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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.

Axiom Space's Crew
Axiom Space's Crew. Source: Axiom Space

Earnings Reports

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

 

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, 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.

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