Author Topic: Astra Space  (Read 405827 times)

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #900 on: 03/16/2023 07:25 pm »
https://astra.com/news/preserving-our-nasdaq-listing/

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PRESERVING OUR NASDAQ LISTING
MARCH 16, 2023

By Axel Martinez, Chief Financial Officer

I wanted to provide an update on Astra’s listing status with Nasdaq.

Background
On October 6, 2022, Astra received a letter from Nasdaq stating that Astra was no longer in compliance with the Nasdaq Listing Rules as the closing bid price of Astra shares was below $1.00 for 30 consecutive business days. As per Nasdaq guidelines, Astra was provided an initial 180-day period (the “Initial Compliance Period”) through April 4, 2023 to regain compliance and could be eligible for additional time to meet the minimum bid price requirement. As the initial deadline approaches, I’d like to provide clarification on the timeline, process, and measures that are available to Astra to regain compliance with the Nasdaq Listing Rules and maintain the listing of its Class A common stock on Nasdaq.

Application for Extension and Plan for Compliance
On March 13, 2023, Astra submitted an application to Nasdaq for an additional 180-day period (through October 1, 2023, the “Extended Compliance Period”) to comply with the minimum bid price requirement. Based on our discussions with representatives of Nasdaq, we expect to hear back from Nasdaq regarding the status of our application on or around April 5, 2023, and we are not aware of any reason why our application would not be approved.

If at any time during the Extended Compliance Period the closing bid price of Astra’s shares is at least $1.00 for a minimum of ten consecutive business days, either due to the performance of our stock or as a result of the company effectuating a reverse stock split, we expect that Nasdaq will confirm our compliance, which would resolve this matter.

Astra continues to actively monitor our listing status and intends to preserve our Nasdaq listing.

Our Continued Commitment to Customers and Stockholders
We understand the road ahead of us to deliver on our commitments to our stockholders and our customers. After delivering over 20 satellites across two successful commercial orbital launches, and being humbled by two commercial launch failures, we have never been more focused or determined to deliver a reliable launch system for our customers. Additionally, after securing contracts for over 200 Astra Spacecraft Engines™, we believe we are well-positioned to support our mission of Improving Life on Earth from Space®.

We greatly appreciate your continued support.
Axel

Offline Steven Pietrobon

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Re: Astra Space
« Reply #901 on: 03/18/2023 04:39 am »
As per Nasdaq guidelines, Astra was provided an initial 180-day period (the “Initial Compliance Period”) through April 4, 2023 to regain compliance and could be eligible for additional time to meet the minimum bid price requirement.
...
Based on our discussions with representatives of Nasdaq, we expect to hear back from Nasdaq regarding the status of our application on or around April 5, 2023, and we are not aware of any reason why our application would not be approved.

They are going to wait on the decision for an extension until after the end date of the first compliance period? That just seems like asking for trouble! If Nasdaq says no will that mean they get delisted?
Akin's Laws of Spacecraft Design #1:  Engineering is done with numbers.  Analysis without numbers is only an opinion.

Offline trimeta

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Re: Astra Space
« Reply #902 on: 03/18/2023 04:42 am »
As per Nasdaq guidelines, Astra was provided an initial 180-day period (the “Initial Compliance Period”) through April 4, 2023 to regain compliance and could be eligible for additional time to meet the minimum bid price requirement.
...
Based on our discussions with representatives of Nasdaq, we expect to hear back from Nasdaq regarding the status of our application on or around April 5, 2023, and we are not aware of any reason why our application would not be approved.

They are going to wait on the decision for an extension until after the end date of the first compliance period? That just seems like asking for trouble! If Nasdaq says no will that mean they get delisted?

Maybe it's so pro forma that they have absolute confidence that their request for an extension will be approved? I don't know enough about how NASDAQ has acted in the past to know if this confidence is justified.

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #903 on: 03/26/2023 05:43 pm »
https://twitter.com/thesheetztweetz/status/1639356239711965184

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Rocket Lab $RKLB is targeting a $50m-$55m per launch cost for Neutron “to compete directly” with SpaceX’s Falcon 9, CFO Adam Spice said earlier this week:

twitter.com/kemp/status/1640031619863162880

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8000kg for $50m-$55m is not competitive with SpaceX today, let alone post-Starship. Thank you for inspiring me to work even harder to drive down $-per-launch as you chase SpaceX on $-per-kilogram.

https://twitter.com/kemp/status/1640038942711115776

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I love the energy in this thread. I assure you that everyone at Astra understands that our success will only be achieved by  the mastery of RELIABILITY and SCALE.

Offline trimeta

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Re: Astra Space
« Reply #904 on: 03/26/2023 10:11 pm »
Apparently no one told Chris Kemp that in terms of small launch, Electron has already achieved reliability and scale.

Unless by "scale" he means "daily launches, because that's the only cadence which will actually make our launch vehicle cheaper on a $-per-launch level than Electron." Since this was the original plan for Astra, along with "rockets that only mostly work." It seems like they've changed their minds about the latter, but I still think they believe the former.

Offline TrevorMonty

Re: Astra Space
« Reply #905 on: 03/27/2023 12:23 am »



https://twitter.com/kemp/status/1640038942711115776

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I love the energy in this thread. I assure you that everyone at Astra understands that our success will only be achieved by  the mastery of RELIABILITY and SCALE.

This asumes Astra survives long enough for R4 to reach an operational flightrate.

Offline novak

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Re: Astra Space
« Reply #906 on: 03/28/2023 04:19 am »
Kemp:
Quote
8000kg for $50m-$55m is not competitive with SpaceX today, let alone post-Starship. Thank you for inspiring me to work even harder to drive down $-per-launch as you chase SpaceX on $-per-kilogram.

As the de facto expert on vehicles that are not competitive upon introduction it makes sense he'd weigh in.  Snarkiness aside, this is a gross failure to comprehend that companies chasing the ~10k kg mass target smaller but cheaper than spacex F9 are doing exactly what he says for a large number of launches - reducing cost per launch for satellites that aren't small LEO birds.  Granted starship could upset an applecart or three if it becomes fully reusable soon and that all of those companies have a lot to do to get there but this is an incredibly misguided comment.

When astra was faced with actually delivering their only vehicle at close to promised price, cadence, or reliability they threw it away and started over.  If kemp is such an expert why aren't they launching weekly as they claimed in 2021 in the investor SPAC slides?
--
novak

Offline M.E.T.

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Re: Astra Space
« Reply #907 on: 03/28/2023 04:41 am »
Kemp:
Quote
8000kg for $50m-$55m is not competitive with SpaceX today, let alone post-Starship. Thank you for inspiring me to work even harder to drive down $-per-launch as you chase SpaceX on $-per-kilogram.

As the de facto expert on vehicles that are not competitive upon introduction it makes sense he'd weigh in.  Snarkiness aside, this is a gross failure to comprehend that companies chasing the ~10k kg mass target smaller but cheaper than spacex F9 are doing exactly what he says for a large number of launches - reducing cost per launch for satellites that aren't small LEO birds.  Granted starship could upset an applecart or three if it becomes fully reusable soon and that all of those companies have a lot to do to get there but this is an incredibly misguided comment.

When astra was faced with actually delivering their only vehicle at close to promised price, cadence, or reliability they threw it away and started over.  If kemp is such an expert why aren't they launching weekly as they claimed in 2021 in the investor SPAC slides?

Kemp is correct. $50M, even for 13 tons, is not competitive with F9, which can do 17 tons for significantly less than that price.


Offline trimeta

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Re: Astra Space
« Reply #908 on: 03/28/2023 07:09 am »
Kemp:
Quote
8000kg for $50m-$55m is not competitive with SpaceX today, let alone post-Starship. Thank you for inspiring me to work even harder to drive down $-per-launch as you chase SpaceX on $-per-kilogram.

As the de facto expert on vehicles that are not competitive upon introduction it makes sense he'd weigh in.  Snarkiness aside, this is a gross failure to comprehend that companies chasing the ~10k kg mass target smaller but cheaper than spacex F9 are doing exactly what he says for a large number of launches - reducing cost per launch for satellites that aren't small LEO birds.  Granted starship could upset an applecart or three if it becomes fully reusable soon and that all of those companies have a lot to do to get there but this is an incredibly misguided comment.

When astra was faced with actually delivering their only vehicle at close to promised price, cadence, or reliability they threw it away and started over.  If kemp is such an expert why aren't they launching weekly as they claimed in 2021 in the investor SPAC slides?

Kemp is correct. $50M, even for 13 tons, is not competitive with F9, which can do 17 tons for significantly less than that price.

And Neutron can launch for less than $50M too. Either compare actual advertised launch prices (in which case $50M is indeed less than $67M) or at least acknowledge that you're only talking about marginal launch costs (in which case Kemp's comment was still wrong, and frankly I don't think he's got an answer for making Rocket 4 cheaper per-launch internally than Electron either).

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #909 on: 03/30/2023 08:48 pm »
twitter.com/astra/status/1641432308036308992

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Join us for Astra’s Q4 2022 financial results today, March 30th, at 4:30pm ET / 1:30pm PT: https://bit.ly/3Zjb793

https://twitter.com/astra/status/1641537641362620418

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• $3.5 million of Revenue + Other Income from customer deliveries
• Ended Q4 2022 with approx. $103 million in cash, cash equivalents & marketable securities
• 278 cumulative committed orders of the Astra Spacecraft Engine™ as of today, an increase of 17% since 11.8.2022

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #910 on: 03/30/2023 08:53 pm »
https://investor.astra.com/news-releases/news-release-details/astra-announces-fourth-quarter-and-fiscal-year-2022-financial

Quote
ASTRA ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS
Mar 30, 2023

ALAMEDA, Calif.--(BUSINESS WIRE)--Mar. 30, 2023-- Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.

Astra also announced the successful delivery of its third full Astra Spacecraft Engine™ program in 2022, realizing $3.5 million of contract value.

In addition, Astra announced 278 cumulative committed orders of the Astra Spacecraft Engine™ through March 30, 2023, representing approximately $77 million of contract value. A substantial majority of these orders are expected to be delivered through the end of 2024.

Finally, Astra continues to anticipate commencing test flights of Rocket 4 later this year.

"Our team has been intensely focused on execution. In addition to gaining significant traction in our Space Products business, we achieved critical milestones in the development of Launch System 2, including conducting the first full flight duration run of our first stage engine and substantial progress toward completion of the Rocket 4 production line," said Chris Kemp, Astra Founder, Chairman and CEO.

"We also took important steps to enable production of the Astra Spacecraft Engine™ at scale through the build-out of our dedicated production facility, which we expect will eventually support production of up to 500 units per year, with our production ramp beginning in Q2 2023," continued Kemp.

In Q4 2022, Astra continued to align its resources with the near-term opportunities in Launch Services and Space Products, including rationalization of headcount and reduction in consultant, legal, T&E and equipment rental spend.

“We have continued to refine our operating plan to ensure we have the appropriate resources to support customer deliveries and growth of our two core businesses while maintaining a prudent expense profile," said CFO Axel Martinez. "As a result of these efforts, our Adjusted Operating Expenses decreased from $44.1 million in Q3 2022 to $40.2 million in Q4 2022."

Recent Business Highlights:

278 cumulative committed orders of the Astra Spacecraft Engine™ through March 30, 2023
Completion of dedicated 60,000 square foot Astra Spacecraft Engine™ manufacturing facility
Achievement of Launch System 2 development milestones, including first full flight duration run of first stage engine
Ended the quarter with approximately $102.8 million in cash, cash equivalents, and marketable securities
Fourth Quarter 2022 Financial Highlights:

For the three months ended December 31, 2022:

GAAP Gross Profit was $0.0 million
GAAP Other Income was $5.4 million (including $3.5 million in Astra Spacecraft Engine™ deliveries)
GAAP Net Loss was $44.3 million
Adjusted Net Loss* was $37.3 million
Adjusted EBITDA Loss* was $36.6 million
Capital expenditures during the quarter totaled $7.6 million
Cash, cash equivalents, and marketable securities totaled $102.8 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.

First Quarter 2023 Outlook

As of March 30, 2023, we are providing guidance for the first 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 first quarter ending March 31, 2023, we currently expect:

adjusted EBITDA loss* to be between $37.0 million and $41.0 million,
basic shares outstanding to be between 269 million and 271 million shares, and
capital expenditures to be between $6.0 million and $8.0 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 Information

In 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 fourth quarter and fiscal year 2022 results and our outlook for the first quarter ending March 31, 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
« Last Edit: 03/30/2023 08:54 pm by FutureSpaceTourist »

Offline ZuluLima

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Re: Astra Space
« Reply #911 on: 03/30/2023 10:39 pm »
So, if I'm reading this correctly, they have roughly 3 quarters of cash remaining and plan to fly their next rocket roughly 3 quarters from now?  Not good.  I'd be talking to that rich Texan who just passed on injecting $200M into Virgin Orbit.  I think Astra have a more realistic business case than VO if only they can get over the development stage hump.

Offline Kryten

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Re: Astra Space
« Reply #912 on: 03/31/2023 09:46 am »
So, if I'm reading this correctly, they have roughly 3 quarters of cash remaining and plan to fly their next rocket roughly 3 quarters from now?  Not good.  I'd be talking to that rich Texan who just passed on injecting $200M into Virgin Orbit.  I think Astra have a more realistic business case than VO if only they can get over the development stage hump.
   Roughly 3 quarters of 'cash, cash equivalents and marketable stock' - the 'marketable stock' is more than half of that total, and given the trend of Astra stock it's a pretty shaky source of funding.

Offline trimeta

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Re: Astra Space
« Reply #913 on: 03/31/2023 10:01 am »
So, if I'm reading this correctly, they have roughly 3 quarters of cash remaining and plan to fly their next rocket roughly 3 quarters from now?  Not good.  I'd be talking to that rich Texan who just passed on injecting $200M into Virgin Orbit.  I think Astra have a more realistic business case than VO if only they can get over the development stage hump.
   Roughly 3 quarters of 'cash, cash equivalents and marketable stock' - the 'marketable stock' is more than half of that total, and given the trend of Astra stock it's a pretty shaky source of funding.
Does "marketable securities" mean their own stock, or "we put some money into an S&P 500 ETF, because that grows faster than cash in the bank"? I honestly don't know, I guess I always figured it meant securities they own, not securities representing the company itself, but I've never actually looked this up.

Offline Kryten

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Re: Astra Space
« Reply #914 on: 03/31/2023 11:48 am »
Does "marketable securities" mean their own stock, or "we put some money into an S&P 500 ETF, because that grows faster than cash in the bank"? I honestly don't know, I guess I always figured it meant securities they own, not securities representing the company itself, but I've never actually looked this up.
  I'm pretty sure it's just the issued but unsold stock that was left over by redemptions during the SPAC merger, though I don't have any direct info.
EDIT: Can this be right? That would represent a very large proportion of their current market cap, but I can't find a clear statement of how many redemptions there were.
« Last Edit: 03/31/2023 12:14 pm by Kryten »

Offline trimeta

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Re: Astra Space
« Reply #915 on: 03/31/2023 08:58 pm »
Does "marketable securities" mean their own stock, or "we put some money into an S&P 500 ETF, because that grows faster than cash in the bank"? I honestly don't know, I guess I always figured it meant securities they own, not securities representing the company itself, but I've never actually looked this up.
  I'm pretty sure it's just the issued but unsold stock that was left over by redemptions during the SPAC merger, though I don't have any direct info.
EDIT: Can this be right? That would represent a very large proportion of their current market cap, but I can't find a clear statement of how many redemptions there were.
Based on some online sources (Investopedia, WallStreetMojo, WallStreetPrep), "marketable securities" definitely aren't the company's own stock: it's things like (other) stocks, bonds, certificates of deposit (CDs), commodities contracts, commercial paper, bills of exchange, and Treasury bills. Basically, the company buys these because it expects them to appreciate in value faster than cash in a bank, while still being highly liquid. Of course, as the collapse of SVB demonstrates, these assumptions don't always hold...but I don't know what specific mix of marketable securities Astra purchased.

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #916 on: 04/05/2023 11:19 pm »
twitter.com/astra/status/1643729157887774721

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Astra has been in touch with representatives from Nasdaq and we have been told to expect an update on our application for a 180 day extension to cure our minimum bid price deficiency during the week of April 10.

https://twitter.com/astra/status/1643729159540314112

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We remain unaware of any reason why our application will not be approved and will update all stakeholders as soon as we receive a decision from Nasdaq.

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #917 on: 04/11/2023 08:35 pm »
https://twitter.com/astra/status/1645777001633153024

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On April 10th, Astra received an 180-day extension to regain compliance with Nasdaq listing rules. Astra intends to take all reasonable actions that are needed to remain on Nasdaq.

Offline Ken the Bin

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Re: Astra Space
« Reply #918 on: 04/14/2023 03:54 am »
Follow-up post by Astra on short selling ...

https://investor.astra.com/news-releases/news-release-details/astra-takes-action-protect-shareholders-against-potential

Quote from: Astra
Astra Takes Action to Protect Shareholders Against Potential Illegal Trading Activities
Initial ShareIntel Analysis Identifies Trade Imbalances

ALAMEDA, Calif.--(BUSINESS WIRE)--Apr. 13, 2023-- Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) today announced that it has taken initial steps to mitigate potential illegal short selling in its shares, including providing notices to the respective Chief Compliance Officers of certain broker-dealers identified in analysis performed by ShareIntel-Shareholder Intelligence Services, LLC (“ShareIntel”).

As announced on March 10, 2023, Astra engaged ShareIntel to help uncover and address potential trading abnormalities in an effort to ensure that those brokering and trading Astra’s stock are compliant with FINRA and SEC rules and regulations governing short selling.

ShareIntel’s analysis has identified trade imbalances in the trading of Astra’s shares, which are potentially material relative to Astra’s public float and average trading volume. These imbalances may be the by-product of illegal trading activity and may be an indication that certain individuals and/or companies may have sold (but not delivered) a significant number of shares of Astra’s Class A common stock.

“Based on the findings of ShareIntel’s analysis, we are deeply concerned that Astra may have been the target of a market manipulation scheme involving illegal short selling. Astra is committed to protecting our investors and maximizing shareholder value and we will take all actions necessary to ensure that Astra is not the target of market manipulation,” said Chris Kemp, Founder, Chairman and CEO.

“ShareIntel tracks and monitors critical broker-dealer and shareholder movements,” said David Wenger, President and Chief Executive Officer of ShareIntel. “We look forward to continuing efforts to help Astra identify parties to potential abusive short selling, implement action plans to mitigate such activity, and help maximize shareholder ownership transparency.”

Offline FutureSpaceTourist

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Re: Astra Space
« Reply #919 on: 04/25/2023 07:39 am »
https://twitter.com/astra/status/1650640452000059393

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T-17:00 hours until our 2nd Annual Spacetech Day. Don't miss the livestream at https://astra.com/livestream starting at 9.15am PT / 12.15pm ET #SpacetechDay2023

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