Earnings season is in full swing, with several closely-watched companies reporting financial results this week. Here’s our high-level takeaway on what you need to know.
Rocket Lab ($RKLB): While a number of space SPACs are just trying to keep their heads above water, Rocket Lab continues to be a bright spot.
The company executed three launches in Q2 and remains on track to hit 15 flights this year. Q2 revenue grew 12% YoY, supported by its spacecraft manufacturing segment, which brought in $39.6M (64% of total revenue) this quarter. Despite the growth, losses continue to pile up, hitting $45.9M of net loss this quarter.
Redwire ($RDW): The space infrastructure company is inching toward profitability. Net loss slimmed to $5.5M as the company continues to grow revenue while keeping a tight lid on fixed costs.
- Sales increased 64% YoY to $60.1M.
- Contracted backlog grew 68% YoY to $273M.
- Redwire secured $45.6M in new contracts this quarter.
Spire ($SPIR): Spire Q2 revenue increased 37% to $26.5M. The company now has $112.8M of annual recurring revenue and is projecting positive adjusted EBITDA and free cash flow in 2024. The company announced it will complete a reverse stock split within 30 days to boost its stock price over $1 and regain NYSE listing compliance.
BlackSky ($BKSY): BlackSky reported Q2 revenue of $19.3M, a 28% YoY increase. The company announced it has secured five additional Electron launches to deploy its Gen-3 EO birds.
Non-SPAC corner:
Viasat ($VSAT): Q1 revenue increased 36% YoY to $780M, driven by one month of Inmarsat sales and strong demand for inflight connectivity and information assurance. The company continues to work through ways of addressing last month’s ViaSat-3 Americas antenna anomaly, including further troubleshooting and augmenting capacity.
EchoStar ($SATS): EchoStar is merging with Dish Network ($DISH) in an all-stock agreement. The deal brings the two businesses back together 15 years after Echostar was spun out from Dish.
*Exhales*, a busy week indeed.
