🚀 Q3'22 NewSpace Earnings

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The Space Scoop

Week Ended 11.11.2022

Happy Friday! And a big Thank You to all our Veterans today. This week was all about earnings. Lets dive in.

📈 Market Max-Q

S&P 500: 3,992.92 +5.9%NASDAQ: 11,323.34 +8.1%UFO: 21.10 +5.5%ROKT: 39.31 +2.8%ARKX: 13.68 +5.7%SSIT: 50.55 +9.4%ASTS: 8.83 +31.6%SPCE: 5.50 +11.8%ASTR: 0.64 +10.7%MYNA: 4.89 -16.1%1W return as of 4:00pm EDT.

🚀 Top Stories

1) Q3 NewSpace earnings week arrived with 11 names reporting. Highlights include: 

• $VORB

  • Cash & Equivalents: $71M

  • Revenue: $31M, up from $0 YoY

  • Net Loss: $(44)M vs. $(39)M YoY

  • Adj. EBITDA: $(43)M vs. $(33)M YoY

  • Binding Backlog: $143M

  • Shares: +13.0%

• $BKSY

  • Cash & Equivalents: $91M

  • Revenue: $17M, +113% YoY

  • Imagery & Software: 89% of Revenue

  • Net Loss: $(13)M vs. $(47)M YoY

  • Adj. EBITDA: $(7)M vs. $(16)M YoY

  • Shares: -7.2%

• $TSAT

  • Cash & Equivalents: $1.6B

  • Revenue: $180M, -6% YoY

  • Net Income: $(229)M vs. $(52)M YoY

  • Adj. EBITDA: $137M vs. $156M YoY

  • Adj. EBITDA Margin: 76.0%

  • Shares: +9.7%

• $ASTR

  • Cash & Equivalents: $151M

  • Revenue: $3M vs. $0 YoY

  • Net Loss: $(199)M vs. $(16)M YoY

  • Adj. EBITDA: $(41)M vs. $(33)M YoY

  • Laying Off 16% of Workforce

  • Shares: 

• $MNTS

  • Cash & Equivalents: $82M

  • Revenue: $129K, -36% YoY

  • Net Income: $(21)M vs. $(6)M YoY

  • Adj. EBITDA: $(16)M vs. $(14)M YoY

  • Shares: -4.6%

• $RDW

  • Total Available Liquidity: $40-42M

  • Revenue: $37M, +14% YoY

  • Net Loss: $(10)M vs. $(24)M YoY

  • Adj. EBITDA: $(2)M vs. $(813)K YoY

  • Contracted Backlog: $33M

  • Shares: -13.0%

• $VSAT

  • Cash & Equivalents: $149M

  • Revenue: $745M, +6% YoY

  • Net Income: $(48)M vs. $3M YoY

  • Adj. EBITDA: $188M, +21% YoY

  • Awards: $1,115M, +34% YoY

  • Shares: -19.3%

• $LLAP

  • Cash & Equivalents: $36M

  • Revenue: $28M, +171% YoY

  • Net Loss: $(27)M vs. $(12)M YoY

  • Adj. EBITDA: $(14)M vs. $(9)M YoY

  • Backlog: $198M, +168%

  • Shares: Flat

• $RKLB

  • Cash & Equivalents: $503M

  • Revenue: $63M, +1,093% YoY

  • Net Loss: $(35)M vs. $(88)M YoY

  • Adj. EBITDA: $(7)M vs. $(18)M YoY

  • Shares: +12.0%

• $SPIR

  • Cash & Equivalents: $82M

  • Revenue: $20M, +114% YoY

  • ARR: $98M, +117% YoY

  • Net Loss: $(22)M vs. $(56)M YoY

  • Adj. EBITDA: $(8)M vs. $(12)M YoY

  • Shares: +18.6%

• $MDA

  • Revenue: $172M, +55% YoY

  • Net Income: $18M, +348% YoY

  • Adj. EBITDA: $39M. +22% YoY

  • Adj. EBITDA Margin: 22.6%

  • Shares: +4.4%

 2) Analysts on Wall Street turned bullish on a handful of Space SPACs this week.

• Bank of America named Rocket Lab ($RKLB) and Terran Orbital ($LLAP) as top picks, stating the two companies are “attractive opportunities available for those investors seeking to invest in high-growth space end markets."

• Canaccord kept their 'Buy' rating on $RKLB's but lowered the firm's price target from $16 to $15.

  • Analyst Austin Moeller noted the company "will continue to expand its market share in both space infrastructure production and launch services, with the company achieving margin improvement on cost-reduction projects for Electron, in addition to the phase-in of helicopter recovery and reuse."

• Deutsche Bank issued 'Buy' ratings on earth imaging companies Planet ($PL) and BlackSky ($BKSY) with price targets of $7 and $3, respectively.

  • The firm noted that both are "generating substantial revenue and have visibility toward future growth similar to software companies."

 3) Satellogic ($SATL) completed its investment in Officina Stellare ($OS).

• The completion marks a ~5% investment in the Italian optomechanical instrumentation producer. Satellogic has an option to expand its ownership to up to 12% in the next 36 months.

• The transaction "represents a strategic investment in a key industry supplier, and is a large step towards furthering our own vertical integration and greater supply chain resiliency,” said $SATLCEO Emiliano Kargieman, who will also join the Board of Directors.

📊 Chart of the Week

Prospects for Space Exploration - Euroconsult (Source)

Looking for more space? The Orbital Index is another favorite weekly newsletter of ours. The founders, Ben and Andrew, cover space science and technology news in a concise and technical manner. We highly recommend you check it out!

🔗 Links

• Spire ($SPIR) Unveils Solution for Dark Shipping Detection• Momentus ($MNTS) To Deploy Satellites in Custom Orbit for NASA LLITED Mission• Rocket Lab ($RKLB) Selected by MDA ($MDA) To Deliver Satellite Operations Control Center for Globalstar ($GSAT) Constellation• Rocket Lab ($RKLB) Awarded $14M in Contracts To Supply Satellite Separation Systems for Companies Supporting for SDA’s Tranche 1 Transport Layer• Rocket Lab ($RKLB) Announces Inaugural Electron Mission Launch Window Opening Dec 7 From Launch Complex 2 in Virginia• Viasat ($VSAT) and Cobham Satcom Announce Strategic Collaboration on Maritime Connectivity System Ahead of ViaSat-3

🗣️ Opinion

• EchoStar ($SATS) Is Not an Opportunity Yet, Too Much Risk Ahead• Terran Orbital ($LLAP): Market Not Pricing in Positive Catalysts• Why Virgin Galactic ($SPCE) Fell Out of Orbit Today• Redwire ($RDW): Beaten-Down, Potential Space Infrastructure Leader• Astra ($ASTR): Going Long for a Trade Looks Good on the Charts

📅 Earnings Calendar

• $SIDU: Nov 14 - Before Market Open• $ASTS: Nov 14 - After Market Close

*Company confirmed dates only.