【Jefferies-2025研报】太空领域动态：Redwire收购、新格伦 星际客机延迟及融资情况.pdf

EquityResearch

USA|AerospaceDefenseElectronicsJune15,2025

WhatsUpinSpace:RDWAcquisition,New

Glenn/StarlinerDelays+FundRaises

Inthisweeklyreport,wehighlightkeyeventsandimplicationsforthespace

sector:1)Redwirecloses$925MMacquisitionofEdgeAutonomy;2)BlueOrigin

delayssecondNewGlennlaunch;3)EuropeclearSES/Intelsatmerger;4)

BoeingStarlinerreturntoflightnoearlierthanearly2026;5)Numberoffund

raisesincluding$50MMforLogosSpace,$40MMforQuantumSpaceand

$90MMforMuonSpace.

RedwireAnnouncesCloseofEdgeAutonomyAlongwithRevisedMergerAgreement.Redwire

hasclosedontheacquisitionofEdgeAutonomy,anUncrewedSystemsprovider,creatinga

profitabledefensetechcompany.Redwirereaffirmeditexpectsthedealtobeimmediately

accretivetoRedwiresrevenue,Adj.EBITDAandFCFwithPF2025revenuesof$535MMto

$605MM(JEF$559MMest.)w/AdjustedEBITDAof$70to$105MM(JEF$80MMest.).Redwirehad

previouslyannouncedanamendedagreementtoacquireEdgeAutonomywiththedealremaining

for$925MM,butconsistingof$160MMincashand$765MMofRedwirecommonstockata$15.07

price.The$160MMcashconsiderationincludesanunsecuredpromissorynoteintheprincipa

amountof$100MMwithinterestaccruingatratesfrom15.00%to18.00%payableatRDWsoption

incashorinkindwithacashminimumreturnpayment,dependingonwhenrepaymentoccurs,

rangingfrom1.20to1.50Xtheprincipalamountbeingrepaid.Therevisedstructureoffersincreased

flexibilityintermsofthecashportion.

BlueOriginDelaysSecondNewGlennLaunch.Blue