Welcome to S-SPACi! In this edition, Momentus announced a reverse stock split to avoid being delisted, Redwire will supply a biotech manufacturing facility for Sierra Space’s station, there was news about Virgin Galactic’s next flight, and Planet Labs, Rocket Lab and Satellogic won new contracts. Plus second-quarter results from BlackSky, Intuitive Machines, and BigBear.ai.
Momentus announces reverse stock split
Momentus (Nasdaq: MNTS) announced it would conduct a reverse stock split today (August 23) in which every 50 common shares will be combined into one share. The 1-for-50 reverse split will reduce approximately 98 million shares to around two million shares. Momentus closed at $0.24 on Wednesday, so the move should raise the share price to about $12. The split will take place tonight at 11:59 PM EDT.
Momentus is facing an early October deadline from Nasdaq to raise its stock price to at least $1 or face possible delisting from the exchange. The struggling company recently laid off 30 percent of its staff amid low revenue and dwindling cash reserves.
Redwire, Sierra Space partner on biotech
Redwire (NYSE: RDW) will deliver a suite of commercial biotechnology and manufacturing technologies for integration into Sierra Space’s Large Integrated Flexible Environment (LIFE) habitat. The suite will include large molecule crystallization technology that will be used for pharmaceutical production, manufacturing facilities for industrial crystals, a gradient-temperature furnace, and thermally conditioned stowage lockers.
Space SPAC Index
August 22, 2023
| Company | First Trading Day | Opening Share Price | High | Closing Price |
|---|---|---|---|---|
| Astra Space (Nasdaq: ASTR) | July 1, 2021 | $12.30 | $16.95 (7/2/21) | $0.25 |
| AST SpaceMobile (Nasdaq: ASTS) | April 7, 2021 | $11.63 | $15.48 (6/30/21) | $3.77 |
| BigBear.ai (NYSE: BBAI) | Dec. 8, 2021 | $9.84 | $16.12 (4/6/22) | $1.39 |
| BlackSky (NYSE: BKSY) | Sept. 10, 2021 | $11.80 | $13.20 (9/16/21) | $1.42 |
| Intuitive Machines (Nasdaq: LUNR) | Feb. 14, 2023 | $10.00 | $136.00 (2/20/23) | $4.57 |
| Momentus (Nasdaq: MNTS) | Aug. 13, 2021 | $10.85 | 12.87 (9/7/21) | $0.24 |
| Planet Labs (NYSE: PL) | Dec. 8, 2021 | $11.25 | $11.65 (12/8/21) | $3.29 |
| Redwire (NYSE: RDW) | Sept. 3, 2021 | $10.70 | $16.98 (10/25/21) | $3.27 |
| Rocket Lab (Nasdaq: RKLB) | Aug. 25, 2021 | $11.58 | $21.34 (9/9/21) | $5.93 |
| Satellogic (Nasdaq: SATL) | Jan. 26, 2022 | $9.19 | $10.92 (5/4/22) | $1.56 |
| Satixfy (NYSE AMERICAN: SATX) | Oct. 28, 2022 | $8.29 | $51.70 (11/17/22) |
$0.41 |
| Spire (NYSE: SPIR) | Aug. 17, 2021 | $10.25 | $19.50 (9/22/21) | $0.62 |
| Terran Orbital (NYSE: LLAP) | March 28, 2022 | $12.69 | $12.69 (3/28/22) | $1.17 |
| Virgin Galactic (NYSE: SPCE) | Oct. 28, 2019 | $11.79 | $62.80 (2/4/21) | $2.76 |
Planet Labs wins contract, unveils forest carbon dataset
Planet Labs (NYSE: PL) said it was awarded a new seven-figure annual contract with a ministry of foreign affairs of an Asian nation. Planet will supply global daily monitoring using its constellation of Earth observation satellites. Planet won the contract through one of its partners in the region.
Planet also announced plans to release its global Forest Carbon Planetary Variable. The “groundbreaking dataset aims to provide unprecedented insights into forest change and carbon capture at nearly the individual tree level,” the company said in a press release.
Rocket Lab wins new contract
Rocket Lab (Nasdaq: RKLB) won a contract to launch iQPS’s QPS-SAR-5 Earth observation satellite on a dedicated Electron mission from New Zealand. The satellite was previously scheduled to be launched by Virgin Orbit, which went out of business in May.
Satellogic, Quant Data announce agreement
Satellogic (Nasdaq: SATL) has signed an agreement to provide high-resolution satellite images to Quant Data & Analytics, a Saudi company that provides data and artificial intelligence products and solutions in the real estate and retail sectors. Satellogic’s data will support Quant’s Suhail platform, an interactive real estate tool for agencies, developers, and clients.
Virgin Galactic’s next flight
Virgin Galactic (NYSE: SPCE) hasn’t announced its next launch yet, but a Las Vegas real estate mogul named Ken Baxter says he will be flying on September 7. Baxter has a countdown clock running on his website, which says he was the first person to buy a ticket from Richard Branson’s space company back in 2004.
BlackSky’s quarterly results
BlackSky (NYSE: BKSY) reported revenue of $19.3 million in the second quarter, an increase from $15.1 million during the same period in 2022. Revenue from imagery and software analytical services increased from $10.2 million to $15.3 million year over year, with revenue from professional and engineering services declining from $4.9 to $4 million.
| Results at a glance | 2023 | 2022 |
|---|---|---|
| Second Quarter Revenue | $19.3M | $15.1M |
| Six Months Revenue | $37.7M | $29M |
| Second Quarter Net Income (Loss) | $(33.4M) | $(26.8M) |
| Six Months Net Income (Loss) | $(50.7M) | $(46.3M) |
| Second Quarter Adjusted EBITDA | $(5.8M) | $(8.8M) |
| Six Months Adjusted EBITDA | $(9.9M) | $(18.3M) |
| Cash and Cash Equivalents (June 30) | $41.1M | $34.2M |
“Professional and engineering services contracts are milestone-based contracts that have quarter-over-quarter variability, in contrast to the high-margin imagery and software analytical services, which are typically recurring subscription-based revenues,” BlackSky said in its earnings release.
BlackSky’s second-quarter net loss increased from $26.8 million in 2022 to $33.4 million during the same period this year. Adjusted EBITDA loss fell from $8.8 million to $5.8 million year over year. The company ended the quarter with $41.1 million in cash and cash equivalents.
“BlackSky delivered another strong quarter as we continue to demonstrate revenue growth, substantial operating leverage, and effective cost management that maintain us on our path towards profitability,” said CEO Brian E. O’Toole. “Since the start of the second quarter, we won over $35 million in new contracts and renewal agreements supporting U.S. and international government agencies looking to secure access to our rapid revisit constellation of high-resolution satellites, bringing total bookings year to date to over $200 million.”
Intuitive Machines quarterly results
Intuitive Machines’ (Nasdaq: LUNR) second-quarter revenue was $18 million, down from $19.2 million during the same period in 2022, as the company geared up to send its first lander to the Moon in November. The company’s net income was $18.8 million for the quarter, up from a $2.6 million net loss during the second quarter of last year.
| Results at a glance | 2023 | 2022 |
|---|---|---|
| Second Quarter Revenue | $18M | $19.2M |
| Six Months Revenue | $36.2M | $37.7M |
| Second Quarter Net Income (Loss) | $18.8M | $(2.6M) |
| Six Months Net Income (Loss) | $(4.7M) | $(6.9M) |
| Second Quarter Adjusted EBITDA | $(11.9M) | $(1.8M) |
| Six Months Adjusted EBITDA | $(25.3M) | $(6M) |
| Cash and Cash Equivalents (June 30) | $39.1M | $20.6M |
“During the second quarter, we were laser-focused on the final assembly process in preparing IM-1 for launch. Our lunar lander is complete and will be prepared for delivery in September. The Company has secured a launch window from pad 39A, preserving a six-day launch window starting on November 15th,” CEO Steve Altemus said in an earnings release.
BigBear.ai quarterly results
BigBear.ai (NYSE: BBAI) reported revenue of $38.5 million for the second quarter, up from $37.6 million during the same period last year. Revenue for the first half of this year was $80.6 million compared with $74 million during the first six months of 2022.
| Results at a glance | 2023 | 2022 |
|---|---|---|
| Second Quarter Revenue | $38.5M | $37.6M |
| Six Months Revenue | $80.6M | $74M |
| Second Quarter Net Income (Loss) | $(16.9M) | $(56.8M) |
| Six Months Net Income (Loss) | $(43.1M) | $(75.7M) |
| Second Quarter Adjusted EBITDA | $(3.2M) | $(7.7M) |
| Six Months Adjusted EBITDA | $(7M) | $(10.6M) |
| Cash and Cash Equivalents (June 30) | $29.9M | $12.6M |
Big Bear.ai’s second-quarter net loss declined sharply from $56.8 million in 2022 to $16.9 million this year. A similar decline in net loss occurred for the first half of the year. BigBear.ai ended the second quarter with $29.9 million in cash and cash equivalents. The company said it is expecting revenue between $155 million and $170 million for 2023.
“We continue to accomplish our goals in this foundational year for BigBear.ai. Our recent Army Test and Evaluation Command Integrated Mission Management System (AIMMS) win and Global Force Information Management (GFIM) Phase II system extension are evidence that we have momentum in the markets we serve,” CEO Mandy Long said in an earnings release.
