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Performance during supply chain disruptions

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Virgin Orbit’s modified 747 jet “Cosmic Girl” releases the corporate’s LauncherOne rocket for a mission on January 13, 2022.

Virgin Orbit

Space corporations reported results for the primary quarter of the 12 months over the past several weeks – with many CEOs complaining of supply chain disruptions pushing back hardware deliveries and launch schedules.

“Everyone’s getting delayed. I have never heard from a single satellite operator within the last 12 months – whether they are a recent entrant, whether or not they’re longstanding operators – everyone’s sort of getting moved to the suitable slightly bit, mostly for a similar reasons … the provision chain issues and whatnot,” Telesat CEO Dan Goldberg said during his company’s earnings conference call.

Many space corporations went public last 12 months through SPAC deals, but a lot of the stocks are struggling despite the industry’s growth. The shifting market environment, with climbing rates of interest hitting technology and growth stocks hard, have weighed on space stocks. Shares of a couple of dozen space corporations are off 50% or more since their market debut.

Beyond supply chain hiccups, a lot of the public corporations reported continued quarterly losses, as profitability stays a 12 months away or more for a lot of space ventures.

Below are summaries of 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 – alongside the stock’s year-to-date performance as of Thursday’s close.

Satellite imagery company Planet has yet to report its first quarter results. The corporate uses a 2023 fiscal 12 months calendar that began on Feb. 1.

Aerojet Rocketdyne: -12%

While the propulsion specialist draws a majority of its $511 million in first quarter sales from defense-related contracts, Aerojet Rocketdyne continues to attract a significant portion of revenue from the space sector. The corporate’s adjusted EBITDA profit for the quarter rose 18% to $69 million, in comparison with the identical period a 12 months prior, with a backlog of $6.4 billion in multi-year contracts. Aerojet Rocketdyne stays embroiled in a board proxy fight between CEO Eileen Drake and Executive Chairman Warren Lichtenstein, which began during the now terminated Lockheed Martin deal.

AST SpaceMobile: -5%

The satellite-to-smartphone broadband company saw minimal revenue of $2.4 million in the primary quarter, with barely increased operating expenses of $32.7 million from the previous quarter. AST continues to work toward the launch of its BlueWalker 3 demonstration satellite this summer, with about $83 million invested in constructing and testing the spacecraft up to now. The corporate has $255 million in money.

Astra: -66%

BlackSky: -46%

Seattle-based satellite imagery specialist BlackSky reported first quarter revenue of $13.9 million with an adjusted EBITDA lack of $9.5 million, up 91% and 53% from the identical period a 12 months prior, respectively. BlackSky has $138 million in money. CEO Brian O’Toole emphasized the corporate sees increasing demand for Earth imagery from each the U.S. and foreign governments, with BlackSky stating it “believes capability” from the present 14 satellites it has in orbit “can be greater than sufficient to support increased customer demand.”

Iridium: -11%

The satellite communications provider delivered revenue of $168.2 million, an operational EBITDA profit of $103.2 million, and 1.8 million total subscribers in the primary quarter – up 15%, 17%, and 15%, respectively, from a 12 months prior. Iridium CEO Matt Desch noted the corporate’s supply chain team is managing issues and “we appear to be doing in addition to anyone in getting the parts we’d like,” but said the “problem is that demand continues to exceed forecasts.” Iridium has “tremendous demand” from Ukraine, Desch said, with the corporate shipping 1000’s of devices to offer services corresponding to mobile phones to Web-of-Things connectivity.

Maxar: 1%

The satellite imagery and space infrastructure company reported $405 million in first quarter revenue, up barely from a 12 months prior, with an adjusted EBITDA profit of $84 million, a 25% increase. Maxar’s order backlog fell 14% from the fourth quarter to $1.6 billion. CEO Dan Jablonsky said through the company’s call that its long-awaited first WorldView Legion satellite launch is delaying to September as a consequence of a difficulty during testing. Jablonsky added that he’s “dissatisfied that we have had one other delay” with Maxar’s timeline for getting its WorldView Legion satellites in orbit. It has “been hit with supply chain and COVID-related issues over the past couple of years.”

Momentus: -31%

The spacecraft maker reported no revenue in the primary quarter, and an adjusted EBITDA lack of $17.2 million – up from a lack of $13.2 million a 12 months prior. Momentus spent the quarter preparing to launch its Vigoride spacecraft this month to display its capabilities, and signed agreements to fly on future SpaceX rideshare launches. The corporate has $136 million in money available.

Mynaric: -33%

The laser communications maker announced preliminary results for 2021 in a shareholder letter, with the German company having listed on the Nasdaq late last 12 months. Converted from euros, Mynaric in 2021 brought in $2.6 million in revenue, and has about $50 million in money. Mynaric’s customer backlog for 2022 has seen it receive about $21 million from contracts for laser communications units.

Redwire: -40%

The space infrastructure conglomerate made $32.9 million in revenue for the primary quarter, up barely from a 12 months prior, with a backlog of orders value $273.9 million. Redwire has about $6 million in money, with about $31 million in available liquidity through existing debt.

Rocket Lab: -62%

The small-rocket builder reported $40.7 million in first quarter revenue, up 147% from a 12 months prior – and $34 million of that revenue got here from Rocket Lab’s spacecraft business, with the remaining minority from launches. Rocket Lab had an adjusted EBITDA lack of $8 million, down 8% from a 12 months ago, and has $603 million in money. The corporate’s CFO Adam Spice said through the earnings call that its “supply chain is comparatively intact” as a consequence of vertical integration, but buying production equipment for Rocket Lab’s coming Neutron vehicle is “suffering supply chain issues,” as “there isn’t any amount of cash on the planet that may speed up a few of that stuff.”

Satellogic: -51%

The satellite imagery company announced 2021 results earlier this month, having gone public in January. Satellogic has 22 satellites in orbit, with plans to launch a dozen more this 12 months. The corporate had $4.2 million in 2021 revenue, with an adjusted EBITDA lack of $30.7 million.

Spire Global: -56%

Small satellite builder and data specialist Spire reported first quarter revenue of $18.1 million and an adjusted EBITDA lack of $9.7 million, up 86% and 62%, respectively, from a 12 months ago. The corporate has $91.6 million in money. Spire forecast full 12 months 2022 revenue from annually recurring customer contracts between $101 million and $105 million. Spire CEO Peter Platzer said through the quarterly call that the corporate continues to aim to be “money flow positive in 22 to twenty-eight months,” with weather data helping customers starting from the agriculture industry to a Formula 1 team, and its marine data helping support the cargo industry through the global supply chain challenges.

Telesat: -42%

Terran Orbital: -50%

The spacecraft manufacturer reported first quarter revenue of $13.1 million, up 25% from a 12 months prior, with a $222 million backlog – partly because of a contract to construct satellites for the Pentagon’s Space Development Agency. Terran Orbital saw an adjusted EBITDA lack of $14.7 million, quadruple its loss in first quarter 2021. It has $77 million in money. Terran co-founder and CEO Marc Bell highlighted supply chain disruptions on the decision, but emphasized that the corporate is increasingly vertically integrating its manufacturing.

ViaSat: -18%

The satellite broadband provider is on a special reporting cycle than the calendar 12 months, with the corporate having reported fourth quarter results Wednesday. Viasat brought in $702 million of fourth quarter revenue, up 18% from the period a 12 months ago, and an adjusted EBITDA of $134 million, down 9%. The corporate has nearly $1 billion in liquidity, largely through debt. In a letter to shareholders, Viasat noted the tip of its fiscal 12 months “had some challenges” as a consequence of regulatory delays, in addition to increased R&D spending “on attractive growth opportunities.”

Virgin Galactic: -50%

The space tourism company reported negligible revenue for the primary quarter, and an adjusted EBITDA lack of $77 million – 38% higher than the identical period a 12 months ago. The corporate has $1.22 billion in money available. Although its current spacecraft and carrier aircraft refurbishment program is “progressing well” and expected to be finished in September, Virgin Galactic announced the delay of launching its industrial tourism service to the primary quarter of 2023. Virgin Galactic CEO Michael Colglazier said the delay in industrial service was as a consequence of “little issues” that pushed the corporate’s refurbishment schedule back. He added that, “like many corporations around the globe, we’re experiencing elevated levels of supply chain disruption.”

Virgin Orbit: -40%

The choice rocket launcher reported first quarter revenue of $2.1 million, down 61% from the identical period a 12 months ago, and an adjusted EBITDA lack of $49.6 million, up 71%. Virgin Orbit noted the decrease in revenue was as a consequence of “launches contracted during early development phase with introductory pricing.” The corporate has $127 million in money, with a complete contract backlog of $575.6 million. CEO Dan Hart said through the company’s conference call that it still plans to launch between 4 and 6 times this 12 months, with one complete up to now.

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