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The Space Investor - 🚀 Starlink Generates a Profit

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The Space Scoop
Week Ended 02.10.2023
Happy Friday! What a week. Starship successfully completed its first static fire test, SpaceX's COO provided insight on Starlink financials, AST SpaceMobile announced two new MOUs, Intuitive Machines SPAC was approved and Rocket Lab added two new products to its Space Systems offering. Lets dive in.

Market Max-Q

Top Stories
1) Inflection Point Acquisition Corp. ($IPAX) shareholders approved the SPAC merger with Intuitive Machines.
  • With 88% of the outstanding shares having voted, ~70% of investors approved the business combination at the extraordinary general meeting held on Wednesday.
     
  • The Company is expected to trade under the ticker symbol $LUNR on the NASDAQ next week.
     
  • The company has yet to send out an official press release with information on redemption rate, which we'll be very interested in seeing in a post-SPAC world and 2023 market environment.
2) SpaceX COO Gwynne Shotwell provided some financial insight on Starlink this week while speaking at the FAA’s Commercial Space Transportation conference in Washington, D.C.
  • “The cash flow from operations basically pay for our development. Where it falls short, we take external investment.”
     
  • “This year, Starlink will make money. We actually had a cash flow positive quarter last year."
     
  • Regarding an IPO , Shotwell said there is “no update.”
3) Viasat ($VSAT) released Q3 2023 earnings report on Tuesday after market close.
  • Cash & Equivalents: $182M
  • Revenue: $714M, flat YoY
  • Net Income: $(42)M vs. $(7)M YoY
  • Adj. EBITDA: $139M, -15% YoY
  • Awards: $617M, +9% YoY
  • Shares: -14.1%
4) AST SpaceMobile ($ASTS) announced two MOU's this week, one with TIM and one with Zain KSA.
  • TIM, a leading Brazilian mobile network operators, aims to increase the scope of cellular connectivity and bring space-based coverage to Brazil.
     
  • Zain, a telecom operator in Saudi Arabia, plans to collaborate towards new telecom solutions and satellite-based digital services in Saudi Arabia along with increasing access to mobile services in remote locations.

In Other News
Voyager Space Raises $80.2M (TechCrunch)
The company behind Starlab space station has raised capital from NewSpace Capital, Midway Venture Partners, Industrious Ventures and Seraphim Space ($SSIT). This latest raise comes as the company's previous vocal plans to go public appear to be on hold for now.

Exotrail Raises $58M Series B (Company)
The space logistics and mobility company plans to use the funds to continue innovating and developing new products to enhance its offering. The round was led by Bpifrance, Eurazeo and CELAD with all prior investors participating.

Earth & Beyond Ventures Announces $125M Fund (Reuters)
E&BV will focus on pre-seed and seed investments in companies focused on semiconductors, robotics, sensors, quantum computing, solar power and cyber security with $500K - $2M checks. The fund is backed by Corning, Kyocera, SpaceCom and Samtec.

Image of the Week
On Thursday afternoon, Starship completed a successful static fire test.

Per Elon: "Team turned off 1 engine just before start & 1 stopped itself, so 31 engines fired overall. But still enough engines to reach orbit!"

Links
• NASA Redirects Intuitive Machines’ ($IPAX) First Mission to the Lunar South Pole Region

• Northrop Grumman ($NOC) Prices $2.0B Debt Offering

• Momentus ($MNTS) Provides Vigoride-5 Status Update #2

• Momentus ($MNTS) To Fly FOSSA Systems PocketPod

• Maxar ($MAXR) Awarded $192M Foreign Commercial Imagery IDIQ Contract

• Mynaric ($MYNA) Delivers CONDOR Mk2 Terminals to Telesat ($TSAT)

• Rocket Lab ($RKLB) Increases Space Systems Offerings With New Products

• MDA ($MDA) To Supply Ka-Band Multibeam Antennas to ARSAT

• NASA Awards Mars Science Mission Launch to Blue Origin

Opinion
• How Tim Ellis Became Elon Musk’s Biggest Space Competitor

• Skeptical Investors Are Placing New Demands on Space Startups

• Small Launch Industry Warns of “Bloodletting”

• Defense Giants Hungry for Space Companies

• Terran Orbital ($LLAP): 2024 Growth Prospects, Waiting for Technical Confirmation

Earnings Calendar
• $IRDM: February 16 - Before Market Open
• $RKLB: February 28 - After Market Close
• $LLAP: March 21 - 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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