1. Home
  2. Discover
  3. Startup
  4. The Space Investor

The Space Investor - 🚀 Spire's Revenue Adjustments

View this email in your browser
The Space Scoop
Week Ended 08.30.2024
Happy Friday! And Happy Labor Day weekend to our US readers. Lets dive right into it.

Market Max-Q
Forward Forward

Top Stories
1) Mynaric ($MYNA) announces departure of CEO and appointment of a Chief Restructuring Officer.
  • Following last weeks lower revised financials, CFO departure and -68% stock move, Mynaric continued with the negative news this week with current CEO, Mustafa Veziroglu, departing and a CRO being appointed. The Annual Meeting scheduled for August 29th will also be postponed.
     
  • Andreas Reif, who will serve as CRO, will focus on "reducing costs and near-term cash usage while working closely with customers to meet their requirements."
     
  • Shares finished the week down -20%, bringing the prior two weeks to -75% in shareholder value. Not ideal.

2) Spire ($SPIR) provided an update on its revenue recognition review and announced three new contracts.
  • On August 14th, Spire postponed earnings as the company was "in process of reviewing its accounting practices and procedures with respect to revenue recognition related to certain contracts in its 'Space as a Service' business."
     
  • On Tuesday the company announced a decision to restate FY2022, FY2023 and Q1 2024 financials following its review of revenue recognition accounting for certain contracts.
     
  • The review is ongoing, but the contracts identified for re-evaluation / restatement "resulted in recognized revenue currently estimated to be $10-15M on an annual basis." Spire believes that "the restatement of its revenue recognition for these Contracts will not impact its overall cash flows for any period."
     
  • Spire also took this opportunity to announce three new contract wins:
    • $14M Air Force Research Laboratory Contract
    • £3.5M UK Space Agency Grant
    • $6.7M NASA Contract Renewal
       
  • The company also signed a waiver and amendment to its financing agreement with Blue Torch Capital that adjusted certain financial covenants and required a $10M payment toward principal. Cash & Equivalents as of 6/30/2024 were $46M.

In Other News
Orbitworks, the New $100M Joint Venture (Company)
Loft Orbital and Abu Dhabi-based Marlan Space established a joint venture to form the Middle East’s first private space infrastructure company. The initial investment aims to produce up to fifty 500kg satellites annually. Its first ten satellites are aiming for launch as early as Q1 2026.

AST SpaceMobile Announces Redemption of Warrants (Business Wire)
$ASTS announced that it will redeem all of its publicly traded warrants to purchase shares of Class A common stock that remain outstanding at 5pm EST time on September 27th for a redemption price of $0.01 per warrant as the price of shares have been at least $18 for 20 trading days within the 30 day trading period ending prior to redemption date.

KKR Receives Regulatory Approval for Minority Stake in OHB (European Spaceflight)
US-based PE firm KKR received final regulatory approvals to proceed with a 28.6% minority stake in the German space company, which would conclude at €44 per share and equate to a purchase price of €200M+. Upon final close, OHB will delist from public markets.

Raymond James Downgrades Spire (TipRanks)
The Wall Street firm downgraded $SPIR to 'Market Perform' from 'Outperform' without a price target following the need of restated financials. Analyst Ric Prentiss believes this will be a continued overhang and finds it hard for the shares to outperform in that period.

Chart of the Week
August Performance: This month's leader was AST SpaceMobile ($ASTS) at +40%, which should not be a shocker to anyone who follows along here. This months laggards were Terran Orbital ($LLAP) and Mynaric ($MYNA) at -66% and -77% respectively. 

Links
• Hughes ($SATS) & Boost Mobile Demonstrate Automated, Multi-Transport Network Management for US Navy

• Redwire ($RDW) To Provide Advanced RF Payloads to Leading European Defense Contractor

• Viasat ($VSAT) Appoints Gary Chase as CFO

• Blue Origin Completes 26th Mission to Space

• Intuitive Machines ($LUNR) Wins $116.9M NASA CLPS Contract Award

• ABL Space Systems Announces Headcount Reduction

Opinion
• SoCal Will Be Space Central With or Without Elon, Experts Say

• Rocket Lab ($RKLB) Is Coming for the Big Boys

• Rocket Lab ($RKLB): With Due Haste

• Virgin Galactic ($SPCE): Pipe Dream Business Still Lacks Meaningful, Sustainable Model

• Intuitive Machines ($LUNR): Dependence on NASA Is a Short-Term Risk

Earnings Calendar
• $PL: Sept 5 - Before Market Open
• $SPIR: TBD - Postponed
• $MNTS: TBD - Postponed

*Company confirmed dates only.
X
LinkedIn
Questions? Feedback? Just 'Reply' to this email.
Copyright © 2024

TheSpaceInvestor
400 E 20th St
New York, NY 10009-8101

Add us to your address book!

Unsubscribe
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.

Older messages

🚀 Mynaric Cuts Revenue -70%

Saturday, August 24, 2024

Plus ULA rumors, Former Lockheed CFO joins $RKLB board, Astrocast delists following -99% move, and more! The latest space investing news and updates. View this email in your browser The Space Scoop

🚀 Lockheed To Acquire Terran Orbital

Tuesday, August 20, 2024

Plus Q2 earnings continue, Redwire's newest acquisition, $RKLB's new Wall Street price target, and more! The latest space investing news and updates. View this email in your browser The Space

🚀 Q2 2024 Space Earnings

Friday, August 9, 2024

Plus FCC approves $ASTS, $RKLB Archimedes hot fire, Anduril $1.5B Series F, Starlink analysis, and more! The latest space investing news and updates. View this email in your browser The Space Scoop

🚀 Boeing's New CEO

Friday, August 2, 2024

Plus July stock performance, the space industry's investment correlation, $RKLB 51st launch, and more! The latest space investing news and updates. View this email in your browser The Space Scoop

🚀 The $570B Space Economy

Saturday, July 27, 2024

Plus Q2 space earnings kickoff, $ASTS shares soar, Astranis' $200M Series B, $LLAP $89M offering and more! The latest space investing news and updates View this email in your browser The Space

You Might Also Like

I'm blue

Saturday, November 23, 2024

Hey, ​ ​ tl;dr – I've decided to delete all my Twitter posts, lock down my account, and leave the platform. And I'm going all-in on Bluesky, which (in the last month) has become 1000x more fun

🚀 Globalstar to the Nasdaq

Saturday, November 23, 2024

Plus $RKLB CEO becomes a billionaire, DIRECTV $SATS debt deal called off, TEC's $160M Series B, and more! The latest space investing news and updates. View this email in your browser The Space

Theory Two

Friday, November 22, 2024

Tomasz Tunguz Venture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here.​ ​Theory Two​ Today, we're announcing our second fund of $450

🗞 What's New: AI creators may be coming to TikTok

Friday, November 22, 2024

Also: Microsoft's AI updates are helpful for founders ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

behind the scenes of the 2024 digital health 50

Friday, November 22, 2024

the expert behind the list is unpacking this year's winners. don't miss it. Hi there, Get an inside look at the world's most promising private digital health companies. Join the analyst

How to get set up on Bluesky

Friday, November 22, 2024

Plus, Instagram personal profiles are now in Buffer! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

10words: Top picks from this week

Friday, November 22, 2024

Today's projects: Remote Nursing Jobs • CopyPartner • Fable Fiesta • IndexCheckr • itsmy.page • Yumestudios • Limecube • WolfSnap • Randomtimer • Fabrik • Upp • iAmAgile 10words Discover new apps

Issue #131: Building $1K-$10K MRR Micro SaaS Products around AI Search Optimisation, Fine-Tuning Image Models, AI-…

Friday, November 22, 2024

Build Profitable SaaS products!! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

(Free) Trial & Error— The Bootstrapped Founder 357

Friday, November 22, 2024

Today, I'll dive into the difference between a trial user and a trial abuser and what you can do to invite the former and prevent the latter. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

💎 Specially for you - will never be repeated again!

Friday, November 22, 2024

The biggest Black Friday sale in Foundr history...but it won't last forever! Black Friday_Header_2 Hey Friend , We knew our Black Friday deal was amazing—but wow, the response has been so unreal