Astra Space, Inc. (“Astra”) (Nasdaq: ASTR) today announced
financial results for its third quarter ended September 30,
2023.
Recent Business Highlights:
- Announced deliveries of 8 Astra Spacecraft Engines™ out of
Sunnyvale manufacturing facility. These deliveries are expected to
be recognized as revenue in Q4 2023 following anticipated customer
acceptance.
- Signed two new Astra Spacecraft Engine™ customer contracts
totaling $11.7 million in contract value from the beginning of Q3
2023 through today. One of the customers is a major non-US defense
prime and the other is an international commercial space
company.
Third Quarter 2023 Financial Highlights:
For the three months ended September 30, 2023:
- GAAP Net Loss was $29.7 million
- Adjusted Net Loss* was $27.4 million
- Adjusted EBITDA Loss* was $24.7 million
- Capital Expenditures during the quarter totaled $1.3
million
- Cash and Cash Equivalents totaled $13.9 million
- Restricted Cash totaled $5.0 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.
_________
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 may include projections of financial
information; statements about historical results that may suggest
trends for our business; statements of the plans, strategies, and
objectives of management for future operations; and statements of
expectation or belief regarding future events (including any
acquisitions we may make), technology developments, our products,
product sales, expenses, liquidity, cash flow and growth rates.
Such statements are based on management’s current expectations,
estimates, forecasts and projections of our performance, our
industry’s performance and macroeconomic conditions, judgment,
beliefs, views on current trends and market conditions. Such
forward-looking statements inherently involve risks and
uncertainties that may cause actual results to differ materially
from those contained in the forward-looking statements. We derive
most of our forward-looking statements from our operating budgets
and forecasts, which are based upon many detailed assumptions.
While we believe that our assumptions are reasonable, we caution
that it is very difficult to predict the impact of known factors,
and it is impossible for us to anticipate all factors that could
affect our actual results. Accordingly, we caution readers not to
place undue reliance on these statements. Forward-looking
statements may include, for example, statements about:
- the commencement of commercial operations related to our launch
system currently in development and the shifting of the flight
dates for the launch of payloads currently under contract with our
customers;
- our ability to raise financing in the future;
- factors relating to our business, operations and financial
performance, including:
- our ability to grow and manage growth profitably;
- our ability to maintain relationships with customers and
suppliers; and
- competing in the global space industry.
- market conditions and global and economic factors beyond our
control, general economic conditions, unemployment and our
liquidity, operations and personnel;
- our ability to maintain the listing of our Class A Common Stock
on Nasdaq; and
- future exchange and interest rates.
These forward-looking statements are based on information
available as of the date of this quarterly report on Form 10-Q and
on management’s current expectations, forecasts and assumptions.
These forward-looking statements involve a number of judgments,
risks and uncertainties. Important factors could cause actual
results to differ materially from those indicated or implied by
forward-looking statements such as those contained in documents we
have filed with the SEC. Accordingly, forward-looking statements
should not be relied upon as representing our views as of any
subsequent date, and we do not undertake any obligation to update
or revise forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. As a result of a number
of known and unknown risks and uncertainties, our actual results or
performance may be materially different from those expressed or
implied by these forward-looking statements. For a discussion of
the risks involved in our business, see the section entitled, “Risk
Factors” in our annual report on Form 10-K for the year ended
December 31, 2022, filed with the SEC on March 30, 2023, as updated
by factors disclosed in the section titled "Risk Factors" in our
Quarterly Reports on Form 10-Q for the three months ended March 31,
2023, filed with the SEC on May 15, 2023, and the three and six
months ended June 30, 2023, filed with the SEC on August 14, 2023.
Should one or more of these risks or uncertainties materialize, or
should any of the underlying assumptions prove incorrect, actual
results may vary in material respects from those expressed or
implied by these forward-looking statements. Investors should not
place undue reliance on these forward-looking statements.
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, (d) fixed asset
adjustment, (e) inventory reserve adjustment, (f) production
capitalization adjustment and (g) other special items. For the
three months ended September 30, 2022, other special items
primarily related to amortization of licensed intellectual
property, employee COVID-19 testing expenses and payroll taxes.
Other special items primarily related to Worker Adjustment and
Retraining Notification (WARN) for the three months ended September
30, 2023.
We define Adjusted EBITDA as Adjusted Net Loss, excluding the
following items: (a) interest income, (b) interest expense, (c)
accretion/amortization of marketable securities, (d) gain/loss on
marketable securities and (e) depreciation and amortization. We are
unable to predict with reasonable certainty the ultimate outcome of
these exclusions without unreasonable effort. 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
Launch services
$
—
$
—
$
—
$
5,899
Space products
256
2,777
963
3,471
Total revenues
256
2,777
963
9,370
Cost of revenues
Launch services
—
—
—
28,193
Space products
232
1,071
620
1,337
Total cost of revenues
232
1,071
620
29,530
Gross profit (loss)
24
1,706
343
(20,160
)
Operating expenses
Research and development
21,677
32,821
77,154
111,546
Sales and marketing
1,630
4,052
4,764
13,452
General and administrative
9,834
19,222
33,096
60,816
Impairment expense
—
75,116
—
75,116
Goodwill impairment
—
58,251
—
58,251
(Gain) loss on change in fair value of
contingent consideration
(4,510
)
11,949
(23,900
)
29,249
Total operating expenses
28,631
201,411
91,114
348,430
Operating loss
(28,607
)
(199,705
)
(90,771
)
(368,590
)
Interest income
99
616
1,813
1,146
Interest expense
(1,339
)
—
(1,339
)
—
Other income/(expense), net
101
(25
)
1,654
314
Loss before taxes
(29,746
)
(199,114
)
(88,643
)
(367,130
)
Provision for income tax
—
—
—
—
Net loss
$
(29,746
)
$
(199,114
)
$
(88,643
)
$
(367,130
)
Basic and diluted loss per
share
Weighted average basic and diluted shares
- Class A
14,596
14,053
14,434
13,954
Loss per share
$
(1.63
)
$
(11.21
)
$
(4.89
)
$
(20.79
)
Weighted average basic and diluted shares
- Class B
3,703
3,703
3,703
3,703
Loss per share
$
(1.63
)
$
(11.21
)
$
(4.89
)
$
(20.79
)
Astra Space, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited, in thousands)
September 30, 2023
December 31, 2022
Assets:
Cash and cash equivalents
$
13,870
$
33,644
Restricted cash
5,000
—
Marketable securities
—
69,173
Trade accounts receivables
1,553
5,327
Inventories
13,686
4,142
Prepaid and other current assets
15,816
13,496
Total current assets
49,925
125,782
Property, plant and equipment, net
29,322
24,271
Right-of-use asset
10,273
12,813
Intangible assets, net
8,443
10,132
Other non-current assets
1,801
1,701
Total assets
$
99,764
$
174,699
Liabilities and Stockholders'
Equity:
Accounts payable
$
7,052
$
1,799
Operating lease obligation, current
portion
3,801
3,800
Contingent consideration
10,000
33,900
Accrued expenses and other current
liabilities
48,658
42,043
Senior note, net
7,076
—
Total current liabilities
76,587
81,542
Operating lease obligation, net of current
portion
6,814
9,051
Other non-current liabilities
8,301
1,796
Total liabilities
91,702
92,389
Total stockholders’ equity
8,062
82,310
Total liabilities and stockholders’
equity
$
99,764
$
174,699
Astra Space, Inc.
Summary of Cash Flow
Data
(Unaudited, in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash used in operating activities
$
(18,066
)
$
(42,753
)
$
(87,554
)
$
(134,615
)
Capital expenditures
(1,260
)
(7,979
)
(9,483
)
(40,043
)
Free cash flow (non-GAAP)
$
(19,326
)
(50,732
)
(97,037
)
(174,658
)
Cash provided by (used in) investing
activities
$
11,724
$
5,859
$
60,511
$
(124,088
)
Cash provided by financing activities
$
11,828
$
487
$
12,269
$
1,304
Reconciliation of GAAP
Financial Measures to Non-GAAP Financial Measures
(Unaudited, in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
Launch services
$
-
$
-
$
-
$
5,899
Space products
256
2,777
963
3,471
Total revenues
256
2,777
963
9,370
Cost of revenues
Launch services
—
—
—
28,193
Space products
232
1,071
620
1,337
Total cost of revenues
232
1,071
620
29,530
Gross profit (loss)
$
24
$
1,706
$
343
$
(20,160
)
GAAP gross margin
9
%
61
%
36
%
(215
%)
Inventory adjustments
—
—
—
10,200
Capitalize launch costs write downs
—
—
—
2,213
Adjusted gross profit (loss)
$
24
$
1,706
$
343
$
(7,747
)
Adjusted gross margin
9
%
61
%
36
%
(83
%)
GAAP net loss
$
(29,746
)
$
(199,114
)
$
(88,643
)
$
(367,130
)
Stock-based compensation
4,759
13,748
7,975
43,580
(Gain) loss on change in fair value of
contingent consideration
(4,510
)
11,949
(23,900
)
29,249
Apollo cash earnout compensation
—
(1,900
)
—
675
Inventory write downs
—
1,012
—
11,212
Capitalized launch cost expense
adjustments
—
—
—
2,213
Impairment expense
—
75,116
—
75,116
Goodwill Impairment
—
58,251
—
58,251
Employee retention credit
—
(4,283
)
—
(4,283
)
Other special items
2,090
18
905
2,796
Adjusted net loss
$
(27,407
)
$
(45,203
)
$
(104,568
)
$
(148,321
)
Interest income
(99
)
(616
)
(1,813
)
(1,146
)
Interest expense
1,339
—
1,339
—
Accretion (amortization) of marketable
securities
(37
)
(99
)
(716
)
33
Realized gain/loss on investment
5
(9
)
5
123
Depreciation and amortization
1,546
4,425
4,579
12,058
Adjusted EBITDA
$
(24,653
)
$
(41,502
)
$
(101,174
)
$
(137,253
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116130678/en/
Investor Contact: investors@astra.com
Media Contact: press@astra.com
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