- Parabolic Arc
- November 29, 2023
Space SPAC Index – Satellogic to Move Back to US, Reports 1st Half Results
Welcome to S-SPACi! In this edition, Uraguay-based Satellogic decided to relocate to the United States, Rocket Lab revised its guidance after its Electron rocket failed, Terran Orbital completed a big raise as its stock hit an all-time low, Redwire’s technology played a key role in OSIRIS-REx’s successful return of an asteroid sample to Earth, and Intuitive Machine has launched a line of apparel.
Satellogic moving to US
Earth observation satellite operator Satellogic (Nasdaq: SATL) announced it is “redomiciling” the company from the British Virgin Islands to the state of Delaware as part of a wider effort to better tap into the American market.
The Uruguay-based company also announced it had:
- appointed Matt Tirman as president, Caitlin Kontgis as senior vice president of commercial growth, and Lorri Kohler as senior vice president of operations, all located in the U.S.;
- filed a license application with the National Oceanic and Atmospheric Administration (NOAA) for its satellite constellation;
- saved $7.5 million by laying off approximately 110 employees, which represented about 25 percent of its total headcount;
- expanded its constellation by launching 12 satellites.
Satellogic announced higher revenue of $3.2 million for the first half while its net loss increased.
Second Quarter Results at a Glance
- First Half Revenue: $3.2 million vs. $2.4 million (YoY)
- First Half Net Loss: $(29,851 million) vs. $(8.1 million) (YoY)
- Cash and Cash Equivalents: $42 million (June 30) vs. $76.5 million (December 31, 2022)
- First Half Adjusted EBITDA: $(23.8 million) vs. ($26.7 million) (YoY)
“The first half of 2023 was highlighted by continued revenue growth supported by additional satellites in orbit, and the first steps to implement a strategic realignment of our business to capitalize on our highest growth opportunities in the US,” CEO Emiliano Kargieman said. “We are highly focused on leveraging the largest commercial fleet of sub-meter resolution satellites in the world with an aggressive plan to meet the developing needs of our customers and the broader EO market making our organization more streamlined and efficient.”
Shares of Satellogic sank 8.8 percent to close at an all-time low of $1.14 on Wednesday (September 27).
Satellogic Updated Guidance
|(in millions of U.S. dollars, except number of satellites||2023||2024||2025|
|Satellites Launched into Constellation||12||8 – 12||5 – 9|
|Revenues||$10 – $20||$38 – $58||$60 – $90|
|Adjusted EBITDA||($45) – ($35)||($15) – $5||$5 – $5|
Satellogic also updated its guidance for the next two years, which forecasts sharply increasing revenue and the adjusted EBITA turning positive in 2025.
Rocket Lab Revises Revenue Guidance
Rocket Lab (Nasdaq: RKLB) revised its revenue guidance for the third quarter downward following the failure of an Electron rocket on September 19. The company now expects $66 to $68 million in the quarter instead of $73 to $77 million.
Rocket Lab Revised Guidance
Third Quarter 2023
|Revised Q3 Guidance||Prior Q3 Guidance|
|Revenue||$66 million to $68 million||$73 million to $77 million|
|Launch Services revenue||$22 million||$30 million|
|Space Systems revenue||$44 million to $46 million||$43 million to $47 million|
|GAAP Gross Margin||18% to 20%||21% to 23%|
|Non-GAAP Gross Margin||26% to 28%||28% to 30%|
“The adjustments reflect the postponement of a scheduled Electron mission, previously expected to launch before the end of the third quarter 2023, while the Company completes an investigation into the in-flight anomaly. The company does not anticipate any material incremental expenses to be recognized in Q3 2023 as a result of the anomaly,” Rocket Lab said in a press release.
Space SPAC Index
September 27, 2023
|Company||First Trading Day||Opening Share Price||High||Closing Price|
|Astra Space (Nasdaq: ASTR)||July 1, 2021||$12.30||$16.95 (7/2/21)||$1.80|
|AST SpaceMobile (Nasdaq: ASTS)||April 7, 2021||$11.63||$15.48 (6/30/21)||$3.70|
|BigBear.ai (NYSE: BBAI)||Dec. 8, 2021||$9.84||$16.12 (4/6/22)||$1.48|
|BlackSky (NYSE: BKSY)||Sept. 10, 2021||$11.80||$13.20 (9/16/21)||$1.20|
|Intuitive Machines (Nasdaq: LUNR)||Feb. 14, 2023||$10.00||$136.00 (2/20/23)||$3.49|
|Momentus (Nasdaq: MNTS)||Aug. 13, 2021||$10.85||12.87 (9/7/21)||$1.33|
|Planet Labs (NYSE: PL)||Dec. 8, 2021||$11.25||$11.65 (12/8/21)||$2.50|
|Redwire (NYSE: RDW)||Sept. 3, 2021||$10.70||$16.98 (10/25/21)||$2.87|
|Rocket Lab (Nasdaq: RKLB)||Aug. 25, 2021||$11.58||$21.34 (9/9/21)||$4.30|
|Satellogic (Nasdaq: SATL)||Jan. 26, 2022||$9.19||$10.92 (5/4/22)||$1.14|
|SatixFy (NYSE AMERICAN: SATX)||Oct. 28, 2022||$8.29||$51.70|
|Spire (NYSE: SPIR)||Aug. 17, 2021||$10.25||$19.50 (9/22/21)||$5.06|
|Terran Orbital (NYSE: LLAP)||March 28, 2022||$12.69||$12.69 (3/28/22)||$0.85|
|Virgin Galactic (NYSE: SPCE)||Oct. 28, 2019||$11.79||$62.80 (2/4/21)||$1.65|
Terran Orbital closes $32.5 million public offering
Terran Orbital (NYSE: LLAP) closed the sale of 23.2 million shares of common stock and warrants to purchase up to 23.2 million shares of common stock at a combined price of $1.40 per share and accompanying warrant. The gross proceeds totaled $32.5 million before deducting placement agents’s fee and other expenses.
“Terran Orbital expects to use the net proceeds of the offering for general corporate purposes, including capital expenditures, working capital, research and development, and general and administrative expenses, and maintenance of the liquidity covenant in the Company’s debt documents,” the company said in a press release.
Terran Orbital’s stock crashed through the $1.00 mark to hit an all-time low of $0.83 on September 25. The stock closed at $0.85 today (September 27).
How low can you go
Satellogic and Terran Orbital were not the only space SPACs to hit all-time lows on the stock market. Shares of Virgin Galactic (NYSE: SPCE) sunk to $1.59 before closing at $1.65. Momentus (Nasdaq: MNTS) also closed at a low of $1.33, the lowest point since the company performed a reverse stock split to boost its value.
Meanwhile, BigBear.ai’s (NYSE: BBAI) shares rose 14.9 percent to close at $1.47. A search online did not reveal any company announcements or analyst upgrades that might have caused the stock to rise.
Redwire tech helped to guide OSIRIS-REx
Redwire (NYSE: RDW) technology was crucial in guiding NASA’s OSIRIS-REx spacecraft during its seven-year, 3.86 billion mile mission to asteroid Bennu and back. The company’s Coarse Sun Sensor (CSS) units have determined the position of the Sun for navigation and pointed the spacecraft’s solar arrays at it to provide power.
After returning a sample of Bennu to Earth on September 24, the spacecraft will fly to a rendezvous with asteroid Apophis as part of the OSIRIS-APEX mission.
Intuitive Machines launches apparel line
Intuitive Machines (Nasdaq: LUNR) is selling a line of apparel on Amazon.com ahead of the planned November launch of its IM-1 mission to land on the Moon. The company is selling t-shirts, hoodies, tank tops, sweatshirts, and more.