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Mixed performance with progress and delays

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The corporate’s Electron rocket carrying the CAPSTONE mission lifts off from Latest Zealand on June 28, 2022.

Rocket Lab

The second quarter was a mixed bag for space firms, with some firms posting regular progress while others faced setbacks.

Most space stocks, lots of which went public last 12 months through SPAC deals, are struggling despite the industry’s growth, off 50% or more since their market debut. The shifting market environment and climbing rates of interest have hit technology and growth stocks hard, weighing on space stocks.

CNBC breaks down essentially the most recent quarterly reports for Aerojet Rocketdyne, AST SpaceMobile, Astra, BlackSky, Iridium, Maxar, Momentus, Mynaric, Redwire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic and Virgin Orbit.

Satellite imagery company Planet has yet to report its latest quarterly results, as the corporate follows a fiscal 12 months calendar that began on Feb. 1.

Aerojet Rocketdyne

Stock’s year-to-date performance: -3%

Aerojet Rocketdyne continues to attract a serious portion of revenue from the space sector. The propulsion specialist takes a majority of its $528.5 million in second-quarter sales from defense-related contracts. Notably, president and CEO Eileen Drake confirmed that Aerojet’s backlog added a United Launch Alliance contract for 116 of the RL10 engines needed to power the Vulcan rocket series, lots of which Amazon ordered.

AST SpaceMobile

Stock’s year-to-date performance: +36%

The satellite-to-smartphone broadband company reported revenue of $7.3 million and total operating expenses of $35.4 million, each metrics barely higher than the identical period a 12 months earlier. The corporate has $202.4 million in money, as AST continues to work toward the launch of its Blue Walker 3 test satellite in September. It’s spent $86.6 million on the demonstration so far.

Astra

Stock’s year-to-date performance: -88%

Small rocket and spacecraft builder Astra reported one other heavy quarterly loss, taking an adjusted EBITDA hit of $48.4 million. The corporate brought in only $2.7 million in revenue and announced the surprise cancellation of its Rocket 3.3 series together with a launch pause until no less than 2023 because it pivots to developing the larger variation, Rocket 4.0. Astra has $200.7 million in money available.

BlackSky

Stock’s year-to-date performance: -52%

Seattle-based satellite imagery specialist BlackSky reported revenue of $15.1 million for the quarter, nearly double what’s posted a 12 months ago, and an adjusted EBITDA lack of $8.8 million. The corporate landed a serious win in the shape of an NRO contract for its imagery, price as much as $1.02 billion over a decade.

Iridium

Stock’s year-to-date performance: +9%

The satellite communications provider delivered revenue of $174.9 million, an operational EBITDA profit of $105.9 million and just below 1.9 million total subscribers — up 17%, 12%, and 16%, respectively, from the identical period a 12 months prior. Iridium CEO Matt Desch emphasized on the decision that the “business outperformed nicely,” with the corporate “positioned well to grow … even when recent concerns of an economic downturn come to fruition.” The corporate also won a major award from the Pentagon’s Space Development Agency throughout the quarter, which Desch expects so as to add $133 million in revenue over seven years.

Maxar

Momentus

Stock’s year-to-date performance: -58%

The spacecraft maker brought in only $50,000 in revenue, as a consequence of a canceled customer contract, and reported an adjusted EBITDA lack of $18.3 million. While Momentus has about $109 million in money available, the corporate says it plans to cut back its quarterly money burn by cutting some spending and delaying long-term R&D projects, because it focuses on resolving issues identified with its spacecraft during its latest mission.

Mynaric

Stock’s year-to-date performance: -41%

The laser communications maker has yet to start reporting quarterly results, having gone public in November. In the course of the second quarter, Mynaric announced an agreement with defense firm L3Harris, which is able to take a 7.2% stake in the corporate and invest about $11 million.

Redwire

Stock’s year-to-date performance: -54%

The space infrastructure conglomerate collected $36.7 million in revenue throughout the quarter, up 14% from a 12 months prior, with an adjusted EBITDA lack of $4.1 million. Notably, Redwire “expects to realize positive adjusted EBITDA within the second half of 2022,” at the same time as it continues to take a position in infrastructure expansions resembling a newly opened robotic arm manufacturing facility in Luxembourg.

Rocket Lab

Stock’s year-to-date performance: -54%

The multinational small-rocket and spacecraft builder reported $55.5 million in revenue, up 36% from the previous quarter, largely from its space systems division. It also increased its total order backlog to $531.4 million. The corporate reported an adjusted EBITDA lack of $8.5 million, but has over half a billion in money available. Rocket Lab CEO Peter Beck said on the corporate’s earnings conference call that Rocket Lab continues “to see strong demand for Electron launches.”

Satellogic

Stock’s year-to-date performance: -53%

The satellite imagery company has yet to start reporting quarterly results, having gone public in January. In the course of the second quarter Satellogic debuted 4 additional satellites in orbit via a SpaceX launch, increasing its fleet to 26 thus far. The corporate goals to have 34 in orbit by early 2023.

Spire Global

Stock’s year-to-date performance: -55%

Small satellite builder and data specialist Spire brought in $19.4 million in revenue throughout the second quarter and reported an adjusted EBITDA lack of $7.3 million. For the complete 12 months 2022, the corporate expects that it is going to surpass $100 million in annual recurring revenue from subscribers.

Telesat

Stock’s year-to-date performance: -61%

The Canadian-based satellite communications operator reported revenue of about $143 million (converted at current rates from Canadian dollars), a slight decrease from the 12 months before, with a contract backlog price about $1.5 billion. Telesat posted an adjusted EBITDA profit of about $112 million. The corporate noted that, pending final manufacturer and financing agreements, capital expenditures “could increase substantially” to fund the event of its Lightspeed network.

Terran Orbital

Stock’s year-to-date performance: -59%

The spacecraft manufacturer recorded $21.4 million in revenue throughout the quarter and reported an adjusted EBITDA lack of $14.8 million, while increasing its backlog to $224.1 million. Terran Orbital began delivering satellite buses, the essential body of a spacecraft, to Lockheed Martin under a Pentagon contract, and supported the launch of NASA’s CAPSTONE spacecraft, which it helped construct.

Viasat

Stock’s year-to-date performance: -16%

The satellite broadband provider, which is on a fiscal 12 months calendar that starts in April, reported quarterly revenue of $678 million and an adjusted EBITDA profit of $132 million — the previous a 2% year-over-year increase and the latter a 17% decrease. Viasat noted that it continues to see pressure on its funds from supply chain shortages and inflation. The corporate plans to launch its ViaSat-3 satellite late this 12 months.

Virgin Galactic

Stock’s year-to-date performance: -55%

The space tourism company reported an adjusted EBITDA lack of $93 million on negligible revenue. Virgin Galactic announced one more delay to the beginning of business service, pushing it back to the second quarter of 2023 as the corporate continues to refurbish the carrier aircraft that begins its spaceflights. Virgin Galactic reported $1.1 billion in money available and announced plans to sell as much as $300 million in common stock.

Virgin Orbit

Stock’s year-to-date performance: -50%

The choice rocket launcher didn’t report any revenue, but accomplished a launch the day after the second quarter ended and can recognize $12 million from that in the following period. Virgin Orbit recorded an adjusted EBITDA lack of $34.4 million and $122.1 million in money available. The corporate expects to finish two more launches this 12 months, making for 4 total in 2022.

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