The Space Investor - 🚀 SatixFy Goes Public

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The Space Scoop
Week Ended 10.28.2022
Happy Friday! What a week. TGIF, amirite? Lets dive in.

📈 Market Max-Q

S&P 500: 3,901.07 +4.0%
NASDAQ: 11,102.46 +2.3%


UFO: 20.29 +7.8%
ROKT: 38.16 +5.5%
ARKX: 13.44 +5.7%
SSIT: 51.3 -0.6%


RKLB: 5.13 +21.0%
MNTS: 1.38 +20.0%
SPIR: 1.43 +16.3%
RDW: 2.61 +14.5%


1W return as of 4:00pm EDT.

🚀 Top Stories

1) Space Primes continued Q3 earnings this week with Boeing, General Dynamics, Northrop Grumman, and L3Harris reporting. Highlights include: 
  • $BA
    • Revenue: $5,307M, -20% YoY
    • Oper. Earnings: $(2,798)M
    • Oper. Margin: (52.7)% vs. 6.6% YoY
    • Backlog: $55B, 31% from Non-U.S.
    • Shares: -8.8%
       
    • Citing "primarily due to $2.8B of losses on certain fixed-price development programs, driven by higher estimated manufacturing and supply chain costs, as well as technical challenges."
  • $GD
    • Revenue: $2,347M, +14% YoY
    • Oper. Earnings: $312M, +19% YoY
    • Oper. Margin: 13.3% vs. 12.7% YoY
    • Backlog: $19.1B, +30% YoY
    • Shares: Flat
  • $NOC
    • Sales: $3,163M, +18% YoY
    • Oper. Income: $290M, +1% YoY
    • Oper. Margin: 9.2% vs. 10.7% YoY
    • Shares: +0.9%
       
    • Citing "sales in the Space business area were driven by a $129 million increase due to ramp-up on the SDA Tranche 1 Transport Layer and Tranche 1 Tracking Layer programs awarded in 2022."
  • $LHX
    • Revenue: $1,502M, +1% YoY
    • Net Income: $172M, -8% YoY
    • Oper. Margin: 11.5%
    • Funded Book-to-Bill: 1.15x
    • Shares: -1.6%
2) AST SpaceMobile ($ASTS) reported preliminary Q3 results and provided an update on BlueWalker 3. 
  • Cash & Equivalents: $199.5M
  • Revenue: $5,307M, -20% YoY
  • Oper. Expenses: $41 to 43M
  • Capitalized Costs: $92M
  • Capitalized Property & Equip: $43.1M
  • Shares: -2.7%
     
  • Re: BW3 - "We acquired control of the satellite promptly after launch and have been ramping up ground control operations and monitoring satellite performance through telemetry, tracking and command antennas. Satellite is operating normally and sensors and actuators are ready."
     
  • B. Riley also initiated coverage with a 'Buy' Rating and $15 per share price target.
     
    • The analyst views the global market as "massive," including 5.3B unique cellular subscribers, plus another 2.6B people who remain unconnected.
3) SatixFy completed its business combination with Endurance Acquisition Corp. ($EDNC) this week following a shareholder approval vote on Wednesday.
  • The satellite communication systems company began its first day of trading on NYSE today, the 28th, under ticker symbol $SATX. Shares finished the day +254.5% higher.
     
  • While other Space SPACs like Tomorrow.io and D-Orbit terminated their deals following poor performance and investor appetite, SatixFy will be the first space SPAC to test the market in a while. So far so good..

🛰️ In Other News

Apex Spacecraft Raises $7.75M in Funding (CNBC)
The LA-based startup is focusing on better producing spacecraft, including space buses, at scale. The funding was led by Andreessen Horowitz, with participation from XYZ VC, J2 Ventures, Lux Capital and Village Global.

Array Labs Raises $5M Seed Round (SpaceNews)
The startup is developing a constellation of radar satellites that fly in formation and gather 3D imagery, with plans to create a digital twin of the entire globe. The round was led by Seraphim Space ($SSIT) and Agya Ventures, with participation from Republic Capital, Liquid 2 Ventures, Rebel Fund and others.

Orbit Fab Secures New Major Investor (SpaceNews)
The 'Gas Station in Space' startup noted that 8090 Industries was a “new major investor” in the company but the size of the investment was not disclosed. The firm which never previously invested in a space company said “We see Orbit Fab as the critical layer of infrastructure for the new in-space economy."

Sierra Space and IBM Sign MOU (BusinessWire)
Together, the two plan to work to develop the next generation of space technology and software platforms across Sierra Space’s range of space vehicles and infrastructure. The MOU also outlines the integration of $IBM’s technology to coordinate the tasks and workload of Sierra astronauts.

📊 Chart of the Week

Q3 2022 Orbital Launch Leaders (Source)

🔗 Links

• Mynaric ($MYNA) Provides Full Year 2022 Guidance Update

• Arqit ($ARQQ) Partners With Nine23 To Provide Secure Cloud Services for UK Government

• BlackSky ($BKSY) Wins $10M Follow-On Contract for High-Frequency Imagery Services With International Ministry of Defense Customer in Asia

• Q&A With Relativity Space CEO Tim Ellis

• Sidus ($SIDU) Signs MOU With Mission Space for Space Weather Intelligence Data Partnership

• Aerojet Rocketdyne ($AJRD) Is Soliciting Acquisition Offers

• Amazon ($AMZN) Expands Satellite Manufacturing at Newly Acquired Project Kuiper Facility

• Maxar ($MAXR) Board Approves Quarterly Dividend

🗣️ Opinion

• Space SPACs: The Reckoning Ahead

• The Space Investment Crunch

• Exploring the Business of Space

• Space Tech Aims for the Stars With VC’s Continued Funding

• Seraphim Space Trust ($SSIT) Is Back Down to Earth. Does It Offer Investors a High Risk Opportunity?

• Iridium ($IRDM): Best of Group for Near-Term Capital Gain

• AST SpaceMobile ($ASTS): Revolutionizing the Mobile Satellite Services Industry

• Maxar ($MAXR): I’m Still Not Convinced

• Rocket Lab ($RKLB): First Mover Advantage in the Space Industry

📅 Earnings Calendar

$MYNA: Oct 31 - 1:00pm EDT
$AJRD: Nov 1 - After Market Close
$SATS: Nov 3 - Before Market Open
$SPCE: Nov 3 - After Market Close
$MAXR: Nov 3 - After Market Close
$VORB: Nov 7 - 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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