Five space companies gave their second quarter financial update this week. Here are the highlights:
Astra ($ASTR): The company reported $36.7M of free cash flow burn in Q2, reducing the company’s cash in the bank to $26.3M.
Astra is rapidly restructuring its businesses as it enters the homestretch in its race against cash burn. The company slashed G&A expenses by 52% since Q1 and is shifting its focus and resources from launch to spacecraft engine manufacturing.
Astra is betting on these changes slowing its cash burn. The company is projecting $15M-$20M of cash on hand at the end of Q3.
Terran Orbital ($LLAP): The satellite bus manufacturer reported Q2 revenue of $32.2M, a 51% YoY increase. Net loss for the quarter was $28.1M.
The company is pumping out 20 satellites per month to support its $2.6B, 370+ sat backlog, which includes Rivada’s monster 300-bird contract.
The company is predicting $250M in 2023 annual revenue and more growth in 2024 as it works through its robust backlog. $LLAP traded up 10% on the day.
AST SpaceMobile ($ASTS): The direct-to-cell satellite company announced a $115M debt raise in its Q2 reporting, bringing total capital raised for the quarter to $179M. The company’s first five Block 1 BlueBird satellites are fully funded and scheduled to launch in Q1 2024.
Intuitive Machines ($LUNR): The company announced the five-day window to launch its IM-1 lunar landing mission will open Nov. 15. Intuitive Machines has finished its Nova-C lunar lander and plans to ship the spacecraft to the Cape by Sept. 15.
- Intuitive Machines ended Q2 with $39.1M cash on hand and $137.3M in backlog.
Momentus ($MNTS): The space tug company is teetering on the brink of bankruptcy with just $21.3M of cash left in the bank, representing ~one quarter of cash burn. The company has hired Deutsche Bank to navigate its options.
