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Newsletter #8: Satellogic Trading on NASDAQ, Blue Origin Acquires Honeybee Robotics

New Space Activity

New Space Listings

Satellogic finally closed its SPAC transaction with CF Acquisition Corporation V on January 25th, and started trading on the NASDAQ on January 26th with the ticker SATL. The company has traded down since the transaction, and closed Tuesday, February 1st, down approximately 38% since its debut. Satellogic will be added to our Space Index and tracked going forward.


In additional new space SPAC news, Italian space transportation and orbital services company D-Orbit announced on January 27th that it will go public via a SPAC. D-Orbit plans to combine with special purpose acquisition company Breeze Holdings in a deal valued at ~$1.3B. The transaction is expected to close in the second or third quarter of 2022.


Industry News

Blue Origin is buying Honeybee Robotics, acquiring a provider of robotic systems for space and other extreme environments. Honeybee Robotics announced January 25th that its parent company was selling it to Blue Origin. Terms of the deal were not disclosed.


The European Commission announced a new program on January 25th that will provide early-stage funding for European space startups. The European Commission, European Investment Bank, and the European Investment Fund are committing at least €1B ($1.12B) over the next five years to the program.

Earnings Reports

Spire Global announced preliminary results on January 31st for both the fourth quarter and full year 2021, and also provided some early guidance for 2022. Q4 2021 revenue is expected to be $15.3M, an increase of 111% versus that of the prior year period. Full year 2021 revenue is expected to be $43.7M, an increase of 53% versus that of the prior fiscal year.


As of December 31, 2021, annual recurring revenue (ARR) is expected to be approximately $70.8M, an increase of 96% when compared to ARR at the end of 2020.


Looking forward to 2022, Spire expects full year 2022 revenue to be in the range of $85-$90M. The company also forecast that ARR as of December 31, 2022 will be in the $100-$105M range.

 

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, 2/1/2022

 

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.


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