The Space Investor - 🚀 LMT Bids $600M To Acquire LLAP

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The Space Scoop
Week Ended 03.01.2024
Happy Friday! It was a busy week for space earnings while market indexes hit new all-time highs. Astra leadership announced another take private proposal, Lockheed submitted a bid to acquire Terran Orbital and Boeing is in talks to acquire one of its publicly traded suppliers. Lets dive in.

Market Max-Q

Top Stories

1) Lockheed Martin ($LMT) submitted a bid to acquire Terran Orbital ($LLAP) for roughly ~$600M.
  • On Friday, Lockheed filed a Schedule 13D with the SEC to submit a non-binding proposal to acquire Terran in a merger transaction at $1.00 per share. The near ~$600M valuation is comprised from the aggregate outstanding common stock, warrants and debt.
     
  • The terms remain subject to completion of due diligence review, negotiation and agreement on transaction structure along with approval by Lockheed's Board of Directors and Shareholders.
     
  • If the proposed transaction is finalized, Terran's stock will be delisted from the NYSE. Shares were +3.7% in the after hours trade.
     
2) Astra's ($ASTR) CEO and CTO revised their take private offer from November 2023 by -67% lower.
  • In November 2023, Chris Kemp (CEO) and Adam London (CTO) submitted a non-binding proposal to an independent committee of the Board of Directors to acquire the Company at $1.50 per share in cash, which represented a 103% premium of share price at the time.
     
  • This week, a third proposal was sent to acquire the Company at $0.50 per share in cash, contingent on $20M of cash on the balance sheet at closing. The two C-suite members cited the following reasons for the reduction: 
    • Continued cash burn
    • Higher non-operating expenses
    • Insufficient cash to support go-forward operations
    • An alternative to imminent bankruptcy
       
  • Under the revised proposal, Mr. Kemp and Mr. London note they anticipate raising $45M overall to take ASTR private, of which ~$7.7M would go to shareholders.
     
3) Q4 / FY'2023 space earnings ramped up this week, with seven names reporting inclusive of three space SPACs. Highlights include:
  • $RKLB
    • Cash & Equivalents: $163M
    • Revenue: $245M, +16% YoY
    • Net Loss: $(183)M vs. $(1356)M
    • Adj. EBITDA: $(91)M vs. $(39)M
    • Shares: -2.6%
       
  • $SPCE
    • Cash & Equivalents: $982M
    • Revenue: $7M, +250% YoY
    • Net Loss: $(502)M vs. $(500)M
    • Adj. EBITDA: $(427)M vs. $(431)M
    • FCF: $(493)M vs. $(397)M
    • Shares: -7.9%
       
  • $BKSY
    • Cash & Equivalents: $53.1M
    • Revenue: $95M, +45% YoY
    • Net Loss: $(54)M vs. $(74)M
    • Adj. EBITDA: $(1)M vs. $(30)M
    • Shares: -10.4%
       
  • $MDA
    • Cash & Receivables: $375M
    • Revenue: $808M, +26% YoY
    • Net Income: $98M, +24% YoY
    • Adj. EBITDA: $174M, +10% YoY
    • Backlog: $3.1B, +125% YoY
    • Shares: +0.6%
       
  • $GSAT
    • Cash & Equivalents: $57M
    • Total Revenue: $224M, +51% YoY
    • Net Loss: $(25)M vs. $(257)M
    • Adj. EBITDA: $117M, +103% YoY
    • Shares: -16.7%
       
  • $GILT
    • Cash & Equivalents: $104M
    • Revenue: $266M, +11% YoY
    • Net Income: $24M vs. $(6)M YoY
    • Adj. EBITDA: $37M, +44%
    • Shares: -5.2%
       
  • $SATS
    • Cash & Equivalents: $2.4B
    • Revenue: $17B, -8% YoY
    • Net Income: $(2)B vs. $3B YoY
    • OIBDA: $1.3B, -61% YoY
    • Shares: +0.8%

In Other News

Unseen Labs Raises €85M Series C (Company)
The France-based maritime surveillance provider will use the capital to intensify its technological innovations and expand its service offering. The round was led by Supernova Invest, Isalt and Unexo. All existing investment partners participated in the round as well.

SpaceFields Rases $0.8M Seed (Payload)
The India-based solid rocket motor startup plans to add critical capabilities to an "antiquated and fragile supply chain." The Company plans to double headcount by year end mostly focused on engineering roles. The round was led by HVB 88 Angels and o2 Angels Network, with participation from VINNERS and Burla Angels.

Elve Raises $15M Series A (SpaceNews)
The startup focused on manufacturing millimeter-wave amplifiers for terrestrial and space applications plans to expand its space book of business and increase manufacturing capability. Investors included Lockheed Martin Ventures, TomEnterprise Private AB, Green Sands Equity, Yu Galaxy and Cambium Capital.

Boeing In Talks To Buy Spirit AeroSystems (WSJ)
Boeing ($BA) is in talks to acquire Spirit AeroSystems ($SPR), which provides jet-fuselage supplies to the Company it spun-off 20 years ago. Spirit is currently experiencing issues and is at the center of quality control issues affecting 737 MAX jets. Spirit has hired bankers to explore strategic options. Shares rallied +15% on the news.

Chart of the Week

February 2024 Performance: Sidus ($SIDU) is this months leader following a +61% rally on Leap Day to finish the month at +87%. Other winners include Spire ($SPIR), Intuitive Machines ($LUNR) and SatixFy ($SATX) at +74%, +60% and +58% higher.  Astra was this months underperformer, finishing -31% lower.

Links

• Redwire ($RDW) Expands Footprint in Colorado with New Manufacturing & Testing Facility

• Sidus ($SIDU) LizzieSat Encapsulated and Scheduled for Launch

• Rocket Lab ($RKLB) Unveils Spacecraft Bus Lineup

• South Korean Military Adopts Iridium ($IRDM) Connectivity

• Viasat ($VSAT) Wins Contract From Northrop Grumman ($NOC) on AFRL Commercial Space Internet Experiments

• Intuitive Machines ($LUNR) IM-1 Mission Success: American Ingenuity Never Gives Up

• Sidus ($SIDU) Announces Pricing of $7.9M Public Offering

• Northrop Grumman ($NOC) Warns Space Unit of Forthcoming Layoffs

Opinion

• Cybersecurity for Satellites Is a Growing Challenge

• Rocket Lab ($RKLB) Has ‘Misrepresented’ Neutron Launch Readiness, Congressional Memo Says

• Intuitive Machines ($LUNR) Goes to the Moon With a Hard Landing

• Overreaction to Capex Guidance Makes Iridium ($IRDM) Cheap

• Spire ($SPIR): Path to Profitability

Earnings Calendar

$SPIR: Mar 6 - After Market Close
$LLAP: Mar 26 - Before Market Open
$PL: Mar 28 - After Market Close


*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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