Redwire, a newly public in-space manufacturing and services startup, expects to be part of at least eight planned launches this year after notching a dozen in 2021 and growing its backlog of work to almost $272 million.

But the company’s financial report for all of 2021—the first time it has reported annual results—may have left investors disappointed by deeper losses and a softer outlook, Wall Street analysts say.

Redwire—which went public via a special purpose acquisition company (SPAC) in September—reported full-year results late March 31 that showed revenue increased by 237% to $137.6 million compared with 2020, thanks to more than $32 million of sales from acquired businesses. Net loss increased to $61.5 million for 2021, or $47.2 million worse than 2020’s gap, which Redwire attributed to SPAC-related costs, among others. Net loss per diluted share was $1.36 against $0.39 the year before.

In 2022, Redwire expects sales to total $165-195 million. 

In midday trading April 1, Redwire’s share price was off 26% to $6.27 apiece.

The company is not widely covered by Wall Street analysts at this point. The few who do mentioned that the startup’s prospects remain strong for the same reasons that drove its SPAC process last year, although the latest results suggest patience getting there. “Redwire shares will likely be down on an outlook that was below prior expectations, but the long-term opportunity is unchanged in our view, with the weaker outlook more around timing,” Jefferies analysts said.

Along with the 2021 results, Redwire announced closure of an earlier financial audit investigation related to accounting at one of the small companies it has acquired.

 “Following a thorough and comprehensive review, the company’s independent Audit Committee of the board of directors along with independent, external legal and accounting firms, completed the investigation and did not identify any material misstatements or the need for any restatements of Redwire’s previously filed financial statements.”