Q3 Earnings Roundup: AST SpaceMobile, Terran Orbital, Intuitive Machines, Momentus

Image: Intuitive Machines

We’re deep into earnings season, and the space SPACs have been reporting all week. Here’s our roundup of the highlights.

New Plans for AST SpaceMobile

AST SpaceMobile ($ASTS) booked a busy quarter, demonstrating 5G broadband connectivity from its BlueWalker 3 satellite for the first time and achieving 14 Mbps download rates.

Another satellite launch is slated for Q1 2024, which will send the company’s first five commercial satellites to orbit to begin limited direct-to-cell operations. The company has so far raised $115M in debt to fund this project.

The company reported $135.7M in cash on hand at the end of September. From the beginning of 2023 to the end of Q3, stockholders’ equity has dropped from $359.8M to $287.2M.

Terran Orbital Revenues Up, Outlook Down

Terran Orbital’s ($LLAP) revenues were up from the year before in Q3. The company pulled in $43.9M, up 58% YoY, and earned gross profit of $9.7M, but reported a net loss of $26.4M for the quarter. Terran reported $38.7M in cash on hand, and ~$313.0M in gross debt obligations.

“We are still in the early stages of leveraging our enhanced capabilities from our investments in our supply chain such as machinery, equipment, and automation,” CEO Marc Bell said in a release. “We believe these investments will help us position ourselves to win major customer awards while improving our operating metrics.”

Terran is still waiting on a delayed payment from Rivada Space Networks, which awarded the company a $2.4B contract to build the satellites for its planned constellation—the lion’s share of the company’s backlog of ~$2.6B. Because of this delayed payment, the company cut its revenue projections for 2023 in half, from $250M to ~$130M.

Intuitive Machines to the Moon

That’s speaking literally, for the record. Intuitive Machines ($LUNR) said on its earnings call that it’s hoping to launch up to three lunar missions in 2024, including its first Nova-C mission scheduled for Jan. 12.

The company reported $40.7M in cash on hand at the end of Q3. It pulled in $12.7M in revenue, up from $10.3M the year before, and had a backlog of $135.2M at the end of September, not including a $719M five-year NASA contract.

Momentus’ Cash Dwindles

Momentus ($MNTS) has been struggling for cash this year. It raised $16.9M in gross proceeds over a series of common stock offerings, and raising additional cash to stay afloat has been a challenge.

In Q3, the company pulled in $220,000 in revenue but reported a net loss of $15.2M, coming out to a net loss per share of $7.20. The company is tracking toward bankruptcy at that rate of burn, with only $10.5M in cash left in the bank at the end of Q3.

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