The Space Investor - 🚀 Q4 Space Earnings Continued

Market Max-Q 📈

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Top Stories 🚀

Terran Orbital Begins Trading on NYSE

Following merger completion last Friday, Terran Orbital became NYSE official Monday morning trading under ticker symbol $LLAP. Not sure what that means? It's a reference to "Live Long And Prosper" from Star Trek.

The transaction, like many other space SPACs, experienced significant redemptions from shareholders. Terran raised $255M but when the deal was first announced in October, Tailwind Two Acquisition Corp. had $345M cash in trust. Terran received only $29.4M of equity proceeds, implying a redemption rate of 85%.

The company will use the proceeds to scale up its small satellite manufacturing activities. Shares opened the day at $12.00 and traded down as low as -25.4%, but finished the day +7.7% higher closing at $11.80.

Space Earnings Scoop

In what was one quite the Thursday afternoon, four space companies reported earnings after market close. Virgin Orbit missed the memo and reported on Tuesday. Onward to Q1'2022!

Virgin Orbit ($VORB), Fiscal Year (2021):
• Cash & Equivalents: $194.2M 
• Revenue: $7.4M, +92% YoY
• SPAC Est. Revenue: $15.0M, -50%
• Net Loss: $(157.3)M vs. $(121.7)M YoY
• Adj. EBITDA: $(140.4)M
• Total Backlog: $575.0M, +568.6% YoY
• Binding Backlog: $152.0M, +76.7% YoY
• Shares: +1.5%

Astra ($ASTR), Fiscal Year (2021):
• Cash & Equivalents: $325.0M
• Oper. Loss: $(159.3)M vs. $(73.5)M YoY
• Net Loss: $(257.8)M vs. $(68.3)M YoY
• Adj. EBITDA: $(102.8)M
• FCF (non-GAAP): $(152.7)M
• Backlog: $160M
• FY'22 Guidance: None
• Shares: +11.7%

AST SpaceMobile ($ASTS), Fiscal Year (2021):
• Cash & Equivalents: $321.7M 
• Long-Term Debt: $5.0M 
• Revenue: $12.4M, +107.9% 
• OpEx: $91.6M, +235.5% YoY
• Patent & Claims: 2,100+ (as of 3/31/22)
• Invested: $67.6M in BlueWalker 3
• Shares: +6.1%

Planet Labs ($PL), Fiscal Year (2022):
• Cash & Equivalents: $490.8M
• Revenue: $131.2M, +15.9% YoY
• Gross Margin: 37% vs. 23% YoY
• Adj. EBITDA: $(41.1)M
• Customers: 770, +25% YoY
• FY'23 Guidance: Revenue $170-190M
• FY'23 Guidance: Adj. EBITDA $(75-50)M
• Shares: +10.2%

Redwire ($RDW), Fiscal Year (2021):
• Cash & Equivalents: $20.5M 
• Revenue: $137.6M, +237.3% YoY
• Net Loss: $(61.5)M
• Adj. EBITDA: $1.3M vs. $0.8M YoY
• Total Backlog: $271.6M
• FY'22 Guidance: Sales $165-195M
• FY'22 Guidance: Adj. EBITDA $8-15M
• Provided: Accounting Insight Update
• Shares: -28.7%

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