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The Space Investor - 🚀 Q2'23 Space Earnings

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The Space Scoop
Week Ended 08.11.2023
Happy Friday! Earnings dominated this week, DISH and EchoStar merged, Virgin Galactic completed its second commercial passenger flight, and Telesat shares surged. Lets dive in.

Market Max-Q

Top Stories
1) This week was all about Q2 earnings with 8 names reporting, 4 of which were SPACs. Highlights below: 
  • $RDW
    • Total Available Liquidity: $36M
    • Revenue: $60M, +64% YoY
    • Net Loss: $(6)M vs. $(77)M
    • Adj. EBITDA: $4M vs. $(4)M
    • Backlog: $273M, +68% YoY
    • Shares: -0.3%
       
  • $SATS
    • Revenue: $453M, -9% YoY
    • Net Income: $9M, -13% YoY
    • Adj. EBITDA: $153M, -9% YoY
    • Broadband Subscribers: 1.122M
    • Shares: +1.0%
       
  • $RKLB
    • Total Liquidity: $341M
    • Revenue: $62M, +12% YoY
    • Net Loss: $(46)M vs. $(37)M
    • Adj. EBITDA: $(20)M vs. $(9)M
    • Shares: -3.1%
       
  • $BKSY
    • Cash & Equivalents: $60M
    • Revenue: $19M, +28% YoY
    • Net Loss: $(33)M vs. $(26)M
    • Adj. EBITDA: $(6)M vs. $(9)M
    • Shares: -8.2%
       
  • $SPIR
    • Total Liquidity: $64M
    • Revenue: $27M, +37% YoY
    • Net Loss: $(16)M vs. $(38)M
    • Adj. EBITDA: $(3M) vs. $(7)M
    • ARR Rev / Customers: $113M / 813
    • Shares: -10.0%
       
  • $VSAT (Q1'24)
    • Revenue: $780M, +36% YoY
    • Net Loss: $(77)M vs. $(39)M
    • Adj. EBITDA: $183M, +87% YoY
    • Backlog: $3.85B, +86% YoY
    • Shares: +6.1%
       
  • $MDA
    • Cash & Equivalents: $39M
    • Revenue: $196M, +27% YoY
    • Net Income: $10M vs. $(9)M
    • Adj. EBITDA: $40M, +16% YoY
    • Backlog: $1.1B
    • Shares: -1.4%
       
  • $TSAT
    • Cash & Equivalents: $1.5B
    • Revenue: $180M, -4% YoY
    • Net Income: $520M vs $(4)M
    • Adj. EBITDA: $139M, -5% YoY
    • Shares: +53.5%

In Other News
Frontgrade Technologies Acquires Aethercomm (SpaceNews)
Frontgrade acquired Aethercomm, a manufacturer of high-power amplifier modules and switches for an undisclosed amount. Frontgrade was known as CAES Space Systems prior to purchase earlier this year by Veritas.

Benchmark Raises $33M Series B (Company)
The Vermont -based propulsion systems provider moved its HQ where it now has four times the manufacturing capacity and launches autopilot for satellites. SP Catamount led the round while JH Capital, The Fund at Hula, FreshTracks Capital and past investors also participated.

Image of the Week
Super Heavy Booster 9 Static Fire. (SpaceX)

Links
• Momentus ($MNTS) To Hold Special Shareholder Meeting Re: Reverse Stock Split at a Ratio of 1-for-30 to 1-for-50

• Viasat ($VSAT) Receives $80M+ in Development Awards for Multi-Function AESAs

• Spire ($SPIR) Awarded Space Services Contract by GHGSat

• DISH Network ($DISH) and EchoStar ($SATS) Corporation To Combine

• BlackSky ($BKSY) Signs Five-Launch Deal With Rocket Lab ($RKLB)

• Rocket Lab ($RKLB) Inks New Deal To Launch HASTE Mission From Virginia

• Spire ($SPIR) Awarded $6.5M NASA Contract Renewal for EO Data

• Virgin Galactic ($SPCE) Completes First Private Astronaut Spaceflight ‘Galactic 02’

• MDA ($MDA) Selected As Prime Satellite Contractor for Telesat ($TSAT) Lightspeed Advanced Constellation

Opinion
• Startups Are Dying, and Venture Investors Aren’t Saving Them

• SPACs Are a Double-Edged Sword for NewSpace

• The Smallsat Show-Me Era

• Terran Orbital ($LLAP): Starry Visions, Cloudy Finances

• Rocket Lab ($RKLB): The Shining Star

• EchoStar ($SATS): HughesNet Fusion and Demand for Satellites Imply Undervaluation

Earnings Calendar
• $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
• $SIDU: Aug 15 - Before Market Open
• $PL: Sept 7 - After Market Close

*Company confirmed dates only.
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