🚀 Q3'25 Earnings Season

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The Space Scoop

Week Ended 11.07.2025

Happy Friday! Your space stocks might have gotten crushed this week but earnings season is in full form, Jared Isaacman got his NASA nomination back, and Musk is open to taking SpaceX public. Lets dive in.

Market Max-Q

Top Stories

1) The Q3 earnings slate hit hard this week. Highlights include:

• $VOYG

  • Cash: $413M

  • Revenue: $39.6M, flat YoY

  • Net Loss: $(16)M vs. $(21)M YoY

  • Adj. EBITDA: $(18)M vs. $(9)M YoY

  • Backlog: $189M

  • Shares: -3%

• $TSAT

  • Cash: $483M

  • Revenue: $101M, -27% YoY

  • Net Income: $(121)M vs. $68M YoY

  • Adj. EBITDA: $47M, -51% YoY

  • Contracted Backlog: $2B

  • Shares: -11%

• $RDW

  • Liquidity: $89M

  • Revenue: $103M, +51% YoY

  • Net Loss: $(41)M vs. $(21)M YoY

  • Adj. EBITDA: $(3)M vs. $2M YoY

  • FCF: $(28)M vs. $(21)M YoY

  • Backlog: $356M, +20% YoY

  • Shares: -18%

• $SPIR (Delayed Q2)

  • Cash: $118M

  • Revenue: $19M, -25% YoY

  • Net Income: $120M vs. $(17)M

  • Adj. EBITDA: $(10)M vs. $(1)M

  • FCF: $(38)M vs. $(17)M

  • Shares: -21% 

• $SATS

  • Cash: $4B

  • Revenue: $3.6B, -7% YoY

  • Net Loss: $(13)M vs. $(0)M YoY

  • OIBDA: $(16)M vs. 0.3M YoY

  • Broadband & SatService Subs: 783k

  • Establishes EchoStar Capital Division

  • Shares: -2%

• $BKSY

  • Cash: $148M

  • Revenue: $20M, -13% YoY

  • Net Income: $(15)M vs. $(13)M

  • Adj. EBITDA: $(5)M vs. $1M

  • Backlog: $323M, -10% YoY

  • Shares: -11%

• $KRMN

  • Cash: $19M

  • Revenue: $122M, +42% YoY

  • Net Income: $8M, +78% YoY

  • Adj. EBITDA: $38M, +34% YoY

  • Funded Backlog: $758M

  • Shares: -6%

• $GSAT

  • Cash: $346M

  • Revenue: $74M, +2% YoY

  • Net Income: $1M, -88% YoY

  • Adj. EBITDA: $38M, -12% YoY

  • Shares: +5%

• $SESG (9M)

  • Revenue: €1.75B, +20% YoY

  • Adj. EBITDA: €849M, +11% YoY

  • Net Debt: €5.9B

  • Combined Backlog: €7.1B

  • Fully integrated Intelsat 7/17 Transaction

  • Shares: -18%

• $VSAT

  • Revenue: $1.1B, +2% YoY

  • Net Income: $(61)M vs. $(138)M

  • Adj. EBITDA: $385M, +3% YoY

  • Backlog: $3.9B, +4% YoY

  • Shares: Flat after hours

2) Intuitive Machines ($LUNR) to acquire Lanterins Space Systems for $800M. 

• The transaction will consist of $450M in cash and $350M in stock and expand IM’s data services business from lunar and Earth-based operations into LEO, MEO, GEO, Moon, Mars, and deep space missions.

• The combined entity revenue is expected to exceed $850M, with positive adjusted EBITDA, and $920M in backlog.

• Lanterins was the satellite manufacturing arm of Maxar Technologies, which was taken private by the PE firm Advent International for ~$4B in 2023.

• Shares fell -20% on the week on the news.

3) EchoStar ($SATS) sells more spectrum licenses to SpaceX for $2.6B in stock.

• SATS announced it will sell their unpaired AWS-3 licenses for ~$2.6B in SpaceX stock valued as of September 2025 (~$400B valuation?).

  • The licenses are nationwide and are part of 3GPP Band 70n (1695-1710 MHz uplink).

• This transaction builds on the spectrum transactions and commercial agreements the two companies entered into in September.

• The close will occur after all required regulatory approvals are received.

In Other News

AST & Vodafone Announce EU Constellation (BW)$ASTS and $VOD announced the move on Friday morning to serve mobile network operators across Europe and support European oversight and security. This move follows the Luxembourg-headquartered satellite JV, SatCo, between the two. Germany was chosen to host the satellite operations center.Voyager Prices Upsized $435M Offering (Co)In an originally proposed $300M convertible senior notes offering, $VOYG will use a portion of proceeds to support expansion through organic growth and strategic acquisitions. Another portion will be used to repurchase shares, from certain shareholders in privately negotiated transactions concurrently with the offering and through a prepaid forward stock purchase transaction.Sierra Space Reportedly Raising $300M (TI)The Colorado-based company is seeking fresh capital as it pivots from building a space plane to a focus on national defense spending, including for the U.S. Space Force. Details remain sparse at this time (cc: paywall).Kratos to Acquire Orbit Tech for $356M (Co)$KTOS will acquire 100% of the Israel-based company that provides mission-critical satellite-based communication systems for mobile and unmanned aerial, seaborne, undersea and land systems, military vehicles and other systems. The deal will be funded via cash on Kratos’ balance sheet. $ORBI shares rallied +13% on the news.Reflex Aerospace Raises €50M Series A (ESF)The German versatile satellite platform will use the capital to accelerate the development of its satellite platforms and expand existing manufacturing capacity. The round was led by Human Element, alongside Alpine Space Ventures, Bayern Kapital, HTGF, and other “German and European investors.”LambdaVision Raises $7M Seed (Co)The microgravity biotech-focused startup will use the funding to advance preclinical development and scale up space-enabled manufacturing of its artificial retina. The round was co-led by Seven Seven Six and Aurelia Foundry Fund, with additional support from Seraphim Space ($SSIT).In-Q-Tel Invests in Vast (X)

Late last week Vast, the space station developer, announced that IQT (In-Q-Tel) invested in the company and will serve as an observer on Vast's board. No press release was associated with the post so no other information was disclosed.

Chart of the Week

Starlink Accelerates: This week SpaceX announced Starlink crossed 8 million users. This is up from 7 million in August, which equates to 14,250 new customers on per day for a growth rate of +17% than 2 months ago.

(Source)

Links

• Honeywell ($HON) Announces CEO & Board Chair for Aerospace Spin-Off• BlackSky ($BKSY) Wins $30M+ Multi-Year Contract from International Customer To Integrate Gen-3 Tactical ISR Services• Starlab ($VOYG) Names Leidos ($LDOS) As Primary Assembly, Integration and Testing Provider• Telesat ($TSAT) Invests $5M in Farcast• MDA ($MDA) Makes $10M Investment in Maritime Launch ($MAXQ)• Planet ($PL) Signs 8-Figure Contract Renewal with International Defense & Intelligence Customer• Firefly ($FLY) Closes Acquisition of SciTec National Security Technology• Rocket Lab ($RKLB) Successfully Deploys Sixth Earth-Imaging Satellite for iQPS• Google ($GOOG) Announces Project Suncatcher To Scale Machine Learning in Space• British Airways ($IAG) Signs Deal with Starlink for 2026 Rollout• Northrop Grumman ($NOC) Announces CFO Transition

Opinion

• What’s Happening with Starlink Now?• Why Mars Is America’s Next Strategic Imperative• Innovation at Speed: A Grand Strategy• OHB ($OHB) Plans To Push Back on the Airbus-Thales-Leonardo Merger• Intuitive Machines ($LUNR): Back to Space, Not Yet to Profits

Earnings Calendar

• $ASTS: Nov 10 - After Market Close• $RKLB: Nov 10 - After Market Close• $FLY: Nov 12 - After Market Close• $SPCE: Nov 13 - After Market Close• $GILT: Nov 14 - Before Market Open• $MDA: Nov 14 - Before Market Open• $SIDU: Nov 14 - After Market Close*Company confirmed dates only.