Performance during supply chain disruptions

Virgin Orbit’s modified 747 jet “Cosmic Girl” will release its LauncherOne rocket for the mission on January 13, 2022.

Virgin Orbit

Space companies have reported the results of the first quarter of this year over the past few weeks. Many CEOs complain that supply chain disruptions have delayed hardware delivery and launch schedules.

“Everyone is late. No single satellite operator has contacted us in the last 12 months. Whether they are newcomers or long-time operators. For the same reason … supply chain issues. And so on, “Telesat CEO Dan Goldberg said in a company conference call.

Many space companies were released last year through SPAC transactions, Despite the growth of the industry, most stocks are struggling. The changing market environment is putting pressure on space stocks, with rising interest rates hitting technology and growth stocks. The market share of about 12 space companies has been off by more than 50% since its debut in the market.

Beyond temporary supply chain disruptions, many space ventures are more than a year away from profitability, so most public companies have reported continued quarterly losses.

Below is a summary of the latest quarterly report. Aerojet Rocketdyne, AST Space Mobile, Astra, Black sky, iridium, Maxar, Momentum, Mynaric, Red wire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic When Virgin Orbit – Alongside the year-to-date performance of stocks as of Thursday’s closing price.

Satellite imagery company Star First quarter results have not yet been reported. The company uses a calendar for the 2023 fiscal year that began on February 1.

Aerojet Rocketdyne: -12%

AST SpaceMobile: -5%

Astra: -66%

BlackSky: -46%

Seattle-based satellite imagery specialist Black Sky reported first-quarter revenues of $ 13.9 million and adjusted EBITDA losses of $ 9.5 million, up 91% and 53%, respectively, from the year-ago quarter. BlackSky has $ 138 million in cash. CEO Brian O’Toole emphasizes increasing demand for Earth images from both US and foreign governments, and BlackSky “believes in capacity” from the current 14 satellites in orbit. It is more than enough to support the growing demand of customers. .. “

Iridium: -11%

Satellite providers achieved $ 168.2 million in revenue, $ 103.2 million in operational EBITDA profit, and 1.8 million total subscribers in the first quarter. This is an increase of 15%, 17% and 15% year-on-year, respectively. Iridium CEO Matt Desh said the company’s supply chain team is managing the problem and “it seems that everyone is working the same way to get the parts they need.” The problem is that demand continues to exceed expectations. ” Iridium has “tremendous demand” from Ukraine, and the company is shipping thousands of devices to provide services such as mobile phones to the Internet of Things, Desh said.

Maxar: 1%

The satellite imagery and space infrastructure company’s first-quarter revenue was $ 405 million, up slightly from the previous year, and adjusted EBITDA profit was $ 84 million, up 25%. Maxar’s backlog fell 14% from the fourth quarter to $ 1.6 billion. CEO Dan Jablonsky said on the company’s phone that the long-awaited launch of the first WorldView Legion satellite was delayed in September due to a problem under test. Jablonsky added that Maxar’s timeline for putting the WorldView Legion satellite into orbit was “disappointed with another delay.” “Over the last few years, we have had problems with supply chains and COVID.”

Momentum: -31%

Spacecraft manufacturers reported no revenue in the first quarter and adjusted EBITDA losses of $ 17.2 million, up from $ 13.2 million in the previous year. Momentus has spent a quarter preparing to launch the Vigoride spacecraft this month to demonstrate its capabilities and has signed a contract to fly with a future SpaceX rideshare launch. The company has $ 136 million in cash on hand.

Mynaric: -33%

Laser communication maker announced the provisional result of 2021 in the shareholder letter. Listed on Nasdaq at the end of last year.. Converted from euros, Mynaric in 2021 will generate $ 2.6 million in revenue and have approximately $ 50 million in cash. In Mynaric’s 2022 customer backlog, we received about $ 21 million from a laser communication unit contract.

Red wire: -40%

Space Infrastructure Conglomerate Revenue for the first quarter was $ 32.9 million, a slight increase from the previous year, with a backlog of $ 273.9 million in orders. Redwire’s cash is about $ 6 million and the liquidity available through existing debt is about $ 31 million.

Rocket Lab: -62%

Satellogic: -51%

The satellite imagery company announced the 2021 results earlier this month. It was published In January. Satellogic has 22 satellites in orbit and plans to launch another 12 satellites this year. The company’s 2021 revenue was $ 4.2 million and its adjusted EBITDA loss was $ 30.7 million.

Spire Global: -56%

Small satellite builder and data specialist Spire First-quarter sales were $ 18.1 million and adjusted EBITDA losses were $ 9.7 million, up 86% and 62%, respectively, from a year ago. The company’s cash is $ 91.6 million. Spire forecasts annual revenues from $ 101 million to $ 105 million from customer contracts for the full year 2022. Spire CEO Peter Platzer said on a quarterly phone call, the company continues to aim for “positive cash flow in 22-28 months,” and weather data attracts customers from the agricultural industry to the F1 team. Assisted and said that oceanographic data will assist in support. The freight industry in global supply chain challenges.

Telesat: -42%

Terran orbit: -50%

Spacecraft manufacturers saw revenues of $ 13.1 million and backlogs of $ 222 million in the first quarter, up 25% year-on-year, thanks in part to a contract to build a satellite for the Department of Defense’s Space Development Agency. Terran Orbital’s adjusted EBITDA loss was $ 14.7 million, four times the loss in the first quarter of 2021. Cash is $ 77 million. Mark Bell, co-founder and CEO of Terran, emphasized supply chain disruption over the phone, but emphasized that the company is increasingly vertically integrated and manufacturing.

ViaSat: -18%

Satellite broadband providers are in a different reporting cycle than the calendar year, and the company reported its fourth-quarter results on Wednesday. Viasat reported fourth-quarter revenue of $ 702 million, up 18% year-over-year and adjusted EBITDA of $ 134 million, down 9%. The company has nearly $ 1 billion in liquidity, primarily through debt. In a letter to shareholders, Viasat said there were “some challenges” at the end of the fiscal year due to delays in regulation and increased R & D spending “to attractive growth opportunities.”

Virgin Galactic: -50%

Space travel companies had very little revenue in the first quarter, with adjusted EBITDA losses of $ 77 million, up 38% from the year-ago quarter. The company has $ 1.22 billion in cash on hand. The current spacecraft and carrier-based aircraft refurbishment program is “on track” and is expected to end in September, but Virgin Galactic has announced that it will postpone the launch of commercial tourism services to the first quarter of 2023. .. The service was due to a “small problem” that delayed the company’s refurbishment schedule. “Like many companies around the world, we are on the rise in the level of supply chain disruption,” he added.

Virgin Orbit: -40%

Alternative rocket launcher First-quarter sales were $ 2.1 million, down 61% year-on-year, and adjusted EBITDA loss was $ 49.6 million, up 71%. Virgin Orbit said the decline in revenue was due to “launch contracted at introductory price during early development.” The company has $ 127 million in cash and a total contract backlog of $ 575.6 million. CEO Dan Hart said in a conference call at the company that he still plans to launch four to six times this year, one so far.

Performance during supply chain disruptions

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