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Newsletter #9: Blade Air Mobility, Redwire Announce FY 2021 Results

New Space Activity

New Space Listings

There were no New Space SPAC listings over the last two weeks.

Industry News

Astra experienced a launch failure during the company's LV0008 mission on February 10th. The Astra rocket was carrying a number of NASA-sponsored cubesats from various academic institutions.

Earnings Reports

Blade Air Mobility, one of the emerging VTOL/eVTOL mobility companies that we track in our New Space index, announced financial results for Q4 and FY 2021 on February 10th.

  • Revenues in the quarter ended December 31st, 2021 were up 208% to $24.6M versus Q4 2020, and 371% higher versus the pre-COVID quarter ended December 31st, 2019.

  • Revenues for the full calendar year ending December 31st, 2021 were $67.2M, up 156% versus calendar year 2020, and up 106% versus pre-COVID calendar year 2019.

Redwire announced preliminary FY 2021 results on February 3rd, prior to releasing final FY 2021 financials.

Source: Redwire
  • The company indicated that it expects to generate between $135M and $140M in total GAAP revenue and between $146M and $151M in total pro forma revenue for the year ended December 31st, 2021.


  • GAAP revenue will be 160% higher versus calendar year 2020, while pro-forma revenue will be 30% higher than 2020.


 

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, 2/15/2022


 

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.

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