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Newsletter #11: SatixFy Announced SPAC, New Earning Reports

New Space Activity

New Space Listings

SatixFy announced on March 8th that it would go public by merging with Endurance Acquisition Corp, a special purpose acquisition company that listed on NASDAQ with the ticker EDNCU in September 2021.


The deal values Israel-based SatixFy at $813M, with an enterprise value of $632M. The company expects to raise up to $230 million in proceeds through this transaction, with approximately $200M coming from the SPAC trust, assuming no redemptions, and an additional $29M committed through a PIPE from other investors.


The parties indicated that they anticipate the transaction closing later this year. We will add SatixFy to our New Space index and track it once it completes the transaction.


Industry News

Astra launched payloads for several customers into low earth orbit on March 15th, successfully returning the company's Rocket 3.3 vehicle to flight from Astra's Kodiak Island launch site. Astra's previous launch of the Rocket 3.3 vehicle from Cape Canaveral in February was not successful.

Earnings Reports

Lilium provided a FY2021 update on March 1st, with limited financial information:

  • The company generated no revenue in FY2021

  • Cash on hand at the end of FY2021 was ~$400M

  • Lilium did not provide any guidance on revenue for FY2022 in this update

Momentus announced financial results for Q4 2021 and FY2021 on March 8th:

  • The company generated no revenue in Q4 2021

  • Revenue for the full calendar year ending December 31st, 2021 was $330k

  • Cash on hand at the end of FY2021 was ~$160M

  • Momentus did not provide any guidance on revenue for FY2022 during the call

Spire announced preliminary financial results for Q4 2021 and FY2021 on March 9th:

  • Revenue in the quarter ended December 31st, 2021 was $15.0M, up 106% versus Q4 2020

  • Revenue for the full calendar year ending December 31st, 2021 was $43.4M, up 52% versus calendar year 2020

  • As of December 31, 2021, annual recurring revenue (ARR) was $70.8 million, an increase of approximately 96% versus ARR as of December 31st, 2020

  • Spire provided guidance for Q1 2022, forecasting revenue in the range of $16.5M - $17.5M, and FY2022 revenue in the range of $85M - $90M

Archer Aviation announced financial results for Q4 2021 and FY2021 on March 14th:

  • The company generated no revenue in FY2021

  • Cash on hand at the end of FY2021 was $747M

  • Archer did not provide any guidance on revenue for FY2022 during the call

 

New Space Companies' Performance


An overview of the performance of the new space companies we are tracking since they started trading in the public markets.


Revenue forecasts from investor material shared on SPAC Announcement date

 

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, 3/15/2022

Market data collected using the Yahoo Finance API

 

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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