Newsletter #12: Terran Orbital Listed on NYSE, Earning Reports from Joby, IonQ, Virgin Orbit
New Space Activity
New Space Listings
Terran Orbital completed its SPAC transaction with Tailwind Two Acquisition Corporation on March 25th, and started trading on the NYSE on Monday, March 28th with the ticker LLAP. Similar to many other recent New Space SPACs it appears as though the transaction experienced significant redemptions from SPAC shareholders. Tailwind Two Acquisition Corporation originally had $345M in the SPAC trust when the deal was announced, but Terran Orbital only received $29.4M of equity proceeds from Tailwind Two's cash-in-trust, implying a redemption rate of over 85%.
Terran Orbital raised $255.4M in gross proceeds from the transaction, adding $50.8M from a PIPE and $175.3M in debt financing. Terran Orbital will be added to our New Space index and tracked going forward.
Joby announced financial results for Q4 2021 and FY2021 on March 24th
No revenue was generated in Q4 2021, but Joby did record $5.0M in net income ifor the same quarter
Net loss for FY2021 was $180.3M
Joby has $1.3B in cash on its balance sheet and believes it is adequately capitalized to execute on its technical and product roadmap
IonQ announced financial results for Q4 2021 and FY2021 on March 28th:
Revenue in Q4 2021 was $1.6M
Revenue for the full calendar year 2021 was $2.1M
IonQ provided guidance for FY2022, forecasting revenue in the range of $10.2M - $10.7M
Virgin Orbit announced financial results for Q4 2021 and FY2021 on March 29th:
Revenue in Q4 2021 was $155k
Revenue for the full calendar year 2021 was $7.4M
Virgin Orbit's binding and non-binding backlog was $575M on December 31st 2021
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
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, 3/22/2022
Market data collected using the Yahoo Finance API
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