Equities
Stories about space companies’ finances, including earnings reports and M&A news.
BlackSky Reports Q4 Results
BlackSky ($BKSY) is paring losses; winning key contracts; and sees a near-term path to (adjusted) profitability. Those were the key takeaways bright and early at 7:30am on Tuesday, when the Herndon, VA satellite operator reported its fourth-quarter and full-year 2022 financial results. For the full year, BlackSky pulled in $65.4M in revenue, up 92% over…
Momentus Reports Q4 and FY22 Results
Momentus ($MNTS) is in a race against its cash burn. That’s the read from the space tug developer’s Q4 results, which portend a runway crunch in the coming year. At the same time, though, Momentus touted key new customer wins and a clean bill of health for its Vigoride-5 space tug. And it also has…
Who Will Buy ULA? What Payload Readers Say
United Launch Alliance, a joint venture formed in 2006, may soon have a new corporate home. That’s because co-owners Boeing ($BA) and Lockheed Martin ($LMT) are reportedly putting ULA up for sale, according to a blockbuster story last week from Ars Technica’s Eric Berger. Morgan Stanley and Bain were hired to facilitate the transaction, which…
Rocket Lab Projects Busy 12 Months
Rocket Lab ($RKLB) fired off a number of key business updates on Tuesday’s earnings call. To start, the company reported robust Q4 revenue of $51.8M, an 88% YoY increase. The business outlook Rocket Lab’s backlog increased from $241M in Q4 ‘21 to $504M at the end of 2022. Strong order volume is driven largely by…
Dish, EchoStar Report Q4 Earnings
Dish Reports Q4 2022 Earnings: Yesterday, Dish ($DISH) reported that Q4 net income increased to $936M, a substantial rise from $552M in the prior year. The revenue story was not as bright: Dish generated $4.04B in Q4 sales, down 9% from the prior year. The culprit for revenue declines is a lower subscription base across…
Terran Orbital Wins $2.4B Rivada Contract
Live long and prosper… Another day, another three-comma space contract. Terran Orbital said Wednesday that it won a $2.4B contract to design, build, and deploy a 300-bird constellation for Rivada Space Networks. The Rivada constellation will consist of 288 LEO satellites and 12 spares. They’ll be linked by lasers, packing on-board data routers, and tasked…
Intuitive Machines Stock Skyrockets, Tripling Three Days after Going Public
On Thursday, shares of newly public Intuitive Machines ($LUNR) closed at $44.77 a pop, up a staggering 251% on the day. The company’s stock has tripled in three days of trading. Trading of the lunar exploration company’s stock was briefly halted midday as volatility triggered the NASDAQ circuit breaker. The surge comes just three days after…
SPAC Shareholders Set to Vote on Intuitive Machines Merger
On Wednesday morning, shareholders are set to vote on Intuitive Machines’s reverse merger with Inflection Point Acquisition Corp ($IPAX), a Nasdaq-listed SPAC. If investors vote to approve the de-SPAC, the combined entity will be listed under the new ticker symbol $LUNR. SPAC facts, at a glance Intuitive Machines, headquartered in Houston, announced its intentions to…
Aerospace & Defense Primes Report Q4, Full-Year 2022 Earnings
The aerospace & defense (A&D) primes started reporting fourth-quarter results on Tuesday, with Raytheon ($RTX) teeing off first, followed by Lockheed Martin ($LMT), Boeing ($BA), General Dynamics ($GD), and Northrop Grumman ($NOC) this morning. Across the board, companies’ results and forward-looking projections were on the one hand buoyed by sky-high American and allied defense budgets.…
Aerospace, Defense M&A Sees Second Busiest Year Ever
2022 was the second largest year of ADG deal-making on record, according to a comprehensive analysis published Wednesday by market intelligence firm HigherGov. BTW…ADG = aerospace, defense, and government, and M&A = mergers and acquisitions. With this one simple trick—using ADG and M&A rather than writing the phrases out in full—we’ve given you seconds of…
Exclusive: Euroconsult Values 2022 Space Economy at $464B
In its flagship Space Economy Report published this morning, Paris-based Euroconsult finds that the space market grew 8% in 2022. This report is the gold standard for market intelligence on the end-to-end space economy, from upstream manufacturers to downstream service providers and end users across civil, military, and commercial space. The space value chain… …as…
Space Markets: The Year in Review
The key theme for aerospace within financial markets has been the bifurcation of performance between the traditional aerospace and defense (A&D) sector and space SPACs. Despite the broader market’s abysmal performance this year, traditional A&D companies have outperformed phenomenally. Companies like Lockheed Martin, Raytheon, Northrop Grumman, and BAE Systems are trading 15%–37%+ YTD. The sector…
Maxar, Aerojet Rocketdyne Agree to $6.4B and $4.7B Takeovers
On Friday morning, the markets woke up to quite a surprise: A PE firm was taking Maxar ($MAXR) private in a mega-deal worth $6.4B. Then, we saw a monster merger confirmed Sunday evening, with L3Harris ($LHX) agreeing to buy Aerojet Rocketdyne ($AJRD). $MAXR take-private Maxar’s board voted unanimously to enter into a definitive merger agreement…
