JACKSONVILLE, Fla. - Redwire Corporation (NYSE:RDW), a company specializing in space infrastructure, announced today the development of Phantom, a new European Very Low Earth Orbit (VLEO) spacecraft platform. The Phantom is being developed in Belgium and aims to support various missions including intelligence, Earth science, and communications. This initiative follows the recent unveiling of Redwire's American VLEO spacecraft, SabreSat.
Phantom is designed with an aerodynamic structure that allows for reduced propellant use and the potential to remain in VLEO for up to five years. The platform also incorporates standardized off-the-shelf hardware to minimize manufacturing costs. With a total expected mass under 300 kg, Phantom is compatible with existing small satellite launchers, which could further streamline the deployment process.
The development of Phantom will progress through the European Space Agency's Skimsat mission, in collaboration with Thales Alenia Space in the UK. Skimsat aims to enhance satellite sustainability and mission effectiveness while lowering spacecraft mass and costs. The project also focuses on improving system performance, subsystem modularity, supply chain sustainability, and operational safety in VLEO.
Pete Cannito, Chairman and CEO of Redwire, expressed enthusiasm about leading the advancement in VLEO capabilities with the European-built Phantom platform. He highlighted the strategic importance of VLEO for future defense and intelligence operations, citing the less congested and contested space compared to Low Earth Orbit (LEO) and geosynchronous orbit (GEO).
VLEO's position allows spacecraft to operate closer to the Earth's surface, providing advantages for various applications, including high-resolution imaging and communications.
Redwire's efforts with Phantom and SabreSat represent a significant step in pioneering VLEO, creating new opportunities for flexible, resilient, and cost-effective satellite operations.
This news is based on a press release statement from Redwire Corporation.
InvestingPro Insights
As Redwire Corporation (NYSE:RDW) embarks on the development of the Phantom VLEO spacecraft, the company's financial health and market performance are of particular interest to investors. With an eye on the future, Redwire's net income is expected to grow this year, according to an InvestingPro Tip. This optimism is supported by analysts who also anticipate sales growth in the current year, which could be a reflection of the potential market for VLEO satellites and the company's innovative projects such as Phantom and SabreSat.
Investors watching Redwire's stock have witnessed significant movements, with the price showing a strong return over the last month and an impressive 57.77% increase over the last three months. The stock's robust performance is further highlighted by a 71.06% return over the past year, positioning it near its 52-week high at 97.39% of the peak price.
From a financial standpoint, Redwire's market capitalization stands at 306.25 million USD, reflecting the company's size and investor valuation. While currently not profitable over the last twelve months, with a P/E Ratio (Adjusted) of -6.58, the company's revenue has grown by 47.87% in the last twelve months as of Q1 2024. This growth is an encouraging sign for investors interested in the company's potential for profitability and long-term success.
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