Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) today announced
financial results for its second quarter ended June 30, 2023.
Astra also announced on August 4, 2023 a strategic near-term
prioritization of the Astra Spacecraft Engines™ business, including
a reallocation of approximately 50 engineering and manufacturing
personnel from Launch Services to Space Products, spanning both
permanent and temporary reassignments to support specific customer
programs and to increase Astra Spacecraft Engine™ production and
test capacity through the end of the year.
"We remain intensely focused on near-term deliveries of Astra
Spacecraft Engines™ to our customers and have made difficult but
necessary decisions to enable these efforts. I believe our existing
organization can support a sustainable business going forward,"
said Chris Kemp, Founder, Chairman and CEO.
Astra’s Launch Services business will continue to focus on the
development of Rocket 4 and servicing new and existing launch
contracts, including the contracts announced earlier this year with
the U.S. Space Force and Defense Innovation Unit, among others.
In Q2 2023, Astra continued to closely manage its financial
runway and evaluate strategic opportunities in support of a
long-term sustainable growth strategy across both Space Products
and Launch Services.
“We were excited to announce on August 4, 2023 the closing of a
Senior Secured Notes offering, which, when combined with our
existing ATM, represents a broad financing strategy and
demonstrates our ability to access the capital markets when needed.
We also continue to reduce operating expenses, including a 52%
decrease in G&A Expenses quarter over quarter. We expect
additional savings of approximately $4 million per quarter starting
in Q4 based on the strategic reallocation of resources announced
earlier this month. As a result, we expect further reductions in
quarterly cash burn throughout the remainder of the year,” said
CFO, Axel Martinez.
Recent Business Highlights:
- Announced the first 4 shipments of Astra Spacecraft Engines™
out of Sunnyvale spacecraft engine manufacturing facility
- Announced the completion of approximately 77% of non-delivery
customer milestones related to Astra Spacecraft Engines™
- Completed the Service Readiness Review (SRR) for Astra's Space
Force STP-29B mission
- Announced the closing of a Senior Secured Notes facility
offering and ATM program
Second Quarter 2023 Financial Highlights:
For the three months ended June 30, 2023:
- GAAP Gross Profit was $0.3 million
- GAAP Net Loss was $14.0 million
- Adjusted Net Loss* was $33.7 million
- Adjusted EBITDA Loss* was $33.1 million
- Capital expenditures during the quarter totaled $3.2
million
- Cash, cash equivalents and marketable securities totaled $26.3
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.
Third Quarter 2023 Outlook
As of August 14, 2023, we are providing guidance for the third
quarter 2023 based on current market conditions, our ongoing
investments to scale our Space Products business and on the
development of Launch System 2. 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 third quarter ending September 30, 2023, we currently
expect:
- Deliveries of 8 to 12 Astra Spacecraft Engines™,
- Adjusted EBITDA loss* to be between $25.0 million and $29.0
million,
- Basic shares outstanding to be between 280 million and 290
million shares,
- Capital expenditures to be between $1.0 million and $2.0
million, and
- Cash, cash equivalents and marketable securities to be between
$15.0 million and $20.0 million
_________
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 second quarter 2023 results and our outlook for the
third quarter ending September 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. Astra pursues that
mission through its Launch Services and Space Products businesses.
Astra’s Launch Services business offers one of the lowest
cost-per-launch dedicated orbital launch services of any
operational launch provider in the world. 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’s Space Products business offers one
of the industry’s first flight-proven electric propulsion systems
for satellites, the Astra Spacecraft Engine™. Astra Spacecraft
Engines™ have extensive on-orbit flight heritage and are available
as fully assembled units or as individual components in the Astra
Propulsion Kit. 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 Statements
Certain 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 reallocation of our resources to Astra
Spacecraft EngineTM 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
Measures
This 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 Gross Loss differs from GAAP Gross Loss in that it
excludes inventory and deferred launch cost write-downs related to
discontinuance of production of our current version of launch
system.
Adjusted Net Loss differs from GAAP Net Loss in that it excludes
the items excluded from Adjusted Gross Loss and 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 June 30, 2023, other
special items primarily related to revenues from government
research and development contracts and for the three months ended
June 30, 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.
Astra Space, Inc.
Condensed Consolidated
Statement of Operations
(Unaudited, in thousands, except
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues
Launch services
$
-
$
1,988
$
-
$
5,899
Space products
707
694
707
694
Total revenues
707
2,682
707
6,593
Cost of revenues
Launch services
-
17,179
-
28,193
Space products
388
266
388
266
Total cost of revenues
388
17,445
388
28,459
Gross loss
319
(14,763
)
319
(21,866
)
Operating expenses
Research and development
24,395
40,798
55,477
78,725
Sales and marketing
650
4,636
3,134
9,400
General and administrative
7,580
20,608
23,262
41,594
(Gain) loss on change in fair value of
contingent consideration
(16,625
)
1,800
(19,390
)
17,300
Total operating expenses
16,000
67,842
62,483
147,019
Operating loss
(15,681
)
(82,605
)
(62,164
)
(168,885
)
Interest income
384
356
1,714
530
Other income/(expense), net
1,293
(54
)
1,553
339
Loss before taxes
(14,004
)
(82,303
)
(58,897
)
(168,016
)
Provision for income tax
-
-
-
-
Net loss
$
(14,004
)
$
(82,303
)
$
(58,897
)
$
(168,016
)
Basic and diluted loss per
share
Weighted average basic and diluted shares
- Class A
215,870
209,022
215,288
208,570
Loss per share
$
(0.05
)
$
(0.31
)
$
(0.22
)
$
(0.64
)
Weighted average basic and diluted shares
- Class B
55,539
55,539
55,539
55,539
Loss per share
$
(0.05
)
$
(0.31
)
$
(0.22
)
$
(0.64
)
Astra Space, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited, in thousands)
June 30, 2023
December 31, 2022
Assets:
Cash and cash equivalents
$
13,384
$
33,644
Marketable securities
12,935
69,173
Trade accounts receivables
5,546
5,327
Inventories
11,231
4,142
Prepaid and other current assets
15,757
13,496
Total current assets
58,853
125,782
Property, plant and equipment, net
28,301
24,271
Right-of-use asset
11,096
12,813
Intangible assets, net
8,999
10,132
Other non-current assets
1,847
1,701
Total assets
$
109,096
$
174,699
Liabilities and Stockholders'
Equity:
Accounts payable
$
7,187
$
1,799
Operating lease obligation, current
portion
3,797
3,800
Contingent consideration
14,510
33,900
Accrued expenses and other current
liabilities
40,262
42,043
Total current liabilities
65,756
81,542
Operating lease obligation, net of current
portion
7,548
9,051
Other non-current liabilities
8,629
1,796
Total liabilities
81,933
92,389
Total stockholders’ equity
27,163
82,310
Total liabilities and stockholders’
equity
$
109,096
$
174,699
Astra Space, Inc.
Summary of Cash Flow
Data
(Unaudited, in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Cash used in operating activities
$
(33,489
)
$
(43,588
)
$
(69,488
)
$
(91,862
)
Capital expenditures
(3,192
)
(11,122
)
(8,223
)
(32,064
)
Free cash flow (non-GAAP)
$
(36,681
)
(54,710
)
(77,711
)
(123,926
)
Cash provided by (used in) investing
activities
$
30,068
$
(13,964
)
$
48,787
$
(129,647
)
Cash provided by financing activities
$
-
$
346
$
441
$
817
Reconciliation of GAAP
Financial Measures to Non-GAAP Financial Measures
(Unaudited, in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues
Launch services
$
-
$
1,988
$
-
$
5,899
Space products
707
694
707
694
Total revenues
707
2,682
707
6,593
Cost of revenues
Launch services
-
17,179
-
28,193
Space products
388
266
388
266
Total cost of revenues
388
17,445
388
28,459
GAAP gross loss
$
319
$
(14,763
)
$
319
(21,866
)
GAAP gross margin
45
%
(550
%)
45
%
(332
%)
Inventory write-downs
-
10,200
-
10,200
Deferred launch costs write downs
-
2,213
-
2,213
Adjusted gross profit (loss)
$
319
$
(2,350
)
$
319
$
(9,453
)
Adjusted gross margin
45
%
(88
%)
45
%
(143
%)
GAAP net loss
$
(14,004
)
$
(82,303
)
$
(58,897
)
$
(168,016
)
Stock-based compensation
(2,112
)
12,791
3,216
29,832
(Gain) loss on change in fair value of
contingent consideration
(16,625
)
1,800
(19,390
)
17,300
Apollo cash earnout compensation
-
1,242
-
2,575
Inventory write downs
-
10,200
-
10,200
Deferred launch costs write downs
-
2,213
-
2,213
Other special items
(967
)
1,088
(1,185
)
2,781
Adjusted net loss
$
(33,708
)
$
(52,969
)
$
(76,256
)
$
(103,115
)
Interest income
(384
)
(356
)
(1,714
)
(530
)
Accretion (amortization) of marketable
securities
(679
)
65
(679
)
132
Depreciation and amortization
1,688
4,858
3,033
7,633
Adjusted EBITDA
$
(33,083
)
$
(48,402
)
$
(75,616
)
$
(95,880
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814344467/en/
Investor Contact: investors@astra.com
Media Contact: press@astra.com
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