🚀 Electron Launches from U.S.

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The Space Scoop

Week Ended 01.27.2023

Happy Friday! Q4 / FY2022 Space earnings kicked off this week with Lockheed Martin, Boeing, General Dynamics and Northrop Grumman reporting. Rocket Lab also successfully launched Electron from Virginia. Lets dive in.

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Top Stories

1) The first Wall Street space equity research coverage of 2023 has rolled out. Highlights include:

• Morgan Stanley: $PL Equal Weight rating issued with a $6 price target

  • Analyst Matthew Sharpe is bullish on the public benefit company noting their "first mover advantage and pipeline of new products and technology should allow it to outgrow the market substantially."

• KeyBanc: $SPCE issued Sector Perform rating

  • Analyst Michael Leschok was optimistic about the company, noting "first mover [advantage] in space tourism and is making progress toward potential long-term profits".

• William Blair: Downgraded $VSAT

  • Analyst Louie DiPalm cited recent outperformance of the stock and increased competition. "In our view, high leverage, capex, and competition may offset the positive developments from Delta Airlines ($DAL) February 1st rollout of free Wi-Fi."

 2) FY 2022 Space earnings kicked off this week with Aerospace Primes reporting first. Highlights include:

• $LMT Space Segment

  • Net Sales: $11.5B, -2% YoY

  • Oper Profit: $1.1B, -8% YoY

  • Oper Margin: 9.1% vs. 9.6% YoY

  • Total Equity Earnings (ULA): $100M

  • Shares: +1.8%

• $BA Defense, Space & Security 

  • Revenue: $23.1B, -13% YoY

  • Oper. Earnings: $(3.5)B vs. $1.5B

  • Oper. Margin: (15.3)% vs. 5.8% YoY

  • Backlog: $54B, 28% from non-U.S.

  • Shares: +0.3%

• $GD Aerospace

  • Revenue: $2.4B, -4% YoY

  • Oper. Earnings: $337M, -5% YoY

  • Oper. Margin: 13.8%, flat YoY

  • Backlog: $19.5B, +20% YoY

  • Shares: -3.6%

• $NOC Space Systems

  • Sales: $12.2B, +16% YoY

  • Oper. Income: $1.2B, +3% YoY

  • Oper. Margin: 9.4% vs. 10.6% YoY

  • Shares: -4.3%

 3) Rocket Lab ($RKLB) successfully launched their first Electron mission from U.S. soil.

• On Tuesday evening, the “Virginia is for Launch Lovers” mission from NASA’s Wallops Flight Facility was the Company's 33rd Electron mission to date.

• The mission deployed three satellites for radio frequency geospatial analytics provider HawkEye 360, bringing Rocket Lab's successfully deployed to orbit count up to 155 satellites.

Chart of the Week

Following it's IPO, SatixFy ($SATX) seemed like it might buck the trend of recent Space SPACs.. That came to a halt this week after the stock fell -75% as part of a negative reaction to a share and warrant offering, amidst an otherwise bullish week for markets.

Links

• Intuitive Machines ($IPAX) Announces Agreement To Deliver AstroForge Asteroid Mining Payload to Deep Space• Mynaric ($MYNA) Signs Order From WARPSPACE for CONDOR Terminals• SatixFy ($IPAX

) Files Prospectus for 28.4M Share and 1M Warrants Offering• Infleqtion and World View ($LHC) Sign Announce Partnership for Quantum Application Testing Solution• Viasat ($VSAT) Awarded Satellite Communications Managed Services Contract by U.S. Marine Corps• LeoStella, the Thales Alenia Space and BlackSky ($BKSY) JV Gets New CEO• Julie Cullivan Joins Astra ($ASTR) Board of Directors

Opinion

• It’s Belt-Cinching Time for Space Startups• Space Investment Drops Down to Earth in 2022• A VC’s Perspective on Deep Tech Fundraising in Q1 2023• AST SpaceMobile ($ASTS): A Novel Technological Feat Diminished by All-Too-Familiar Financing Issues• Astra Space ($ASTR): Shares Launch in 2023 Amid a Growth-Story Comeback• Rocket Lab ($RKLB

) Is Lifting Off, but Will It Crash and Burn?• 7 Space Stocks To Buy Now or You’ll Be Kicking Yourself Later

Earnings Calendar

• $IRDM: February 16 - Before Market Open• $RKLB: February 28 - After Market Close• $LLAP: March 21 - Before Market Open

*Company confirmed dates only.