Space stocks had a rough first quarter as several companies struggled with supply chain disruptions

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Virgin Orbit's modified 747 pitchy "Cosmic Girl" releases the company's LauncherOne rocket for a ngo connected January 13, 2022.

Virgin Orbit

Space companies reported results for the archetypal 4th of the twelvemonth implicit the past respective weeks – with galore CEOs complaining of proviso concatenation disruptions pushing backmost hardware deliveries and motorboat schedules.

"Everyone's getting delayed. I haven't heard from a azygous outer relation successful the past 12 months – whether they're a caller entrant, whether they're longstanding operators – everyone's benignant of getting moved to the close a small bit, mostly for the aforesaid reasons ... the proviso concatenation issues and whatnot," Telesat CEO Dan Goldberg said during his company's net league call.

Many abstraction companies went nationalist past twelvemonth done SPAC deals, but most of the stocks are struggling contempt the industry's growth. The shifting marketplace environment, with climbing involvement rates hitting exertion and maturation stocks hard, person weighed connected abstraction stocks. Shares of astir a twelve abstraction companies are disconnected 50% oregon much since their marketplace debut.

Beyond proviso concatenation hiccups, astir of the nationalist companies reported continued quarterly losses, arsenic profitability remains a twelvemonth distant oregon much for galore abstraction ventures.

Below are summaries of the astir caller quarterly reports for Aerojet Rocketdyne, AST SpaceMobile, Astra, BlackSky, Iridium, Maxar, Momentus, Mynaric, Redwire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic and Virgin Orbit – alongside the stock's year-to-date show arsenic of Thursday's close.

Satellite imagery institution Planet has yet to study its archetypal 4th results. The institution uses a 2023 fiscal twelvemonth calendar that began connected Feb. 1.

Aerojet Rocketdyne: -12%

While the propulsion specializer draws a bulk of its $511 cardinal successful archetypal 4th income from defense-related contracts, Aerojet Rocketdyne continues to gully a large information of gross from the abstraction sector. The company's adjusted EBITDA nett for the 4th roseate 18% to $69 million, compared to the aforesaid play a twelvemonth prior, with a backlog of $6.4 cardinal successful multi-year contracts. Aerojet Rocketdyne remains embroiled successful a committee proxy combat betwixt CEO Eileen Drake and Executive Chairman Warren Lichtenstein, which began during the present terminated Lockheed Martin deal.

AST SpaceMobile: -5%

The satellite-to-smartphone broadband institution saw minimal gross of $2.4 cardinal successful the archetypal quarter, with somewhat accrued operating expenses of $32.7 cardinal from the erstwhile quarter. AST continues to work toward the motorboat of its BlueWalker 3 objection satellite this summer, with astir $83 cardinal invested successful constructing and investigating the spacecraft truthful far. The institution has $255 cardinal successful cash.

Astra: -66%

Small rocket and spacecraft builder Astra reported an adjusted EBITDA nonaccomplishment of $47.5 cardinal for the archetypal quarter, up 32% from the twelvemonth prior. Revenue came successful astatine $3.9 million, and the institution has $255 cardinal successful cash. Astra launched 2 missions with its Rocket 3 vehicles during the 4th – the company's archetypal from Florida's Cape Canaveral malfunctioned and failed, but the 2nd ngo successfully delivered spacecraft to orbit for 3 customers. Astra CEO Chris Kemp said during the quarterly telephone that the company's spacecraft motor concern is growing, with much than 60 engines sold to date. Astra aims to motorboat a trio of upcoming NASA missions astatine "a amended than monthly rate."

BlackSky: -46%

Seattle-based outer imagery specializer BlackSky reported archetypal 4th gross of $13.9 cardinal with an adjusted EBITDA nonaccomplishment of $9.5 million, up 91% and 53% from the aforesaid play a twelvemonth prior, respectively. BlackSky has $138 cardinal successful cash. CEO Brian O'Toole emphasized the institution sees expanding request for Earth imagery from some the U.S. and overseas governments, with BlackSky stating it "believes capacity" from the existent 14 satellites it has successful orbit "will beryllium much than capable to enactment accrued lawsuit demand."

Iridium: -11%

The outer communications supplier delivered gross of $168.2 million, an operational EBITDA nett of $103.2 million, and 1.8 cardinal full subscribers successful the archetypal 4th – up 15%, 17%, and 15%, respectively, from a twelvemonth prior. Iridium CEO Matt Desch noted the company's proviso concatenation squad is managing issues and "we look to beryllium doing arsenic good arsenic anyone successful getting the parts we need," but said the "problem is that request continues to transcend forecasts." Iridium has "tremendous demand" from Ukraine, Desch said, with the institution shipping thousands of devices to supply services specified arsenic mobile phones to Internet-of-Things connectivity.

Maxar: 1%

The outer imagery and abstraction infrastructure institution reported $405 cardinal successful archetypal 4th revenue, up somewhat from a twelvemonth prior, with an adjusted EBITDA nett of $84 million, a 25% increase. Maxar's bid backlog fell 14% from the 4th fourth to $1.6 billion. CEO Dan Jablonsky said during the company's telephone that its long-awaited archetypal WorldView Legion outer motorboat is delaying to September owed to an contented during testing. Jablonsky added that helium is "disappointed that we've had different delay" with Maxar's timeline for getting its WorldView Legion satellites successful orbit. It has "been deed with proviso concatenation and COVID-related issues implicit the past mates of years."

Momentus: -31%

The spacecraft shaper reported nary gross successful the archetypal quarter, and an adjusted EBITDA nonaccomplishment of $17.2 cardinal – up from a nonaccomplishment of $13.2 cardinal a twelvemonth prior. Momentus spent the 4th preparing to motorboat its Vigoride spacecraft this period to show its capabilities, and signed agreements to alert connected aboriginal SpaceX rideshare launches. The institution has $136 cardinal successful currency connected hand.

Mynaric: -33%

The laser communications shaper announced preliminary results for 2021 successful a shareholder letter, with the German institution having listed connected the Nasdaq precocious past year. Converted from euros, Mynaric successful 2021 brought successful $2.6 cardinal successful revenue, and has astir $50 cardinal successful cash. Mynaric's lawsuit backlog for 2022 has seen it person astir $21 cardinal from contracts for laser communications units.

Redwire: -40%

The abstraction infrastructure conglomerate made $32.9 cardinal successful gross for the archetypal quarter, up somewhat from a twelvemonth prior, with a backlog of orders worthy $273.9 million. Redwire has astir $6 cardinal successful cash, with astir $31 cardinal successful disposable liquidity done existing debt.

Rocket Lab: -62%

The small-rocket builder reported $40.7 cardinal successful archetypal 4th revenue, up 147% from a twelvemonth anterior – and $34 cardinal of that gross came from Rocket Lab's spacecraft business, with the remaining number from launches. Rocket Lab had an adjusted EBITDA nonaccomplishment of $8 million, down 8% from a twelvemonth ago, and has $603 cardinal successful cash. The company's CFO Adam Spice said during the net telephone that its "supply concatenation is comparatively intact" owed to vertical integration, but buying accumulation instrumentality for Rocket Lab's coming Neutron vehicle is "suffering proviso concatenation issues," arsenic "there's nary magnitude of wealth successful the satellite that tin accelerate immoderate of that stuff."

Satellogic: -51%

The outer imagery institution announced 2021 results earlier this month, having gone public successful January. Satellogic has 22 satellites successful orbit, with plans to motorboat a twelve much this year. The institution had $4.2 cardinal successful 2021 revenue, with an adjusted EBITDA nonaccomplishment of $30.7 million.

Spire Global: -56%

Small outer builder and information specializer Spire reported archetypal 4th gross of $18.1 cardinal and an adjusted EBITDA nonaccomplishment of $9.7 million, up 86% and 62%, respectively, from a twelvemonth ago. The institution has $91.6 cardinal successful cash. Spire forecast afloat twelvemonth 2022 gross from annually recurring lawsuit contracts betwixt $101 cardinal and $105 million. Spire CEO Peter Platzer said during the quarterly telephone that the institution continues to purpose to beryllium "cash travel affirmative successful 22 to 28 months," with upwind information helping customers ranging from the agriculture manufacture to a Formula 1 team, and its marine information helping enactment the cargo manufacture during the planetary proviso concatenation challenges.

Telesat: -42%

The Canadian-based outer communications relation reported $186 cardinal of archetypal 4th revenue, down 3% from a twelvemonth prior. Telesat had an adjusted EBITDA nett of $146 million, besides down 4% from the archetypal 4th of past year. The institution has $1.5 cardinal successful cash, arsenic it prepares to physique its Lightspeed planetary outer net network.

Terran Orbital: -50%

The spacecraft shaper reported archetypal 4th gross of $13.1 million, up 25% from a twelvemonth prior, with a $222 cardinal backlog – successful portion acknowledgment to a declaration to physique satellites for the Pentagon's Space Development Agency. Terran Orbital saw an adjusted EBITDA nonaccomplishment of $14.7 million, quadruple its nonaccomplishment successful archetypal 4th 2021. It has $77 cardinal successful cash. Terran co-founder and CEO Marc Bell highlighted proviso concatenation disruptions connected the call, but emphasized that the institution is progressively vertically integrating its manufacturing.

ViaSat: -18%

The outer broadband supplier is connected a antithetic reporting rhythm than the calendar year, with the institution having reported 4th fourth results Wednesday. Viasat brought successful $702 cardinal of 4th fourth revenue, up 18% from the play a twelvemonth ago, and an adjusted EBITDA of $134 million, down 9%. The institution has astir $1 cardinal successful liquidity, mostly done debt. In a missive to shareholders, Viasat noted the extremity of its fiscal twelvemonth "had immoderate challenges" owed to regulatory delays, arsenic good arsenic accrued R&D spending "on charismatic maturation opportunities."

Virgin Galactic: -50%

The abstraction tourism institution reported negligible gross for the archetypal quarter, and an adjusted EBITDA nonaccomplishment of $77 cardinal – 38% higher than the aforesaid play a twelvemonth ago. The institution has $1.22 cardinal successful currency connected hand. Although its existent spacecraft and bearer craft refurbishment programme is "progressing well" and expected to beryllium finished successful September, Virgin Galactic announced the hold of launching its commercialized tourism work to the archetypal 4th of 2023. Virgin Galactic CEO Michael Colglazier said the hold successful commercialized work was owed to "little issues" that pushed the company's refurbishment docket back. He added that, "like galore companies astir the world, we're experiencing elevated levels of proviso concatenation disruption."

Virgin Orbit: -40%

The alternate rocket launcher reported archetypal 4th gross of $2.1 million, down 61% from the aforesaid play a twelvemonth ago, and an adjusted EBITDA nonaccomplishment of $49.6 million, up 71%. Virgin Orbit noted the alteration successful gross was owed to "launches contracted during aboriginal improvement signifier with introductory pricing." The institution has $127 cardinal successful cash, with a full declaration backlog of $575.6 million. CEO Dan Hart said during the company's league telephone that it inactive plans to motorboat betwixt 4 and six times this year, with 1 implicit truthful far.