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Space SPAC Index – Doubts About Survival of Astra and Momentus

By Doug Messier
Parabolic Arc
May 17, 2023
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Space SPAC Index – Doubts About Survival of Astra and Momentus
Vigoride orbital transfer vehicle.
Image Credit: Momentus Space.

Welcome to S-SPACi. In this week’s edition, Momentus and Astra say there are serious doubts about their long-term survival, Terran Orbital and Redwire saw first-quarter revenue increases, Virgin Galactic has set a date for its next launch, and Virgin Orbit entered into a stalking horse agreement for the purchase of its Boeing 747 aircraft.

Momentus: Success in Space, Revenue Lags

In-space transportation provider Momentus Space (Nasdaq: MNTS) reported only $22,000 in revenue and a net loss of $20.8 million during the first quarter of 2023. The company had zero revenue and a $26.8 million loss during the same period last year. Momentus had $38 million in cash and cash equivalents as of March 21. There is “substantial doubt” about the company’s ability to survive over the next 12 months, the company said in a Securities and Exchange Commission (SEC) filing.

Meanwhile, the company is reporting success with its Vigoride 5 and Vigoride 6 space tugs, which were launched into orbit on SpaceX Falcon 9 rockets in January and April, respectively. The company successfully tested its Microwave Electrothermal Thruster system on Vigoride 5, with firings lasting from 30 seconds to six minutes. As board member Chris Hadfield explained to SpaceRef, its thrusters are powered by distilled water.

Momentus also revealed that it had signed services agreements with FOSSA Systems, Hello pace, Lunasonde, SatRev, and an undisclosed customer that plans to launch a constellation of 100 satellites. The Space Development Agency selected Momentus for a Small Business Innovation Research Phase 2 award to develop new technology.

Momentus has also booked space on three SpaceX Transporter rideshare flights in 2024.

Astra Space launch vehicle.
Astra Space launch vehicle. Image credit: Astra Space.

Astra Space Reports Zero Revenue

Astra Space (Nasdaq: ASTR) also admitted there is “substantial doubt” about its ability to continue operating. The struggling launch and spacecraft propulsion provider reported zero revenue and a $44.9 million net loss for the first quarter on Monday amid dwindling reserves of cash and securities.

Astra ended the first quarter with $62.7 million in cash, cash equivalents, and marketable securities. Cash and cash equivalents totaled $16.8 million with $45.9 million in marketable securities.

Astra has filed to raise $100 million through the sale of preferred and common stock, debt securities, debt warrants, equity warrants, rights, and units. The company also reported an $11.45 million launch contract with the U.S. Space Force for Astra’s new Rocket 4, which is due to begin flight tests later this year.

Space SPAC Index
May 17, 2023

CompanyFirst Trading DayOpening Share PriceHighClosing Price
Astra Space (Nasdaq: ASTR)July 1, 2021$12.30$16.95 (7/2/21)$0.37
AST SpaceMobile (Nasdaq: ASTS)April 7, 2021$11.63$15.48 (6/30/21)$5.26 (NYSE: BBAI)Dec. 8, 2021$9.84$16.12 (4/6/22)$2.40
BlackSky (NYSE: BKSY)Sept. 10, 2021$11.80$13.20 (9/16/21)$1.29
Intuitive Machines (Nasdaq: LUNR)Feb. 14, 2023$10.00$136.00 (2/20/23)$7.80
Momentus (Nasdaq: MNTS)Aug. 13, 2021$10.8512.87 (9/7/21)$0.34
Planet Labs (NYSE: PL)Dec. 8, 2021$11.25$11.65 (12/8/21)$4.15
Redwire (NYSE: RDW)Sept. 3, 2021$10.70$16.98 (10/25/21)$2.69
Rocket Lab (Nasdaq: RKLB)Aug. 25, 2021$11.58$21.34 (9/9/21) $4.50
Satellogic (Nasdaq: SATL)Jan. 26, 2022$9.19$10.92 (5/4/22) $2.25
Satixfy (NYSE: SATX)Oct. 28, 2022$8.29$51.70
Spire (NYSE: SPIR)Aug. 17, 2021$10.25 $19.50 (9/22/21)$0.70
Terran Orbital (NYSE: LLAP)March 28, 2022$12.69$12.69 (3/28/22) $1.55
Virgin Galactic (NYSE: SPCE)Oct. 28, 2019$11.79$62.80 (2/4/21)$4.50
Virgin Orbit (OTCMKTS: VORBQ)Dec. 30, 2021$8.525$11.28 (1/11/22)$0.071
Stock Price Source: Google Finance.

Terran Orbital’s Revenue Increases

Terran Orbital (NYSE: LLAP) reported a 115 percent year-over-year increase in first-quarter revenue as the satellite manufacturer trimmed 24 percent off its net loss. The company received a milestone payment for the 300-satellite constellation it is building for Rivada Space Networks.

Redwire’s Earnings Soar

Redwire reported a 75.3 percent increase in first-quarter revenues to $57.6 million as compared to the first three months of 2022. The company’s net loss shrunk from $17.3 million to $7.3 for the same period.

Virgin Galactic Flight

Virgin Galactic (NYSE: SPCE) will conduct the final flight test of the VSS Unity suborbital space plane on May 25. If all goes well, two Italian Air Force officers and an Italian researcher will fly on the company’s first paid passenger flight in late June.

Virgin Orbit & Stratolaunch Sign Stalking Horse Agreement

Bankrupt launch provider Virgin Orbit (OTCMKTS: VORBQ) has entered a stalking horse agreement to sell its Boeing 747 Cosmic Girl to Stratolaunch for $17 million. The agreement sets a minimum floor price for the aircraft, which launches satellites using the LauncherOne rocket. Bids for Virgin Orbit are due on Friday, May 19. An auction will be held on Monday, May 22 if more than one qualified bid is received.

One response to “Space SPAC Index – Doubts About Survival of Astra and Momentus”

  1. Stanistani says:

    Very useful, thank you Doug!

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