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The Space Investor - 🚀 Q1'23 Space Earnings

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The Space Scoop
Week Ended 05.12.2023
Happy Friday! This week was all about Q1 earnings. Lets get right to it.

Market Max-Q

Top Stories
1) First quarter space earnings have arrived. This week a mix of companies reported, including 7 SPACs. Highlights are below:
  • $SATS
    • • Revenue: $440M, -12% YoY
      • Net Income: $28M, -69% YoY
      • Adj. EBITDA: $135M, -19% YoY
      • Broadband Subscribers: 1.177M
      • Shares: -3.4%
       
  • $SPCE
    • • Cash & Equivalents: $874M
      • Revenue: $392k, +23% YoY
      • Net Loss: $(159)M vs. $(93)M
      • Adj. EBITDA: $(140)M vs. $(77)M
      • Shares: +2.0%
       
  • $RKLB
    • • Cash & Equivalents: $399M
      • Revenue: $55M, +35% YoY
      • Net Loss: $(46)M vs. $(27)M
      • Adj. EBITDA: $(26)M vs. $(8)M
      • Shares: +4.6%
       
  • $RDW
    • • Cash & Equivalents: $11M
      • Revenue: $58M, +75% YoY
      • Net Loss: $(7)M vs. $(17)M
      • Adj. EBITDA: $4M vs. $(5)M
      • Backlog: $287M, +109% YoY
      • Shares: -0.6%
       
  • $BKSY
    • • Cash & Equivalents: $72M
      • Revenue: $18M, +32% YoY
      • Net Loss: $(17)M vs. $(20)M
      • Adj. EBITDA: $(4)M vs. $(10)M
      • Shares: +10.3%
       
  • $SPIR
    • • Cash & Equivalents: $73M
      • Revenue: $24M, +34% YoY
      • Net Loss: $(18)M vs. $(12)M
      • Adj. EBITDA: $(7M) vs. $(10)M
      • ARR Solutions Customers: 781
      • Shares: Flat
       
  • $TSAT
    • • Cash & Equivalents: $1.7B
      • Revenue: $183M, -1% YoY
      • Net Income: $29M, -53% YoY
      • Adj. EBITDA: $139M, -4% YoY
      • Shares: -1.4%
       
  • $MNTS
    • • Cash & Equivalents: $40M
      • Revenue: $22k vs. $0 YoY
      • Net Loss: $(21)M vs. $(27)M
      • Adj. EBITDA: $(16)M vs. $(17)M
      • Shares: -9.0%
       
  • $LUNR
    • • Cash & Equivalents: $47M
      • Revenue: $18M, -1% YoY
      • Oper. Loss: $(14)M vs. $(5)M
      • Contracted Backlog: $156M
      • Shares: +8.6%
       
  • $MDA
    • • Cash & Equivalents: $68M
      • Revenue: $202M, +57% YoY
      • Net Income: $16M, +92% YoY
      • Adj. EBITDA: $49M, +77% YoY
      • Backlog: $1.2B
      • Shares: +2.7%
       
2) Virgin Orbit ($VORBQ) has received 30+ IOIs heading into its expedited bankruptcy sale.
  • The indications of interests will propose to continue business operations as a going concern and retain current employees of the integrated enterprise. There is a bid deadline for final binding offers later in May.
     
  • While only Company advisors will know the bidding parties, CEO Dan Hart had the following to say:
    • "I’m pleased with the number and quality of the indications of interest we've received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system."
       
  • Shares finished the week +20.6%.

In Other News
Orbital Outpost X Raises $5M (SpaceNews)
The space-related technical services (fka Space Villages) received a $5M convertible note from Netherlands-based Space Infrastructures Ventures. The note will become an equity investment in the firm's Series A round. 

EnduroSat Raises $10M Round (SpaceNews)
The satellite-as-a-service startup raised the capital via its Series A round, which was led by Luxembourg-based Ceecat Capital. Other participants included Freigeist Capital of Germany.

Chart of the Week
BryceTech Q1 Briefing: The United States would be in trouble if it weren't for SpaceX.. (Source)

Links
• Momentus ($MNTS) Achieves First Orbit Raise with Pioneering Propulsion System

• Virgin Galactic ($SPCE) Announces Crew for Return to Space in Late May

• Viasat’s ($VSAT) Acquisition of Inmarsat Receives Unconditional Clearance

• Spire ($SPIR) and OroraTech Awarded Contract by CSA To Demonstrate Wildfire Detection Methods

• Redwire ($RDW) Subsidiary Wins Contract with ESA To Develop 3D-BioSystem

• Astroscale & Momentus ($MNTS) Partner To Offer NASA Hubble Telescope Reboost Efforts

• Rocket Lab ($RKLB) To Launch Small Satellite Swarm for NASA

• Rocket Lab ($RKLB) Completes Custom-Built Photon Spacecraft for Varda Space

• Sidus ($SIDU) Expands Global Ground Site Network with ATLAS Space Contract

• Sidus ($SIDU) Selected by Airbus OneWeb Satellites To Manufacture Hardware

• Momentus ($MNTS) Signs Launch Service Agreement with SpaceX

Opinion
• Space Could Be a $1 Trillion-Dollar Business. Here Are the Stocks To Play It.

• America’s SPAC-Funded NewSpace Industry Is Crashing

• Iridium ($IRDM): Still Too Lofty

• Planet ($PL): Well-Positioned in a Growing Market

Earnings Calendar
• $LLAP: May 15 - Before Market Open
• $ASTS: May 15 - After Market Close
• $ASTR: May 15 - After Market Close
• $VSAT: May 17 - After Market Close
• $PL: June 8 - After Market Close

*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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