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The Space Investor - 🚀 Lockheed Invests $100M in LLAP

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The Space Scoop
Week Ended 11.04.2022
Happy Friday! NewSpace Q3 earnings kicked off this week with Maxar, Virgin Galactic and Mynaric reporting among other names. Get ready for a locked and loaded calendar to come over the next 10 days. Terran Orbital also accepted a large investment from Lockheed Martin and Firefly is seeking a new capital raise. Lets dive in.

📈 Market Max-Q
S&P 500: 3,770.56 -3.4%
NASDAQ: 10,475.26 -5.7%

UFO: 20.00 -1.4%
ROKT: 38.24 +0.2%
ARKX: 12.94 -3.7%
SSIT: 46.20 -9.9%

SPCE: 4.92 +5.6%
PL: 5.31 +3.7%
SIDU: 1.71 -5.0%
SATX: 12.69 -56.8%

1W return as of 4:00pm EDT.

🚀 Top Stories
1) Q3'22 earnings continued to roll and this week we got a taste of NewSpace names. Highlights below:
  • $MYNA (1H'22)
    • Cash & Equivalents: €26M
    • Revenue: €25K, -98% YoY
    • Cash-In from Customer Contracts: €8.3M, +337% YoY
    • Net Loss: €(33)M vs. €(16)M
    • Backlog (Units): 243, +575% YoY
    • Shares: +3.7% 
  • $AJRD
    • Cash & Equivalents: $346.7M
    • Net Sales: $550M, +1% YoY
    • Net Income: $14M, -68% YoY
    • Adj. EBITDAP: $76M, -8% YoY
    • Backlog: $6.7B, flat YoY
    • Shares: +0.9%
    • During the earnings call, executives did not discuss reports that it was seeking acquisition bids after Lockheed Martin ($LMT) terminated a merger agreement earlier this year.
  • $SATS
    • Cash & Equivalents: $1.6B
    • Revenue: $497M, -1.4% YoY
    • Net Income: $20M, -35.3% YoY
    • Adj. EBITDA: 159M, -15.1% YoY
    • Subscribers: 1.285M, -60k YoY
    • Shares: -10.3%
  • $SPCE
    • Cash & Equivalents: $1.1B
    • Revenue: $767K, -70% YoY
    • Net Loss: $(146)M vs. $(48)M YoY
    • Adj. EBITDA: $(128)M vs. $(68)M YoY
    • Shares: +7.4%
  • $MAXR
    • Cash & Equivalents: $28M
    • Revenue: $436M, flat YoY
    • Net Income: $(4)M vs. $14M YoY
    • Adj. EBITDA: $110M, -3% YoY
    • Total Order Backlog: $2,955M
    • Shares: +10.8%
  • $GSAT
    • Cash & Equivalents: $14.7M
    • Revenue: $38M, +15% YoY
    • Net Loss: $(204)M vs. $(31)M YoY
    • EBITDA: $(173)M vs. $4M YoY
    • Adj. EBITDA: $14M vs. $11M YoY
    • Shares: -7.7%
2) Terran Orbital ($LLAP) received a $100M investment from Lockheed Martin ($LMT) via a note and warrant purchase agreement.
  • As part of the investment, the two have also entered into a new Strategic Cooperation Agreement (SCA), which runs through 2035.
     
  • Terran plans to use the funds to acquire additional satellite assembly space, increase module production, and satisfy working capital needs while expanding advanced manufacturing abilities.
     
  • The company abandoned its plan to build a factory in Florida and launch its own satellite constellation to manufacture key components for other customers instead.
3) Firefly Aerospace is rumored to be looking to raise up to $300M of capital.
  • Firefly and AE Industrial Partners, the equity sponsor, declined to comment but the company is raising the money in a private round.
     
  • The company was valued at more than $1 billion when PE firm AEIP became the controlling shareholder earlier this year in March. The valuation for this round was not disclosed.

🛰️ In Other News
Wyvern Raises $7M Seed+ (Payload)
The hyperspectral imaging startup has secured additional seed funds, now raising a total of $15M. The round was led by Uncork Capital, with participation from prior investors MaC Venture Capital and Y Combinator. Wyvern was a recent graduate of YC’s W22 batch

Constellr Raises $10M Seed (Company)
The space-based water monitoring system startup will develop its first two satellites, conclude its existing pilot programs and develop its processing platform with the capital. The round was co-led by Lakestar and VSquared, with participation from prior and new investors FTTF, IQT, Amathaon Capital, Natural Ventures, EIT Food, OHB Venture Capital, Next Humanity and Seraphim ($SSIT).

Maxar Acquires Wovenware (Company)
$MAXR announced the completion of the AI and software development firm. This deal "significantly adds to Maxar’s software engineering and AI capabilities and talent" and will become one with the software development and AI / ML centers.

📊 Chart of the Week
October's space stock winner and loser are in: Terran Orbital ($LLAP) +54% and Sidus ($SIDU) -21%.
Looking for more space? The Orbital Index is another favorite weekly newsletter of ours. The founders, Ben and Andrew, cover space science and technology news in a concise and technical manner. We highly recommend you check it out!

🔗 Links
• Momentus’ ($MNTS) Vigoride Vehicle Completes TVAC Testing Ahead of SpaceX Launch

• SpaceLink To Wind Down Operations, Barring Last-Minute Investment

• DARPA Awards Spire ($SPIR) Contract To Design Satellite

• Blue Origin Completes the Delivery of Engines to ULA for Vulcan’s Initial Launch

• Redwire ($RDW) Completes Acquisition of QinetiQ Space NV; Receives $80M Financing From Bain Capital and AE Industrial Partners

• Sidus ($SIDU) Engages Dawn Aerospace To Implement Propulsion Technology Into LizzieSat

• Redwire ($RDW) Launching Upgraded 3D Bioprinter to Space Station

• Virgin Galactic ($SPCE) Announces Primary Suppliers for Delta Class Spaceships

• Virgin Galactic ($SPCE) Signs Agreement With Axiom Space for Microgravity Research

• Rocket Lab ($RKLB) Delivers Final Solar Panels for NASA Gateway’s Power and Propulsion Element

• NASA CSP Sees Inmarsat ($ISAT) Select Rocket Lab ($RKLB) To Develop L-Band Radio

• Rocket Lab ($RKLB) Launches 32nd Electron Mission and Deploys 152nd Satellite

🗣️ Opinion
• Why America Must Develop Space, and How We’ll Do It

• Planet Labs ($PL): Disrupting the Legacy Space Observatory Industry

• 3 Space Stocks You Can Buy on the Dip and Hold for Years

• Should SpaceX Buy Boeing ($BA)? One Investor Says ‘Yes’

• This ETF Takes Off to the Final Frontier

• 3 Stocks To Watch From the Satellite and Communication Industry

• Nuclear Energy: Past, Present and Future

• How Satellite Imagery Magnified Ukraine to the World

📅 Earnings Calendar
• $VORB: Nov 7 - After Market Close
• $BKSY: Nov 8 - Before Market Open
• $TSAT: Nov 8 - Before Market Open
• $MNTS: Nov 8 - After Market Close
• $RDW: Nov 8 - After Market Close
• $VSAT: Nov 8 - After Market Close
• $LLAP: Nov 9 - Before Market Open
• $RKLB: Nov 9 - After Market Close
• $SPIR: Nov 9 - After Market Close
• $MDA: Nov 11 - Before Market Open
• $SIDU: Nov 14 - 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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