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The Space Investor - 🚀 Q3 Earnings Szn Underway

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The Space Scoop
Week Ended 10.25.2024
Happy Friday! And we're back (and still reflecting on Starship flight 5). This week, we kicked off Q3 earnings season. Lets dive right in.

Market Max-Q
Forward Forward

Top Stories
1) Q3 earnings season is officially underway off with the Primes reporting this week. Highlights include:
  • $LMT Space Segment
    • Net Sales: $3.1B, -1% YoY
    • Oper Profit: $272M, +5% YoY
    • Oper Margin: 9% vs. 8% YoY
    • Total Equity Earnings (ULA): $5M
    • Shares: -6.2%
       
  • $RTX Collins Aerospace Segment
    • Net Sales: $7.1B, +7% YoY
    • Oper Income: $1.1B, +18% YoY
    • Oper Margin: 15% vs. 14%
    • Shares: -0.3%
       
  • $GD Aerospace Segment
    • Revenue: $2.5B, +22% YoY
    • Oper Earnings: $305M, +14% YoY
    • Oper Margin: 12% vs. 13%
    • Total Backlog: $19.8B
    • Shares: -0.5%
       
  • $BA Defense, Space & Security Segment
    • Revenue: $5.5B, +1% YoY
    • Oper. Earnings: $(2.4)B vs. $(924)M YoY
    • Oper. Margin: (43)% vs. (17)% YoY
    • Backlog: $62B
    • Shares: -1.8%
    • CEO: “Boeing is an airplane company.”
    • WSJ is now reporting a potential sale of the space business.
       
  • $HON Aerospace Segment
    • Sales: $3.9B, +12% YoY
    • Oper. Profit: $1.1B, +12% YoY
    • Oper. Margin: 28%, flat YoY
    • Shares: -5.1%
       
  • $NOC Space Systems Segment
    • Sales: $2.9B, -3% YoY
    • Oper Income: $345M, +14% YoY
    • Oper Margin: 12% vs. 10%
    • Shares: +1.4%

In Other News
Astra Award DoD Contract (Company)
After having gone private from the public markets, news emerged from the previously traded $ASTR this week that it received an up to $44M contract from the Defense Innovation Unit (DIU) to advance and scale the production of its launch system. The contract supports achieving the prototype objective of launching Rocket 4 to orbit or sub-orbit and from the US, Australia or other locations.

Wyvern Raises $6M in Funding (Payload)
The Canadian remote sensing startup plans to expand into the US commercial and defense markets, grow to its employee base, and develop novel deployable optics. The round was led by Squadra Ventures, with participation from Uncork Capital and Y Combinator.

OQ Technology Raises €30M Series B (SN)
Luxembourg’s government has backed a majority of the round via the Luxembourg Space Sector Development.(LSSD) via a loan that can convert into an undisclosed number of shares within two years of closing the round. Saudi Aramco’s VC arm is also participating in the round. The capital would support plans to deploy 20 more satellites by the end of 2025.

Also Capital Debuts First Fund (Company)
The $21M fund will be focused on backing hard tech founders. Nearly ~40% of the funds commitments came from institutional LPs. Also already has six companies in its portfolio, with many gone on to raise follow-on capital from "top tier firms." Also Capital has publicly invested in Varda Space and Northwood.

KeyBanc Raises Rocket Lab Price Target (MW)
The bank raised $RKLB price target from $11 to $12 "to reflect better appreciation of the business amid recent secular momentum, while our underlying estimates continue to reflect strong growth momentum in both Launch Services and Space Systems," wrote analyst Philip Gibbs. This raise comes off a prior PT raise last month from $8 to $11 per share.

Image of the Week
Starship Flight 5: We still can't over this. First try. Go SpaceX. (Source)

Links
• Momentus ($MNTS) Files S-1 To Sell 20.5M of Common Stock

• Planet ($PL) Releases Analysis-Ready PlanetScope Product for Time-Series Analysis and Machine Learning Models

• SatixFy ($SATX) Signs $9M Software Development & License Agreement With MDA ($MDA) for Satellite Payloads

• Intuitive Machines ($LUNR) Advances Radioisotope Power System for AFRL Space Vehicles Directorate

• Redwire ($RDW) Announces Spaceflight Mission With Bristol Myers Squibb ($BMY) To Study Small Molecule Drug Compounds

• Sidus ($SIDU) Completes Critical Design Review for the Netherlands Organization Laser Comm Satellite

• SatixFy ($SATX) Signs Agreements Worth $10M, Including $5M in New Agreements and $5M Prepayment to MDA Space

• AST SpaceMobile ($ASTS) Secures Initial Contract With Space Development Agency for HALO Program

• LeoStella and BlackSky ($BKSY) Selected for Space Development Agency HALO Program

• AST SpaceMobile ($ASTS) Successfully Completes Unfolding of First Five Commercial Satellites in Low Earth Orbit

Opinion
• NASA’s $100B Moon Mission Is Going Nowhere

• What Makes Space AI So Tricky?

• AST SpaceMobile ($ASTS): Bulls Are in Control With New Highs Possible

• Viasat ($VSAT): Best To Stay on the Sidelines

Earnings Calendar
• $SPCE: Nov 6 - After Market Close
• $BKSY: Nov 7 - Before Market Open
• $GSAT: Nov 7 - After Market Close
• $RKLB: Nov 12 - After Market Close
• $MDA: Nov 15 - Before Market Open

*Company confirmed dates only.
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