🚀 Q1'22 NewSpace Earnings II

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The Space Scoop

Week Ended 05.13.2022

Happy Friday! It was another volatile week for markets as NewSpace earnings poured in with nine companies reporting. Lets get right to it.

📈 Market Max-Q

S&P 500: 4,023.90 -2.4%NASDAQ: 11,805.01 -2.8%UFO: 21.57 -2.8%ROKT: 36.82 -3.5%ARKX: 14.36 -3.2%ORBT: 16.74 -3.5%SSIT: 90.5 -7.7%LLAP: 4.08 -17.3%SATL: 5.50 -23.4%RDW: 3.76 -38.3%SIDU: 1.64 -45.2%1W return as of 4:00pm EDT.

In Collaboration With:

🚀 Top Stories

1) NewSpace Q1 2022 Earnings picked up from last weeks kick off with at least one company reporting each day. 

• $MAXR

  • Revenue: $405M, +3.3% YoY

  • Net Loss: ($7.0)M vs. ($84.0)M 

  • Adj. EBITDA: $84.0M, +25.4% YoY

  • Shares: +0.2%

• $MNTS

  • Revenue: $0, down from $130k YoY

  • Loss from Ops: ($24.8)M vs. ($23.8)M

  • Net Income: ($26.8)M vs. $67.6M

  • Shares: -5.6%

• $BKSY

  • Revenue: $13.9M, +90.5% YoY

  • Net Loss: ($19.9)M vs. ($168.5)M

  • Adj. EBITDA: ($9.5)M vs. ($6.2)M

  • Shares: -9.3%

• $SPIR

  • Revenue: $18.1M, +85.9% YoY

  • Oper. Loss: ($20.0)M vs. ($12.8)M

  • Adj. EBITDA: ($9.7)M vs. ($5.9)M

  • Shares: +0.8%

• $VORB

  • Revenue: $2.1M, -61.8% YoY

  • Net Loss: ($62.6)M vs. ($32.3)M

  • Adj. EBITDA: ($49.6)M vs. ($28.9)M

  • Shares: +8.7%

• $ARQQ

  • Cash & Equivalents: $82.1M

  • Revenue: $5.3M, up from $0 YoY

  • Oper. Loss: ($14.4)M vs. ($5.4)M

  • Shares: +0.2%

• $RDW

  • Cash & Equivalents: $5.9M

  • Total Backlog: $273.9M

  • Adj. EBITDA: ($4.7)M vs. $699k

  • Shares: +1.6%

• $LLAP

  • Revenues: $13.1M, +25.0% YoY

  • Backlog: $222M

  • Adj. EBITDA: ($14.7)M vs. ($3.6)M

  • Shares: -5.7%

• $SIDU

  • Revenue: $1.8M, +1,075.0% YoY

  • OpEx: $3.2M, +741.9% YoY

  • Net Loss: ($2.3)M vs. ($199.3)K

  • Shares: +13.1%

 2) Virgin Galactic ($SPCE) was downgraded at Truist from a "Buy" rating to "Hold" with a price target of $8 per share, down from $24.

• Analyst Michael Carimoli has concerns commercial flights could be delayed even longer than expected.

 3) Astra ($ASTR) held an inaugural 'SpaceTech Day' at it's California headquarters on Thursday to show off the technologies the company is developing.

• The biggest news included a new launch vehicle, Rocket 4.0, capable of heavier payloads and more frequent flights. Catch a full breakdown here.

🛰️ In Other News

Raytheon Invests in Hermeus 

(Company)

Raytheon ($RTX) announced a strategic investment the hypersonic aircraft startup through its newly established corporate VC, RTX Ventures. Joining the previously announced $100M Series B round, this is their first venture investment.

Dawn Aerospace Pondering $30M Series A Round 

(NBR)

The space transportation startup is weighing raising a Series A capital raise despite saying "it doesn't need the money." So far there has been $18M in soft commitments and the firm would consider oversubscription depending on demand.

Precious Payload Acquires HOSTmi 

(SpaceRef)

The acquisition of the German startup aims to fast forward the commercialization of the European space industry. The partnership plans to leverage PP's developer tools and solutions to lead joint projects and strengthen existing HOSTmi services. The terms were not disclosed.

📊 Chart of the Week

🔗 Links

• How an Ex-Blue Origin Intern Got a $500K Check From Mark Cuban• Goldman Sachs ($GS) Is Pulling Out of SPACs Over Liability Threat• Neptune Flood and ICEYE Enter Strategic Collaboration on Flood Insights• Rogue Space Wins 13 SpaceWERX STTR Phase I Selections• The Benchmark Company Cuts Virgin Orbit’s ($VORB) Price Target From $16 per Share to $10 Following Earnings• Astra ($ASTR) To Expand Launch Capacity in UK in 2023• Southwest Airlines ($LUV) Chooses Viasat’s ($VSAT) In-Flight Connectivity for New Aircraft Deliveries• Momentus ($MNTS) “Go for Launch” for First Vigoride Mission• Satellogic ($SATL) and UP42 Partner To Offer Rapid Monitoring Capabilities• Boeing ($BA) Rumored To Be Clashing with Aerojet Rocketdyne ($AJRD) Ahead of Starliner Spacecraft Launch• Mynaric ($MYNA) and Airbus ($EADSY) Sign Contract for Laser Communication Demonstration

🗣️ Opinion

• Space Stocks Shoot for the Stars but Shrewd Money Stays Grounded• The Fundamentals of a Healthy Space Ecosystem• Improved Space Traffic Management Will Accelerate Industry Growth• How 3D Printers Are Helping Build Infrastructure in Space• Is Apple ($AAPL) Secretly Launching a Space Network for iPhones?

📅 Earnings Calendar

• $RKLB: May 16 - After Market Close• $ASTS: May 16 - After Market Close

• $PL: June 14 - After Market Close

*Company confirmed dates only.