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The Space Investor - 🚀 Q2'23 Space Earnings II

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The Space Scoop
Week Ended 08.18.2023
Happy Friday! Q2 earnings were hot and heavy on Monday and have now been complete. BAE Systems is acquiring Ball's aerospace unit, Spire has a new CFO and Planet completed its acquisition of Sinergise. Lets dive in.

Market Max-Q

Top Stories
1) Second quarter earnings (essentially) finished up this week with 6 SPACs reporting. Highlights include:
  • $LUNR
    • Cash & Equivalents: $39M
    • Revenue: $18M, -6% YoY
    • Oper. Income: $(13)M vs $(2)M
    • Adj. EBITDA: $(12)M vs. $(2)M
    • Contracted Backlog: $137M
       
  • $SIDU
    • Cash & Equivalents: $8M
    • Revenue: $1M, -22% Yo
    • Net Loss: $(4)M vs. $(2)M
    • Oper. Expense: $4M vs. $3M
       
  • $ASTR
    • Cash & Equivalents: $26.3M
    • Revenue: $707k, -74% YoY
    • Net Loss: $(14)M vs. $(82)M
    • Adj. EBITDA: $(33)M vs. $(48)M
       
  • $ASTS
    • Cash & Equivalents: $192M
    • Revenue: $0 vs. $7M YoY
    • OpEx:  $58M vs. $36M
    • BW3 Capitalized Costs: $194M
    • Net Loss: $(18)M vs. $(3)M
       
  • $MNTS
    • • Cash & Equivalents: $21M
      • Revenue: $2M, +3,310% YoY
      • Net Loss: $(19)M vs. $(23)M
      • Adj. EBITDA: $(14)M vs. $(18)M
       
  • $LLAP
    • • Cash & Equivalents: $49M
      • Revenue: $32M, +51% YoY
      • Net Loss: $(28)M vs. $(32)M
      • Adj. EBITDA: $(22)M vs. $(15)M
      • Backlog: $2.6B
2) Investors got a look into the coveted financials of SpaceX, with the Company turning a profit last quarter.
  • Soaring revenue helped SpaceX squeak out a small profit in the first three months of the year after two annual deficits, according to documents seen by the WSJ. Highlights include:
     
    • Q1'23 Revenue: $1.5B
    • Q1'23 Profit: $55M
    • '22 Revenue: $4.6B
    • '22 Expenses: $5.2B
    • '21/22 PP&E: $5.4B 
    • '22 R&D: $1.3B, +11% YoY
    • '22 Loss: $(559)M
    • '23 BTC Writedown: $(373)M
       
  • As Tim Farrar notes, "cash burn isn't mentioned. With capital expenditures of ~$3B+ in 2022, launches accelerating this year, and depreciation only about $1B-$1.5B, its clear SpaceX still needs to raise $1B+ in the near future."

In Other News
BAE Systems to acquire Ball Aerospace for $5.6B (CNBC)
The purchase of the division will include 5,200 employees and is expected to close in 1H 2024. Ball began shopping the aerospace division earlier this year in an attempt to lessen its debt load.

Integrate Space Raises $3.4M Seed Round (Payload)
The Seattle-based program management software startup's round was led by Hyperplane with participation from Riot Ventures, Ravelin Capital, and angel John Capodilupo. Integrate will use the capital to expand its team and grow its customer base. 

Chart of the Week
Space ETF Breakdown: Market Share via AUM

This week's image comes from Callum Thomas who puts together the Weekly S&P500 ChartStorm -- he acts as an excellent filter on the noisy world of macro and markets to give you a concise, chart-driven pulse-check on the markets every weekend. Check it out here.

Links
• Momentus ($MNTS) Awarded Innovation Research Contract From SDA

• Planet ($PL) Completes Acquisition of Sinergise

• Rocket Lab ($RKLB) To Launch Climate Change Research Mission for NASA

• Leo Basola Joins Spire ($SPIR) as Chief Financial Officer

• ESP Logistics Picks Spire ($SPIR) for Real-Time Weather and Ship-Tracking Data

• Malaysia Airlines Selects Viasat ($VSAT) To Enhance In-Flight Experience on New Fleet

• Planet ($PL) Wins Contract With Ministry of Foreign Affairs in Asia

• Rocket Lab ($RKLB) Inks Dedicated Launch Deal With iQPS

Opinion
• Astra ($ASTR) Seeks Strategic Investors As Cash Reserves Decrease

• Space Stock Review: July 2023

• Viasat ($VSAT) Has a Strong Base With Newly Added Uncertainty

• Funding for Next Gen Satellites Creates Opportunity for Telesat ($TSAT)

Earnings Calendar
• $PL: Sept 7 - After Market Close

*Company confirmed dates only.
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