🚀 Starship's $2 Billion Cost

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The Space Scoop

Week Ended 05.05.2023

Happy Friday! It was a quiet week filled with NewSpace earnings date announcements. The calendar is building up for the next two weeks... Lets dive in.

Market Max-Q

Top Stories

1) Q1 Space earnings continue to come in with a major week of reporting due next week. Highlights include:

• $AJRD (Q1'23)

  • Cash & Equivalents: $272.5M

  • Net Sales: $566.3M, +11% YoY

  • Net Income: $27.8M, flat YoY

  • Adj. EBITDAP: $58.7M, -15% YoY

  • Shares: -0.1%

• $SATX (FY'22)

  • Cash & Equivalents: $31.5M

  • Revenue: $10.6M, -51% YoY

  • Oper. Loss: $(22.3)M vs. $(10.6)M

  • Net Loss: $(397.8)M vs. $(17.0)M

  • Shares: -1.7%

• $GSAT (Q1'23)

  • Cash & Equivalents: $20.5M

  • Revenue: $58.6M, +79% YoY

  • Net Loss: $(3.5)M vs. $(20.5)M

  • Adj. EBITDA: $32.6M, +216% YoY

  • Shares: +6.5%

 2) JMP Securities initiated coverage on Planet Labs ($PL) with a market-outperform rating

• The middle-market investment bank said the stock has been "underappreciated" thus far in 2023, underperforming major indices along with peers, and issued a price target of $5.5 per share.

• Analyst Trevor Walsh states: “We like Planet for several reasons:

  • 1) fleet of over 200 satellites which form the infrastructure for a scalable, one-to-many, software-like business model;

  • 2) robust imagery archives that create a technical competitive moat;

  • 3) still nascent in its growth trajectory;

  • 4) diversified revenues across both commercial and government, with new verticals gaining traction; and

  • 5) large and expanding market opportunity, nurtured in part by a passionate customer base and partner ecosystem.”

In Other News

NUVIEW Emerges from Stealth Mode 

(PR Newswire)

The Earth observation and geospatial technology startup announced its plans to use map the globe with a LiDAR satellite constellation. The Company currently has $1.2B dollars in early adopter agreements.

Chart of the Week

Q1'23 Private Space Investment 

(Space Capital)

Links

• ViaSat ($VSAT) Successfully Launches ViaSat-3 Americas• BlackSky ($BKSY) Releases Satellite Image of Airship at Veiled Military Base in China• Spire ($SPIR) Launches Space-Powered Weather Insights Platform for the Maritime Industry• Mynaric ($MYNA) Receives Order From Loft Federal for CONDOR Mk3 Optical Communications Terminals• Sidus ($SIDU) Partners With Lulav Space To Offer Solution for Guidance Navigation and Control on Lunar Missions• Bankruptcy Court Approves Plans for Virgin Orbit ($VORBQ) Bankruptcy Sale• Terran Orbital ($LLAP) Spacecraft Built for Lockheed Martin ($LMT) Successfully Completes GEO Orbit Demonstration• Momentus ($MNTS) Signs Contract To Carry Hosted Payload for Hello Space• Advent International Completes Acquisition of Maxar ($MAXR)• Sidus ($SIDU) Announces Successful Completion of External Flight Test Platform Mission

Opinion

• How a Dishwasher Engineer Challenged Elon Musk’s Grip on Commercial Space• SpaceX To Spend About $2B on Starship This Year, As Elon Musk Pushes To Reach Orbit• How Much More Money Can SpaceX Spend on Starship?• The Next Space Race Starts at Our Spaceports

Earnings Calendar

• $SATS: May 9 - Before Market Open• $RKLB: May 9 - After Market Close• $SPCE: May 9 - After Market Close• $BKSY: May 10 - Before Market Open• $SPIR: May 10 - After Market Close• $LUNR: May 10 - After Market Close• $TSAT: May 11 - Before Market Open• $MNTS: May 11 - After Market Close• $MDA: May 12 - Before Market Open• $LLAP: May 15 - Before Market Open• $ASTS: May 15 - After Market Close• $ASTR: May 15 - After Market Close

*Company confirmed dates only.