1. Home
  2. Discover
  3. Startup
  4. The Space Investor

The Space Investor - 🚀 Virgin Orbit Goes Bankrupt

View this email in your browser
The Space Scoop
Week Ended 04.07.2023
Happy Friday! In the holiday shortened week, Virgin Orbit filed for bankruptcy, Momentus hired a new CFO, Sidus expanded its Board and Norwegian Cruises will offer Starlink internet. The Q1'23 earnings calendar is also already shaping up. Lets dive in.

Market Max-Q

Top Stories
1) Virgin Orbit ($VORB) filed for Chapter 11 Bankruptcy in the early hours of Tuesday morning.
  • On Monday afternoon, the signs started to show as VO announced it would not be filing its 10-K on time. It did estimate the following 2022 financials:
    • Revenue: $33.1M
    • Net Loss: $(191.2)M
    • Cash & Equivalents: $51.2M
       
  • And before most people woke up for the day on Tuesday, VO had filed for bankruptcy. Virgin Investments Limited led the $31.6M debtor-in-possession (DIP) loan to be the future owner of the company.
     
    • "At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,” said Dan Hart, CEO.
       
  • Per bankruptcy filings, VO owes $100-$500M to 200 to 999 creditors. The Top 10 Creditors owed include: Arqit ($ARQQ), US SpaceForce, iQPS, BigBear.AI ($BBAI), YA II PN, All Nippon Airways Trading, Barber Nichols, Redwire ($RDW) and a Spire ($SPIR) subsidiary.
     
  • Tony Gingiss, the former COO, called out company management  on his way out in an email to employees offering an apology to employees that they “have not heard from the person who should be saying it.”
     
  • CNBC space reporter Michael Sheetz joined Last Call to break it down.
     
  • Shares finished the trading day down -23.2%, an abysmal March down -85.9%.

In Other News
Terran Orbital ($LLAP) Files $500M Mixed Shelf Securities Offering (SEC)
$LLAP's offering may include common stock, preferred stock, debt securities, depositary shares, warrants, subscription rights, purchase contracts and units. This filing does not indicate that a sale has begun or will occur in the future.

Yahsat Arm Thuraya Invests in Astrocast (Company)
The mobile satellite services subsidiary of Al Yah Satellite agreed to invest in $17.5M in Astrocast through a convertible loan. Both parties have the option to extend for another four years from the originally entered agreement in 2019.

True Anomaly Raises $17M Series A Upon Stealth Emergence (PR Newswire)
The Colorado-based startup focuses on spacecraft and software tailored to Space Force needs. The round was led by Eclipse VC in partnership with Riot Ventures, Champion Hill Ventures, Space.VC and Narya.

Chart of the Week
New Space Launch - Total Capital Raised vs Capacity (Source)

Links
• Spire ($SPIR) Awarded NRO Contract for Radio Frequency Data

• Planet ($PL) Joins Ursa Space’s Virtual Constellation and Partner Network

• Momentus ($MNTS) Hires New CFO

• Astra ($ASTR) Provides Delisting Update

• Ch-Aviation Selects Spire ($SPIR) for Long-Term Agreement To Provide Airline Insights

• Sidus ($SIDU) Expands Board of Directors

• Norwegian Cruise Line ($NCL) To Offer Starlink on Board Fleet

Opinion
• Earth Observation Waves & Currents

• $UFO: This ETF Is Not Space Junk

• Virgin Orbit ($VORB): A Space SPAC Dream Explodes

• Telesat ($TSAT) Is Losing Momentum in 2023

• Viasat ($VSAT): Large Satellite Player Still in Growth Mode

Earnings Calendar
• $LMT: April 18 - Before Market Open
• $IRDM: April 20 - Before Market Open
• $BA: April 26 - Before Market Open
• $GD: April 26 - Before Market Open
• $NOC: April 27 - Before Market Open

*Company confirmed dates only.
Forward Forward
Questions? Feedback? Just 'Reply' to this email.
Copyright © 2023

TheSpaceInvestor
400 E 20th St
New York, NY 10009-8101

Add us to your address book!

Unsubscribe
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.

Older messages

🚀 2022 NewSpace Earnings

Friday, March 31, 2023

Virgin Orbit ($VORB) ceases operations and lays off 90% of workforce, Lockheed ($LMT) launches new lunar focused company and more! View this email in your browser The Space Scoop Week Ended 03.31.2023

🚀 Virgin Orbit's Lifeline

Friday, March 24, 2023

SpaceX's new funding round, $LLAP and $MDA FY2022 earnings, $SPIR and $MNTS delisting warnings and more! View this email in your browser The Space Scoop Week Ended 03.24.2023 Happy Friday! This

🚀 Virgin Orbit's Shutdown

Friday, March 17, 2023

Silicon Valley Bank's space fallout, $ASTR requests delisting extension, $SIDU reports FY 2022 earnings and more! View this email in your browser The Space Scoop Week Ended 03.17.2023 Happy Friday!

🚀 ispace Eyes IPO

Saturday, March 11, 2023

More Q4'22 NewSpace earnings, Astra investigates short sellers, ISS dodges a Satellogic satellite and more! View this email in your browser The Space Scoop Week Ended 03.10.2023 Happy Friday! It

🚀 ULA Seeking New Owner

Friday, March 3, 2023

FY 2022 NewSpace Earnings, Astroscale $76M Series G, February Space Stock Performance, and more! View this email in your browser The Space Scoop Week Ended 03.03.2023 Happy Friday! It was a busy week

You Might Also Like

#207 | Agentic Commerce, Energy Theses, State of Gen AI, & more

Sunday, November 24, 2024

Nov 24th | The latest from Scale, USV, Madrona, Menlo Ventures, Redpoint, and others ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

$12K/mo AI App for grandmas

Sunday, November 24, 2024

Starter Story Sunday Breakfast ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🎓 Learn from these legends to supercharge your 2025

Sunday, November 24, 2024

And save 40% while doing so with our greatest Black Friday deal ever! Black Friday_Header_2 Hey Friend , This Black Friday, you get the biggest, most lucrative sale we've ever offered—and with it,

The ultimate guide to founder-led sales | Jen Abel (co-founder of JJELLYFISH)

Sunday, November 24, 2024

Learn how to master founder-led sales with Jen Abel of JJELLYFISH: tips on outreach, leads, closing deals, and hitting your first $1M ARR ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🗞 What's New: ~40% of young adults get their news from influencers

Saturday, November 23, 2024

Also: "File over App" for digital longevity ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Initiator Creator - Issue 145

Saturday, November 23, 2024

Initiator Creator - Issue #145 - ( Read in browser ) ​By Saurabh Y. // 23 Nov 2024 Presented by NorthPoll​ This Week's Notes:​ ​Content-rich designs looks more convincing I just love how Basecamp

🛑 STOP EVERYTHING 🛑 BLACK FRIDAY IS NOW!

Saturday, November 23, 2024

This is your sign to take action—2025 could be your breakthrough year, but only if you start now. Black Friday_Header_2 Hey Friend , This is getting serious. We're handing over $1700 in value as

What’s 🔥 in Enterprise IT/VC #421

Saturday, November 23, 2024

Thoughts from Goldman's PICC + optimism for 2025? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

I'm blue

Saturday, November 23, 2024

Hey, ​ ​ tl;dr – I've decided to delete all my Twitter posts, lock down my account, and leave the platform. And I'm going all-in on Bluesky, which (in the last month) has become 1000x more fun

🚀 Globalstar to the Nasdaq

Saturday, November 23, 2024

Plus $RKLB CEO becomes a billionaire, DIRECTV $SATS debt deal called off, TEC's $160M Series B, and more! The latest space investing news and updates. View this email in your browser The Space