Newsletter #13: Axiom Launches Crew, Earning Reports from Astra, AST Space Mobile, Planet, Redwire
New Space Activity
New Space News
Axiom Space successfully launched a four-astronaut commercial crew to the ISS on a Space X Falcon 9/Crew Dragon mission from Florida on April 8th. The four astronauts are scheduled to stay on the ISS for eight days, conducting research and performing other commercial activities. This is the first fully commercial private astronaut mission to the ISS.
Astra announced financial results for Q4 2021 and FY2021 on March 31st:
GAAP net loss for Q4 2021 was $51.3M
The company now has a backlog of $160M in its pipeline
Astra had $325M in cash and cash equivalents on its balance sheet on December 31st, 2021
Astra provided guidance for Q1 2022 of an EBITDA loss in the range of $44M - $48M
Astra did not provide guidance for FY2022
AST Space Mobile announced financial results for Q4 2021 and FY2021 on March 31st:
Revenue in Q4 2021 was $6.2M
Revenue for the full calendar year 2021 was $12.4M
AST Space Mobile had $324.5M in cash and cash equivalents on its balance sheet on December 31st, 2021
AST Space Mobile did not provide any guidance for Q1 2022 or for FY2022
Planet announced financial results for Q4 2022 and FY2022 on March 31st (note that Planet's FY2022 ended on January 31st, 2022):
Revenue in Q4 2022 was $37.1M, an increase of 23% from Q4 2021
Revenue for the full calendar year 2022 was $131.2M, an increase of 16% from FY2021
Planet had $490M in cash and cash equivalents on its balance sheet on January 31st, 2022
Planet provided guidance for Q1 2023 of revenue in the range of $38M - $41M
Planet provided full-year guidance for FY2023 of revenue in the range of $170M - $190M
Redwire announced financial results for Q4 2021 and FY2021 on March 31st:
Revenue for the full calendar year 2021 was $137.6M, an increase of 237% from FY2020 (note that Redwire's FY2021 revenue increased through inorganic growth)
Redwire had $20.5M in cash and cash equivalents on its balance sheet on December 31st, 2021 - combined with an additional $25M in available borrowing from credit facilities; the company believes it has enough liquidity for working capital needs
Redwire provided full-year guidance for FY2022 of revenue in the range of $165M - $195M
New Space Listings
There were no new space listings in the last two weeks.
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, 4/12/2022
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.
Recipients of this post are not to construe it as investment, legal, or tax advice, and it is not intended to provide the basis for any evaluation of an investment in any fund. Prospective investors should consult with their own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and risks associated with making an investment in any fund.
Promus Ventures is a trademark of Promus Holdings, LLC. Used under license.
Copyright 2022 Promus Ventures, all rights reserved.