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The Space Investor - 🚀 Masten Space Files for Bankruptcy

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The Space Scoop
Week Ended 07.29.2022
Happy Friday! We're happy to be back. What happened this week? Primes kicked off Q2'22 Space earnings and the NewSpace earnings calendar is packed for the next two weeks. Masten Space Systems filed for bankruptcy and York Space Systems is weighing a sale. Lets dive in.

📈 Market Max-Q
S&P 500: 4,130.29 +4.3%
NASDAQ: 12,390.70 +4.7%

UFO: 21.07 +2.0%
ROKT: 38.75 +6.5%
ARKX: 14.94 +5.6%
SSIT: 81.0 +24.0%

SPIR: 1.50 +17.2%
RKLB: 4.67 +15.3%
SATL: 4.19 +10.6%
SIDU: 3.53 -16.0%

1W return as of 4:00pm EDT.

🚀 Top Stories
1) Eutelsat and OneWeb announced the signing of an MOU to merge into one company.
  • The companies are expected to combine through an all-share transaction that would result in Eutelsat taking over OneWeb, valuing the company at $3.4B. The deal, which requires regulatory approval and a shareholder vote, is expected to close by mid 2023.
     
  • Eutelsat (ENXT:$ETL) shares fell -28.8% on the news to close the week.
2) Masten Space Systems filed for Chapter 11 protection on Thursday in the Delaware Bankruptcy Court.
  • The lunar lander and space infrastructure company reports $10-50M in both assets and liabilities, and is looking to sell their “SpaceX launch credit” in a stalking horse (or pre-arranged floor bidder) purchase agreement with Intuitive Machines.
     
  • What does this mean? Master is not liquidating, which would be a Chapter 7, but rather cutting losses and selling off the pieces to maximize remaining shareholder value. TSI wishes Masten a quick and smooth process.
3) Q2 2022 Space Earnings officially kicked off with Raytheon, Boeing, Northrop Grumman, General Dynamics and Iridium reporting various days before and after market close. Highlights include: 
  • $RTX
    • Intelligence & Space:
    • Sales: $3,570M, -6% YoY
    • Oper. Profit: $315M, -24% YoY
    • Oper. Profit Margin: 8.8% vs. 10.9% YoY
  • $BA
    • Defense, Space & Security:
    • Revenue: $6,191M, -10% YoY
    • Oper. Earnings: $71M, -93% YoY
    • Oper. Margin: 1.1% vs. 13.9% YoY
  • $NOC
    • Space Systems:
    • Sales: $2,979M, +8% YoY
    • Oper. Income: $310M, +3% YoY
    • Oper. Margin: 10.8% vs. 11.4% YoY
  • $GD
    • Aerospace:
    • Revenue: $1,867M, +15% YoY
    • Oper. Earnings: $238M, +22% YoY
    • Oper. Margin: 12.7% vs. 12.0% YoY
  • $IRDM
    • Total Revenue: $174.9M, +17% YoY
    • Oper. EBITDA: $105.9M, +12% YoY
    • Net Income: $4.5M, +19% YoY
    • Total Billable Subscribers: 1.875M, +16% YoY

🛰️ In Other News
Astrea Raises $6.5M Series A Round (SatelliteToday)
The satellite and artificial intelligence startup uses geospatial data from 1,000+ satellites to provide insights in clean energy, agriculture, conservation, carbon finance and real estate. The round was led by Aligned Climate Capital and Carbon Drawdown Collective.

Space Foundation Releases Q2'2022 Space Report (CNBC)
Per the nonprofit organization, the space economy grew at its fastest rate since 2014 to $469B, or +5%, with over 90 countries operating in space now. Commercial sector revenues grew by +6% and government spending increased by +19%. Total output by the world’s governments and corporations in rockets, satellites and more grew +9% YoY.

York Space Systems Weighing Possible $1.5B Sale (Bloomberg)
According to sources, the satellite maker is working with an adviser to examine strategic alternatives and expects to draw interest from aerospace and defense groups. Is something going on behind the scenes at York? In April, the Company said it anticipates hiring up to 450 employees over the next two years to meet increasing demand and projected 2022 revenue growth of +250%.

📊 Chart of the Week
July's is in the books, well at least from a market perspective.. Following a tepid June, Space stocks as a whole gave us some much needed green. Mynaric ($MYNA) led the pack up over +30% while Momentus ($MNTS) led the pack lower down nearly -20%.

🔗 Links
• Russia To Withdraw From ISS in 2024

• Viasat ($VSAT) Selected by ESA To Conduct Multi-Layered SATCOM Study

• Ball Aerospace ($BALL) and Seagate ($STX) To Collaborate on Data Storage in Space

• Spire ($SPIR) Awarded $1.7M NOAA Contract To Deliver Space Weather Data

• Terran Orbital ($LLAP) Concludes TCM-2 for CAPSTONE Mission

• Rocket Lab ($RKLB) To Supply Solar Power for Space Force Missile Warning Satellites

• AAC Clyde Space ($ACCMF) Receives 5.1M SEK in ESA Funding

• Redwire ($RDW) To Develop Space-Based Drug Development and Manufacturing Platform

• Nokia ($NOK) Radio Technology To Enable AST SpaceMobile’s ($ASTS) Direct-to-Cell Phone Connectivity

• Maxar ($MAXR) Board of Directors Approves Quarterly Dividend

🗣️ Opinion
• "There’s a Huge Market Opportunity" for Some Space Companies

• The Space Race the World Needs Is Finally Starting

• Billionaires and Backlash: Suborbital Spaceflight a Year After Branson and Bezos

📅 Earnings Calendar
• $SATS: August 4 - Before Market Open
• $SPCE: August 4 - After Market Close
• $ASTR: August 4 - After Market Close
• $GSAT: August 4 - After Market Close
• $TSAT: August 5 - Before Market Open
• $TRMB: August 5 - Before Market Open
• $LLAP: August 9 - Before Market Open
• $MAXR: August 9 - After Market Close
• $BKSY: August 10 - Before Market Open
• $SPIR: August 10 - After Market Close
• $RKLB: August 11 - After Market Close
• $MDA: August 12 - Before Market Open

*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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