New Space Activity
New Space News
SpaceX's Transporter-5 mission launched on a Falcon 9 from Launch Complex 40 at Cape Canaveral, Florida on May 25th.
The mission carried 59 payloads for a variety of New Space customers, featuring both public companies and private companies. Spire, Satellogic, and Momentus were among the public company customers, while ICEYE, HawkEye360 and D-Orbit were among the private company customers.
Earnings Reports
Spire announced financial results for Q1 2022 on May 11th:
Revenue in Q1 2022 was $18.1M, an increase of 86% from the same quarter a year ago
Spire reported a net loss of $20.0M for Q1 2022
Spire had $91.6M in cash and cash equivalents on its balance sheet on March 31st, 2022
Spire provided revenue guidance for Q2 2022 in the range of $18.2M - $19.2M
Virgin Orbit announced financial results for Q1 2022 on May 11th:
Revenue in Q1 2022 was $2.1M, a decrease of 62% from the same quarter a year ago
Virgin Orbit reported a net loss of $62.6M for Q1 2022
Virgin Orbit had $127.4M in cash and cash equivalents on its balance sheet on March 31st, 2022
Virgin Orbit did not provide any revenue guidance
Archer Aviation announced financial results for Q1 2022 on May 12th:
GAAP net loss for Q1 2022 was $59.2M
Archer had $704M in cash and cash equivalents on its balance sheet on March 31st, 2022
Archer provided guidance for Q2 2022 of GAAP operating expenses in the range of $80M - $86M
Archer did not provide any revenue guidance
Arqit Quantum announced financial results for the first half of the company's fiscal year 2022 on May 12th:
Arqit generated $12.3M in revenue and other operating income in 1H FY2022
This comprised $5.3M in revenue for Arqit's QuantumCloud product, and $7.0M from ESA projects
The operating loss for the period was $14.3M, versus a loss of $5.5M in the same period in fiscal year 2021
Arqit had $82.2M in cash and cash equivalents on its balance sheet on March 31st, 2022
BlackSky announced financial results for Q1 2022 on May 12th:
Revenue in Q1 2022 was $13.9M, an increase of 91% from the same quarter a year ago
BlackSky reported an operating loss for Q1 2022 of $27.1M
BlackSky had $138.4M in cash and cash equivalents on its balance sheet on March 31st, 2022
BlackSky provided revenue guidance for FY 2022 in the range of $58M - $62M
Joby announced financial results for Q1 2022 on May 12th:
Joby generated no revenue in Q1 2022
Joby reported a net loss of $62.3M for Q1 2022
Joby had $1.2B in cash, cash equivalents, and short-term investments on its balance sheet on March 31st, 2022
Joby did not provide any revenue guidance
Redwire announced financial results for Q1 2022 on May 12th:
Revenue in Q1 2022 was $32.9M, an increase of 3.7% from the same quarter a year ago
Redwire reported a net loss of $17.3M for Q1 2022
Redwire had approximately $30M in available liquidity on March 31st, 2022, though only $5.9M of this was in cash and cash equivalents
Redwire had a backlog of $273.9M on March 31st 2022
AST Space Mobile announced financial results for Q1 2022 on May 16th:
Revenue in Q1 2022 was $2.4M, an increase of 151% from the same quarter a year ago
AST had $255.1M in cash and cash equivalents on its balance sheet on March 31st, 2022
AST did not provide any revenue guidance
AST also highlighted a $75M committed equity facility that the company has put in place
IonQ announced financial results for Q1 2022 on May 16th:
Revenue in Q1 2022 was $2.0M, while bookings increased to $4.2M
IonQ had $586.4M in cash, cash equivalents, and investments on its balance sheet on March 31st, 2022
IonQ provided revenue guidance for Q2 2022 in the range of $2.3M - $2.5M
Rocket Lab announced financial results for Q1 2022 on May 16th:
Revenue in Q1 2022 was $40.7M, an increase of 124% from the same quarter a year ago
Rocket Lab reported a net loss of $26.7M for Q1 2022
Rocket Lab had approximately $603M in cash and cash equivalents on its balance sheet on March 31st, 2022
Rocket Lab provided revenue guidance for Q2 2022 in the range of $51M - $54M
The most recent earnings data from each of the companies tracked in our New Space index is shown below (companies that have reported financial results/performance for Q1 2022 are highlighted in blue).
New Space Listings
There were no new space listings in the last two weeks.
New Space Companies' Performance
An overview of the performance of the new space companies we are tracking since they started trading in the public markets.
Revenue forecasts from investor presentation material shared on date transaction announced
Enterprise Value on announced date calculated from equity value of SPAC transaction less anticipated cash raised, Enterprise Value on current date from Yahoo Finance
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, 5/31/2022
Market data collected using the Yahoo Finance API
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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