Mixed performance with progress and delays

The company’s Electron rocket carrying the CAPSTONE mission takes off from New Zealand on June 28, 2022.

rocket lab

The second quarter was a mixed one for space companies, with some companies showing steady progress while others experienced setbacks.

Most space stocks, many of which went public last year through SPAC deals, are struggling despite industry growth, down 50% or more since their market debut. The changing market environment and rising interest rates hit technology and growth stocks hard, weighing on space stocks.

investment related news

CNBC Pro
Selling Virgin Galactic as spaceflights delayed, Bernstein says in demotion

CNBC breaks down 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 release its latest quarterly results as the company follows a fiscal calendar that began Feb. 1.

Aerojet Rocketdyne

Performance of the share since the beginning of the year: -3%

Aerojet Rocketdyne continues to derive a significant portion of its revenue from the space sector. The propulsion specialist derives the 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 powering the Vulcan series of rockets, many of which have been ordered by Amazon.

AST SpaceMobile

Performance of the share since the beginning of the year: +36%

The satellite-to-smartphone broadband company reported revenue of $7.3 million and total operating expenses of $35.4 million, both metrics slightly higher than the same period a year earlier. The company has $202.4 million in cash as AST continues to work on launching its Blue Walker 3 test satellite in September. It has spent $86.6 million on the demo so far.

astra

Performance of the share since the beginning of the year: -88%

Small rocket and spacecraft maker Astra posted another heavy quarterly loss, taking an adjusted EBITDA of $48.4 million. The company only generated $2.7 million in revenue and announced the surprise cancellation of its Rocket 3.3 series as well as a launch pause until at least 2023 as it pivots to developing the biggest variant, Rocket 4.0. Astra has $200.7 million in cash.

Black sky

Performance of the share since the beginning of the year: -52%

Seattle-based satellite imagery specialist BlackSky reported revenue of $15.1 million for the quarter, nearly double what it was a year ago, and a $8.8 million adjusted EBITDA loss. The company scored a major win in the form of an NRO deal for his footage, worth up to $1.02 billion over a decade.

Iridium

Performance of the share since the beginning of the year: +9%

The satellite communications provider posted revenue of $174.9 million, operating profit EBITDA of $105.9 million and just under 1.9 million total subscribers, up from 17%, 12% and 16%, respectively, compared to the same period of the previous year. Iridium CEO Matt Desch noted on the call that “the business has outperformed well,” with the company “well positioned to grow…even as recent concerns about an economic downturn materialize.” The company also won a major award from the Pentagon’s Space Development Agency during the quarter, which Desch says will add $133 million in revenue over seven years.

Maxar

Momentum

Performance of the share since the beginning of the year: -58%

The spacecraft maker only generated $50,000 in revenue, due to a canceled customer contract, and posted an adjusted EBITDA loss of $18.3 million. While Momentus has about $109 million in cash, the company said it plans to reduce its quarterly cash burn by cutting some expenses and delaying long-term R&D projects as it focuses on solving problems identified with his spacecraft during his last mission.

mynaric

Performance of the share since the beginning of the year: -41%

The laser communications maker has yet to begin reporting quarterly results, having made public in November. During the second quarter, Mynaric announced an agreement with defense firm L3Harris, which will take a 7.2% stake in the company and invest approximately $11 million.

red cable

Performance of the share since the beginning of the year: -54%

The space infrastructure conglomerate collected $36.7 million in revenue during the quarter, up 14% from a year earlier, with an adjusted EBITDA loss of $4.1 million. Notably, Redwire “expects to achieve positive Adjusted EBITDA in the second half of 2022,” even as it continues to invest in infrastructure expansions such as a new robotic arm manufacturing facility in Luxembourg.

rocket lab

Performance of the share since the beginning of the year: -54%

The multinational maker of small rockets and spacecraft reported revenue of $55.5 million, up 36% from the previous quarter, largely driven by its space systems division. It also increased its total backlog to $531.4 million. The company reported an adjusted EBITDA loss of $8.5 million, but has more than half a billion in cash. Rocket Lab CEO Peter Beck said on the company’s earnings conference call that Rocket Lab continues “to see strong demand for Electron launches.”

Satellogic

world spire

Performance of the share since the beginning of the year: -55%

Spire, a small satellite builder and data specialist, posted revenue of $19.4 million in the second quarter and posted an adjusted EBITDA loss of $7.3 million. For 2022, the company expects to exceed $100 million in annual recurring revenue from subscribers.

Telesat

Performance of the share since the beginning of the year: -61%

The Canadian satellite communications operator reported revenue of approximately $143 million (converted at current Canadian dollar rates), down slightly from a year earlier, with an order book worth $100 million. about $1.5 billion. Telesat posted adjusted EBITDA earnings of approximately $112 million. The company noted that pending final agreements with the manufacturer and financing, capital expenditures “may increase significantly” to finance the development of its Lightspeed network.

Earth orbital

Performance of the share since the beginning of the year: -59%

The spacecraft maker posted revenue of $21.4 million in the quarter and reported an adjusted EBITDA loss of $14.8 million, while increasing its backlog to 224.1 million of dollars. Terran Orbital has begun delivering satellite buses, the main body of a spacecraft, to Lockheed Martin under a contract with the Pentagon and supported the launch of NASA’s CAPSTONE spacecraft, which it helped build.

viasat

Performance of the share since the beginning of the year: -16%

The satellite broadband provider, which is on a fiscal calendar that begins in April, reported quarterly revenue of $678 million and adjusted EBITDA profit of $132 million – the first an increase of 2% year over year and the second down 17%. Viasat noted that it continues to face pressure on its finances due to supply chain shortages and inflation. The company plans to launch its ViaSat-3 satellite later this year.

Galactic Virgo

pristine orbit

Performance of the share since the beginning of the year: -50%

The alternative rocket launcher did not report any revenue, but conducted a launch the day after the end of the second quarter and will accrue $12 million in the next period. Virgin Orbit recorded an adjusted EBITDA loss of $34.4 million and $122.1 million in cash. The company plans to make two more launches this year, bringing the total to four in 2022.

About Travis Durham

Check Also

Hypersonic freighter closer to reality! US military signs pact to develop ‘lightning lightning’ space transportation system

Sierra Space, a commercial space company, announced Sept. 8 that it has signed an agreement …