🚀 Q2'25 Space Earnings

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The Space Scoop

Week Ended 07.25.2025

Happy Friday! We have a busy one for you today. Lets dive in,

Market Max-Q

Top Stories

1) Q2 earnings season officially kicked off this week with the Primes and Iridium. Highlights include:

• Lockheed Martin ($LMT) missed Q2 earnings and revenue estimates as profit fell -80% due to a $1.6B pre-tax loss linked to a classified Aeronautics program. Revenues increased +1% YoY while the Company cut its fiscal year profit outlook by -18%. Shares fell -11%.

• Northrop Grumman ($NOC) space systems revenue dropped -12% primarily due to winddown of work on the restricted space and NGI programs, along with lower volume on SDA satellite programs due to the timing of materials. Operating margin increased to 10.6% due to higher net EAC adjustments. Shares rallied +10%.

• RTX ($RTX) beat Q2 earnings and revenue estimates and raised its sales forecast on strong operational performance and a growing backlog that reached $236B, though it cut FY profit guidance due to tariffs and tax law changes. Aerospace sales and operating profit increased +9% and +5%, respectively. Shares fell initially but recovered to -2%.

• General Dynamics ($GD) beat Q2 earnings and revenue estimates on strong results in its marine and aerospace segments, though contract cancellations weighed on combat systems revenue. Aerospace operating margin increased to 13.2% from 10.9% YoY. Shares rallied +7%.

• Iridium ($IRDM) revenue increased +8% to $217M while net income fell -32% to $22M attributable to a one-time $19.8M gain related to the acquisition of Satelles, Inc. The Company ended the quarter with 2.483M total billable subscribers, +3% YoY, and increased their dividend +5% to $0.15 per share. Shares fell -22%.

2) It was public offering announcements week from the following: 

• Karman ($KRMN) announced an upsized offering of $1.029B (21M shares at $49 per share). Notably, the selling stockholders will receive all proceeds as no shares are being sold by the Company and they will not receive any proceeds from the offering. Karman also released preliminary Q2 earnings, including: Revenue of ~$115M and adj. EBITDA of $35M. Shares fell -8%.

• AST SpaceMobile ($ASTS) announced $500M 2.375% convertible senior notes offering with an initial conversion price of $72.07 per share. AST will also repurchase $135M of existing convertible senior notes and remove 5M of underlying shares and $37.8M of remaining interest. Shares fell -10%.

• Sidus ($SIDU) announced an undisclosed "best efforts" common stock offering. All shares will be sold by the Company. Shares were down -20% in after hours trade.

In Other News

iRocket To Go Public via $400M SPAC Merger (GNW)The reusable rocket developer announces its business combination with BPGC Acquisition Corp. following a previously announced LOI. Noteworthy, the SPAC has been depleted of most of its cash, down to $1.6M, after it raised $345M in March 2021. In a saturated launch market, time will tell how iRocket can hang with the big boys.Booz Allen Triples VC Commitment (Co)Booz Allen ($BAH) will bolster American innovation and build new solutions through $300M investment in early-stage technology companies poised to transform US government missions. The VC arm anticipates 20–25 new investments over the next five years.Armada Raises $131M Strategic Funding Round (Co)The edge computing startup announced the new funding will help scale production of Leviathan, a megawatt-scale, full-stack modular data center (MDC). The round includes new strategic investors such as Pinegrove, Veriten, and Glade Brook as well as participation from existing investors. Space42 Receives $695.5M Loan (PS)The Abu Dhabi-based satellite manufacturer secured an Export Credit Agency-backed loan to complete development of its next two GEO comms sats - Al Yah 4 and Al Yah 5. The loan was arranged by Crédit Agricole, Santander, Société Générale, and Natixis, and backed by Bpifrance Assurance Export.York Space Systems To Acquire Atlas Space (PRN)York will acquire the Ground Software as a Service (GSaaS) for satellite communications provider for an undisclosed amount. The acquisition will allow ATLAS to continue to operate independently under its existing brand and will strengthen York's ability to deliver integrated, mission-ready systems.

Chart of the Week

SpaceX-Era Economy: In a new SpaceNews report, the media outlet dives into how the Company upended traditional launch markets by scaling reusability, slashing costs and normalizing frequent access to orbit. (Source)

Links

• The Global Space Economy Tops $600B for the First Time• Trump Admin Looking To Slash Environmental Protection Rules for Rocket Launches• SpaceX Warned Investors That Musk Could Return to US Politics• DeepSat Selects Redwire’s ($RDW) AI-Powered Digital Engineering Systems for Precursor Mission in VLEO• Voyager ($VOYG) Completes NGI Second Stage Roll Control System Critical Design Review• BlackSky ($BKSY) Wins Contract To Deliver Gen-3 & Gen-2 Monitoring Services to LatAm Defense & Intelligence Customers• Spire ($SPIR) Launches Space-Based Radio Frequency Intelligence Capabilities for Defense & Security• Sidus ($SIDU) Unveils LunarLizzie• Globalstar ($GSAT) Expands Canadian Ground Station Infrastructure• Blue Origin’s First Blue Ring Mission To Demonstrate Space Domain Awareness with Scout Space Sensor

Opinion

• Golden Dome Chief Outlines Plan To Deliver US Missile Defense in Three Years• Making a New Case for Space Nuclear Power• Earth Observation: H1 2025 Review• BlackSky ($BKSY): The Next Best Defense Name• Rocket Lab ($RKLB): This Vessel Is Overheating• Spire ($SPIR): Scalability & Efficiency Are Key to Profitability

Earnings Calendar

• $BA: Jul 29 - Before Market Open• $VOYG: Aug 6 - After Market Close• $SPCE: Aug 6 - After Market Close• $MDA: Aug 7 - Before Market Open• $LUNR: Aug 7 - Before Market Open• $BKSY: Aug 7 - Before Market Open• $RKLB: Aug 7 - After Market Close• $KRMN: Aug 7 - After Market Close• $SPIR: Aug 13 - After Market Close

*Company confirmed dates only.