🚀 Q4 Space Earnings Continued

🚀 Q4 Space Earnings Continued

April 01, 2022

The Space Scoop

Week Ending 04.01.2022

Happy Friday! The busy week saw Terran Orbital make its public market debut, five companies report year end earnings, space startups raise $235M and the SEC propose new SPAC rules.

Market Max-Q 📈

Indexes:S&P 500: 4,545.87 +0.1%NASDAQ: 14,261.51 +0.7%ETFs:UFO: 25.93 +0.2%ORBT: 19.60 +0.7%ROKT: 41.60 +0.4%ARKX: 18.03 +0.6%SSIT: 105.00 +0.0%Weekly Movers:MYNA: 11.65 +20.1%BKSY: 1.94 +10.9%RDW: 6.05 -22.6%LLAP: 7.33 -33.1%

Top Stories 🚀 

Terran Orbital Begins Trading on NYSE

Following merger completion last Friday, Terran Orbital became NYSE official Monday morning trading under ticker symbol $LLAP. Not sure what that means? It's a reference to "Live Long And Prosper" from Star Trek.The transaction, like many other space SPACs, experienced significant redemptions from shareholders. Terran raised $255M but when the deal was first announced in October, Tailwind Two Acquisition Corp. had $345M cash in trust. Terran received only $29.4M of equity proceeds, implying a redemption rate of 85%.The company will use the proceeds to scale up its small satellite manufacturing activities. Shares opened the day at $12.00 and traded down as low as -25.4%, but finished the day +7.7% higher closing at $11.80.

Space Earnings Scoop

In what was one quite the Thursday afternoon, four space companies reported earnings after market close. Virgin Orbit missed the memo and reported on Tuesday. Onward to Q1'2022!Virgin Orbit ($VORB), Fiscal Year (2021):• Cash & Equivalents: $194.2M • Revenue: $7.4M, +92% YoY• SPAC Est. Revenue: $15.0M, -50%• Net Loss: $(157.3)M vs. $(121.7)M YoY• Adj. EBITDA: $(140.4)M• Total Backlog: $575.0M, +568.6% YoY• Binding Backlog: $152.0M, +76.7% YoY• Shares: +1.5%Astra ($ASTR), Fiscal Year (2021):• Cash & Equivalents: $325.0M• Oper. Loss: $(159.3)M vs. $(73.5)M YoY• Net Loss: $(257.8)M vs. $(68.3)M YoY• Adj. EBITDA: $(102.8)M• FCF (non-GAAP): $(152.7)M• Backlog: $160M• FY'22 Guidance: None• Shares: +11.7%AST SpaceMobile ($ASTS), Fiscal Year (2021):• Cash & Equivalents: $321.7M • Long-Term Debt: $5.0M • Revenue: $12.4M, +107.9% • OpEx: $91.6M, +235.5% YoY• Patent & Claims: 2,100+ (as of 3/31/22)• Invested: $67.6M in BlueWalker 3• Shares: +6.1%Planet Labs ($PL), Fiscal Year (2022):• Cash & Equivalents: $490.8M• Revenue: $131.2M, +15.9% YoY• Gross Margin: 37% vs. 23% YoY• Adj. EBITDA: $(41.1)M• Customers: 770, +25% YoY• FY'23 Guidance: Revenue $170-190M• FY'23 Guidance: Adj. EBITDA $(75-50)M• Shares: +10.2%Redwire ($RDW), Fiscal Year (2021):• Cash & Equivalents: $20.5M • Revenue: $137.6M, +237.3% YoY• Net Loss: $(61.5)M• Adj. EBITDA: $1.3M vs. $0.8M YoY• Total Backlog: $271.6M• FY'22 Guidance: Sales $165-195M• FY'22 Guidance: Adj. EBITDA $8-15M• Provided: Accounting Insight Update• Shares: -28.7%

In Other News 🛰️ 

PixxelSpace Raises $25M Series A

The hyperspectral orbital imagery startup's funding was led by Radical Ventures, with participation from Jordan Noone, Seraphim Space Investment Trust ($SSIT), Lightspeed Partners, Blume Ventures and Sparta LLC.

Synspective Raises $100M Series B

The SAR satellites startup raised funds led by Sompo Japan Insurance, Nomura SPARX Investment and Pavilion Capital. The company has now raised $200M since founding in 2018.

Impulse Space Propulsion Raises $20M Seed

The funding was led by Founders Fund. The in-space transportation services startup, launched by SpaceX founding member Tom Mueller, will use the capital to provide agile, economical capabilities to access any orbit.

Hadrian Raises $90M Series A

(CNBC)

Lux Capital and Andreessen Horowitz led the round in the automated aerospace part factory startup. Other participants included Lachy Groom, Caffeinated Capital, Founders Fund, Construct Capital and 137 Ventures. Valuation was not disclosed but is between 200M and 1B.

Quick Links 🔗

• SpaceX Capping New Crew Dragon Production, Focus on Future Starship Capsule• Redwire ($RDW) Provides Solar Arrays for PlanetiQ’s Climate Research Satellites• D-Orbit ($BREZ) Provides Update to Current and Future Shareholders• Sidus ($SIDU) Announces Upcoming Launch of Lizziesat Aboard NASA Resupply Services Rocket• SEC Debuts New Rules for SPACs• Privateer To Share Orbital Space Junk Data• Interview With Relativity Space CEO Tim Ellis• Sierra Space To Implement Siemens Xcelerator Portfolio of Software and Services• SpiderOak and Lockheed Martin ($LMT) Enter Into Cybersecurity & Blockchain Collaboration• White House 2023 Defense Budget Adds Billions for U.S. Space Force• PickNik Robotics Collaborating With Sierra Space on Space Habitats Robotics• Slingshot Aerospace Wins $25M Space Force Contract To Develop Digital Twin of the Space Environment• AAC Clyde Space ($ACCMF) To Develop Onboard AI Capability for Small Satellites

Opinion 🗣️

• New Space Race Defines Where To Live and Work in Orbit, No Longer About How To Get There• The Launch Market Squeeze• 5 Startups That Could Win the Race To Cash In on the Space Boom• Virgin Orbit ($VORB): A Play on Rapid Growth• Procure ($UFO) CEO’s Investing Outlook

Calendar 📅

• $MYNA: April 4 - 11:00am EST• $IRDM: April 19 - Before Market Open• $LMT: April 19 - Before Market Open

*Company confirmed dates only.

Chart of the Week 📊

Q1 is now in the books. AST SpaceMobile ($ASTS) and Redwire ($RDW) led NewSpace stocks, outperforming +21.4% and +17.9%.BlackSky ($BKSY) and Sidus ($SIDU) underperformed, returning -59.6% and -69.3%. The S&P 500 and Nasdaq also finished in the red, down -5.1% and -9.6%.