that in very classified projects. Very unusual for a company our size to have that much classified facilities and people who can actually work on these. It's a real barrier to entry for many companies. Commercial. Most of the commercial customers we work for are very large, well-funded primes who have a government contract behind them. But we also work for a lot of the new space companies. We have a significant pipeline in these commercial entities, and they are starting to get their funding. If you look at what happened in the last two-three years, a lot of funding for these commercial customers, especially the new ones, the funding was slow. Now it's starting to pick up, and we're a beneficiary of that. When they raise capital, their CapEx is our revenue. Then on the civil side, we've worked for NASA and ESA for years, both in terms of a number of especially exciting projects in the biopharma and medical area, which I'll talk about. What does Redwire do, right? Then we'll talk about our products. We are an integrated mission enabler. So we are a merchant supplier to the primes. We're a subcontractor. And we provide power generation, antennas, deployables, star trackers, which allow you to navigate camera systems. Second, we provide the infrastructure to explore, live, and work in space. This is microgravity. We provide infrastructure to grow plants, to make meniscuses, to make heart tissue, to make pharmaceuticals, right? We, we work for people who are doing that in space, and we provide the tools to do that. Then finally, we do one and two in Europe. So when we talk about integrated missions, enabler, explore, live, and work, that's primarily U.S., but we do the same thing in Europe and other parts, for ambitious, multinational missions. It's just very exciting to be a, a company our size and be able to have this level of growth but also have a TAM of $10-$20 billion in Europe and other areas. We are also a prime. We actually make our own satellite called the PROBA satellite, which we're very excited to be part of a number of ESA missions to do that. What are our offerings? What are the products? It's pretty easy to remember. I just think of it as APS, RPM. Avionics and sensors. These allow satellites to orient themselves and be able to fly around in a safe and effective way. But there's other sensors like cameras, etc. Power generation. We don't make the solar cell. We make the assemblies. And we have a lot of heritage. We are providing most of the power for the ISS right now. So our rollout solar rays, we have a piece of technology that allows the solar ray to roll out, and that allows it to be very compact in the nose cone of the rocket. By the way, I always tell people, if you wanna think about Redwire, where Redwire is in the rocket, we don't make rockets. We don't do launch. So take the rocket, cut it in half, and we do everything above, right? That's, that's really where Redwire lives. Structures and mechanisms. We make all the booms. We make, boarding and docking mechanisms. That's our boarding and docking mechanism right there that's made in Europe. Radio frequency systems. We make antennas, right? And these, these are not just like an antenna that you stick off your TV. These are very sophisticated, Link 16, secure, high-security antennas for national security. Platforms and payloads. We provide sensors and a number of different platforms like the PROBA satellite. And then finally, we have decades of heritage doing microgravity tools for research for pharma. And also, we have two bioprinters on the ISS. We just printed a meniscus six months ago. We're now printing heart tissue. Why is this important? Because when you do that, you can do personalized medicine, right? Right now, it's very hard to print tissue in 1G. You go to space, you can print it and then bring it down to Earth. Remember what I talked about? Starship is making the cost of going into orbit and back to orbit very, very cheap. What matters for us is we will get paid by the research and development. There's almost more than $150 billion of research and development for pharma and bio, and we plan on hooking into that. All right. How do we make money? Today, we make money. 80% of our contracts are fixed-price contracts, or we call it percentage of completion. It gives us a lot of visibility. If you're not familiar with percentage of completion, basically, the way it works is you sign about a two-year contract. The profile of your revenue starts immediately as our team members get to work. The revenue and the cost generally always end up providing us a decent amount of EBITDA and cash flow, and then we receive the cash based on certain milestones. The important part of this page is notice that once a rocket launches, we've already been paid. So when our solar panels went up to the ISS, deployed, it's great. We're very excited to have that heritage. We've already been paid. It gives a lot of visibility and predictability to our revenue streams and our cash flow. Speaking of that, we are a backlog-driven business for the most part. We're also a, obviously, technology-driven business. So there's two sides of the same coin. This side of the coin gives us predictability. We're bidding on almost $1 billion worth of equipment in 2023. We have a pipeline of almost $5 billion, and that's been going up a lot over the last two years. We won more than $175 million of contract awards, and we had about $63 million of revenue. So our Book-to-Bill Ratio, if you're familiar with aerospace, is 2.81. That's very high, right? That is a company that is growing pretty significantly. We grew revenue more than 50% between 2022 and 2023. Our backlog, even with that level of revenue growth, which brings down your backlog, we still saw and will see 19% growth in our backlog from 2022 to 2023. This is a growing company with a level of visibility that other companies in space don't have. Let's just go through some of the financials very quickly from a timing standpoint. Yep, we're good. Quarterly revenues growing every year. Again, 18.2% year-over-year growth, on a quarterly basis. Again, 85% of our revenues come from government or marquee customers. Full-year revenues grew 51.9%. And you can see that's roughly split 71% in the U.S., 29% in Europe. Importantly, if you look at the combined annual growth rate of the company between 2021 and 2023, a time period of very disruptive capital markets for many of our clients, we still grew revenue 3.1%. And our organic growth was 26.9% year-over-year in the last year. So this is a company that can grow and has visibility as we move forward. Finally, we're growing EBITDA, right? If you look at the year-over-year growth in EBITDA, it was over $25 million. This is a company that actually is very cost-sensitive. We are very, very cost-efficient. We've actually brought SG&A as a percentage of revenue down from almost 43% in 2022 down to 26% this quarter or this past quarter. But we're very proud of the $26.3 million in improved EBITDA year-over-year. That allows for a nice level of cash flow. We are free cash flow positive in the quarter, $12.6 million, and that's after investing a significant amount in CapEx. Again, we have enough liquidity, $30 million in essence; we're sitting on $30 million in cash. But again, if you're positive operating cash flow for the past year, generally, we believe we have enough capital to keep growing this company the way we talked about. That's it. I just wanna end on a picture. I'm going back to this picture. All right. Great job, Jonathan. You know, we can take questions. I'll stay, I'll stay here, Suji. I, I normally like to be next to you. No, that sounds, that sounds perfect. So we, we'll take questions from the audience too. But I mean, I, I think this one of the reasons I've been excited about new space is 'cause I would I would have stayed in a I would have stayed away from aerospace 'cause that's an old kind of club and not real easy to break into. What, what's happening now that companies like yours can come in where those companies have dominated? 'Cause that's really fundamental to the growth of guys like you. Yeah. And, and I think, Suji, you've, you've hooked on to something which is very important to our story versus aerospace. Our, our aerospace story really begins with heritage, that we've been in the aerospace industry for decades, and it's hard to get customers when you haven't done it for a long time. You can come up with new innovations, but it's gonna take a lot of CapEx. We're not a very CapEx-driven company, but we say that's because we've had 50 years of investment. What we also say is we're innovative. We have heritage plus innovation. So our rollout solar arrays, our RF antennas, our microgravity, you know, these are things that give us venture optionality to grow revenue way above what we've been able to do historically. And that's, that's our differential. Now, you asked me about what's going on in space versus aerospace. The difference with space is just, I mean, the size, the need, the amount of infrastructure that has to get put in place in a very short period of time is what makes Redwire exciting. If you think about the aero commercial aerospace, which I've been a part of for many, many years, commercial aerospace really started post-World War II, took about 50 years. It was mostly government-sponsored. You had the people who owned the aircraft, the people who made the aircraft, the people who used the aircraft. Took 50 years to get that industry kind of to a place now which has pretty consistent returns. But that was just mostly based on, you know, terrestrial infrastructure. We're talking about infrastructure everywhere from satellites, for obviously defending above to building above, i.e., we only have the ISS. That costs $10s of billions. It's gonna need to be replaced. There's five, you know, spacecraft that are being built to do that. We're gonna be providing the picks and shovels. So it's just the massive expansion of infrastructure in space in a much shorter period of time. This is not gonna get done over five decades. This is gonna get done over two decades and maybe even one decade when you think about what's happening in LEO and MEO and GEO. And then that doesn't even begin to get into the lunar, you know, we're building we have a, a project called Mason where we're actually building the infrastructure to make the moon, you know, in essence, like a parking lot, because regolith, which is what moon dirt is, is it, it, it's not easy to land, as you can tell, from what you've been reading about with Odyssey. If we can make that flatter, and create landing zones and roads, the moon just becomes a lot easier to, to explore. And, and there's a lot there that we don't know about. And so Redwire is providing the equipment to, in essence, create the Earth movers that will level the moon to allow for spacecraft and other things to land, you know, in a more efficient, easier, and frankly, more predictable way. So it's just the massive expansion of infrastructure that is really the differentiator with space. Creating opportunities for guidance. And there aren't a lot of pure-play companies too. We're one of the few pure-play companies. We have 800 galactic citizens who are just focused on space. And that makes us a very unique company. That's still on. Yeah. So I when I first got to visit you in Goleta, the facility, and saw the unrolled, you know, unrolled solar panels, I realized there's a continuum. You know, I don't know. I don't wanna presume the level of knowledge in the room, but my notion was you built as much of the spacecraft as you can and then sent it up. Well, you guys have the ability to unroll something after launch so you can send it up more compact. And then you also have the ability, with putting infrastructure in space, to assemble the spacecraft in space. So it's a continuum to me. So I wouldn't mind if you touched on what you've done with the ISS with booms and arms already and then talk about, you know, how far are we gonna cut over 'cause it's far more efficient to send things up and then do it in space versus on the ground, yet it's not gonna happen overnight, obviously. That's right. I mean, in the end, you know, we build infrastructure, and a very small part of our revenue is, for lack of a better word, SaaS right? We don't do a lot of servicing, although we can, and we do some of it. But most of what we're doing in space is building the infrastructure terrestrially and then sending it into space, monitoring it. But now with some of the new equipment that we're building, for example, we build robot arms. Robot arms are very important to space because then it used to be, once a satellite went into space, see you, you know, like you could manipulate it through, you know, communications and through computers, but you couldn't physically manipulate it. And now with new technologies that are allowing spacecraft to propel themselves accurately, with a robot arm, you can actually bring the satellite back and fix it or to enhance it. And we're building the infrastructure to do that, but we do plan on actually having a service element to that too. But all of this is based on what Suji just said. We have to have the test facilities in our system to be able to test it. You don't get a contract if you not only just build it, but you have to be able to test it and then have the heritage that it works in space. And being able to have facilities on-site that can test the equipment that we build and work with our clients, actually, at most of our facilities, like Suji is talking about our Goleta facility, which is up in the Santa Barbara, really Point Mugu, Vandenberg area. You know, we unfurl our solar panels to test them very meticulously before they get packed up and launched. And so being able to have that credibility to be able to test our equipment is very key to getting bigger contracts. And so that's a very important piece of being a space company that is a merchant supplier because most of the test facilities are with the primes, right? They have a lot of their own. But we, we've had decades-long CapEx. Why it's important as an investor is I don't have to invest, you know, all that much in, you know, significant facilities. I already own a lot of my facilities. Now, when I say own, I own the equipment, but I control the facilities themselves without a lot of extra CapEx. We just put a lot of CapEx in last year, almost $8 million in total for the year, but a lot of that went into an RF test facility in which we can bring a satellite and test it from the antennas from a radio frequency to be able to tune it and test it to make sure those antennas work as advertised once they're in space. But I am excited about the robot arms, which are made in Luxembourg. We actually make our robot arms or a number of our robot arms in Luxembourg. So I wanna make a shout-out to them 'cause they are a big part of our partnership with the Luxembourg Space Agency. And again, we make money on these. It's not like we're doing the R&D ourselves. Most of this is paid for by our clients. Yeah. No, it's fantastic technology. Probably gonna run out of time, but I do have one more question. So, I wanna impress upon folks here and by the way, the Goleta, it's three stories tall, these unfurled solar panels. And I wanna say they're football field long. That's probably an exaggeration, but they're not, they're a half. Depends on American football versus soccer versus, yeah. In the ballpark. It's impressive. Yeah. The question I want you to really impress upon the audience, your opportunity in space manufacturing, the microgravity payloads, because I think people might think of you as sort of just an infrastructure provider and a fixed opportunity. But the way I think of you that helps me is more like a WeWork or Regis where you're building out sort of the labs in space, and they can't do what they're doing without you, so you can collect something akin to equity from these. So maybe you can help us with that. That's right. So I mean, a good example is currently the Eli Lilly. So we are now doing what we call the PIL-BOX. The manufacturing facility is literally this desk. So it's not that big a manufacturing facility, but it's high-tech, and it allows for pharmaceutical large molecule crystallization. So you need protein crystals to deliver large molecules because to be able to have that perfect crystal allows for less side effects. This is the future of space contract development manufacturing organizations, right? CDMOs. Well-known Fisher Scientific has a number of them, and CDMOs are well-known in pharma and the medical community. Most of it's done terrestrially. However, less than 1G or microgravity environments allow for a level of creation of these protein crystallization, other areas associated with bioprinting that you just can't get on the ground. And again, what is the basis? To be able to take it up into space and back at a very low cost is what drives a lot of this. And it is happening as we speak with Starship, Falcons, and then obviously Firefly and others who are creating low-cost launch and recovery. Bottom line is this taps into a $150 billion a year R&D market, which for a company that currently has $300 million revenue forecasts, creates tremendous optionality for Redwire compared to just a aerospace systems provider, which is exciting and good growth and nice cash flow. But the venture optionality here that Suji's getting at, we also do the same thing for polymers where we have a printer we have a number of printers on the ISS that make tools and polymers. We actually have the IP to be able to create booms in space. And that's the exciting part about that infrastructure. So I appreciate your time. Thank you. We always end with, "Go Redwire. Go space.