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The Space Investor - 🚀 Q2 2024 Space Earnings

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The Space Scoop
Week Ended 08.09.2024
Happy Friday! What a week -- from markets to earnings to capital raises to continued Starliner questions, we have a long one for you today. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) Q2 Space Earnings season continued on with a jam-packed and wild week of 8 names reporting, 4 of which were SPACs. Highlights include:
  • $SPCE
    • Cash & Equivalents: $821M
    • Revenue: $4M, +125% YoY
    • Net Loss: $(94)M vs. $(134)M
    • Adj. EBITDA: $(79)M vs. $(116)M
    • FCF: $(114)M vs. $(135)M
    • Shares: +14%
       
  • $RDW
    • Available Liquidity: $56M
    • Revenue: $78M, +30% YoY
    • Net Loss: $(18)M vs. $(6)M YoY
    • Adj. EBITDA: $2M, -63% YoY
    • FCF: $(11)M vs. $1M YoY
    • Backlog: $354M, +30% YoY
    • Shares: -10%
       
  • $VSAT
    • Revenue: $1B, +44% YoY
    • Net Loss: $(33)M vs. $(77)M
    • Adj. EBITDA: $404M, +120% YoY
    • Backlog: $3.6B, -5% YoY
    • Shares: +38%
       
  • $BKSY
    • Cash & Equivalents: $42M
    • Revenue: $25M, +29% YoY
    • Net Loss: $(9)M vs. $(33)M
    • Adj. EBITDA: $2M vs. $(6)M
    • Shares: +14%
       
  • $MDA
    • Cash & Receivables: $463M
    • Revenue: $242M, +23% YoY
    • Net Income: $24M, +7% YoY
    • Adj. EBITDA: $49M, +21% YoY
    • Backlog: $4.6B, +318% YoY
    • Shares: +13%
       
  • $GSAT
    • Cash & Equivalents: $64M
    • Total Revenue: $61M, +10% YoY
    • Net Loss: $(10)M vs. $0.1M
    • Adj. EBITDA: $33M, +20% YoY
    • Shares: Flat
       
  • $RKLB
    • Cash & Equivalents: $497M
    • Revenue: $106M, +71% YoY
    • Net Loss: $(42)M vs. $(46)M
    • Adj. EBITDA: $(21)M vs. $(20)M
    • Archimedes Test Fire Complete
    • Shares: +13%
       
  • $SATS
    • Cash & Equivalents: $521M
    • Revenue: $4B, -9% YoY
    • Net Income: $(206)M vs. $213M YoY
    • OIBDA: $442M, -29% YoY
    • Shares: -17%

In Other News
Anduril Raises $1.5B Series F (Company)
Leading to a new $14B valuation, Anduril will hyperscale defense manufacturing by opening a 5 million+ sqft manufacturing facility. The round was co-led by Founders Fund and Sands Capital, with participation from new investors Fidelity, Counterpoint Global, and Baillie Gifford.

Muon Raises $56.7M Series B (PR Newswire)
The end-to-end space systems provider will use the financing to accelerate the buildout of the Halo Platform and scale its spectrum of deliverable capabilities. The round was led by Activate Capital, with participation by Acme Capital and existing investors Costanoa Ventures, Radical Ventures and Congruent Ventures.

Interstellar Technologies Raises ¥3.1B Series E (Payload)
The Japanese rocket maker, aiming to be the first startup to reach orbit, will utilize the capital for rocket and smallsat development. The round was led by SBI and NTT Docomo.

Perceptive Space Raises $2.8M Pre-Seed (VentureBeat)
Emerging from stealth, the Toronto-based space startup is focused on developing a space-weather forecasting platform with AI. The oversubscribed round was led by Panache Ventures, Metaplanet, 7Percent Ventures, Mythos Ventures and AIN Ventures.

EtherealX Raises $5M Seed (TechCrunch)
The India-based focused on fully reusable medium-lift launch vehicles is designing its vehicles to get both the upper stage and booster back. The round was led by YourNest and included participation from BIG Capital, BlueHill Capital, Campus Fund, SGgrow and Golden Sparrow Ventures.

GalaxEye Raises $6.5M in Funding (EconomicTimes)
The Indian-based space tech startup has announced the first close of its fundraising round, which will be used  for launching its first satellite, ‘Drishti Mission’, and further developing its multi-sensor payload technology. The round was led by Mela Ventures and Speciale Invest, with participation from ideaForge.

Dcubed Raises €4.4M Series A (TechFundingNews)
The in-space manufacturing supplier will use the capital to quadruple the production of satellite actuators. The oversubscribed round was led by Expansion and BayBG, with participation from HTGF, Aurelia Foundry, Ventis, Rymdkapital and Decisive Point Europe.

Chart of the Week
From an 8-day trip to two months to.. 2025? While Butch and Sunita remain stuck, Boeing's ($BA) woes continue on this year -- adding up all the charges reported related to Starliner since 2016 now totals more than $1.6 BILLION in losses.. Not great. (Source)

Links
• SEOPS and Intuitive Machines ($LUNR) Partner To Provide New Lunar Rideshare Services

• FCC Approves AST SpaceMobile ($ASTS) Launch of First Commercial Satellites

• Voyager Space Selected by Lockheed Martin ($LMT) To Deliver Interceptor Upper Stage Subsystem Propulsion for Missile Defense Agency

• Rocket Lab ($RKLB) Introduces Next-Generation Satellite Dispenser

• Sidus ($SIDU) Develops Advanced High-Speed Switch Card Expanding Products

• Rocket Lab ($RKLB) Schedules Next Electron Launch Eight Days After Prior Mission

• Firefly Aerospace Announces Second Multi-Launch Agreement with L3Harris ($LHX) for 2027–2031

• Rocket Lab ($RKLB) Partners with KSAT To Streamline SatComms

• Rocket Lab ($RKLB) Begins Installation of Large Carbon Composite Rocket-Building Machine

• AST SpaceMobile’s ($ASTS) Commercial Satellites Arrive at Cape Canaveral for Upcoming Launch

Opinion
• Starlink: Is This Time Different?

• Y Combinator Bets on New Space Startups

• Rocket Development Costs by Vehicle

• A Deep Dive on Earth Observation Investments in H1 2024

• 5 Considerations Ahead of AST SpaceMobile’s ($ASTS) Q2 Earnings

• Why Viasat ($VSAT) Stock Soared After Posting First-Quarter Results

Earnings Calendar
• $LUNR: Aug 13 - Before Market Open
• $TSAT: Aug 14 - Before Market Open
• $ASTS: Aug 14 - After Market Close
• $SPIR: Aug 14 - After Market Close
• $PL: Sep 5 - 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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