The Space Investor - 🚀 Arqit in Hot Water

Market Max-Q 📈

Indexes:
S&P 500: 4,271.79 -2.8%
NASDAQ: 12,839.28 -3.8%

ETFs:
UFO: 23.68 -6.1%
ROKT: 39.73 -3.4%
ARKX: 15.93 -6.4%
ORBT: 18.33 -4.1%
SSIT: 102.2 -4.3%

Weekly Movers:
LLAP: 4.75 +12.0%
BKSY: 1.60 -17.5%
ASTS: 7.42 -18.9%
ARQQ: 7.85 -47.9%

Top Stories 🚀

Redwire Enters Into $80M Stock Purchase Agreement

After market close on Friday, $RDW announced it has entered into a common stock purchase agreement with B. Riley Principal Capital to support its growth. The agreement provides the right, without obligation, to sell and issue up to $80M of Redwire common stock over a 24-month period at the Company’s sole discretion.

"The agreement allows us the discretion to raise additional capital when market conditions are favorable and there is a specific need,” said Peter Cannito CEO.

Arqit in the Hot Seat

On Monday evening, the WSJ released a report that $ARQQ potentially "overstates its prospects" with claims coming from former employees and people outside the company calling out the company's capabilities and relevance of technology. Founder and CEO David Williams told investors when his company IPO'd that it had an “impressive backlog” of revenue and was ready “for hyperscale growth.”

Did Arqit give investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system? Time will tell as we won't have an answer to this just yet. A lawsuit has been filed on Wednesday by Bragar Eagel & Squire. Shares fell -16.3% on the news.

Iridium Q1'2022 Earnings

2022 space earnings are underway this week with $IRDM kicking off the party. Highlights include:
• Revenue: $168.2M, +14.8% YoY
• Operating Income: $19.2M, +113.3% YoY
• Oper. EBITDA: $103.2M, +14.9% YoY
• Billable Subscribers: 1.781M, +17.3% YoY
• Shares finished +6.4% higher.

Rocket Lab & HawkEye 360 Enter Into Launch Agreement

On Tuesday, Rocket Lab announced it had been selected by HawkEye 360 for a multi-launch contract for the company between late 2022 and 2024. $RKLB will deliver 15 satellites to LEO across three Electron missions.

Rocket Lab will first deploy three HawkEye 360 satellites as part of a rideshare mission, followed by six satellites each on two dedicated Electron launches. The first mission is scheduled to be Rocket Lab's inaugural mission from Launch Complex 2 in Virginia no earlier than December 2022. Shares finished the +0.3% higher on the news.

Planet Reveals New Pelican Satellite Details

On Thursday, $PL released new details about their next-generation satellite constellation, Pelican. Highlights include:
• Up to 32 new satellites
• Up to 30cm resolution images
• 12 imaging opportunities per day over the Earth
• Up to 30 imaging opportunities per day in mid-latitudes

“We have designed our next generation fleet to meet the evolving needs of customers who want real-time information about global events as they unfold," said Planet’s co-founder and CEO Will Marshall. Shares finished -5.3% lower on the day.

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