Astra Stock Drops with No End in Sight

Image: Astra

Astra ($ASTR) stock dropped another 19% yesterday to 75 cents a pop as it continues its downhill march. 

The startup executed a stock split a month ago in an effort to elevate its share price above $1.00 and keep its place on the NYSE. But share prices have again plummeted, dropping 70%, back to below a buck. 

With investors exiting stage left, the launch startup’s market cap sits at just $14M—a far cry from the $2.1B valuation the company garnered when it went public during 2021’s SPAC-apalooza. 

Heart of the issue: The company reported $36.7M of cash flow burn in Q2 alone, leaving it with just $26.3M in the bank. In an attempt to keep the lights on, the company slashed G&A expenses in half and redoubled focus on spacecraft thruster production.  

Bloomberg reported last week that Astra is looking to sell 51% of its space propulsion business at a $100M valuation. The news did nothing to stop Astra’s freefall, with investors likely deeming the a potential sale as unrealistic. 

Small launch: Small rocket startups have had a rough year with Virgin Orbit going under, Rocket Lab suffering a launch anomaly, and the market struggling to compete with SpaceX’s rideshare business. Despite the challenges, small launch continues to pick up solid wins, including Firefly’s recent 24-hour Victus Nox launch and Spanish rocket startup PLD’s first launch.  

Related Stories

ispace Raises $53.5M for Future Lunar Landers

Japanese lunar lander startup ispace has raised $8.1B yen ($53.5M) in a stock sale to help fund its third spacecraft. 


Planet President Kevin Weil Leaves As Company Touts Record Revenue

Planet ($PL) reported record revenue of $220.7M and a net loss of $140M in their fiscal year ending Jan. 31.


Earnings Report: What We’re Waiting For

Rocket Lab Needs Neutron The second-busiest US launcher’s losses—and future profits—all hinge on Neutron, a rocket designed to compete with SpaceX’s Falcon 9. CEO Peter Beck said the first hot fires of the new Archimedes engine will set the schedule for the rocket, which the company has ambitiously forecast to be on the launchpad this […]


Exclusive: Heliux Comes Out of Stealth With $2M In Funding

Heliux, a startup building an AI-powered enterprise operating system, is emerging from stealth today with the announcement of its first $2M funding round.