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The Space Investor - 🚀 Terran Receives Rivada Cash

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The Space Scoop
Week Ended 01.05.2024
Happy Friday! And Happy New Year! Welcome back. It was a generally quiet week to kick off 2024. Lets dive in.

Market Max-Q

Top Stories
1) Terran Orbital ($LLAP) received its 2023 milestone payment from Rivada Networks.
  • On December 21st CEO Marc Bell mentioned in an interview that the Company could receive payment from Rivada Networks “in the next few days.” This week, one day into the new year, it was confirmed to be official. Terran received the 2023 milestone payment and Rivada is current on all invoices.
     
  • Terran reported cash & equivalents of >$70M for 12/31/2023, compared to $38.7M for 9/30/2023.
     
  • “We are entering 2024 with a strong financial foundation that we believe will enable us to continue to execute on our strategic and operational objectives,” said CEO Marc Bell.
     
  • LLAP shares initially reacted with excitement but closed the week -10%.

In Other News
SynMax Raises $13M in Funding (Payload)
The satellite data analytics startup priced the round at a $50M pre-money valuation and will use the capital to expand into new markets. The round was led by Bill Perkins, cofounder of SkyFi, with participation from  Alex Moore Palantir ($PLTR) co-founder and various SynMax customers.

AST SpaceMobile Provides Interim Update on Fundraising (Company)
$ASTS notes that it is: (i) seeking to close and fund the previously disclosed strategic investment in January 2024 with multiple parties, and (ii) secured initial ground infrastructure orders from two customers for planned commercial service.

Rocket Lab Enters Into Equipment Financing Agreement (SEC)
$RKLB and Trinity Capital agreed to $120M conditional commitment, with the following draws to be: (i) $70M on the effective date, and (ii) $40M over 60 months beginning January 2024, with final payments due in January 2029.

Chart of the Week
2023 Performance: In what was a good year for markets and mixed bag for space stocks, there we clear winners and clear losers. Rocket Lab ($RKLB), Redwire ($RDW), Mynaric ($MYNA) and AST SpaceMobile ($ASTS) led the pack at +47%, +44%, +38% and +25%. Astra ($ASTR), Sidus ($SIDU), SatixFy ($SATX) and Momentus ($MNTS) led to the downside at -65%, -92%, -95% and -96%.

Links
• Intuitive Machines ($LUNR) Announces Strategic Partnership and Leadership Changes

• US Air Force Awards Viasat ($VSAT) Up To $900M Multi-Vendor Technology Integration and Architecture IDIQ Contract

• EchoStar ($SATS) Completes Merger With DISH Network ($DISH)

• EchoStar ($SATS) Files Undisclosed Amount Mixed Shelf Offering

• Sidus ($SIDU) Secures NOAA Approval To Provide Imaging Services to Government and Commercial Customers

Opinion
• December 2023 Space Stock Review

• Rocket Lab ($RKLB): More Promising Signs and a Rating Upgrade

• Planet Labs ($PL): Market Leader With Strong Growth Tailwinds

• AST SpaceMobile ($ASTS): A SpaceX and Starlink Threat Appears

• $ARKX: Performance Lost in Space

Earnings Calendar
• $GD: Jan 24 - Before Market Open
• $NOC: Jan 25 - Before Market Open
• $BA: Jan 31 - Before Market Open
• $HON: Feb 1 - 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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