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The Space Investor - 🚀 Astra Seeks Go Private Deal

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The Space Scoop
Week Ended 11.10.2023
Happy Friday! I know we stated there wouldn't be a newsletter this week but we worked some magic. Some big news out of Astra and Virgin Galactic along with a heavy earnings week to not keep up with our weekly cadence.. Please note that this newsletter covers 11/6 - 11/9 this week only. Lets dive in.

Market Max-Q (Through 11/8)

Top Stories
1) Q3 earnings continued into our biggest week of reporting, led by 5 space SPACs. Highlights below:
  • $SATS
    • • Cash & Equivalents: $2.0B
      • Revenue: $413M, -17% YoY
      • Net Income: $0.5M, -97% YoY
      • Adj. EBITDA: $126M, -21% YoY
      • Subscribers: 1.063M, -13% YoY
       
  • $TSAT
    • • Cash & Equivalents: $1.8B
      • Revenue: $175M, -3% YoY
      • Net Income: $(3)M vs $(229)M
      • Adj. EBITDA: $133M, -3% YoY
       
  • $RDW
    • • Total Available Liquidity: $31M
      • Revenue: $63M, +68% YoY
      • Net Loss: $(6)M vs. $(11)M
      • Adj. EBITDA: $5M vs. $(2)M
      • Backlog: $253M, +60% YoY
       
  • $MDA
    • • Cash & Receivables: $88.6M
      • Revenue: $205M, +19% YoY
      • Net Income: $9M, -48% YoY
      • Adj. EBITDA: $43M, +10% YoY
      • Backlog: $3.1B
       
  • $BKSY
    • • Cash & Equivalents: $51.5M
      • Revenue: $21M, +26% YoY
      • Net Income: $1M vs. $(13)M
      • Adj. EBITDA: $(1)M vs. $(7)M
       
  • $SPIR
    • • Cash & Equivalents: $30M
      • Revenue: $27M, +34% YoY
      • Net Loss: $(18)M vs. $(22)M
      • Adj. EBITDA: $(4) vs. $(9)M
      • ARR Rev / Customers: $103M / 827
       
  • $RKLB
    • • Cash & Equivalents: $141M
      • Revenue: $68M, +7% YoY
      • Net Loss: $(41)M vs. $(35)M
      • Adj. EBITDA: $(16)M vs. $(7)M
       
  • $SPCE
    • • Cash & Equivalents: $1.1B
      • Revenue: $2M, +113% YoY
      • Net Loss: $(105)M vs. $(146)M
      • Adj. EBITDA: $(87)M vs. $(129)M
      • FCF: $(105)M vs. $(102)M
       
  • $VSAT
    • • Revenue: $1.2B, +85% YoY
      • Net Loss: $(767)M vs. $(48)M
      • Adj. EBITDA: $486M, +210% YoY
      • Backlog: $3.6B, +54% YoY

In Other News
Astra Raises $13.4M Financing (Company)
Following last Friday evenings scare, $ASTR announced it closed an initial financing with JMCM Holdings and Sherpa Venture Funds II (two early investors) dated November 6. Astra shares were fell -20.5% on the news and struggled the rest of the week.

Astra Founders Seek Go Private Transaction (SEC)
On Thursday morning, $ASTR shares ripped +78% higher on the news that CEO and CTO offered to take the company private at a ~$30M valuation, or $1.50 per share price. This represents a 103% premium from the prior days close of $0.74.

Virgin Galactic Announces Layoffs and New Focus (Company)
On Tuesday after market close, $SPCE announced a strategic realignment of the Company resources and associated reduction in workforce to support the production of its Delta Class spaceships. in Wednesday's earning call, they gave additional color that 185, or ~18% of the workforce was let go.

Chart of the Week
Space IPOs Timeline: Despite a record 12 IPOs in 2021, space IPOs haven't always been this popular. Investors have not seen a space IPO in the last 12 months due to macro-economic and market conditions (2021 SPAC projections vs. reality absurdity also did not help). (Source)

Links
• Momentus ($MNTS) Signs Contract With AVS for 2024 Orbital Delivery

• Viasat ($VSAT) & Deutsche Telekom ($DTEGY) Commit To Deliver In-Flight Connectivity via the European Aviation Network

• Planet ($PL) Releases Forest Carbon Diligence Product

• Rocket Lab ($RKLB) Sets Next Electron Launch Window, Provides Update on Anomaly Review

• Rocket Lab ($RKLB) Adds New HASTE Launch From Virginia for DOD’s Defense Innovation Unit

• Momentus ($MNTS) and RIDE! Space Collaborate To Connect SmallSat Operators to In-Space Services

• Terran Orbital ($LLAP) Releases Enhanced Versions of Enterprise Satellite Bus

Opinion
• Mynaric ($MYNA): Not The Lasercom Tech Stock With Futuristic Stock Price Growth

Earnings Calendar
• $LUNR: Nov 13 - Before Market Open
• $ASTR: Nov 13 - After Market Close
• $LLAP: Nov 14 - Before Market Open
• $ASTS: Nov 14 - After Market Close
• $MNTS: Nov 14 - After Market Close
• $SIDU: Nov 15 - Before Market Open

*Company confirmed dates only.
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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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