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The Space Investor - 🚀 Eutelsat & OneWeb Merge

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The Space Scoop
Week Ended 09.29.2023
Happy Friday! It was a down week for markets as Q3 came to a close. Lets get right to it.

Market Max-Q

Top Stories
1) Rocket Lab ($RKLB) cut prior Q3 financial guidance following Electron anomaly.
  • On Tuesday, the Company announced adjustments to expected Q3 2023 financial outlook previously provided on August 8th to "reflect the postponement of a scheduled Electron mission while the Company completes an investigation into the [September 19th] in-flight anomaly."
     
  • RKLB also "does not anticipate any material incremental expenses to be recognized in Q3 2023 as a result of the anomaly."
     
  • Highlights: 
    • Revenue: From $73-77M to $66-68M
    • Launch Services Rev: From $30M to $22M
    • Space Systems Rev: From $43-47M to $44-46M
    • GAAP Gross Margin: From 21-23% to 18-20%
       
  • Shares fell -2.2% on the week.
     
2) Eutelsat ($ETL) and OneWeb finalized their merger agreement on Thursday.
  • The two (now one) Companies announced the completion of their all-share combination following the approval at the Ordinary and Extraordinary General Meeting of Eutelsat shareholders.
     
  • Eutelsat Group touts becoming the first GEO-LEO integrated satellite group.
     
  • OneWeb will be a subsidiary operating commercially as Eutelsat OneWeb. The Company will listed on the Euronext Paris Stock Exchange and has applied for listing on the London Stock Exchange.

In Other News
Sierra Space Raises $290M Series B Round (Company)
The Colorado-based commercial space company valuation rose to $5.3B and plans to use the capital to forge global partnerships and accelerate production of its space tech ecosystem. The round was co-led by MUFG Bank, Kanematsu, and Tokio Marine & Nichido Fire Insurance.

Sidereus Space Dynamics Raises €5.1M Seed+ Round (Company)
The Italian launch startup aims to use the capital injection to support pre-flight and flight test phases. Primo Space and CDP Venture Capital SGR led the round.

Chart of the Week
Starlink Crosses 2M Subscribers: Across 7 continents and in 60 countries the Company announced late last week. (Source)

Links
• Blue Origin Announces New CEO

• SpaceX Wins First Pentagon Contract for Starshield Satellite Network

• Blue Origin and Sierra Space Weigh Future of Orbital Reef Space Station

• Terran Orbital ($LLAP) Announces Closing of $32.5M Public Offering

• Sidus ($SIDU) Announces Promotion of Jared Novick to COO

• Momentus ($MNTS) 10% Shareholder Prime Movers Lab Dumps Shares

• Mynaric ($MYNA) Completes Verification & Interoperability Tests of CONDOR Mk3

• Astra ($ASTR) Cures Bid Price Deficiency & Regains Compliance with Nasdaq

• NASA Extends CSDA Agreement with Planet ($PL)

Opinion
• Is BlackSky ($BKSY) Undervalued? The Case for Investing in Geospatial Intelligence

• Satellogic ($SATL): Shrinking Satellite Network and Revenues Below Forecasts Again

• Security Dimensions of Space Economics and Finance

• Space Launch Could Falter…Big Time

Earnings Calendar
• $IRDM: Oct 19 - Before Market Open
• $NOC: Oct 26 - Before Market Open
Forward Forward
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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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