Astra ($ASTR) reported earnings for Q1, revealing significant cutbacks in spending as the company pushes ahead on Rocket 4 development.
By the numbers
- Gross profit of $0
- Net loss of $44.9M
- Adj. EBITDA of -$42.3M
- $5M in capital expenditures in Q1
- $62.7M in cash on hand
$ASTR stock was trading at $0.39 at EOD Monday.
Closing contracts: Astra is continuing its Launch System 2 development and progressing toward a Rocket 4 launch as it chases down deals. The company clinched an $11.5M USSF contract to launch a mission on Rocket 4. It also delivered eight spacecraft engines and closed a deal with Apex to supply five propulsion kits.
Zooming out
Astra had a rough 2022. After the company failed to launch a NASA mission last summer, it pulled in $0 in Q4 revenue, received a delisting warning from Nasdaq in October, and laid off 16% of its workforce in November.
- Astra hasn’t been the only launch company struggling with the public markets—last month, Virgin Orbit filed for bankruptcy after failing to secure additional funding.
Last month, Nasdaq granted Astra a six-month extension to get its stock price over $1, which the company could achieve either organically through performance—a difficult road for a launch company in these times—or through a reverse stock split.
