Space infra firm Redwire plunges after disappointing results

** Shares of space infrastructure technology Redwire RDW plunge 29.1% to $9.72, over three-mth low, on Thurs after disappointing qtrly report

** RDW shares tracking biggest daily pct drop on record

** Jacksonville, Florida -based firm late Weds reported Q2 rev fell 21% y/y to $61.8 mln, below analysts' expectation of $88.8 mln, citing continued delays in U.S. government's budget approval process

** Adj EBITDA in qtr was negative $27.4 mln compared to positive $1.6 mln a yr ago. Analysts had modeled for positive $1.8 mln EBITDA

** ""With an expanding portfolio of space development programs, we experienced unfavorable EAC (Estimate-At-Completion) impacts primarily due to non-recurring engineering on a few, emerging tech programs," CFO Jonathan Baliff said in a statement

** For 2025, co forecasted rev of $385-$445 mln, including the recently completed acquisition of Edge Autonomy

** 7 of 8 analysts covering rate RDW "strong buy" or "buy", 1 has "hold" and median PT is $23 - LSEG data

** With move on the session, stock down 41% YTD