The Space Investor - 🚀 Q4'2023 Space Earnings

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The Space Scoop
Week Ended 01.26.2023
Happy Friday! Space earnings season has officially kicked off while Virgin Galactic completed their 11th spaceflight and AST SpaceMobile's stock rout continues. Lets dive in.

Market Max-Q

Top Stories

1) Q4 2023 space earnings kicked off this week with Primes leading the way. Highlights include:
  • $LMT Space Segment
    • Net Sales: $3.3B, +3% YoY
    • Oper Profit: $307M, +31% YoY
    • Oper Margin: 9.1% vs. 7.2% YoY
    • Total Equity Earnings (ULA): $20M
    • Shares: -4.2%
       
  • $GD Aerospace Segment
    • Revenue: $2.7B, +12% YoY
    • Oper Earnings: $449M, +33% YoY
    • Oper Margin: 16.4% vs. 13.8%
    • Total Backlog: $20.5B
    • Shares:  +4.7%
       
  • $NOC Space Systems
    • Sales: $3.6B, +10% YoY
    • Oper Income: $304M, +2% YoY
    • Oper Margin: 8.4% vs. 9.1%
    • Shares: -6.3%

In Other News

Albedo Raises $35M Series A-1 Round (BusinessWire)
The satellite imagery startup will use the capital to launch their first operational satellite. The round was led by Standard Investments, with participation from Booz Allen Ventures, Cubit Capital, Bill Perkins, Breakthrough Energy Ventures, Shield Capital, Initialized Capital, Y Combinator, Giant Step Capital and Republic Capital.

Aldoria Raises €10M Series A Round (Payload)
The space situational awareness startup, previously known as Share My Space, plans to use the capital to double its network of tracking stations and invest in R&D. The round was led by Startquest Capital, with participation from the European Innovation Council Fund, French Deeptech 2030 Fund, and Expansion Ventures.

Expansion Ventures Raises New €100M Fund (European Spaceflight)
The Europe-based VC fund will focus its investments on European NewSpace startups, with the firm planning to support companies from Seed rounds up to Series A and B rounds. It also expects to invest ~15-20% of available capital in initial investments and the remaining ~80-85% in follow-on investments.

Chart of the Week

AST SpaceMobile's Tough Two Weeks: $ASTS shares have cratered -33% over the last nine trading weeks following a $100M share offering last week and continued selling that followed this week. Shares closed Friday within ~2% of all time lows of $2.73.

Links

• Redwire ($RDW) Selected As Strategic Supplier for Blue Origin’s Blue Ring Space Mobility Platform

• AST SpaceMobile ($ASTS) CEO Publishes Letter to Shareholders

• Sidus ($SIDU) LizzieSat Arrives at Vandenberg Space Force Base Ahead of Launch

• Intuitive Machines ($LUNR) Files S-1 To Sell ~9.4M Shares of Class A Common Stock

• Virgin Galactic ($SPCE) Completes 11th Successful Spaceflight

Opinion

• Investors Are Betting on Defense Startups. The Pentagon Isn’t.

• The White House Versus the Private Sector in Space

• Europe Must Promote Fair Competition Between Private Launch Operators

• Stars, Stripes, and Satellites

• Rocket Lab ($RKLB): The Future Is Bright

• Viasat ($VSAT): Possible Value Trap With Many Risks Ahead

Earnings Calendar

$BA: Jan 31 - Before Market Open
$HON: Feb 1 - Before Market Open
$IRDM: Feb 15 - Before Market Open
$RKLB: Feb 27 - After Market Close


*Company confirmed dates only.
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