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The Space Investor - 🚀 Voyager + Airbus = Starlab

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The Space Scoop
Week Ended 08.04.2023
Happy Friday! The summer doldrums continue on while the Q2 earnings calendar is filled out nicely. Plenty of space earnings are coming over the next few weeks to keep us investors occupied. Lets dive in.

Market Max-Q

Top Stories
1) Q2 Space earnings continued this week with only Virgin (Galactic, not Orbit) and Globalstar reporting. AST SpaceMobile queued up some preliminary numbers for us but forgot to include anything investors really want to know like revenue, EBITDA, FCF, etc. The remainder of August will be a marathon of earnings.
  • $SPCE
    • Cash & Equivalents: $980M
    • Revenue: $1.9M, +424% YoY
    • Net Loss: $(134)M vs. $(111)M
    • Adj. EBITDA: $(116)M vs. $(93)M
    • FCF: $(135)M vs. $(91)M
    • Shares: -4.4%
       
  • $GSAT
    • Cash & Equivalents: $65.3M
    • Revenue: $55.1M, +50% YoY
    • Net Income: $0.1M vs. $(26.8)M
    • Adj EBITDA: $27.0M, +86% YoY
    • Shares: +4.5%
       
  • $ASTS (Preliminary)
    • Cash & Equivalents: $191.5M
    • Total OpEx: $57.1 - $59.1M
    • Capitalized P&E Costs: $156.9M
2) Voyager Space and Airbus ($EADSY) announced a Joint Venture to build and operate Starlab.
  • On Wednesday, the two announced the transatlantic agreement for the a commercial space station hoped to succeed the International Space Station (ISS).
     
  • In addition to the US entity, Starlab will have a European JV subsidiary to serve the European Space Agency and its member state space agencies.
     
  • This announcement follows a major design milestone in Starlab's development, the Systems Requirements Review (SRR) completed in June 2023, which determines the systems, technical readiness, and ability to meet NASA's mission and safety requirements.

In Other News
Planet Lays Off ~10% of Workforce (CNBC)
On Tuesday, $PL announced it would undertake an internal restructuring and let go of 117 employees. “This action was taken to increase the company’s focus on its high priority growth opportunities and operational efficiency, which ... will further support its long term strategy and path to profitability.”

Leaf Space Raises €20M Series B (SatelliteToday)
The Italian ground segment-as-a-service (GSaas) currently supports ~80 satellites. CDP Venture Capital Sgr and Neva Sgr led the round, while SIMEST and Digital Transition Fund participated. Existing shareholders RedSeed Ventures, Primo Space, and Whysol Investments also participated. Leaf also €15M loan of venture debt from the European Investment Bank.

Tilebox Raises $1.7M Pre-Seed (Payload)
The raw satellite data management software startup plans to make all that information easier to sort through and backup. Participants in the round included Cocoa Ventures, Possible Ventures, and Remote First Capital.

Chart of the Week
July 2023 Performance: Redwire ($RDW) and Momentus ($MNTS) led the pack up +38% and +34% in July, while SatixFy ($SATX) dropped -25%. Markets have been rallying but growth stocks still lag large caps by a hefty margin.

Links
• Hughes ($SATS) JUPITER 3 Satellite Successfully Launches

• Redwire ($RDW) Hires Veteran Aerospace Executive As Company Positions for More Strategic Growth

• General Dynamics ($GD) Board of Directors Declares Dividend

• Northrop Grumman’s ($NOC) NG-19 Launch Marks 10-Years of ISS Cargo Resupply Missions

• Viasat ($VSAT) Launches Black ICE Software Defined Radio Platform

• Astra ($ASTR) Lays Off ~25% of Workforce to Support Sustainable Long-Term Business Plan

Opinion
• Navigating Investments and Market Positioning in the Final Frontier

• Is China’s Rise in Space Over? Indexing Space Power for the Next Space Age

• How Humans Will Become a Multi-Planetary Species

• Elon's Unmatched Power in the Stars

• Investing in Space: Rocket Lab ($RKLB) Stock Leads the Sector in Year-to-Date Gains

• Virgin Galactic ($SPCE): Lost in Space

Earnings Calendar
• $SATS: Aug 8 - Before Market Open
• $RKLB: Aug 8 - After Market Close
• $BKSY: Aug 9 - Before Market Open
• $SPIR: Aug 9 - After Market Close
• $VSAT: Aug 9 - After Market Close
• $MDA: Aug 11 - Before Market Open
• $TSAT: Aug 11 - Before Market Open
• $ASTR: Aug 14 - After Market Close
• $ASTS: Aug 14 - After Market Close
• $MNTS: Aug 14 - After Market Close
• $LUNR: Aug 14 - After Market Close
• $LLAP: Aug 15 - Before Market Open

*Company confirmed dates only.
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