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The Space Investor - 🚀 Q1'22 NewSpace Earnings

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The Space Scoop
Week Ended 05.06.2022
Happy Friday! It's that time again.. First quarter earnings season is here. Markets on the other hand saw volatile swings as CNBC brought back its special report: Markets in Turmoil. Lets dive in.

📈 Market Max-Q
S&P 500: 4,123.35 -0.2%
NASDAQ: 12,144.67 -1.5%

UFO: 22.20 -2.1%
ROKT: 37.92 -0.1%
ARKX: 14.84 -3.1%
ORBT: 17.35 -2.4%
SSIT: 98.0 -0.4%

SIDU: 2.99 +36.5%
ASTS: 8.75 +16.2%
MYNA: 9.15 -12.8%
SATL: 7.18 -22.3%

1W return as of 4:00pm EDT.

🚀 Top Stories
1) NewSpace Q1 2022 Earnings officially kicked off this week with Virgin Galactic and Astra on Thursday after market close. 
  • $SPCE
    • Revenue: $319K
    • Oper. Loss: ($91.4)M vs. ($81.3)M
    • Adj. EBITDA: ($76.8)M vs. ($55.9)M
    • ~800 Reservations
  • $ASTR
    • Revenue: $3.9M
    • Oper. Loss: ($86.2)M vs. ($24.7)M
    • Adj. EBITDA: ($47.5)M vs. ($13.4)M
    • Est. Q2 Adj. EBITDA: ($64 to 58)M
2) EchoStar, Globalstar and Telesat also reported first quarter earnings this week while Satellogic released FY 2021 financials.
  • $SATS
    • Revenues: $501.5M, +3.9% YoY
    • Adj. EBITDA: $165.9M, -10.6% YoY
    • Net Income: $88.9M, +14.7% YoY
  • $GSAT
    • Cash & Equivalents: $11.5M
    • Revenue: $32.7M, +21.7% YoY
    • Adj. EBITDA: $10.3M, +71.9% YoY
  • $SATL
    • Revenue: $4.2M, up from $0 in 2020
    • Net Loss: ($117.7)M vs. ($113.9)M YoY
    • Adj. EBITDA: ($30.7)M vs. ($17.5)M YoY
  • $TSAT
    • Revenue: CAD$185.7M, -2.5% YoY
    • Net Income: CAD$ 60.6M, +46.7% YoY
    • Adj. EBITDA: CAD$145.6M, -4.2% YoY
3) AST SpaceMobile ($ASTS) was granted an experimental license by the FCC for the BlueWalker 3 satellite direct-to-cell phone connectivity.
  • The company also entered into a $75M committed equity facility with  B. Riley Principal Capital.
4) Rocket Lab's ($RKLB) "There and Back Again" mission successfully completed a rocket booster recapture on Monday afternoon.
  • After helping to deploy 34 satellites, the Electron booster was captured mid-air with a helicopter for the first time. Watch it here.
5) Space Perspective, the space tourism company, reached 1,000 reservations within six months, selling out its first year of flights in 2024.
  • At a $50,000 price point, customers from 32 countries have placed a $500 deposit to go to the edge of space in a zero-pressure stratospheric balloon.

🛰️ In Other News
Relativity Space Valuation Falls By 20% (Business Insider)
Fidelity's Contrafund marked down its biggest stake in the company by ~21%, from $22.83 per share to $17.96. Fidelity has not marked down their SpaceX position.

NaraSpace Raises $7.88M Series A Round (SpaceNews)
The South Korean-based startup raised the financing round to pursue the development of electro-optical remote-sensing nanosatellites. Investors include Korea Development Bank, Hana Ventures, Kolon GLotech, BNK Venture Capital, Posco Capital and Hi Investment Partners.

Satellogic Signs New Multi-Launch Agreement with SpaceX (Company)
The new contract reserves launch capacity for its next 68 satellites. It also positions $SATL to achieve weekly remapping of the entire Earth's surface in 2023 and over 20 daily revisits of any point of interest.

Pachama Raises $55M Series B Round (Reuters)
The carbon credit platform's funding round was led by VC firm Future Positive and backed by investors Ellen Degeneres and Bill Gates’ Breakthrough Energy Ventures. The company has worked with 39 project developers in 15 countries to date.

Virgin Galactic Downgraded by Canaccord Genuity (CNBC)
Following earnings, $SPCE was downgraded to 'Hold' from 'Buy' with an $8 per share price target on concerns over the supply chain and labor issues at the company that have held back the commercial launch timeline.

📊 Chart of the Week
Rocket Lab's ($RKLB) guide to catching a rocket with a helicopter.

🔗 Links
• Astra ($ASTR): How We Launch – What It Takes To Prepare for an Orbital Launch

• Terran Orbital ($LLAP) Ships GeoOptics' Satellites Ahead of SpaceX's Transporter-5 Mission

• Momentus ($MNTS) Announces New Vice President Hires

• NASA CSP Selects Telesat ($TSAT) for Space-to-Space High Data Rate Connectivity

• MDA ($MDA) Completes First Commercial Sale of Its Canadarm3 Technology to Axiom Space

• Spire ($SPIR) Announces New Contract With Gale Force To Provide Weather Data

• Momentus ($MNTS) Completes All FAA Regulatory Milestones for Inaugural Mission

• Boeing ($BA) To Move Headquarters to Arlington From Chicago

• Virgin Orbit ($VORB) Signs Launch Services Agreement with IQPS for Early 2023

• Sidus Space ($SIDU) Signs MOU With Dhruva Space
 

🗣️ Opinion
• Planet Labs ($PL): Fast Growing but Unprofitable – Can It Rebound?

• Morgan Stanley Highest Conviction Picks Include Maxar ($MAXR)

• Buy This Space Stock Beating the S&P by 23%

• Why Army Space?

📅 Earnings Calendar
• $MAXR: May 9 - After Market Close
• $MNTS: May 10 - After Market Close
• $MDA: May 11 - Before Market Open
• $BKSY: May 11 - Before Market Open
• $SPIR: May 11 - After Market Close
• $VORB: May 11 - After Market Close
• $ASTR: May 12 - First Spacetech Day
• $RKLB: May 16 - After Market Close

*Company confirmed dates only.
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TheSpaceInvestor
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Disclaimer: The Space Investor ("TSI") does not provide financial advice. All content is for informational purposes only and is not a solicitation to buy or sell any assets. TSI is not a registered investment, legal, or tax advisor or a broker/dealer.

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