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Newsletter #10: BlackSky, Virgin Galactic and Rocket Lab's Earnings Reports, and More!

New Space Activity

Industry News

Rocket Lab - Electron Launch

Rocket Lab carried out its first Electron launch of the year on February 28th, placing a customer payload into orbit at the same time as the company published its financial results. The company also announced that it has selected Virginia as the location to build its new Neutron launch vehicle.


In addition, Rocket Lab has been awarded a contract by MDA to provide satellite buses and additional products/services for 17 new satellites that MDA is supplying to Globalstar.


Virgin Galactic confirmed on February 22nd that they remain on schedule to begin commercial human suborbital missions before the end of the year, but acknowledged it will take several years for the company to become profitable.


Earnings Reports

BlackSky announced financial results for Q4 2021 and FY 2021 on February 22nd.

  • Revenue in the quarter ended December 31st, 2021 was $11.5M, up 79% versus Q4 2020.

  • Revenue for the full calendar year ending December 31st, 2021 was $34.1M, up 61% versus calendar year 2020.

  • The company provided guidance for 2022, forecasting revenue to be somewhere between $58M and $62M.

Virgin Galactic announced financial results for Q4 2021 and FY 2021 on February 22nd.

  • Revenue in the quarter ended December 31st, 2021 was $141k - no revenue was generated in Q4 2020.

  • Revenue for the full calendar year ending December 31st, 2021 was $3.3M, up 13.8x versus calendar year 2020.

Rocket Lab announced financial results for Q4 2021 and FY 2021 on February 28th.

  • Revenue in the quarter ended December 31st, 2021 was $27.5M, up 420% sequentially versus Q3 2021.

  • Revenue for the full calendar year ending December 31st, 2021 was $62.2M, up 77% versus calendar year 2020.

  • The company provided guidance for Q1 2022, forecasting revenue somewhere in the range fo $42M to $47M.

  • Rocket Lab also announced that the company backlog now stands at $545M as of February 28th 2022.

 

Share Price Movements

The top performing new space companies in our index, from a share price perspective, in the last two weeks are highlighted below, followed by the top five legacy space companies that we are tracking.


New Space Companies - Top Five Share Price Performers


Legacy Companies - Top Five Share Price Performers


 

Revenue Multiples

As many of the newly listed new space companies currently do not report meaningful revenue multiples (either forward or backward looking) we caveat that the revenue multiple numbers below should be considered carefully. As revenue multiple data becomes more meaningful for the new space ecosystem it will allow for more in-depth analysis and comparison with the legacy space ecosystem.


New Space Companies - TTM Revenue Multiples


Legacy Space Companies - TTM Revenue Multiples


New Space Companies - Forward (FY2022) Revenue Multiples


Legacy Space Companies - Forward (FY2022) Revenue Multiples

All market data from end of trading day Tuesday, 3/1/2022

 

Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Spire (NYSE: SPIR), Mapbox, ICEYE, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, Isotropic Systems, Halter, Cobalt, Safehub, and numerous others.

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