🚀 Terran Orbital Claps Back

🚀 Terran Orbital Claps Back

The Space Scoop

Week Ended 10.20.2023

Happy Friday! Earnings season is back and the calendar continues to fill out into November. Space venture investing also remains down but is stabilizing. Lets dive in. 

Market Max-Q

Top Stories

1) Third quarter space earnings kicked off this week with Lockheed Martin and Iridium starting us off.

  • $LMT (Space Segment)

    • Net Sales: $3.1B, +8% YoY

    • Oper Profit: $259M, -15% YoY

    • Oper Margin: 8.4% vs. 10.5% YoY

    • Equity Earnings (ULA): $15M, -70% YoY

    • Shares: +0.2%

  • $IRDM

    • Revenue: $197.6M, +7% YoY

    • Net Income: $(1.6)M vs. $2.2M YoY

    • Oper. EBITDA: $121.3M, +12% YoY

    • Billable Subscribers: 2.3M, +13% YoY

    • Shares: -9.1%

2) Terran Orbital ($LLAP) responded to last weeks letter published by Sophis Investments calling for strategic and management shakeup.

  • The Independent Directors of Terran noted: "We . . . communicate our continued and unqualified support for Marc and the Company’s entire management team. We believe the Company has achieved a number of strategic successes in the last year that demonstrate management’s progress. . . we have concluded that it does not offer any novel or innovative alternatives that the Company has not already considered and that the Company’s current strategy remains the best course for maximizing long-term shareholder value."

In Other News

Urban Sky Raises $9.75M Series A

The stratospheric technology and remote sensing startup raised an oversubscribed round to scale operations, further develop its technology, and broaden its portfolio. The round was co-led by New Legacy Ventures, Lerer Hippeau and Lavrock Ventures, with participation from Catapult Ventures, Union Labs VC, DA Ventures and TenOneTen Ventures.

AnySignal Raises $5M Seed

Emerging from stealth, the radiofrequency technology company plans to use the funds to execute on a considerable backlog of commercial and government contracts. Participants included Blueyard Capital, First In, Also Capital, Acequia Capital, Caffeinated Capital and several angel investors.

K2 Space Raises $7M Funding 

Los Angeles-based satellite bus production startup is betting on bigger satellite buses fueled by Starship launch capability. The company was awarded three contracts, with potential value of $4.5M, over the last three months. The new investment was led by Alpine Space Ventures.

HawkEye 360 Raises Additional $10M Series D-1

The space-based radio frequency data and analytics firm announced the second and final close of the round, bringing the total Series D-1 to $68M. Investors included Lockheed Martin Ventures and company insiders. As part of this investment, HE360 and $LMT signed a strategic cooperative agreement.

Chart of the Week

Q3 Space Investment: Space Capital reports investments rose +17% YoY, totaling $3B across 103 companies which is the highest in five quarters. 24% of global space deals to date were Series A rounds. 

Links

• BlackSky ($BKSY) Wins AFWERX Contract to Track Vehicles in Real Time from Space• Momentus ($MNTS) Signs Contract with SatRev for 2024 Orbital Delivery• Porter Airlines and Viasat ($VSAT) To Deliver In-Flight Connectivity To Additional Aircraft• Blue Origin Unveils New Product: Blue Ring• Capella Space Announces New CEO• Virgin Galactic ($SPCE) Announces ‘Galactic 05’ Research Mission• Rocket Lab ($RKLB) Integrating Twin Spacecraft for Mission to Mars for NASA

Opinion

• Satellite Subsystems Are the Next Hot Commodity for Space Investors• Small Launch Companies Struggle To Compete With SpaceX Rideshare Missions• How To Realistically Estimate Market Size and Revenue in Defense Start Ups• Rocket Lab ($RKLB): Reaching for the Stars• Virgin Galactic ($SPCE): Subsidizing the Adventures of Billionaires• $ARKX ETF: Can It Rebound?

Earnings Calendar

• $BA: Oct 25 - Before Market Open• $GD: Oct 25 - Before Market Open• $NOC: Oct 26 - Before Market Open• $MDA: Nov 8 - Before Market Open• $BKSY: Nov 8 - Before Market Open• $SPIR: Nov 8 - After Market Close• $RKLB: Nov 8 - After Market Close• $ASTR: Nov 13 - After Market Close• $LLAP: Nov 14 - Before Market Open

*Company confirmed dates only.