Astra announces contract with @ApexSpacecraft:
ASTRA ANNOUNCES SPACECRAFT ENGINE CONTRACT WITH APEXAPRIL 27, 2023ALAMEDA, CA – April 27, 2023. Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) and Apex Technology, Inc. (“Apex”) today announced a contract for Astra to initially provide 5 Spacecraft Propulsion Kits for Apex’s satellite bus platform. Astra is expected to begin delivering the Spacecraft Propulsion Kits in 2023.The Spacecraft Propulsion Kit disaggregates the four subsystems of the Astra Spacecraft Engine™ module: (1) thruster, (2) power processing unit, (3) feed system, and (4) tank. This disaggregation enables satellite builders to take advantage of shorter lead times to access key components of their propulsion system that they can customize for their unique missions. Astra is adopting the way development kits have transformed the software industry and applying it to hardware by providing the tools and support to accelerate spacecraft development at scale.Apex’s satellite buses are configured by customers to meet specific mission needs. Apex’s 100 kg bus model, Aries, will use the Astra Spacecraft Engine™ to support its electric propulsion package. Apex customers are able receive their spacecraft in a matter of months thanks to Apex’s design-for-manufacturing approach, interoperable software, and product-first mentality.“The Astra Spacecraft Engine has the flight heritage and the performance we need to deliver our satellite platforms to customers on schedule.” said Max Benassi, Chief Technology Officer of Apex. “As Apex scales production, we look forward to continuing to work with suppliers like Astra who can meet our production ramp rates.”“Astra and Apex share the common value of producing space products at scale,” said Margo de Naray, General Manager of Astra Spacecraft Engines™ at Astra. “Astra’s Spacecraft Propulsion Kits are expected to allow customers like Apex to shorten lead times to deliver on customer programs.”# # #
If you missed our Spacetech Day 2023 livestream, check out the link in our bio for a full replay where you can also see this quick fly-through of the Rocket Production Line in our Skyhawk factory. And stay tuned for an updated factory tour with NASASpaceflight, coming soon!
We invite you to read about our mission and vision in our annual shareholder letter: https://investor.astra.com/static-files/50bce440-4611-4e8e-b4a8-61e7204d26be #AdAstra
Join us for Astra’s Q1 2023 financial results today, May 15th, at 4:30pm ET / 1:30pm PT:
Astra reported first quarter revenues of $0 and a net loss of $44.9 million. It has $62.7 million of cash and equivalents remaining, decreasing to $30-33 million by the end of the second quarter, the company projects.
ASTRA ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTSMay 15, 2023ALAMEDA, Calif.--(BUSINESS WIRE)--May 15, 2023-- Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) today announced financial results for its first quarter ended March 31, 2023.Astra also announced that 8 Astra Spacecraft Engines™, which were delivered in Q4 2022, operated nominally in space during the first quarter, further demonstrating flight heritage. As discussed during Spacetech Day, Astra also entered into a contract with Apex Technologies, Inc. to provide 5 Spacecraft Propulsion Kits."We also commenced operations from our dedicated Astra Spacecraft Engine™ production facility in late March 2023. I have been impressed with how hard the Space Products team has worked to address some initial challenges expected with a new manufacturing operation and to achieve significant milestones on our customer programs," said Chris Kemp, Astra Founder, Chairman and CEO.Astra recently entered into an $11.45 million contract with the United States Space Force for a launch on Rocket 4."We have made significant progress in the development of Launch System 2 and look forward to our first flight of Rocket 4. In the past few weeks, we unveiled our new Rocket 4 production line and a Rocket 4 fit check, a combination of qualification and acceptance tested hardware," continued Kemp.In Q1 2023, Astra continued to execute on initiatives to manage its financial profile and enable growth of its two core businesses.“We have reduced quarterly cash burn by approximately $8 million in Q1 2023 and expect to reduce quarterly cash burn by an additional $7 to $10 million in Q2 2023. Additionally, we are thoughtfully evaluating financing opportunities to further extend our financial runway,” said CFO, Axel Martinez.Recent Business Highlights:Announced an agreement with the U.S. Space Force for an order valued at $11.45 million for a launch of an ESPA-class space vehicle and additional cubesats through the Orbital Services Program (OSP-4) contractAnnounced a contract with Apex Technology, Inc. to initially provide 5 Spacecraft Propulsion Kits for Apex's satellite bus platform, to be delivered in 2023. The Propulsion Kits disaggregate the four subsystems of the Astra Spacecraft Engine™ module, including the thruster, power processing unit, feed system, and tank. This disaggregation enables satellite builders to take advantage of shorter lead times to access key components of their propulsion system that can be customized for their unique missionsCompletion of dedicated 60,000 square foot Astra Spacecraft Engine™ manufacturing facility in late-March 2023Achievement of Launch System 2 development milestones, including installing the final stage of the new Rocket Production Line, completion of the First Stage Engine TVC campaign, completion of the Upper Stage Engine qualification campaign, and completion of the Factory Acceptance Testing for tank productionEnded the quarter with approximately $62.7 million in cash, cash equivalents, and marketable securitiesFirst Quarter 2023 Financial Highlights:For the three months ended March 31, 2023:GAAP Gross Profit was $0.0 millionGAAP Net Loss was $44.9 millionAdjusted Net Loss* was $42.3 millionAdjusted EBITDA Loss* was $42.3 millionCapital expenditures during the quarter totaled $5.0 millionCash, cash equivalents, and marketable securities totaled $62.7 million_________*Denotes Non-GAAP financial measure. Refer to “Explanation of Adjusted (or Non-GAAP) Financial Measures” later in this press release for reconciliation of GAAP to Non-GAAP financial measures.Second Quarter 2023 OutlookAs of May 15, 2023, we are providing guidance for the second quarter 2023 based on current market conditions, our focus on the development of Launch System 2, and our ongoing investments to scale our Space Products business. We emphasize that the guidance is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below and our annual report on Form 10-K for the year ended December 31, 2022, including risks and uncertainties associated with geopolitical conditions and their potential impact on our business as well as our ability to continue operating as a going concern.For the second quarter ending June 30, 2023, we currently expect:adjusted EBITDA loss* to be between $31.0 million and $35.0 million,basic shares outstanding to be between 271 million and 273 million shares,capital expenditures to be between $3.0 million and $5.0 million, andcash, cash equivalents and marketable securities to be between $30.0 million and $33.0 million_________*Denotes Non-GAAP financial measure. Refer to “Explanation of Adjusted (or Non-GAAP) Financial Measures” later in this press release for reconciliation of GAAP to Non-GAAP financial measures.Conference Call InformationIn conjunction with this announcement, Astra will host a conference call for investors at 1:30 p.m. PT (4:30 p.m. ET) today to discuss first quarter 2023 results and our outlook for the second quarter ending June 30, 2023. The live webcast and a replay of the webcast will be available on the Investor Relations section of Astra’s website: https://investor.astra.com/news-and-events/events-and-presentations.About Astra Space, Inc.Astra’s mission is to improve life on Earth from space® by creating a healthier and more connected planet. Today, Astra offers one of the lowest cost-per-launch dedicated orbital launch services of any operational launch provider in the world, and one of the industry’s first flight-proven electric propulsion systems for satellites, Astra Spacecraft Engine™. Astra delivered its first commercial launch to low Earth orbit in 2021, making it the fastest company in history to reach this milestone, just five years after it was founded in 2016. Astra (NASDAQ: ASTR) was the first space launch company to be publicly traded on Nasdaq. Visit astra.com to learn more about Astra.Forward Looking StatementsCertain statements made in this press release are “forward-looking statements”. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from Astra’s expectations or projections, including the following factors, among others: (i) the failure to meet projected development, delivery and launch targets, including as a result of the decisions of governmental authorities or other third parties not within our control; (ii) changes in applicable laws or regulations; (iii) the ability of Astra to meet its financial and strategic goals, due to, among other things, competition and the dedication of our launch resources to the development of Launch System 2 and its ability to continue operating as a going concern; (iv) the ability of Astra to pursue a growth strategy and manage growth profitability without additional funding; (v) the possibility that Astra may be adversely affected by other economic, business, and/or competitive factors; (vi) the ability to manage its cash outflows related to its business operations, (vii) the ability of Astra to develop its space services offering as part of its long-term business and growth strategy and (viii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Astra.Explanation of Non-GAAP (or Adjusted) Financial MeasuresThis press release includes information about Adjusted Net Loss and Adjusted EBITDA (collectively the “non-GAAP financial measures”), all of which are non-GAAP financial measures. These non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with Astra’s condensed consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures are reconciled to their most comparable GAAP measures in the table set forth in this release.We believe that both management and our investors benefit from referring to these non-GAAP financial measures in planning, forecasting and analyzing future periods. Specifically, our management uses these non-GAAP financial measures in planning, monitoring and evaluating our financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP measures, helps investors make comparisons between Astra and other companies in our industry. In making any comparisons to other companies in our industry, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.We define Free Cash Flow as cash used in operating activities including cash used for capital expenditures.Adjusted Net Loss differs from GAAP Net Loss in that it excludes the following items: (a) stock-based compensation, (b) loss on change in fair value of contingent consideration, (c) cash earnout compensation cost related to the acquisition of Apollo Fusion and (d) other special items. For the three months ended March 31, 2022, other special items primarily related to amortization of licensed intellectual property, employee COVID-19 testing expenses and payroll taxes.We define Adjusted EBITDA as Adjusted Net Loss, excluding the following items: (a) interest income, (b) loss on marketable securities and (c) depreciation and amortization. We are unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.
A quick table I put together of Astra's EBITDA losses and total cash+marketable securities holdings for the past few quarters:-EBITDA loss during quarter Cash/Marketable Securities at end of quarter3Q2022$41.4M$150.5M4Q2022$36.6M$102.8M1Q2023$42.3M$62.7M2Q2023 (proj.) $31-35M$30-33M
Quote from: trimeta on 05/15/2023 11:12 pmA quick table I put together of Astra's EBITDA losses and total cash+marketable securities holdings for the past few quarters:-EBITDA loss during quarter Cash/Marketable Securities at end of quarter3Q2022$41.4M$150.5M4Q2022$36.6M$102.8M1Q2023$42.3M$62.7M2Q2023 (proj.) $31-35M$30-33MIn graphical form (taking the average between the two extremes for the 2Q23 estimates):
Quote from: eeergo on 05/16/2023 10:04 amQuote from: trimeta on 05/15/2023 11:12 pmA quick table I put together of Astra's EBITDA losses and total cash+marketable securities holdings for the past few quarters:-EBITDA loss during quarter Cash/Marketable Securities at end of quarter3Q2022$41.4M$150.5M4Q2022$36.6M$102.8M1Q2023$42.3M$62.7M2Q2023 (proj.) $31-35M$30-33MIn graphical form (taking the average between the two extremes for the 2Q23 estimates):That financial runway is getting lot shorter.
Astra has been awarded a new launch contract add-on for Rocket 4’s first test flight with the @DeptofDefense, facilitated by the @DIU_x:
DEPARTMENT OF DEFENSE AWARDS ASTRA NEW LAUNCH CONTRACT ADD-ONMAY 16, 2023Defense Innovation Unit adds first test flight of Rocket 4 to Launch ContractAlameda, California – May 16, 2023 – Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) announced today that it has been awarded a launch contract add-on for Rocket 4’s first test flight with the U.S. Department of Defense (the “DoD”), facilitated by the Defense Innovation Unit (the “DIU”).This award is an add-on to Astra’s existing contract with the DIU.Rocket 4 is designed for a nominal payload capacity of approximately 600 kilograms to a 500 km mid-inclination orbit. The first launch is intended to test the overall operations of Launch System 2, collect flight data prior to re-commencing commercial flight operations, and ensure that Rocket 4 will support future DoD mission requirements.The DIU works to strengthen America’s national security by accelerating the adoption of leading commercial technology and giving innovative American businesses the opportunity to solve high-impact national security problems.“It is an honor to continue to work with the DoD to support a more resilient national space infrastructure,” said Dr. Tom Williams, Senior Director of Federal Sales at Astra. “We’re excited to have the support from the DIU on the first launch of Rocket 4.”
Not very vlear about this DoD add on. Sounds like it is only single mission. DoD giving Astra a chance to prove themselves and some much needed business. Both DoD and NASA have been providing newspace companies these early missions to help them along which is good idea.
Astra shareholders approved a proposal for a reverse stock split of between 1-for-5 and 1-for-15, with the exact ratio and timing to be determined later by the board. That could enable the company to avoid delisting as its share price remains under $1. https://www.sec.gov/ix?doc=/Archives/edgar/data/1814329/000119312523164965/d505965d8k.htm
I guess they really didn't want to give up on the SPAC.
We recently hosted @thejackbeyer + @NASASpaceflight for a tour of our new Rocket Production Line at our Rocket Factory in Alameda. New footage dropping soon!
Scoop: Astra is carving out its spacecraft engine business into a wholly-owned subsidiary, a move that opens up new financing & hiring options for the company.
https://twitter.com/breadfrom/status/1676669258296696832QuoteScoop: Astra is carving out its spacecraft engine business into a wholly-owned subsidiary, a move that opens up new financing & hiring options for the company.https://techcrunch.com/2023/07/05/astra-establishes-subsidiary-for-spacecraft-engine-business/