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The Space Investor - 🚀 Q3 Space Investment Slows

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The Space Scoop
Week Ended 10.21.2022
Happy Friday! Financial markets bounced after last week's 52-week lows, third quarter space earnings season officially kicked off and Space Capital released their quarterly space investment report. Lets dive in.

📈 Market Max-Q
S&P 500: 3,752.76 +4.8%
NASDAQ: 10,859.73 +5.2%

UFO: 18.83 +5.5%
ROKT: 36.17 +7.4%
ARKX: 12.72 +6.2%
SSIT: 51.5 -2.8%

LLAP: 2.62 +29.1%
SPIR: 1.23 +13.9%
MYNA: 5.30 +7.9%
ASTS: 6.36 -12.7%

1W return as of 4:00pm EDT.

🚀 Top Stories
1) Q3'2022 Space earnings season is officially under way. Two companies reported this week, including Lockheed Martin and Iridium. Highlights below:
  • $LMT 
    • Net Sales: $2,882M, +7% YoY
    • Oper. Profit: $301M, +14% YoY
    • Oper. Margin: 10.4% vs. 9.8% YoY
    • Total Equity Earnings (ULA): $50M, or 17% of Space's operating profit
  • $IRDM
    • Cash & Equivalents: $218.8M
    • Revenue: $184.1M, +14% YoY
    • Net Income: $2.1M, up from $(2.1)M
    • Oper. EBITDA: $107.9M, +8% YoY
    • Subscribers: 1.973M, +17% YoY
       
    • Barclays downgraded the stock ahead of earnings from 'Overweight' to 'Equal Weight' and cut their price target to $45, citing a main upside risk of "ongoing consolidation in the industry and/or a successful entry into the satellite to smartphone market of which there is limited visibility."
2) Space Capital released their Q3 space report and investment in space startups fell off sharply.
  • $3.4B was invested into space startups
  • Overall investment fell -47% YTD vs. Q3'2021
  • Q3 was one of the lowest quarters for private investment in the last 5 years
  • Total investment round count YTD declined by -26% YoY
  • The top 10 early-stage rounds accounted for $0.6B, or 30% of total investment
     
  • Space Capital expects the macro environment to continue to disproportionately affect funding across deep tech, including space Infrastructure.
    • "Companies with high upfront CapEx and long lead times to revenue, including Launch and Emerging Industries, are likely to be the most impacted over the next few years."

🛰️ In Other News
Orbex Raises £40.4M Series C Round (Company)
The UK-based spaceflight company round was led by the Scottish National Investment Bank, with participation from existing investors BGF, Heartcore Capital, High-Tech Gründerfonds and Octopus Ventures. The new round of funding will allow the company to scale up its resources as it awaits its first vertical launch from UK soil.

Anuvu Sells Stake in Wireless Maritime Services (Company)
Anuvu completed the sale of its stake in Wireless Maritime Services to PE firm CCP Capital Strategies, which purchased 100% of the cellular network provider. WMS will now operate as an independent platform. “The sale of WMS is part of our overall strategic plan to focus our portfolio," said Josh Marks, Anuvu CEO.

ChAI Raises Seed Round (Seraphim)
The AI-driven commodity intelligence startup will expand its services into new markets, helping protect businesses from increasingly volatile commodity markets and tackle global food security challenges. Seraphim Space ($SSIT), Insurtech Gateway, Passion Capital, Primo Space Fund, 2050Cap and Portfolio Ventures lead the investment. The round size was undisclosed.

📊 Chart of the Week
Private Space Investment 2013 - Q3'2022 per Space Capital (source)

🔗 Links
• Pentagon Eyes Locking in Starlink Ukraine Funding

• Seraphim ($SSIT) Releases 2022 Annual Report

• Virgin Orbit ($VORB) and Luxembourg Sign Agreement To Advance Space Capabilities

• Momentus ($MNTS) Completes Solar Array Test

• Viasat ($VSAT) and Inmarsat ($ISAT) Receive Approval for Proposed Combination From Australia’s Foreign Investment Review Board

• Mynaric ($MYNA) To Provide Optical Communications Terminals to Northrop Grumman ($NOC) as Part of the SDA’s T1TL Program

• Astra ($ASTR) Announces 200+ Cumulative Committed Orders of Spacecraft Engines

• Satellogic ($SATL) Announces New Leadership for Rapid Growth

• Sidus Space ($SIDU) Executes Launch Agreement With Vaya Space

• Planet ($PL) Launches Nonprofit Program To Empower Mission-Driven Organizations

🗣️ Opinion
• A New Space Race Targets the Smartphone

• AST SpaceMobile ($ASTS): A Different Kind of Space Race

• Virgin Orbit ($ASTS): Space Is the Ceiling for the TAM

• Virgin Galactic ($SPCE): Ignore the Downgrades, It’s a Strong Buy

• 10 Best Space Stocks To Buy According to Hedge Funds

• Make an All-or-Nothing Bet on Space Play $ASTS Stock

• Space Stocks Will Mint Millionaires Upon Blastoff

📅 Earnings Calendar
• $BA: Oct 26 - Before Market Open
• $GD: Oct 26 - Before Market Open
• $NOC: Oct 27 - Before Market Open
• $AJRD: Nov 1 - After Market Close
• $SPCE: Nov 3 - After Market Close
• $MAXR: Nov 3 - After Market Close
• $BKSY: Nov 8 - Before Market Open
• $RKLB: Nov 9 - After Market Close
• $SPIR: Nov 9 - After Market Close
• $MDA: Nov 11 - Before Market Open

*Company confirmed dates only.
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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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