This Week In Space Industry(11/11/2023)

Greetings Detectives

Welcome to Rocket Roundup, Your favorite Saturday space newsletter! We're here to share exciting space news and discoveries with you.

Let's embark on this cosmic journey together! In This Issue:

• Astra founders offer to take company private

• Virgin Galactic lays off 185 employees

• Q3 earing reports

• Summer Internships

Astra founders offer to take company private

The founders of Astra, Chris Kemp and Adam London, have proposed taking the company private at a value of about $30 million. They offered $1.50 per share, representing a 103% premium to the closing price of $0.74 per share. Kemp and London anticipate raising $60 million to $65 million in capital to fund the move, covering the purchase price, transaction expenses, and bridge financing. Astra's rocket-launching business has been on hiatus since a mission failure in June 2022, and the company is facing financial challenges, with its cash reserves dropping below $10.5 million. Astra went public via a SPAC merger in February 2021.

Virgin Galactic lays off staff as it focuses on next-generation suborbital vehicle

Virgin Galactic is cutting expenses and laying off 185 employees (18% of its workforce) in a strategic realignment to prioritize the development of its next-gen Delta class spaceplanes. The move aims to conserve resources for the Delta program, expected to offer more cost-effective and frequent flights than the existing SpaceShipTwo. The Delta vehicles are set to enter service in 2026. The layoffs include around 78 employees from the Mojave operation in California. The company will also pause spaceflights in mid-2024 to redirect funding and resources to the Delta spacecraft.

Here is a summary of the Q3 earnings for several space-related companies:

1. EchoStar ($SATS):

- Cash & Equivalents: $2.0B
- Revenue: $413M (-17% YoY)
- Net Income: $0.5M (-97% YoY)
- Adjusted EBITDA: $126M (-21% YoY)
- Subscribers: 1.063M (-13% YoY)

2. Telesat ($TSAT):

- Cash & Equivalents: $1.8B
- Revenue: $175M (-3% YoY)
- Net Income: $(3)M vs $(229)M
- Adjusted EBITDA: $133M (-3% YoY)

3. Redwire ($RDW):

- Total Available Liquidity: $31M
- Revenue: $63M (+68% YoY)
- Net Loss: $(6)M vs. $(11)M
- Adjusted EBITDA: $5M vs. $(2)M
- Backlog: $253M (+60% YoY)

4. MDA ($MDA):

- Cash & Receivables: $88.6M
- Revenue: $205M (+19% YoY)
- Net Income: $9M (-48% YoY)
- Adjusted EBITDA: $43M (+10% YoY)
- Backlog: $3.1B

5. Big Sky ($BKSY):

- Cash & Equivalents: $51.5M
- Revenue: $21M (+26% YoY)
- Net Income: $1M vs. $(13)M
- Adjusted EBITDA: $(1)M vs. $(7)M

6. Spire Global ($SPIR):

- Cash & Equivalents: $30M
- Revenue: $27M (+34% YoY)
- Net Loss: $(18)M vs. $(22)M
- Adjusted EBITDA: $(4)M vs. $(9)M
- ARR Rev / Customers: $103M / 827

7. Rocket Lab ($RKLB):

- Cash & Equivalents: $141M
- Revenue: $68M (+7% YoY)
- Net Loss: $(41)M vs. $(35)M
- Adjusted EBITDA: $(16)M vs. $(7)M

8. Virgin Galactic ($SPCE):

- Cash & Equivalents: $1.1B
- Revenue: $2M (+113% YoY)
- Net Loss: $(105)M vs. $(146)M
- Adjusted EBITDA: $(87)M vs. $(129)M
- Free Cash Flow: $(105)M vs. $(102)M

9. Viasat ($VSAT):

- Revenue: $1.2B (+85% YoY)
- Net Loss: $(767)M vs. $(48)M
- Adjusted EBITDA: $486M (+210% YoY)
- Backlog: $3.6B (+54% YoY)

These figures provide insights into the financial performance and position of these companies in the space industry during the third quarter of the year.
(Credits: thespaceinvestor)

DoD signs $270 million agreement to acquire SES satellite communications services

The U.S. Defense Department has inked a $270 million deal with global satellite operator SES for satellite communications services. The five-year agreement covers services from SES O3b broadband constellation in medium Earth orbit, part of a 2018 blanket purchase agreement with DoD’s Defense Information Systems Agency. SES, based in Luxembourg, serves the U.S. government through its subsidiary SES Space & Defense in Virginia. The deal includes broadband satellite services, gateway services, terminals, technical support, installation services, terrestrial backhaul, and training. SES is deploying next-gen O3b mPower satellites, though recent electrical issues will impact their operational life and capacity.

Rocket Factory Augsburg (RFA) won £3.5M ($4.3M) in Boost

The European Space Agency (ESA) is boosting German startup Rocket Factory Augsburg (RFA) with additional funding for its RFA One launch vehicle. The 30m tall RFA One aims for a 1300 kg payload to a 500 km polar orbit and will launch from SaxaVord Spaceport in the UK. ESA's funds will support manufacturing, integration, and testing of the Redshift orbital stage. The SaxaVord launch pad will receive €3.6 million for infrastructure development. ESA anticipates this support will spur pan-European job growth and expertise in commercial space.

Sift raises $7.5M to build a telemetry stack

Sift, a startup founded by two ex-SpaceX engineers, has raised $7.5 million to develop an end-to-end telemetry stack that simplifies the collection and analysis of real-time, critical data on machine performance. Telemetry is crucial for hardware projects, and Sift aims to offer a more cost-effective and efficient solution compared to existing options. The startup's telemetry stack includes storage, real-time analytics, and visualization, allowing engineers to analyze sensor data around specific events and encode rules relating to machine behavior from the beginning. Sift plans to use the funding to scale its product and expand its engineering team.

• Space startup Spherical Systems raises 1 million euros pre-seed round

• Momentus Signs Contract with AVS for 2024 Orbital Delivery

• SpaceX Eyes $15 Billion in 2024 Sales on Starlink Strength

• VERITAS mission warns of risks of launch delay

• EU finalizing contract with SpaceX for Galileo launches

• ViaSat-3 failure investigation to conclude next week

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