Astra Reports Q1 2023 Results

Image: Astra

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.