Stock Groups

Performance during supply chain disruptions


Virgin Orbit’s “Cosmic Girl” modified 747 jet releases its LauncherOne rocket to launch a mission on January 13, 2022.

Virgin Orbit

Space companies reported results for the first quarter of the year 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 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 said during his company’s earnings conference call.

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SPAC transactions were used to make many space companies public. most of the stocks are struggling despite the industry’s growth.On space stocks, the shifting market climate and rising interest rates have had a negative impact. The shares of around a dozen private space companies have fallen 50% to more than half a century since their debut on the stock exchange.

The losses were not limited to supply chain issues. Most public companies continue reporting quarterly losses. Many space ventures are still at least a year from profitability.

These are summary of quarterly reports from the last quarter. Aerojet Rocketdyne, AST SpaceMobile, Astra, BlackSky, Iridium, Maxar, Momentus, Mynaric, Redwire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic Virgin Orbit – alongside the stock’s year-to-date performance as of Thursday’s close.

Satellite imagery company PlanetIt has yet to release its quarter-end results. It uses the 2023 calendar for its fiscal year, which began in February.

Aerojet Rocketdyne: -12%

AST SpaceMobile – 5%

Astra: -66%

BlackSky: -46%

BlackSky satellite imagery company based in Seattle reported first quarter revenue at $13.9 million. The adjusted EBITDA loss was $9.5million. That’s an increase of 91% and 53% over the prior year. BlackSky currently has $138million in cash. Brian O’Toole CEO, stressed that BlackSky sees growing demand for Earth images from both U.S. governments and from other countries. BlackSky stated it believed the capacity it currently has from 14 satellites “will more than suffice to meet increased customer demands.”

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 first quarter – up 15%, 17%, and 15%, respectively, from a year prior. Matt Desch, CEO of Iridium, noted that the supply chain team at the company is addressing issues. However, he said that the problem is the fact that the demand is outpacing forecasts. Desch stated that Iridium is experiencing “tremendous” demand from Ukraine and has shipped thousands of devices for services like Internet-of-Things connectivity.

Maxar: 1%

Space infrastructure and satellite imagery company Maxar reported $405m in revenue for the first quarter. This is slightly more than the previous year. The adjusted EBITDA profit was $84 million. That’s a 25% increase. Maxar’s backlog decreased 14% to $1.6 billion in the fourth quarter. CEO Dan Jablonsky stated during company’s conference call that the delayed launch of its first WorldView Legion satellite is being rescheduled for September because of an issue with testing. Jablonsky stated that Maxar is experiencing a delay with its timeline to launch the WorldView Legion satellites. The company has had to deal with COVID and supply chain issues in the past two years.

Momentus: -31%

The spacecraft maker reported no revenue in the first quarter, and an adjusted EBITDA loss of $17.2 million – up from a loss of $13.2 million a year prior. Momentus used the quarter to prepare for its Vigoride launch this month, which will demonstrate its capabilities. Additionally, Momentus signed agreements to fly in future SpaceX rideshare launches. Cash reserves of $136 million are available to the company.

Mynaric: -33%

A shareholder letter announced that the German laser communications company has reported preliminary results for 2021. listed on the Nasdaq late last year. Mynaric, which was converted from euros in 2021, brought in $2.6million in revenue and had about $50,000,000 in cash. Mynaric received approximately $21,000,000 from laser communications unit contracts in 2022 to fill its customer backlog.

Redwire: -40%

The space infrastructure conglomerateThe company generated $32.9 million revenue in the quarter. This is slightly more than the year before. It also had a backlog with orders of $273.9 millions. Redwire currently has $6 million of cash and $31 million available through debt.

Rocket Lab: 62%

Satellogic: -51%

This month, the satellite imagery company released 2021 results. having gone publicIt was January. Satellogic is currently orbiting 22 satellites and has plans to launch 12 more. With an EBITDA loss adjusted of $30.7million, the company generated $4.2 million in revenue for 2021.

Spire Global: -56%

Small satellite builder and data specialist SpireFirst quarter revenues of $18.1million and adjusted EBITDA losses of $9.7million were reported, an 86% and 62% increase respectively from last year. In cash, the company holds $91.6million. Spire expects full-year 2022 revenues from annual recurring customer agreements between $101 million to $105 million. Spire CEO Peter Platzer stated during the quarterly conference call that they continue to strive to achieve cash flow in the next 22-28 months. Weather data can help customers from agriculture to Formula 1 teams, while its marine data supports the cargo sector during global supply chain problems.

Telesat: -42%

Terran Orbital: -50%

The spacecraft manufacturer reported first quarter revenue of $13.1 million, up 25% from a year prior, with a $222 million backlog – in part thanks to a contract to build satellites for the Pentagon’s Space Development Agency. Terran Orbital reported an adjusted EBITDA Loss of $14.7 Million, quadrupling its loss for the first quarter 2021. The company has cash of $77 millions. Marc Bell, Terran CEO and cofounder, spoke out about supply chain disruptions. However, he stressed the fact that Terran is vertically integrating more of its manufacturing.

ViaSat: -18%

With the release of fourth quarter results on Wednesday, the satellite broadband provider has a new reporting cycle. Viasat reported fourth quarter revenues of $702 million. This is an 18% increase over the previous year. The adjusted EBITDA was $134 million lower, or 9%. Nearly $1 billion of liquidity is held by the company, most of it via debt. In a letter to shareholders, Viasat noted the end of its fiscal year “had some challenges” due to regulatory delays, as well as increased R&D spending “on attractive growth opportunities.”

Virgin Galactic: -50%

The space tourism company reported negligible revenue for the first quarter, and an adjusted EBITDA loss of $77 million – 38% higher than the same period a year ago. Cash reserves totaling $1.22 Billion. Virgin Galactic has delayed the launch of its first-quarter 2023 commercial tourism service, despite the fact that its spacecraft and carrier aircraft refurbishment programs are “progressing well”. It is expected to complete in September. Michael Colglazier, Virgin Galactic’s CEO, said that the delays in the launch of commercial service were due to “little problems” which delayed the company’s refurbishment schedule. Colglazier stated that the company is experiencing “highly disruptive supply chains” like many other companies worldwide.

Virgin Orbit:

The alternative rocket launcherFirst quarter revenues of $2.1million were reported, down 61% compared to the previous year. Adjusted EBITDA losses of $49.6m and 71% respectively, also showed a decrease in revenue. Virgin Orbit stated that revenue fell due to launches contracted in the early stages of development with low pricing. There is $127million in cash with an outstanding contract backlog totaling $575.6million. The CEO Dan Hart indicated that the company still intends to launch as many as four to six times in this year’s calendar, and one of them has already been completed.