The Space Investor - 🚀 Q3'22 NewSpace Earnings

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• $VORB
  • Cash & Equivalents: $71M
  • Revenue: $31M, up from $0 YoY
  • Net Loss: $(44)M vs. $(39)M YoY
  • Adj. EBITDA: $(43)M vs. $(33)M YoY
  • Binding Backlog: $143M
  • Shares: +13.0%
• $BKSY
  • Cash & Equivalents: $91M
  • Revenue: $17M, +113% YoY
  • Imagery & Software: 89% of Revenue
  • Net Loss: $(13)M vs. $(47)M YoY
  • Adj. EBITDA: $(7)M vs. $(16)M YoY
  • Shares: -7.2%
• $TSAT
  • Cash & Equivalents: $1.6B
  • Revenue: $180M, -6% YoY
  • Net Income: $(229)M vs. $(52)M YoY
  • Adj. EBITDA: $137M vs. $156M YoY
  • Adj. EBITDA Margin: 76.0%
  • Shares: +9.7%
• $ASTR
  • Cash & Equivalents: $151M
  • Revenue: $3M vs. $0 YoY
  • Net Loss: $(199)M vs. $(16)M YoY
  • Adj. EBITDA: $(41)M vs. $(33)M YoY
  • Laying Off 16% of Workforce
  • Shares: 
• $MNTS
  • Cash & Equivalents: $82M
  • Revenue: $129K, -36% YoY
  • Net Income: $(21)M vs. $(6)M YoY
  • Adj. EBITDA: $(16)M vs. $(14)M YoY
  • Shares: -4.6%
• $RDW
  • Total Available Liquidity: $40-42M
  • Revenue: $37M, +14% YoY
  • Net Loss: $(10)M vs. $(24)M YoY
  • Adj. EBITDA: $(2)M vs. $(813)K YoY
  • Contracted Backlog: $33M
  • Shares: -13.0%
• $VSAT
  • Cash & Equivalents: $149M
  • Revenue: $745M, +6% YoY
  • Net Income: $(48)M vs. $3M YoY
  • Adj. EBITDA: $188M, +21% YoY
  • Awards: $1,115M, +34% YoY
  • Shares: -19.3%
• $LLAP
  • Cash & Equivalents: $36M
  • Revenue: $28M, +171% YoY
  • Net Loss: $(27)M vs. $(12)M YoY
  • Adj. EBITDA: $(14)M vs. $(9)M YoY
  • Backlog: $198M, +168%
  • Shares: Flat
• $RKLB
  • Cash & Equivalents: $503M
  • Revenue: $63M, +1,093% YoY
  • Net Loss: $(35)M vs. $(88)M YoY
  • Adj. EBITDA: $(7)M vs. $(18)M YoY
  • Shares: +12.0%
• $SPIR
  • Cash & Equivalents: $82M
  • Revenue: $20M, +114% YoY
  • ARR: $98M, +117% YoY
  • Net Loss: $(22)M vs. $(56)M YoY
  • Adj. EBITDA: $(8)M vs. $(12)M YoY
  • Shares: +18.6%
• $MDA
  • Revenue: $172M, +55% YoY
  • Net Income: $18M, +348% YoY
  • Adj. EBITDA: $39M. +22% YoY
  • Adj. EBITDA Margin: 22.6%
  • Shares: +4.4%

• Bank of America named Rocket Lab ($RKLB) and Terran Orbital ($LLAP) as top picks, stating the two companies are “attractive opportunities available for those investors seeking to invest in high-growth space end markets."
   
• Canaccord kept their 'Buy' rating on $RKLB's but lowered the firm's price target from $16 to $15.
   
  • Analyst Austin Moeller noted the company "will continue to expand its market share in both space infrastructure production and launch services, with the company achieving margin improvement on cost-reduction projects for Electron, in addition to the phase-in of helicopter recovery and reuse."
     
• Deutsche Bank issued 'Buy' ratings on earth imaging companies Planet ($PL) and BlackSky ($BKSY) with price targets of $7 and $3, respectively.
   
  • The firm noted that both are "generating substantial revenue and have visibility toward future growth similar to software companies."

• The completion marks a ~5% investment in the Italian optomechanical instrumentation producer. Satellogic has an option to expand its ownership to up to 12% in the next 36 months.
   
• The transaction "represents a strategic investment in a key industry supplier, and is a large step towards furthering our own vertical integration and greater supply chain resiliency,” said $SATLCEO Emiliano Kargieman, who will also join the Board of Directors.

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