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The Space Investor - 🚀 Virgin To Face Delisting

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The Space Scoop
Week Ended 04.19.2024
Happy Friday! Q1 earnings have officially kicked off with the reporting calendar slowly but surely filling out, Tether (yes, the crypto) invested in Satellogic, and Virgin Galactic has crossed below $1.00 per share and will potentially face a delisting. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) First quarter 2024 space earnings have kicked off only two weeks after Q4 / FY'2023 reporting ended. Space SPACs need to pick up their pace before they get lapped by Iridium and the Primes!
  • $SATL
    • Cash & Equivalents: $24M
    • Revenue: $10M, +68% YoY
    • Net Loss: $(61)M vs. $(37)M
    • Adj. EBITDA: $(44)M vs. $(56)M
    • Oper. Cash Flow: $50M, -28% YoY
    • U.S. Redomicile: Expected Q2
    • Shares: +2.8%
       
  • $IRDM
    •  Revenue: $204M, -1% YoY
    • Net Income: $20M, +101% YoY
    • Oper. EBITDA: $115M, +3% YoY
    • Billable Subs: 2.3M, +14% YoY
    • Shares: +3.0%

In Other News
ICEYE Raises $93M Growth Funding Round (Company)
The oversubscribed funding round will help accelerate investment in the constellation of SAR satellites and expand the company’s portfolio of data and subscription products. Finnish sovereign wealth fund Solidium Oy led the round, with participation from Move Capital Fund I, Blackwells Capital, Christo Georgiev and existing investors.

Former SpaceX Exec Starts New VC Firm (TechCrunch)
Tom Ochinero, Senior Vice President of Commercial Business, resigned in February per a "family matter" but this week SEC filings show he is teaming up with SpaceX alum Achal Upadhyaya and Sequoia’s Spencer Hemphill to form a new venture capital firm called Interlagos Capital.

Orbex Raises £16.7M Series C Extension Round (Company)
The United Kingdom-based small launch vehicle developer gains additional funding following the £40M Series C round from 2022 to ramp up work on its delayed rocket. Investment in the round comes from the Scottish National Investment Bank, Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark as well as corporate and angel investors.

Chart of the Week
Virgin Galactic's Rise and Fall: Following a roller coaster ride of highs and lows in 2020-2021, $SPCE has now closed below $1.00 per share this week. Shares are -98% since the near $60 highs set in June 2021 when Sir Richard Branson flew on his own spacecraft and -92% since inception.

Like other space companies, it is likely Virgin will complete a reverse split in the near future. Shareholders are set to vote at the upcoming annual meeting.

Links
• Satellogic ($SATL) Announces $30M Strategic Investment From Tether

• Terran Orbital’s ($LLAP) Tyvak Centauri-6 Satellite Successfully Deployed Into Orbit

• Northrop Grumman ($NOC) Working with SpaceX on U.S. Spy Satellite System

• Sidus ($SIDU) Partners with Orbital Transports

• Momentus ($MNTS) and Ascent Solar ($ASTI) Partner

• Rocket Lab ($RKLB) Announces Board Change

Opinion
• The Trillion Dollar Question

• EchoStar ($SATS): High Debt but Space-Based and Merger Opportunities

• Satellogic ($SATL): Business Struggles Amid Rapidly Contracting Satellite Networks

• BlackSky ($BKSY) Appears Undervalued Despite Recent Major Contract Wins

• Unveiling the Story of Redwire ($RDW) in the Aerospace Sector

Earnings Calendar
• $LMT: Apr 23 - Before Market Open
• $BA: Apr 24 - Before Market Open
• $GD: Apr 24 - Before Market Open
• $NOC: Apr 25 - Before Market Open
• $RKLB: May 6 - After Market Close
• $MDA: May 9 - Before Market Open
• $SPIR: May 15 - 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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