The Space Investor - 🚀 Q2'23 Space Earnings II

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• $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

• 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."

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