🚀 Mynaric to Cease Trading

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The Space Scoop

Week Ended 02.14.2024

Happy Friday! In what was another big week for space, Spire and Mynaric shares are finding themselves in trouble, Karman Space made its IPO debut, and BlackSky continues to sign contract after contract. Lets dive in.P.S. Did you catch the Starlink commercial during the Superbowl?

Market Max-Q

Top Stories

1) Our first non-Prime space earnings report came from Iridium ($IRDM) this week. Takeaways include:

• The Company announced $831 million in revenues for FY 2024, which was up +5%, and ended the year with 2.46 million total billable subscribers, +8% YoY. The increase was driven by growth in commercial IoT segment.

• Looking ahead to 2025, the company plans to "return to a more normalized Operating EBITDA growth profile." CEO Matt Desch also noted "strong cash flow supported the return of capital to shareholders" of nearly a half billion dollars. Shares traded +15.4% higher.

2) Spire's ($SPIR) sale of its Maritime business fell through and the Company issued a going-concern warning. 

• On Tuesday, Spire filed an 8-K with the SEC noting that $233.5M sale of the maritime division to Kpler Holding failed to consummate a closing. Shares fell -49% on the news.

• The company has sued Kpler but the issue lies in that it intended to use the proceeds of the sale to repay its debt under a financing agreement with Blue Torch Finance. Now, Spire faces the risk of repayment demands.

• As of December 31, Spire only reported $19.2M in cash and equivalents. And for those who have forgotten, Spire has still not filed its Q2 and Q3 2024 quarterly reports..

• SPIR investors -- did you sell this week or are you HODLing?

3) Mynaric ($MYNA) receives Nasdaq non-compliance notification and will cease trading next week.

• The Company, which is trading down -67.5% YTD, shares have closed below the minimum $1.00 per share limit since December 6th and was noticed by the exchange on February 10th.

• Mynaric does "not intend to pursue an appeal." Therefore, trading will suspend at the opening of business on Tuesday, February 18th. 

• MYNA will join the space stock graveyard of Astra, Virgin Orbit and Terran Orbital.. here's to hoping they can figure things outside the public markets and return one day.

4) Karman Space & Defense ($KRMN) priced its IPO above the range and soared in its debut.

• Karman began trading on Thursday, February 13th raising $506M in proceeds by offering 23M shares at $22.00 per share.

• The stock priced above its previously estimated range of $18-20 per share and selling shareholders offered 1.9M additional shares than anticipated.

• The Company finished its first trading day on markets +36.6% higher and +45.4% higher for the week. A good start for other private space companies watching from the sidelines.. [cc: Voyager Technologies].

In Other News

K2 Space Raises $110M Series B 

(PRN)

The startup focused on building affordable, high-capacity satellite buses, will use the capital to accelerate its satellite production. Funding was led by Lightspeed Ventures and Altimeter Capital, with participation from Alpine Space Ventures, First Round Capital and others.

Momentus Closes $5M ATM Offering 

(Co)

The at-the-market offering was conducted with a single institutional investor for the purchase of 1.274M shares and warrants at combined purchase price of $3.925. $MNTS shares finished the week flat.

Image of the Week

Opening Bell: Welcome to the public markets Karman!

(Source)

Links

• MDA ($MDA) Signs $1.1B Contract with Globalstar ($GSAT) To Build LEO Constellation• Momentus ($MNTS) Awarded Expansion of Defense Department Contract for Assembly of Large Structures in Space• Rocket Lab ($RKLB) Schedules Launch for First of Multiple Missions for BlackSky ($BKSY)• Redwire ($RDW) Wins Follow-On Contract From Orion Space Solutions To Deliver Third Mako Spacecraft for US Space Force• Redwire ($RDW) Awarded Preliminary Spacecraft Design Contract To Lead Study for TheESA’s Next Dark Matter Mission• Rocket Lab ($RKLB) Delivers Third In-Orbit Manufacturing Spacecraft to Varda• BlackSky ($BKSY) Wins Multiple, Multi-Year Contracts Valued at Eight Figures To Accelerate India’s Commercial Earth Observation Capabilities• DOGE To Examine NASA Payments• Blue Origin Cuts 10% of Its Workforce

Opinion

• Space Stock Review: January 2025• The Year of Spacecraft Failures: Second in the Row, and Why Nobody Seems To Care.• The Merger Between Satellite and Cellular Industries: Not (Yet) a Marriage Made in Heaven?• Rocket Lab’s ($RKLB) CEO Peter Beck on Fox & Friends• Rocket Lab ($RKLB): Why I Would Buy More Now• BlackSky ($BKSY): Still Light Years From GAAP Profitability• Iridium ($IRDM) Jumps After Strong Q4 Results

Earnings Calendar

• $AAC: Feb 20 - Before Market Open• $SPCE: Feb 26 - After Market Close• $RKLB: Feb 27 - After Market Close• $BKSY: Mar 6 - Before Market Open• $MDA: Mar 7 - Before Market Open• $186A: Mar 14 - After Market Close

*Company confirmed dates only.* AAC = AAC Clyde Space. 186A = Astroscale