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Newsletter #15: Momentus to Launch First Mission, Q1'22 Earnings Reports

New Space Activity

New Space News

Momentus' Vigoride Vehicle

Momentus announced on May 5th that it has secured all the approvals needed from federal agencies and regulators for its first mission. The company will launch a Vigoride tug on the SpaceX Transporter 5, currently scheduled for May 25th.


Earnings Reports

Astra announced financial results for Q1 2022 on May 5th:

  • GAAP net loss for Q1 2022 was $85.7M

  • Astra had $255M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • Astra provided guidance for Q2 2022 of an EBITDA loss in the range of $58M - $64M

  • Astra did not provide guidance for FY2022

Virgin Galactic announced financial results for Q1 2022 on May 5th:

  • Net loss for Q1 2022 was $93M, versus a net loss of $130M in Q1 2021

  • Virgin Galactic had $1.2B in cash and cash equivalents on its balance sheet on March 31st 2022

  • Virgin Galactic provided guidance for Q2 2022 of free cash flow in the range of ($80M) - ($90M)

Blade announced financial results for Q1 2022 on May 10th:

  • Revenue in Q1 2022 was $26.6M, an increase of 187% from the same quarter a year ago

  • Blade had $2.5M in cash and cash equivalents on its balance sheet on March 31st 2022, but also had $266.6M in short-term investments

Momentus announced financial results for Q1 2022 on May 10th:

  • The company generated no revenue in Q1 2022, and reported a net loss of $26.8M for the quarter

  • Momentus had $135M in cash and cash equivalents on its balance sheet on March 31st, 2022

The most recent earnings data from each of the companies tracked in our New Space index is shown below (companies that have reported financial results for Q1 2022 are highlighted in blue).


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 presentation material shared on date transaction announced

Enterprise Value on announced date calculated from equity value of SPAC transaction less anticipated cash raised, Enterprise Value on current date from Yahoo Finance

 

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


Legacy Space Companies - Forward (FY2022) Revenue Multiples

All market data from end of trading day Tuesday, 5/10/2022

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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