🚀 Q1'25 Space Earnings

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The Space Scoop

Week Ended 04.25.2025

Happy Friday! Wall Street had a nice green week. Was that it for the the tariff pullback? More to come. Earnings season has also arrived (yet again). Lets dive in.P.S. There will not be a newsletter next week. We apologize but will still keep you informed via our X account. Thanks!

Market Max-Q

Top Stories

1) Q1 2025 earnings season kicked off this week with the Aerospace & Defense Primes. Doesn't it feel like it was just Q4?.. Oh well. Highlights include: 

• $IRDM

  • Revenue: $215M, +5% YoY

  • Net Income: $31M, +54% YoY

  • Oper. EBITDA: $122M, +6% YoY

  • Billable Subs: 2.443M, +5% YoY

  • CEO: "Tariffs could cost shareholders between $3-7M this year."

  • Shares: -7%

• $LMT Space Segment

  • Net Sales: $3B, -2% YoY

  • Oper Profit: $379M, +17% YoY

  • Oper Margin: 12% vs. 10% YoY

  • Total Equity Earnings (ULA): $(5)M

  • CEO: "Deregulation is a boon" for the Primes, not just space startups.

  • Shares: +1%

• $NOC Space Systems

  • Sales: $2.6B, -18% YoY

  • Oper Income: $283M, -14% YoY

  • Oper Margin: 11.0% vs. 10% YoY

  • CEO: Division will return to growth by the EOY 2025 into 2026.

  • Shares: -13%

• $RTX Collins Aerospace

  • Sales: $7B, +8% YoY

  • Oper. Profit: $1B, +28% YoY

  • Oper. Margin: 15% vs. 13% YoY

  • CEO: Tariffs pose a "significant" threat to operating profit.

  • Shares: -10%

• $BA Defense, Space & Security

  • Revenue: $6B, -9% YoY

  • Oper. Earnings: $155M, +3% YoY

  • Oper. Margin: 2.5% vs. 2.2% YoY

  • Backlog: $62B

  • Starliner: "Continuing to work toward crew certification and resolve the propulsion system anomalies."

  • Shares: +6%

• $GD Aerospace

  • Revenue: $3B, +45% YoY

  • Oper Earnings: $432M, +69% YoY

  • Oper Margin: 14% vs. 12%

  • Total Backlog: $19B

  • CEO: Sees steady growth and improvement in operating performance across the company's defense portfolio.

  • Shares: -3%

In Other News

Northwood Space Raises $30M 

(SN)

The satellite infrastructure startup founded by Bridgit Mendler will use the capital to establish a global network of phased array ground stations. The round was led by Alpine Space Ventures and a16z, with participation from Also Capital, Founders Fund, Box Group, Balerion, Banter Capital and Humba Ventures.

OKAPI:Orbits Raises €13M Seed Round 

(Co)

The European end-to-end space traffic management solutions startup, which spun out of the Technical University of Braunschweig, plans to use the funding to expand its team and enhance its products. The round was led by Ventech, with participation from Matterwave Ventures, Amadeus APEX Technology Fund and individual investors.

Katalyst Space Acquires Atomos 

(SN)

The Arizona-based Katalyst Space Technologies purchased Colorado-based Atomos Space for an undisclosed sum in a deal from March that was only disclosed now. Katalyst has been working on satellite servicing technologies while Atomos developed an orbital transfer vehicle. The deal will allow the combined company to offer "full-stack mission solutions" that include satellite servicing.

InfinAstro Raises Angel Funding

(SN)

InfinAstro, officially known as Beijing Infinity Aerospace Technology Co., Ltd., has raised "tens of millions of yuan" (~$3-$13M) in angel round financing. The funding will support R&D of its space bus series of orbital transfer vehicles and accelerate commercialization of on-orbit services. 

LM Ventures Invests in Farcast

(PS)

The satcom startup developing next-generation user terminals secured a $2M investment from Lockheed Martin ($LMT) Ventures as part of an ongoing Series A extension round. Farcast plans to demonstrate its technology with AFRL and further integrate with several commercial partners throughout the year.

Chart of the Week

Smallsats by the Numbers 

(Source)

Links

• Redwire ($RDW) Expands In-Space Drug Development Program Launching PIL-BOX Technology and Cancer-Detection Experiment to the ISS• Viasat ($VSAT) Announces Issuance of Early Full Redemption of Senior Unsecured Notes• AAC Clyde Space ($ACCMF) Strengthens Focus With New Two-Segment Structure• Momentus ($MNTS) Files for Resale of up to 2.14M Shares• Rocket Lab ($RKLB) Awarded New HASTE Launch Contract for the DoD by Kratos ($KTOS)• Planet ($PL) Signs Three-Year Contract With EMDYN• Axiom Space Appoints New CEO• Spire ($SPIR) Completes Sale of Maritime Business to Kpler for ~$233.5M

Opinion

• China’s Rising Private Space Ecosystem• Redwire ($RDW): Between Space Hype and Earthly Challenges• Viasat ($VSAT) After Inmarsat – Moving Beyond Breakeven

Earnings Calendar

• $HON: Apr 29 - Before Market Open• $MDA: May 8 - Before Market Open• $BKSY: May 8 - Before Market Open• $RKLB: May 8 - After Market Close• $SPCE: May 15 - After Market Close

*Company confirmed dates only.