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Newsletter #16: SpaceX's Transporter 5 Mission, Q1'22 Earnings Reports

New Space Activity

New Space News


SpaceX's Transporter-5 Mission

SpaceX's Transporter-5 mission launched on a Falcon 9 from Launch Complex 40 at Cape Canaveral, Florida on May 25th.


The mission carried 59 payloads for a variety of New Space customers, featuring both public companies and private companies. Spire, Satellogic, and Momentus were among the public company customers, while ICEYE, HawkEye360 and D-Orbit were among the private company customers.


Earnings Reports

Spire announced financial results for Q1 2022 on May 11th:

  • Revenue in Q1 2022 was $18.1M, an increase of 86% from the same quarter a year ago

  • Spire reported a net loss of $20.0M for Q1 2022

  • Spire had $91.6M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • Spire provided revenue guidance for Q2 2022 in the range of $18.2M - $19.2M

Virgin Orbit announced financial results for Q1 2022 on May 11th:

  • Revenue in Q1 2022 was $2.1M, a decrease of 62% from the same quarter a year ago

  • Virgin Orbit reported a net loss of $62.6M for Q1 2022

  • Virgin Orbit had $127.4M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • Virgin Orbit did not provide any revenue guidance

Archer Aviation announced financial results for Q1 2022 on May 12th:

  • GAAP net loss for Q1 2022 was $59.2M

  • Archer had $704M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • Archer provided guidance for Q2 2022 of GAAP operating expenses in the range of $80M - $86M

  • Archer did not provide any revenue guidance

Arqit Quantum announced financial results for the first half of the company's fiscal year 2022 on May 12th:

  • Arqit generated $12.3M in revenue and other operating income in 1H FY2022

  • This comprised $5.3M in revenue for Arqit's QuantumCloud product, and $7.0M from ESA projects

  • The operating loss for the period was $14.3M, versus a loss of $5.5M in the same period in fiscal year 2021

  • Arqit had $82.2M in cash and cash equivalents on its balance sheet on March 31st, 2022

BlackSky announced financial results for Q1 2022 on May 12th:

  • Revenue in Q1 2022 was $13.9M, an increase of 91% from the same quarter a year ago

  • BlackSky reported an operating loss for Q1 2022 of $27.1M

  • BlackSky had $138.4M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • BlackSky provided revenue guidance for FY 2022 in the range of $58M - $62M

Joby announced financial results for Q1 2022 on May 12th:

  • Joby generated no revenue in Q1 2022

  • Joby reported a net loss of $62.3M for Q1 2022

  • Joby had $1.2B in cash, cash equivalents, and short-term investments on its balance sheet on March 31st, 2022

  • Joby did not provide any revenue guidance

Redwire announced financial results for Q1 2022 on May 12th:

  • Revenue in Q1 2022 was $32.9M, an increase of 3.7% from the same quarter a year ago

  • Redwire reported a net loss of $17.3M for Q1 2022

  • Redwire had approximately $30M in available liquidity on March 31st, 2022, though only $5.9M of this was in cash and cash equivalents

  • Redwire had a backlog of $273.9M on March 31st 2022

AST Space Mobile announced financial results for Q1 2022 on May 16th:

  • Revenue in Q1 2022 was $2.4M, an increase of 151% from the same quarter a year ago

  • AST had $255.1M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • AST did not provide any revenue guidance

  • AST also highlighted a $75M committed equity facility that the company has put in place

IonQ announced financial results for Q1 2022 on May 16th:

  • Revenue in Q1 2022 was $2.0M, while bookings increased to $4.2M

  • IonQ had $586.4M in cash, cash equivalents, and investments on its balance sheet on March 31st, 2022

  • IonQ provided revenue guidance for Q2 2022 in the range of $2.3M - $2.5M


Rocket Lab announced financial results for Q1 2022 on May 16th:

  • Revenue in Q1 2022 was $40.7M, an increase of 124% from the same quarter a year ago

  • Rocket Lab reported a net loss of $26.7M for Q1 2022

  • Rocket Lab had approximately $603M in cash and cash equivalents on its balance sheet on March 31st, 2022

  • Rocket Lab provided revenue guidance for Q2 2022 in the range of $51M - $54M


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/performance 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

All market data from end of trading day Tuesday, 5/31/2022

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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