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The Space Investor - 🚀 2022 NewSpace Earnings

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The Space Scoop
Week Ended 03.31.2023
Happy Friday! What a week. From the remaining surge of space SPAC earnings to Virgin Orbit ceasing operations, we have a full one for you today. Lets dive in.

Market Max-Q

Top Stories
1) NewSpace earnings for FY 2022 finished off this week, including four space SPACs. Highlights include:
  • $RDW
    • Total Liquidity: $53M
    • Revenue: $151M, +16.7% YoY
    • Net Loss: $(131)M vs $(62)M
    • Adj. EBITDA: $(7)M vs $3M
    • Shares: -2.3%
       
  • $PL
    • Cash & Equivalents: $409M
    • Revenue: $191M, +46% YoY
    • Net Loss: $(162)M vs. $(137)M
    • Adj. EBITDA: $(57)M vs. $(41)M
    • Customer Count: 882, +15% YoY
    • Shares: +0.9%
       
  • $TSAT
    • Revenue: $759M, -2% YoY
    • Net Loss: $(80)M vs. $155M
    • Adj. EBITDA: $568M, -5% YoY
    • Contracted Backlog: $1.8B
    • Shares: +15.4%
       
  • $ASTR
    • Cash & Equivalents: $103M
    • Revenue: $9M vs. $0 YoY
    • Net Loss: $(411)M vs. $(258)M
    • Adj. EBITDA: $(174)M vs. $(103)M
    • Shares: -12.3%
       
  • $ASTS
    • Cash & Equivalents: $239M
    • Revenue: $14M, +11% YoY
    • Net Loss: $(32)M vs. $(31)M
    • Capitalized Costs: $92M
    • Shares: -20.9%
2) Virgin Orbit ($VORB) was back in the limelight as it reportedly lost its latest funding lifeline.
  • Following tons of reporting and its time (negatively) in the spotlight over the last two weeks, VORB will officially cease operations “for the foreseeable future” after a funding lifeline with investor Matthew Brown fell through.
     
  • The Company will lay off 90% of its workforce, or all but 100 employees.
     
    • “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company” CEO Dan Hart told employees in an all-hands call.
       
    • “We have no choice but to implement immediate, dramatic and extremely painful changes."
       
  • CNBC's Michael Sheetz shared his take on Power Lunch this afternoon.
     
  • Shares fell -41.2% on Friday and closed the week -75.0% lower.
3) Lockheed Martin ($LMT) established a new company: Crescent Space.
  • The new commercial company will provide Infrastructure-as-a-Service (IaaS) for lunar missions.
     
  • The first offering will include a service called Parsec: a cislunar communications and navigation network of small lunar satellites to provide continuous connection between Earth and the people and assets in lunar orbit and on the surface of the Moon.
     
  • Crescent will own and operate the Parsec network upon launch of its first nodes in 2025.

In Other News
Isar Aerospace Raises €155M Series C Round (TechCrunch)
With this raise, Isar brings its total capital raised to €300M and positioning it as fully capitalized into its first flight. The round was led by investors 7-Industries Holding and Bayern Kapital via its ScaleUp Fund, with participation from existing investors.

SES Confirms Talks To Merge With Intelsat (Bloomberg)
Both parties declined to discuss the conversations beyond cautioning that "there was no guarantee that the discussions would result in a deal."

Impact Observatory Raises $5.9M Seed Round (Global Newswire)
The AI-powered global mapping and monitoring startup will use the capital to accelerate it's go-to-market for products to governments and commercial customers and also support ongoing R&D.

Equatorial Space Systems Raises $1.5M Seed Round (SpaceWatch)
The Singaporean-based small launch startup's round was led by Elev8.VC, with participation from Seeds Capital and Masik Enterprises

Planet To Acquire Sinergise (Company)
$PL will expand its EO data analysis platform for an undisclosed amount, with the Company continuing to expand into new vertical markets with products and applications.

Chart of the Week
March 2023 Performance: In a bounce back month for equities overall, space SPACs did not get the memo. The top performer Mynaric ($MYNA) was down -3.0% while top laggard Virgin Orbit ($VORB) cratered -84.9%.

Links
• Spire ($SPIR) Awarded NOAA Contract for Satellite Weather Data

• Rocket Lab ($RKLB) Targeting $50M for Neutron Dedicated Missions

• BlackSky’s ($BKSY) New Satellites Enter Revenue-Generating Operations Within 18 Hours

• Globalstar ($GSAT) Announces $200M Non-Convertible Financing

• Satellogic ($SATL) Announces Integration With SkyFi

• Sidus ($SIDU) Achieves Successful Completion of Command and Data System Testing

• Momentus’ ($MNTS) Propulsion System Successfully Completes Initial Tests in Space

Opinion
• Launch Isn’t Enough

• Thoughts on Planet’s ($PL) Acquisition of Sinergise

• BlackSky ($BKSY): Still Unproven, but Has Runway

• EchoStar ($SATS): Includes Catalysts for an Upside

• Rocket Lab ($RKLB): Optimistic on Long Term

• Planet ($PL) Earnings: Superb Growth and Improved Profitability

Earnings Calendar
• $IRDM: April 20 - Before Market Open
• $NOC: April 27 - Before Market Open

*Company confirmed Q1 dates only.
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