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The Space Investor - 🚀 Q1 2024 Space Earnings

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The Space Scoop
Week Ended 04.26.2024
Happy Friday! There was nothing but green on Wall Street this week.. First quarter space earnings are fresh out of the gate and continued with the Primes reporting. Seraphim Space is raising their second investment fund and Anduril won a major milestone contracts. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) It was Space Prime earnings week as the big four kicked off Q1 2024 reporting this week. Highlights include:
  • $LMT Space Segment
    • Net Sales: $3.3B, +11% YoY
    • Oper Profit: $325M, +16% YoY
    • Oper Margin: 9.9% vs. 9.5% YoY
    • Total Equity Earnings (ULA): $15M
    • Shares: -0.3%
       
  • $BA Defense, Space & Security
    • Revenue: $7.0B, +6% YoY
    • Oper. Earnings: $151M vs. $(212)M YoY
    • Oper. Margin: 2.2% vs. (3.2)% YoY
    • Backlog: $61B
    • Shares: -2.9%
       
  • $GD Aerospace
    • Revenue: $2.1B, +10% YoY
    • Oper Earnings: $255M, +12% YoY
    • Oper Margin: 12.2% vs. 12.1%
    • Total Backlog: $21B
    • Shares: -4.0%
       
  • $NOC Space Systems
    • Sales: $3.7B, +9% YoY
    • Oper Income: $332M, +6% YoY
    • Oper Margin: 9.1% vs. 9.3%
    • Shares: +2.9%

In Other News
Seraphim Space Targeting $100M Second Fund (Company)
The UK-based VC firm behind the publicly-traded space investment vehicle $SSIT has achieved its first close of Seraphim Space Ventures II LP. Current backers of the fund include Eutelsat, NEC and SKY Perfect JSAT. The fund will focus on participating in Seed and Series A stage companies focused on AI and space data, always-on communications networks, microgravity applications, and edge computing.

PLD Space Raises €78M in Funding (Company)
Aerospace manufacturer Aciturri and Spain’s Centre for the Development of Industrial Technology led the investment in the Spanish aerospace company. The funds will be used to expand headcount and facilities for its small launch vehicle, Miura 5.

Dhruva Space Raises $9.4M in Funding (FirstPost)
The India-based space tech startup raised in a blend of equity and debt financing from IAN Alpha Fund and the Technology Development Board to construct a spacecraft manufacturing facility.

Chart of the Week
2014-2023 Spacecraft Launched by Mass Class (Source)

Links
• Satellogic ($SATL) Signs Letter of Intent With O.N.E. Amazon

• Momentus ($MNTS) Receives Nasdaq Deficiency Warning Regarding Delayed Annual Report

• Rocket Lab ($RKLB) Successfully Deploys Satellites To Separate Orbits for KAIST and NASA

• Redwire ($RDW) Signs MOU With Boryung To Support Its Humans in Space Program

• Anduril Selected for US Air Force Collaborative Combat Aircraft Program

• Gravitics Awarded US Space Force Contract for Tactically Responsive Space Development

• True Anomaly Cuts Workforce by ~25%

Opinion
• Q4 2023 Space SPAC Financial Review

• Satellogic ($SATL): Unattractive on Business Pivot Uncertainty & Continued Cash Burn

• Intuitive Machines ($LUNR): The Only Play for the Final Frontier

• Iridium ($IRDM): Momentum Buy on Forward Growth Potential

• Planet ($PL): Government Spending Could Signal Launch

Earnings Calendar
• $RKLB: May 6 - After Market Close
• $SPCE: May 7 - After Market Close
• $BKSY: May 8 - Before Market Open
• $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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