The Space Investor - 🚀 Q3 Space Investment Slows

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• $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."

• $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."

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