Space company Q1 results: Performance during supply chain disruptions

Space corporations reported outcomes for the primary quarter of the yr over the previous a number of weeks – with many CEOs complaining of supply chain disruptions pushing again {hardware} deliveries and launch schedules.

"Everyone's getting delayed. I haven't heard from a single satellite operator in the last 12 months – whether they're a new entrant, whether they're longstanding operators – everyone's kind of getting moved to the right a little bit, mostly for the same reasons … the supply chain issues and whatnot," Telesat CEO Dan Goldberg stated during his company's earnings convention name.

Many area corporations went public final yr via SPAC offers, however a lot of the shares are struggling regardless of the trade's development. The shifting market surroundings, with climbing rates of interest hitting know-how and development shares arduous, have weighed on area shares. Shares of a couple of dozen area corporations are off 50% or extra since their market debut.

Beyond supply chain hiccups, a lot of the public corporations reported continued quarterly losses, as profitability stays a yr away or extra for a lot of area ventures.

Below are summaries of the latest quarterly experiences for Aerojet Rocketdyne, AST SpaceCellular, Astra, BlackSky, Iridium, Maxar, Momentus, Mynaric, Redwire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic and Virgin Orbit – alongside the inventory's year-to-date efficiency as of Thursday's shut.

Satellite imagery company Planet has but to report its first quarter outcomes. The company makes use of a 2023 fiscal yr calendar that started on Feb. 1.

Aerojet Rocketdyne: -12%

While the propulsion specialist attracts a majority of its $511 million in first quarter gross sales from defense-related contracts, Aerojet Rocketdyne continues to attract a serious portion of income from the area sector. The company's adjusted EBITDA revenue for the quarter rose 18% to $69 million, in comparison with the identical interval a yr prior, with a backlog of $6.4 billion in multi-year contracts. Aerojet Rocketdyne stays embroiled in a board proxy battle between CEO Eileen Drake and Executive Chairman Warren Lichtenstein, which started during the now terminated Lockheed Martin deal.

AST SpaceCellular: -5%

The satellite-to-smartphone broadband company noticed minimal income of $2.4 million within the first quarter, with barely elevated working bills of $32.7 million from the earlier quarter. AST continues to work towards the launch of its BlueWalker 3 demonstration satellite tv for pc this summer time, with about $83 million invested in setting up and testing the spacecraft up to now. The company has $255 million in money.

Astra: -66%

Small rocket and spacecraft builder Astra reported an adjusted EBITDA lack of $47.5 million for the primary quarter, up 32% from the yr prior. Revenue got here in at $3.9 million, and the company has $255 million in money. Astra launched two missions with its Rocket 3 autos during the quarter – the company's first from Florida's Cape Canaveral malfunctioned and failed, however the second mission efficiently delivered spacecraft to orbit for 3 clients. Astra CEO Chris Kemp stated during the quarterly name that the company's spacecraft engine enterprise is rising, with greater than 60 engines offered so far. Astra goals to launch a trio of upcoming NASA missions at "a better than monthly rate."

BlackSky: -46%

Seattle-based satellite tv for pc imagery specialist BlackSky reported first quarter income of $13.9 million with an adjusted EBITDA lack of $9.5 million, up 91% and 53% from the identical interval a yr prior, respectively. BlackSky has $138 million in money. CEO Brian O'Toole emphasised the company sees growing demand for Earth imagery from each the U.S. and overseas governments, with BlackSky stating it "believes capacity" from the present 14 satellites it has in orbit "will be more than sufficient to support increased customer demand."

Iridium: -11%

The satellite tv for pc communications supplier delivered income of $168.2 million, an operational EBITDA revenue of $103.2 million, and 1.8 million complete subscribers within the first quarter – up 15%, 17%, and 15%, respectively, from a yr prior. Iridium CEO Matt Desch famous the company's supply chain staff is managing points and "we seem to be doing as well as anyone in getting the parts we need," however stated the "problem is that demand continues to exceed forecasts." Iridium has "tremendous demand" from Ukraine, Desch stated, with the company delivery 1000’s of gadgets to offer companies similar to cellphones to Internet-of-Things connectivity.

Maxar: 1%

The satellite tv for pc imagery and area infrastructure company reported $405 million in first quarter income, up barely from a yr prior, with an adjusted EBITDA revenue of $84 million, a 25% enhance. Maxar's order backlog fell 14% from the fourth quarter to $1.6 billion. CEO Dan Jablonsky stated during the company's name that its long-awaited first WorldView Legion satellite tv for pc launch is delaying to September on account of a difficulty during testing. Jablonsky added that he’s "disappointed that we've had another 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 income within the first quarter, and an adjusted EBITDA lack of $17.2 million – up from a lack of $13.2 million a yr prior. Momentus spent the quarter getting ready to launch its Vigoride spacecraft this month to display its capabilities, and signed agreements to fly on future SpaceX rideshare launches. The company has $136 million in money readily available.

Mynaric: -33%

The laser communications maker introduced preliminary outcomes for 2021 in a shareholder letter, with the German company having listed on the Nasdaq late final yr. Converted from euros, Mynaric in 2021 introduced in $2.6 million in income, and has about $50 million in money. Mynaric's buyer backlog for 2022 has seen it obtain about $21 million from contracts for laser communications models.

Redwire: -40%

The area infrastructure conglomerate made $32.9 million in income for the primary quarter, up barely from a yr prior, with a backlog of orders value $273.9 million. Redwire has about $6 million in money, with about $31 million in out there liquidity via present debt.

Rocket Lab: -62%

The small-rocket builder reported $40.7 million in first quarter income, up 147% from a yr prior – and $34 million of that income got here from Rocket Lab's spacecraft enterprise, with the remaining minority from launches. Rocket Lab had an adjusted EBITDA lack of $8 million, down 8% from a yr in the past, and has $603 million in money. The company's CFO Adam Spice stated during the earnings name that its "supply chain is relatively intact" on account of vertical integration, however shopping for manufacturing gear for Rocket Lab's coming Neutron automobile is "suffering supply chain issues," as "there's no amount of money in the world that can accelerate some of that stuff."

Satellogic: -51%

The satellite tv for pc imagery company introduced 2021 outcomes earlier this month, having gone public in January. Satellogic has 22 satellites in orbit, with plans to launch a dozen extra this yr. The company had $4.2 million in 2021 income, with an adjusted EBITDA lack of $30.7 million.

Spire Global: -56%

Small satellite tv for pc builder and information specialist Spire reported first quarter income of $18.1 million and an adjusted EBITDA lack of $9.7 million, up 86% and 62%, respectively, from a yr in the past. The company has $91.6 million in money. Spire forecast full yr 2022 income from yearly recurring buyer contracts between $101 million and $105 million. Spire CEO Peter Platzer stated during the quarterly name that the company continues to purpose to be "cash flow positive in 22 to 28 months," with climate information serving to clients starting from the agriculture trade to a Formula 1 staff, and its marine information serving to help the cargo trade during the worldwide supply chain challenges.

Telesat: -42%

The Canadian-based satellite tv for pc communications operator reported $186 million of first quarter income, down 3% from a yr prior. Telesat had an adjusted EBITDA revenue of $146 million, additionally down 4% from the primary quarter of final yr. The company has $1.5 billion in money, because it prepares to construct its Lightspeed international satellite tv for pc web community.

Terran Orbital: -50%

The spacecraft producer reported first quarter income of $13.1 million, up 25% from a yr prior, with a $222 million backlog – partly due to a contract to construct satellites for the Pentagon's Space Development Agency. Terran Orbital noticed 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, however emphasised that the company is more and more vertically integrating its manufacturing.

ViaSat: -18%

The satellite tv for pc broadband supplier is on a unique reporting cycle than the calendar yr, with the company having reported fourth quarter outcomes Wednesday. Viasat introduced in $702 million of fourth quarter income, up 18% from the interval a yr in the past, and an adjusted EBITDA of $134 million, down 9%. The company has almost $1 billion in liquidity, largely via debt. In a letter to shareholders, Viasat famous the tip of its fiscal yr "had some challenges" on account of regulatory delays, in addition to elevated R&D spending "on attractive growth opportunities."

Virgin Galactic: -50%

The area tourism company reported negligible income for the primary quarter, and an adjusted EBITDA lack of $77 million – 38% greater than the identical interval a yr in the past. The company has $1.22 billion in money readily available. Although its present spacecraft and service plane refurbishment program is "progressing well" and anticipated to be completed in September, Virgin Galactic introduced the delay of launching its business tourism service to the primary quarter of 2023. Virgin Galactic CEO Michael Colglazier stated the delay in business service was on account of "little issues" that pushed the company's refurbishment schedule again. He added that, "like many companies around the world, we're experiencing elevated levels of supply chain disruption."

Virgin Orbit: -40%

The different rocket launcher reported first quarter income of $2.1 million, down 61% from the identical interval a yr in the past, and an adjusted EBITDA lack of $49.6 million, up 71%. Virgin Orbit famous the lower in income was on account of "launches contracted during early development phase with introductory pricing." The company has $127 million in money, with a complete contract backlog of $575.6 million. CEO Dan Hart stated during the company's convention name that it nonetheless plans to launch between 4 and 6 instances this yr, with one full up to now.

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