Performance during supply chain disruptions

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

Virgin orbit

Space companies have reported results for the first quarter of the year in recent weeks, with many CEOs complaining about supply chain disruptions that delayed hardware deliveries and launch programs.

“Everyone is experiencing delays. I have not heard from a single satellite operator in the past 12 months – whether they are newcomers or long-time operators – all have moved a little to the right, mostly for the same. reasons… supply chain problems and whatnot, ”Telesat CEO Dan Goldberg said during his company’s earnings conference call.

Many space companies went public last year through SPAC deals, but most stocks are struggling despite the growth of the sector. The changing market environment, with rising interest rates hitting tech hard and rising stocks, weighed on space stocks. The shares of a dozen space companies have fallen by 50% or more since their market debut.

Beyond the supply chain hiccup, most public companies have reported continued quarterly losses, as profitability remains at a year or more for many space initiatives.

The following are summaries of the most recent quarterly reports for Aerojet Rocketdyne, AST SpaceMobile, astra, Black sky, iridium, Maxar, moment, Minarico, Redwire, RocketLab, Satellogic, Global spire, telesat, Earth orbital, Via Sat, Galactic Virgo Other Virgin orbit – along with the stock’s year-to-date performance as of Thursday’s close.

Satellite Imagery Company planet has yet to report first quarter results. The company uses a calendar for fiscal year 2023 that began on February 1.

Aerojet Rocket Dyne: -12%

AST SpaceMobile: -5%

Astra: -66%

Black sky: -46%

Seattle-based satellite imaging specialist BlackSky reported first quarter revenue of $ 13.9 million with an adjusted EBITDA loss of $ 9.5 million, 91% and 53% respectively compared to the same. period of the previous year. BlackSky has $ 138 million in cash. CEO Brian O’Toole pointed out that the company sees a growing demand for Earth imagery from both the US and foreign governments, with BlackSky stating that it “believes the capacity” of the current 14 satellites it has in orbit “will be more than enough to support increased customer demand. “

Iridium: -11%

The satellite communications provider generated $ 168.2 million in revenue, $ 103.2 million operating EBITDA profit and 1.8 million total subscribers in the first quarter, up 15%, 17% and 15% respectively. % compared to the previous year. Iridium CEO Matt Desch noted that the company’s supply chain team is handling the issues and “it looks like we’re doing as well as anyone else in getting the parts we need,” but said that “the problem is that demand continues to exceed forecasts “. Iridium has “a huge demand” from Ukraine, Desch said, with the company shipping thousands of devices to provide Internet-of-Things connectivity services such as cell phones.

Maxar: 1%

The satellite imagery and space infrastructure company reported revenue of $ 405 million, up slightly from a year earlier, with an adjusted EBITDA profit of $ 84 million, an increase of 25%. Maxar’s order book fell 14% from the fourth quarter to $ 1.6 billion. CEO Dan Jablonsky said during the company’s phone call that its long-awaited first launch of the WorldView Legion satellite is delayed in September due to an issue during testing. Jablonsky added that he was “disappointed that we had another delay” with Maxar’s timeline to put his WorldView Legion satellites into orbit. For the past two years, he has been “hit by the supply chain and COVID-related problems.”

Moment: -31%

The spacecraft maker reported no revenue in the first quarter and an adjusted EBITDA loss of $ 17.2 million, up from the prior year’s $ 13.2 million loss. Momentus spent the quarter preparing to launch its Vigoride spacecraft this month to demonstrate its capabilities and has signed deals to fly on future shared SpaceX launches. The company has $ 136 million in cash available.

Minarico: -33%

The laser communications maker announced preliminary results for 2021 in a letter to shareholders, with the German company having listed on the Nasdaq late last year. Converted from euros, Mynaric generated $ 2.6 million in revenue in 2021 and has approximately $ 50 million in cash. Mynaric’s customer portfolio for 2022 saw approximately $ 21 million in laser communications unit contracts.

Red thread: -40%

The conglomerate of space infrastructures it achieved revenue of $ 32.9 million for the first quarter, up slightly from the prior year, with an order book of $ 273.9 million. Redwire has approximately $ 6 million in cash, with approximately $ 31 million in cash available through existing debt.

RocketLab: -62%

Satelliteogic: -51%

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

Global Spire: -56%

Small satellite builder and data specialist Spire reported first-quarter revenue of $ 18.1 million and an adjusted EBITDA loss of $ 9.7 million, up 86% and 62%, respectively, from a year ago. The company has $ 91.6 million in cash. Spire expects full-year 2022 revenue from annual recurring customer contracts between $ 101 million and $ 105 million. Spire CEO Peter Platzer said on the quarterly call that the company continues to aim for “positive cash flow in 22-28 months,” with weather data helping customers ranging from the agricultural industry to a team. of Formula 1, and its marine data help support the cargo industry during the challenges of the global supply chain.

Telesat: -42%

Earth orbital: -50%

The spacecraft maker posted revenue of $ 13.1 million in the first quarter, up 25% from the previous year, with a backlog of $ 222 million, 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, which quadrupled in the first quarter of 2021. It has $ 77 million in cash. Terran co-founder and CEO Marc Bell highlighted supply chain disruptions during the call, but stressed that the company is increasingly vertically integrating its manufacturing.

ViaSab: -18%

The satellite broadband provider has a different reporting cycle than the calendar year, with the company reporting its fourth quarter results Wednesday. Viasat generated $ 702 million in fourth quarter revenue, up 18% from a year ago, and Adjusted EBITDA of $ 134 million, down 9%. The company has nearly $ 1 billion in cash, largely through debt. In a letter to shareholders, Viasat noted that the end of its fiscal year “had some challenges” due to regulatory delays, as well as increased spending on research and development “for attractive growth opportunities.”

Galactic Virgo: -50%

The space tourism company reported negligible first quarter revenue and an adjusted EBITDA loss of $ 77 million, up 38 percent from the same period a year ago. The company has $ 1.22 billion in cash available. Although its current spacecraft and transport aircraft refurbishment program is “progressing well” and is expected to be finished in September, Virgin Galactic has announced the delay in launching its commercial tourism service until the first quarter of 2023. Virgin CEO Galactic Michael Colglazier said the delay in trading the service was due to “minor issues” that delayed the company’s restructuring program. He added that “like many companies around the world, we are experiencing high levels of supply chain disruption.”

Virgin orbit: -40%

The alternative rocket launcher reported first-quarter revenue of $ 2.1 million, down 61% from the same period a year ago, and an Adjusted EBITDA loss of $ 49.6 million, up 71%. Virgin Orbit noted that the decline in revenue is due to “contracted launches during the early development phase with introductory pricing.” The company has $ 127 million in cash, with a total contract backlog of $ 575.6 million. CEO Dan Hart said on the company’s conference call that he still plans to launch four to six times this year, including one complete so far.