Q2 2022 Astra Space Inc Earnings Call

August 4, 2022

[music].

Okay.

Good afternoon, and welcome to address our second quarter 2022 earnings Conference call. All lines have been placed on mute to prevent any background noise.

After the Speakers' remarks, there will be a question and answer session.

If you would like to ask a question. During this time simply press Star then the number one on your telephone keypad.

Withdraw your question simply press Star one again.

I would now like to turn the call over to Andrew Young Vice President of strategic Finance and capital markets or introductory remarks. Please go ahead Andrew.

Thank you operator, good afternoon, everyone and thank you for joining us for Ashford, Inc. Second quarter 2022 quarterly results call. After the market closed we released our.

Financial results. The results is available on the SEC's website, and our Investor Relations website, Investor Astro Dot com.

This teleconference is also being broadcast over the internet and will be archived and available on our Investor Relations website.

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors as our management team uses these non-GAAP financial measures to plan monitor and evaluate our financial performance.

These non-GAAP financial measures excludes certain items and should not be considered a substitute for comparable GAAP financial measures Astro.

<unk> method of computing. These non-GAAP financial measures may differ from similar non-GAAP financial measures used by other companies.

These items along with a reconciliation of our non-GAAP financial measures to their most comparable GAAP financial measures can be found in our release.

Today's call will also contain forward looking statements. These forward looking statements refer to future events, including astra's future financial outlook when used in this call. The words anticipate could enable estimate intend expect believe potential will should project and similar.

Question as it relates to Astra are as such a forward looking statement.

These forward looking statements are subject to a number of risks and uncertainties and as a result, astra's actual future results and performance may differ materially from those discussed in this call.

We encourage you to review our filings with the SEC and which we described the factors that could cause actual results to differ materially from our current expectations, including those updated risk factors included in our quarterly report on Form 10-Q.

We will also refer to commercial launches during this call when we use the phrases commercial launch commercial revenue launch or commercial orbital launch launch conducted under an FAA commercial launch.

Our commercial launches may be paid or unpaid.

Finally, I would like to remind everybody that this call will be recorded and will also be made available for replay are available.

Available on our Investor Relations section of our website.

With that I would now like to turn the call over to Chris Kastner, Astra's, founder Chairman and Chief Executive Officer, Chris.

Thank you Andrew good afternoon, everyone and thank you for joining us today.

In addition to my co founder and our CTO, Dr. Adam London, and our Chief Financial Officer, Kevin Brennan I've asked Benjamin Lyons, our chief engineer and Executive Vice President of engineering and operations to join US today to share. Some additional details about the progress we're making on the new version of our launch system.

Our mission improving life on Earth from space continues to inspire our team to relentlessly pushed forward.

Learning growing and pioneering the rapidly growing commercial space industry.

Even with the headwinds we've experienced in the market. It remains more clear than ever that we can expect based products and services to unlock tremendous societal and economic value and we believe that investments made by the U S government and other large commercial companies will continue to drive growth in this space Tech industry.

The long term focus that guides, our strategy product roadmaps and investments remains unchanged.

Before I dive in I'd like to start with a few words on the macro environment.

We're in a period of global uncertainty driven by geopolitical tensions supply chain constraints and elevated inflation yet.

Yet in the midst of all this we see space as a bright spot.

Mobile based economy currently estimated at $469 billion by the Space Foundation grew 9% last year.

We remain focused on ensuring Astra is positioned to seize this opportunity to become an end to end provider of space products and services.

Reflecting on the last year as a public company. In addition to building out a world class team and systems to operate as a public company and.

And tripling the size of our increasingly diverse workforce.

<unk> has.

Acquired Apollo fusion and launched and started shipping our first phase product gastro space Prepped engine.

Completed the expansion of our quarter million square foot rocket factory, new test facilities and established a new spaceport in Cape Canaveral, Florida.

We're also working with this Oxford UK spaceport to evaluate an opportunity to launch in the U K.

This opportunity is subject to the entry into definitive agreements and regulatory approval before we can launch.

Astra is recruited dedicated teams to support <unk> current R&D test manufacturing and launch operations.

Including a new VP to run launch operations, Doug Cooper.

We started development of launch system to point out with.

With the largest and most talented engineering team we've ever assembled.

And we've done all this while conducting four commercial orbital launches of launches to one point out.

Two of them successful too.

Two of them unsuccessful.

And it is this last point that our leadership team has taken to heart this last quarter.

And we've never been more rigorous in our analysis are more focused on making the changes necessary.

To ensure astro delivers a service that is reliable.

Cost effective and meets the needs of our customers.

So we will spend the majority of today's call discussing this focus.

So turning to this quarter.

It's been a quarter of continued investment customer adoption of our space technology products and growth in our customer pipeline.

But on June 12, when we launched the first of three intended NASA tropics missions from Cape Canaveral we.

We failed to deliver an acid payload orbit.

We have to spend a bit more time on this in a moment.

Second given the increasing demand from large constellation operators for higher capacity lower cost and more reliable launch services.

Our discussions with NASA and other customers.

And a significant resources.

That has been required to support launching.

Our <unk> system.

We've made a few key decisions.

Yeah.

We've increased the payload capacity target for launch this acute pointed out improved 300 kilograms.

600 kilograms.

Second we are working with all of our launch service customers to re manifest on launch this and to point out.

Thus, we will not have any additional flights in 2022.

And third we are increasing investments in testing and qualification, which will add additional time and test flight to our scheduled prior to resuming commercial launch operations, meaning that whether we'll be able to commence commercial launches in 2023 will depend on the success of our test flights.

I'll spend more time on this in a moment as well.

And third in areas based products.

It's been just over a year since our acquisition of a politician and demand continues to increase for the extra space craft engine.

By the end of the second quarter, we received a total of 103 committed orders for spacecraft engines up 69%.

At the end of last quarter.

We're also announcing that we secured a lease.

For an additional 60000 square foot facility to support the production of the Astral space craft engine.

Which we believe will become the industry standard in space propulsion.

Fourth on our financials, we ended the quarter with approximately $200 million in cash and cash equivalents and marketable securities. We've honed our operating plan to live within our means and focus our human and capital resources.

To bring a more reliable and higher capacity launched service to market and develop and grow our space products business.

<unk> entered into a $100 million committed equity facility with B Riley capital.

Which provides us improved financial flexibility as we continue the development of launches through two in our space products and services.

We will provide additional detail on our plan in a few minutes.

Tropics as I mentioned on June 12, we launched the NASA tropics, one from Cape Canaveral.

The investigation is the anomaly continues and we expect to share findings once the root cause has been determined however, we do know several things.

First we had a nominal per stage flight followed by a nominal main engine cutoff.

Second we had a nominal tearing and stage separation.

Third during the upper stage twice the upper stage experienced anomaly that caused the upper stage engine to run out of fuel and shutdown before reaching the velocity required to deliver an asset payload to orbit.

To be clear we are deeply disappointed by this outcome.

We've been working closely with NASA and the FAA to investigate the failure.

And we will share all of our findings once the investigation is concluded.

Furthermore, we are in discussion with NASA to proceed with tropics amongst us and to point out.

On behalf of the entire team I want to thank NASA for their continued partnership. So we remain committed to successfully completing the submission.

Now turning to launch this and to point out as I mentioned before.

Astro has now concluded for commercial orbital launches for our customers two of the more successful delivering a total of 23 satellites to orbit.

And we're not.

This is a tough business and we tackle some of the hardest engineering challenges.

And with our achievements have also come failures.

Both have taught us a great deal and us isn't the us that we were when we took the company public just over a year ago.

Since our first successful flight under the leadership of Benjamin Lion, Astra's, Chief engineer and Executive Vice President of Engineering and operations Astro has more than tripled the size of its development team completed the build out of a new rocket factory facility.

New test facilities.

And has made significant progress in the development of launches and to point out.

Since we unveiled launches since you pointed out at our specific data.

We have increased the design to deliver up to 600 kilograms to meet inclination lowered orbit over the course of their lifecycle.

Which we believe will allow us to serve over 75% of the total addressable market of small satellites.

Including many mega constellations.

Finally, we continue to target a base both launched price for dedicated launches under $5 million.

To provide additional detail on the development of this system I'd like you to hear directly from Benjamin.

Benjamin.

Thank you Chris as Chris mentioned since I joined Astra, We've made significant investments in our engineering and operations now we are focused on taking all of our talent, our manufacturing and test facilities and the time required to do two things.

<unk>. The next release of the launch system and expand the production and test of our Astra spacecraft engines.

The team has been diligently working on the launch system to Plano design.

This effort are key capabilities that we built out over the last year for.

For example, establishing dedicated mission management and assurance teams investing in state of the art metrology failure analysis and reliability labs.

Developing installing and commissioning new automated assembly equipment on our new rocket four production in Tesla for example, we've installed automated take section welding and stacking systems that are central to our development work and future scale and we baseline the laser weld processes for sub assembly attachments.

Like baffles in brackets.

We've also developed a scalable don't forming process that reduces fabrication time, we can now make many rocket four domes and the time it took us to make a single rocket three Doe.

We completed a number of engine hot buyers at our new Castle test facility, enabling us to the operation of our higher thrust first stage engine.

Lastly, we continue to introduce new analysis processes documentation systems and procedures that align engineering manufacturing and operations to enable quality and reliability at scale.

These are important milestones in our development process.

Thank you and now I'll turn it over to Chris to provide additional detail on Astra spacecraft engines.

Thanks Benjamin.

As we discussed in our shareholder letter and our 2021 annual report.

While building a scalable and profitable launch services business is very strategic to Astro launch is just one of the three pillars of our strategy.

So I wanted to take a few minutes to highlight the progress we're making in our space products business.

Where we are seeking to leverage our launch and manufacturing capabilities to develop and product ties key technologies needed by our customers to build next generation satellites and space services.

As we mentioned earlier to accelerators based product business, we completed the acquisition of Apollo effusion, just over a year ago.

Our team identified the most significant investments that our customers were making.

As they develop space services outside of launch and satellite propulsion was one of the most sizable cost base.

Face propulsion systems are one of the first decision satellite manufacturers make before determining launch options.

And in space propulsion is often used in concert with launch to position satellite into their final orbits.

Since we completed the acquisition of the Pollak fusion.

We successfully <unk> 90, the engine in space on our very first attempts.

We've since performed hundreds of successful additions.

We've demonstrated industry, leading performance that exceeded the expectations that we set in ground tests.

We're scaling engine production and we've qualified our engine to use krypton.

And our leading competitor was Russia.

And as know sanctions.

We continue to see strong demand and as I mentioned, we sold 103 space space craft engines through Q2.

This demonstrates that we can prototype course based products and as evidence of our successful post acquisition integration of a politician.

We recently signed a new lease for a 60000 square foot facility to increase our spacecraft engine production capabilities.

We continue to evaluate new space product opportunities based on feedback from customers. So more to come on this in the future.

Now I'll turn things over to Helen to review, our financials and guidance Kevin.

Thank you, Chris and good afternoon, everyone. Let me first review our Q2 results as Chris mentioned, we continue to see increased customer adoption of our space products.

Pleased with the gross margin associated with that business.

As a reminder, all non revenue financial figures I will discuss today are adjusted unless I state them as a GAAP measure.

You will find a reconciliation from GAAP to non-GAAP results in today's press release.

Revenues in Q2 were $2 7 million with approximately $2 million derived from launch services.

$7 million for faced product as we commenced delivery of our first astrocytes truck engine customers.

Cost of revenues were $17 4 million for the three months ended June 32022.

This included $4 1 million of cost of launch services and space products and $13 3 million of inventory write down $10 2 million of which was attributed to inventory write downs related to the discontinuation of launch system one.

Yeah.

Second quarter, adjusted net loss was $53 million.

Q2, adjusted EBITDA was a loss of $48 4 million well below the low end of our guidance range of a loss of $58 million.

On a GAAP basis, our second quarter net loss was $82 3 million a sequential decrease in net loss was primarily related to a decline in loss on change in fair value of contingent consideration and partially offset by increased inventory write down.

Second quarter additions for capital expenditures was $12 9 million and primarily related to finalizing the expansion of our Alameda manufacturing facility.

Now fully occupy the entire facility have begun installing production equipment for rocket manufacturing.

We ended the quarter with cash cash equivalents and marketable securities of $200 7 million and no debt outstanding.

The company expects that its sort.

Because of liquidity will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of vision of these financial statements.

On August 2nd after entered into a 100 million committed equity facility with B Riley principal capital LLC.

<unk> provides astra the right, but not the obligation to issue up to $100 million of class a common stock over 24 months to be acquired by B Riley.

The facility provides increased financial flexibility as the Ashford continues to scale manufacturing invest in R&D and deliver launch services and space products to customers.

Any activity by after under this facility will be done systematically and opportunistically as we progress against our refreshed operating plan.

In addition to the B Riley facilitate.

We continue to evaluate various financing strategy and the overall capital market as we carefully manage our financial profile.

Next I'll provide an outlook for our third quarter ending September 32022.

Our third quarter guidance and the remainder of 2022 and 2023 is subject to various important cautionary factors referenced in the section entitled forward looking statements below and our Form 10-K, 10-K, including risks and uncertainties associated with ongoing COVID-19, pandemic and the decision to distant.

<unk> the production of launch vehicle supported by our launch system one.

As Chris mentioned, there is also a risk associated with elevated levels of inflation and our supply chain when it comes to the world.

Our dynamic shared across many companies and industry. However.

However, we believe our investments in our factory and vertically integrate manufacturing processes are one of the factors that helped mitigate this risk.

For the third quarter, we currently expect adjusted EBITDA loss to be between $45 million and 51 million Dupree.

Depreciation and amortization to be obtained $5 5 million and $6 5 million.

Stock based compensation to be between $12 million and $15 million.

Cash taxes are forecasted to be zero.

Basic shares outstanding to be between $266 million, and 270 million share and capital additions to be between $6 8 million.

Let me provide some additional color on guidance through 2023.

As noted earlier, we've discontinued the production of larger.

CFO supported by our current <unk> system, and we have focused all of our loan services resources towards the development of lock system to point out.

As such we do not plan to conduct any further commercial launches in 2022.

As part of the development cycle finally launched system, we expect to conduct test launches of our new launched system in 2023, but are not yet certain whether we will be able to conduct paid commercial losses. In 2023 do you think this new launch system.

I also expect continued adoption of our space products business and to continue focusing.

Resources on executing on this part of our strategy. Therefore, you will see a significant reduction in capital expenditures expenditures and slowing growth in head count as we move through the second half of 2022 and 2023.

Capital expenditures will be required for our space, perhaps into facilitate additional production equipment for launch system to point out production and launch or upgrades for the new launch system to point out in 2022, after which we expect it to flatten out in 2023.

On the after space craft engine, you should expect quarterly variability in shipments until we ramp production by mid 2023.

Please note that the Asp's for our space craft engine are much lower than last services.

We'll have a higher volume with positive gross margins.

We continue to expect calendar 2022 to be a transformative year as after continuous expanding on our product roadmap and scaling production as Chris outlined we will focus all launch resources unlocking for our launch system to point out, which we unveiled on May 12 at Astro space Tech day and.

We will also expand our space product offerings led by Astro space Craft engine. Lastly, we will continue to focus on ensuring these investments deliver value to our shareholders and set us on the path for long term success.

Additionally, during the current quarter, we will provide some specifics related to the non financial operating metrics, which we will be using to measure our progress towards achieving the strategic objective previously mentioned.

This will allow you to understand the progress, we're making towards developing lots system to point out on our increased capacity for building and delivering our space products.

Confirm we intend to achieve these milestones within the financial guidance previously provided.

Before I turn the call back over to Chris I want to add thanks to our entire Astro team and growing roster of customers, who trust us to deliver for them Chris.

In addition to sharing the operating metrics you just mentioned I am looking forward to sharing the milestones along the path to our next slide.

<unk> our progress over the next year will be measured by progress towards launch the thing to point out orders and shipments of our space products, including Astro spacecraft engine and the disciplined execution of our operating plan with that we please open the call for questions.

Thank you the floor is now open for your questions to ask a question at this time. Please press star one on your telephone keypad again Thats Star one.

The point, you would likely withdraw yourself from the queue. Please press star one again.

Your first question comes from the line of Edison you at Deutsche Bank.

Hey, guys. Thanks for.

Thanks for taking the question I have a couple.

To start off it seems as if the transition to a rocket four is going to take.

Meaningfully longer than what the previous <unk>.

Outlook may have been.

First of all is that the case and if so what is kind of driving that longer transition time to rocket four.

Yes, I'll take I'll take the first part of that I think Theres two things I think that as we've learned more about operating.

Rocket three three was launched system one one as we build out this incredible team we built as we are.

<unk> continued to build out our new factory.

The market continue to evolve as well and the feedback we were getting from.

Some of the larger constellation operators was the satellites, we're getting larger and so we saw really two things happening one.

An incredible team that we'd assembled.

Making a lot of great progress and frankly, a lot of changes to the new rocket and the new launch system and all the software that powers it and investing in all these new.

New test equipment and labs.

We were investing a lot of that in the new rocket and.

Continuing to operate launches to $1, one one point out.

The existing rocket.

Was operating rocket that through 50 kilograms to two women.

We felt we had an opportunity to do two things really focus all of our resources and energy on.

Rocket that frankly had the benefit of <unk>.

All the people we brought in this year.

And.

Secondly, we had an opportunity to further increase the capacity of the vehicle with an upgrade to the upper stage engine and so the combination of those factors.

And also our desire to really build the highest quality most reliable product that met the needs of the majority of the market.

Chatter with Benjamin and I ask Benjamin what's the one thing we could do to allow you to focus our resources to make that happen not only as fast as possible, but with all of the focus.

In energy that it requires and.

When we started talking to our customers and it was pretty clear that after two out of the four flights that we had flown were not successful.

The opportunity to fly on a vehicle that has received all of this attention and energy from our team over the past year was also favorable to them and in the end.

We kind of did what our customers.

I wanted us to do which is to focus all of our energy on a system that takes advantage of all of the investments that we've made since we took the company public capital people facilities and otherwise.

<unk>.

We did that.

Very soon after this last flight frankly, so we.

We could we could kind of get everyone focused on the next system as soon as possible.

Thanks, and I guess, taking that into context, I know you said, you're not flying anything.

Rest of this year, what sort of rough targets.

Can you share with us because.

I think I don't want to drill.

You got to certain months.

As of the date, but is there some like Russ.

Target to test that is for the first half supply and then if that goes successfully and the first commercial launch if there's something you could share with us.

I think what I'll share is as you look at 2023.

What we're what we're looking at in terms of revenue forecasts.

We will largely be spacecraft engines.

In 2023, I want to give Benjamin the time and the team the time to really get this right.

And do the work that is required to build the highest quality most reliable. So we want to do several test flights. We want to test every component of the system. We want to test. The engines, we will test the stages will test the software when a test electronics and really as we looked at this thing.

We built a plan that we believe.

It gives them more time.

And also fits the needs of the customers that we can put on manifest as we talked to all of our customers.

There's a lot of uncertainty because we want to give the time to the team to do all that testing before we do another commercial launch.

So I think what we've decided is let's just.

Focus on giving the team the time to accomplish these milestones and then we're going to share all of these milestones with all of you as we accomplish them. So with each of these major milestones youre going to see Astro.

Give everybody an update here's what we've accomplished here's what's next we've accomplished that one here's what's next then there'll be some test flights.

And I think that as we as we continue to do this we will continue to get closer to.

In answer to your question.

Understood.

Last one for me.

You said, you're still going to stick I think with the sub $5 million pricing.

Given that there is so much demand given that there could be a bit of a crunch.

Post ratio, who create everything why not charge more.

Seems as if there is actually pretty decent pricing power you have inflation Spacex raise price earlier this year why not.

Try to actually charge more.

It makes the economics, a little bit easier.

It's a great question I think at a higher price point, it's a different product.

So we're really we're not building this service for one off launches for a couple of small sites here and there and I think there is a market.

For that and I think that you've seen some of our peers focus on that market with expensive launches that are infrequently performed for this this segment of the market. The market that we're really excited about Edison is the mega constellations and in order to win contracts with the larger constellation operators the economics.

We're competing with are not some of our peers with small launch vehicles.

<unk> and.

So I think we offer a position we offer a product that has price as a as a primary characteristics and scale as a primary characteristics. So we've invested in building as factories not to do a small number of launches at a high price, but to do a higher number of launches at a lower price and so that's why we really lead with price.

Because we believe that some of these mega constellation operators need choices.

And we want to give them another choice.

It isn't a large launch vehicle that's economically viable for these for these operators.

Great. Thanks, a lot.

Your next question comes from the line of Andre Madrid of Bank of America.

Yeah.

Hey, guys. Thanks for taking my question.

No.

Glad to see you guys are focusing a little bit more on the engine side of things.

Fortunately, though youre not the only player out there doing that rocket lab has their own with hyper.

Hi, procure.

How do you guys see yourself differentiating from that.

Just some of the key points as to where you see your product is different.

Better than what they are doing over there with hybrid theory.

Well I mean, I can tell you what our customers tell us and what they tell us is that.

Our product performs better so we have a higher ISP.

I can tell you that we've we've operated our product successfully in space. It's now ignited hundreds of times.

And I can tell you that it's very cost competitive.

And I think that as we work with our customers, we're trying to strike that balance of offering a product that is.

Higher performance lower cost and.

We're going to obviously continue to invest heavily in making sure that we can scale the production to meet the demand that we're seeing out there and that's why you've seen us release.

In today's earnings announcement.

The detail around the new facility, we are building out 60000 square feet of facility dedicated to scaling the production of those space craft engines.

Alright.

That's helpful.

Yes, it's all aligned.

I'll get back to the rest of the queue. Thanks.

Okay.

Yes.

Again to ask a question. Please press star one you have a follow up question from the line of Anthony <unk> at Deutsche Bank.

Hey, actually just.

One more follow up for me and it was actually about the engine.

Is there any way you can break down the composition.

Those orders as it.

Are those what kind of what type of spacecraft or what type of.

Use cases, and then we can kind of break that down a little bit more.

Sure.

I mean, what I'll say is that the way the product is is sold.

It's very modular so.

It's a true product in a sense that theres a theres a thruster there's electronics there is a.

There is a <unk> system in tank and we can actually configure it and a lot of different ways. So we're selling them to a lot of different customers that have different sized satellites.

With different mission parameters, and we do that by taking that product and configuring. It differently. You can have one engine to one restaurant you addressed or three thrusters, and we've actually seen our customers deploy it in a lot of different configuration. So it's very flexible.

And it really doesn't target just one segment.

The satellite market.

Being adopted by a lot of different types of satellites.

Benefit and would you be going after a pretty Ah you're going after pretty big constellations. There since it is I think you mentioned pulp lessor.

Would that be something that you could sell to.

A fairly large constellations.

Yes.

Once they don't have their own already developed so I would look at the if you are trying to forecast the size of the market I would just look at the folks that are.

Building their own and then everyone else is sort of the tail.

Got it got it.

Your next question is a follow up from the line of Andrea <unk> of Bank of America.

Okay.

Just wondering just to give a little.

Context.

So to everybody listening.

Explain a little more wide reporting to have an engine on the system itself as opposed to relying on a space sort of sorts, maybe like a legislator or whats stopping.

No one customer from growing.

With a more tailored approach than just using the services space.

But I think the bidding.

All satellites that are for example, communication satellites or operational satellites required propulsion, if they're if they're large and if theyre meant to station keep or if they're meant to be positioned in a particular orbit unless they are like small cube sets.

And I think where these transfer vehicles they actually.

We use these propulsion systems to do the work of doing the final orbit positioning for the satellites that don't have propulsion before they are deployed but these are typically small satellites that.

Our cube sets that just arent large enough and have the amount of power.

On board too.

To really keep the satellite loss of their kind of vary.

The very small satellites I'm also if you want to be able to de orbit satellite systems are very useful. So I think as we as we see more pressure on operators to.

It really removes the satellites from orbit once their life is over.

All satellites are going to start to need some form of propulsion system or other.

System to assist with the orbiting.

Understood and is there a large difference in price point would you say.

Well I think again, comparing a propulsion system that almost every satellite has to one of these these delivery.

Systems is.

You are comparing apples and oranges.

These these systems that are offered.

The companies that do final positioning our positioning typically very small satellites cube sets in particular places in there.

These satellites are being sold to excuse me the propulsion the Astro space craft engine is being sold to.

The kind of call. It a several hundred kilogram 2000 kilogram class of Mega community.

Communication satellite type applications or applications that involve the satellite, leaving lowered orbit and.

Going going to hire orbitz or or other places.

Okay. Thank you, yes, that's the color I wanted to I feel like sometimes with distinction isn't always as clear. So I. Appreciate you have given the breakdown.

Yes.

Youre welcome and I think we announced we sold 103 of these so far and really we're expecting the.

Production to start to ramp up in 2023 and with that revenues from that product line.

This concludes the question and answer session on today's call I will now turn the floor back over to Kris <unk>, Chairman and CEO of <unk>.

I. Thank everyone for your time today and I just want to.

I'll, let you all know that we appreciate your support and we look forward to providing you updates both quarterly and also frequently as we make progress towards.

Delivering the new launch system to point out and continuing to announce new contracts for <unk> based products and services. Thanks Paul.

Thank you. This does conclude today's call. Thank you for your participation on today's event you may now disconnect.

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<unk>.

Okay.

Good afternoon, and welcome to address second quarter 2022 earnings Conference call. All lines have been placed on mute to prevent any background noise.

After the Speakers' remarks, there will be a question and answer session.

I would like to ask a question. During this time simply press Star then the number one on your telephone keypad.

Your question simply press Star one again.

I'd now like to turn the call over to Andrew Chang Vice President of strategic Finance and capital markets for introductory remarks. Please go ahead, Andrew. Thank you operator, good afternoon, everyone and thank you for joining us for asset second quarter 2022 quarterly results call. After the market closed we released our financials.

Results. The results release is available on the SEC's website, and our Investor Relations website at Investor Day, Astro Dot com.

This teleconference is also being broadcast over the internet and will be archived and available on our Investor Relations website.

Our call today, we will reference non-GAAP financial measures, which we believe that are useful to investors as our management team uses these non-GAAP financial measures to plan monitor and evaluate our financial performance.

These non-GAAP financial measures excludes certain items and should not be considered a substitute for comparable GAAP financial measures.

<unk> method of computing. These non-GAAP financial measures may differ from similar non-GAAP financial measures used by other companies.

A description of these items along with a reconciliation of our non-GAAP financial measures to their most comparable GAAP financial measures can be found in our release.

<unk> should project and similar expressions as they relate to Astra are as such a hard looking statements.

We will also refer to commercial launches during this call when we use the phrases commercial launch commercial revenue launch or commercial orbital launch immuno launch conducted under an FAA commercial launch license.

Our commercial launches may be paid or unpaid.

Finally, I would like to remind everybody that this call will be recorded and will also be made available for replay via a link available on our Investor Relations section of our website.

With that I would now like to turn the call over to Chris Tapp, Astra's, founder Chairman and Chief Executive Officer, Chris.

Thank you Andrew good afternoon, everyone and thank you for joining us today to.

Today. In addition to my co founder and our CTO, Dr. Adam London, and our Chief Financial Officer, Kevin Brennan I've asked Benjamin Lyons, our chief engineer and Executive Vice President of engineering and operations to join US today to share. Some additional details about the progress we're making on the new version of our launch system.

Our mission improving life on Earth from space continues to inspire our team to relentlessly pushed forward.

Turning to growing and pioneering the rapidly growing commercial space industry.

Even with the headwinds we've experienced in the market. It remains more clear than ever that we can expect based products and services to unlock tremendous societal and economic value as we believe that investments made by the U S government and other large commercial companies will continue to drive growth in this space Tech industry.

The long term focus that guides, our strategy product roadmaps and investments remains unchanged.

Before I dive in I'd like to start with a few words on the macro environment.

We're in a period of global uncertainty driven by geopolitical tensions supply chain constraints and elevated inflation yet.

Yet in the midst of all this we see space as a bright spot.

Mobile space economy currently estimated at $469 billion by the Space Foundation grew 9% last year.

We remain focused on ensuring Astra is positioned to seize this opportunity to become an end to end provider of space products and services.

Reflecting on the last year as a public company. In addition to building out a world class team and systems to operate as a public company.

And tripling the size of our increasingly diverse workforce.

Astra is the <unk>.

<unk>, Paula fusion and launched and started shipping our first phase product gastro space Prepped engine.

Completed the expansion of our quarter million square foot rocket factory, new test facilities and established a new spaceport in Cape Canaveral, Florida.

We're also working with this Oxford UK spaceport to evaluate an opportunity to launch in the U K. This.

This opportunity is subject to the entry into definitive agreements and regulatory approval before we can launch.

Astra is recruited dedicated teams to support <unk> current R&D test manufacturing and launch operations.

Including a new VP to run launch operations, Doug Cooper.

We started development of launch system to point out with.

With the largest and most talented engineering team we've ever assembled.

And we've done all this while conducting four commercial orbital launches of launches and one point out.

Two of them successful too.

Two of them unsuccessful.

And it is this last point that our leadership team has taken to heart this last quarter.

And we've never been more rigorous in our analysis are more focused on making the changes necessary.

To ensure astro delivers a service that is reliable.

Cost effective and meets the needs of our customers.

So we will spend the majority of today's call discussing this focus.

So turning to this quarter.

It's been a quarter of continued investment customer adoption of our space technology products and growth in our customer pipeline.

But on June 12, when we launched the first of three intended NASA tropics missions from Cape Canaveral we.

We failed to deliver an asset payload to orbit.

We have to spend a bit more time on this in a moment.

Second given the increasing demand from large constellation operators for higher capacity lower cost and more reliable launch services.

Our discussions with NASA and other customers.

And a significant resources.

That has been required to support launching.

Our <unk> system.

We've made a few key decisions.

Yeah.

We've increased the payload capacity target for launch this acute pointed out from 300 kilograms.

600 kilograms.

Second we are working with all of our launch service customers to re manifest on launch this and to point out.

Thus, we will not have any additional flights in 2022.

I'll spend more time on this in a moment as well.

And third in areas based products.

It's been just over a year since our acquisition of a politician and demand continues to increase with the Astra spacecraft engine.

By the end of the second quarter, we received a total of 103 committed orders for spacecraft engines up 69%.

At the end of last quarter.

We're also announcing that we secured a lease.

For an additional 60000 square foot facility to support the production of the Astral space craft engine.

Which we believe will become the industry standard in space propulsion.

Fourth on our financials, we ended the quarter with approximately $200 million in cash and cash equivalents and marketable securities. We honed our operating plan to live within our means and focus our human and capital resources.

To bring a more reliable and higher capacity launched service to market and develop and grow our space product business.

<unk> entered into a $100 million committed equity facility with B Riley capital.

Which provides us improved financial flexibility as we continue the development of launches through two in our space products and services.

Alan will provide additional detail on our plan in a few minutes.

On tropics as I mentioned on June 12, we launched the NASA tropics, one from Cape Canaveral.

The investigation into the anomaly continues and we expect to share findings once the root cause has been determined however, we do know several things.

First we had a nominal per stage flight followed by a nominal main engine costs.

Second we had a nominal sharing and see separation.

Third during the upper stage flight the upper stage experienced anomaly caused the upper stage engine to run out of fuel and shut down before reaching the velocity required to deliver an asset payload to orbit.

To be clear we are deeply disappointed by this outcome.

We've been working closely with NASA and the FAA to investigate the failure.

And we will share all of our findings once the investigation is concluded.

Furthermore, we are in discussion with NASA to proceed with tropics amongst us and to point out.

On behalf of the entire team I want to thank NASA for their continued partnership. So we remain committed to successfully completing this mission.

Now turning to launch this and to point out as I mentioned before.

Astra is now concluded for commercial orbital launches for our customers two of them were successful delivering a total of 23 satellites to orbit.

And we're not.

Bass is a tough business and we tackle some of the hardest engineering challenges.

And with our achievements have also come failures.

Both have taught us a great deal and US is in the US that we were when we took the company public just over a year ago.

Since our first successful flight under the leadership of Benjamin Lamb.

<unk>, Chief engineer, and executive Vice President of Engineering and operations.

<unk> has more than tripled the size of its development team completed the build out of a new rocket factory facility.

New test facilities and have made significant progress in the development of launch this and to point out.

Since we unveiled launches as you pointed out at our space Tech data.

We have increased the design to deliver up to 600 kilograms to meet inclination lowered orbit over the course of their lifecycle, which.

Which we believe will allow us to serve over 75% of the total addressable market of small satellites, including many mega constellations.

Finally, we continue to target a base bulk launch price for dedicated launches under $5 million.

To provide additional detail on the development of this system I'd like you to hear directly from Benjamin.

Benjamin.

<unk>. The next release of the launch system and expand the production and test of our Astro spacecraft engines.

The team has been diligently working on the launch system to Plano design.

Part of this effort are key capabilities that we built out over the last year for.

For example, establishing dedicated mission management and assurance teams.

Investing in state of the art metrology failure analysis and reliability labs.

Like baffles in brackets.

We've also developed a scalable zone, forming process that reduces fabrication time, we can now make many rocket four domes and the time it took us to make a single rocket three though.

We completed a number of engine hot buyers at our new Castle test facility, enabling us to tune the operation of our higher thrust first stage engine.

Lastly, we continue to introduce new analysis processes documentation systems and procedures that align engineering manufacturing and operations to enable quality and reliability at scale.

These are important milestones in our development process.

Thank you and now I'll turn it over to Chris to provide additional detail on Astra spacecraft engines.

Thanks Benjamin.

As we discussed in our shareholder letter and our 2021 annual report.

While building a scalable and profitable launch services business is very strategic to Astra launch is just one of the three pillars of our strategy.

So I wanted to take a few minutes to highlight the progress we're making in our space products business.

We are seeking to leverage our launch and manufacturing capability to developing prototype key technologies needed by our customers to build next generation satellites and space services.

As we mentioned earlier to accelerators based product business, we completed the acquisition of the Pollo fusion just over a year ago.

Our team identified the most significant investments that our customers were making as.

As they develop space services outside of launch and satellite propulsion was one of the most sizable cost base.

Based propulsion systems are one of the first decision satellite manufacturers make before determining launch options and.

And in space propulsion is often used in concert with launch to position satellite into their final orbits.

Since we completed the acquisition of the Pollo fusion.

We successfully <unk> 90, the engine in space on our very first attempts.

Since performed hundreds of successful additions.

We've demonstrated industry, leading performance that exceeded the expectations that we set the ground tests.

We're scaling engine production and we've qualified our engine to use krypton.

And our leading competitor was Russia and is now sanctions.

We continue to see strong demand and as I mentioned, we sold 103 space space craft engines through Q2.

This demonstrates that we can prototype course based products and as evidence of our successful post acquisition integration of the power issue.

We recently signed a new lease for a 60000 square foot facility to increase our spacecraft engine production capabilities.

We continue to evaluate new space product opportunities based on feedback from customers. So more to come on this in the future.

Now I'll turn things over to Helen to review, our financials and guidance Kevin.

Thank you, Chris and good afternoon, everyone. Let me first review our Q2 results as Chris mentioned, we continue to see increased customer adoption of our space products and are pleased with the gross margin associated with that business.

As a reminder, all non revenue financial figures I will discuss today are adjusted unless I state them as a GAAP measure.

You will find a reconciliation from GAAP to non-GAAP results in today's press release.

Revenues in Q2 were $2 7 million with approximately $2 million derived from loss services and <unk>.

$7 million for face product as we commenced delivery of our first after space truck engine customers.

Cost of revenues were $17 4 million for the three months ended June 32022. This includes $4 1 million of cost of launch services and space products and $13 3 million of inventory write down $10 2 million of which was attributed to inventory write downs related to the distance.

Generation of launch system one.

<unk>.

Second quarter, adjusted net loss was $53 million.

Q2, adjusted EBITDA was a loss of $48 4 million well below the low end of our guidance range of a loss of $58 million.

Second quarter additions for capital expenditures was $12 9 million and primarily related to finalizing the expansion of our Alameda manufacturing facility.

Now fully occupied the entire facility have begun installing production equipment for rocket manufacturing we.

We ended the quarter with cash cash equivalents and marketable securities of $200 7 million.

And no debt outstanding.

The company expects that its sources of liquidity will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of this show of these financial statements.

On August 2nd after entered into a $100 million committed equity facility with B Riley principal capital LLC.

The facility provides astra the right, but not the obligation to issue up to $100 million of class a common stock over 24 months to be acquired by B Riley.

The facility provides increased financial flexibility as the effort continues to scale manufacturing invest in R&D and deliver launch services and space products to customers any.

Any activity by after under this facility will be done systematically and opportunistically as we progress against our refreshed operating plan.

In addition to the B Riley facility.

We continue to evaluate various financing strategy and the overall capital market as we carefully manage our financial profile.

Next I'll provide an outlook for our third quarter ending September 32022.

<unk> the production of launch vehicle supported by our launch system one point out.

As Chris mentioned, there is also a risk associated with elevated levels of inflation and our supply chain when it comes to the world.

Hi, dynamic shared across many companies in the industry.

However, we believe our investments in our factory and vertically integrate manufacturing processes are one of the factors that help mitigate this risk.

For the third quarter, we currently expect adjusted EBITDA loss to be between $45 million and 51 million Dupree.

Depreciation and amortization to be obtained $5 5 million and $6 5 million.

Stock based compensation to be between 12 million and $15 million.

Cash taxes are forecasted to be zero.

Basic shares outstanding to be between $266 million, and 270 million share and capital additions to be between $6 8 million.

Let me provide some additional color on guidance through 2023.

As noted earlier, we have discontinued the production of large single CFO supported by our current <unk> system and we have focused all of our launch services resources towards the development of lock system to point out as such we do not plan to conduct any further commercial launches in 2022.

As part of the development cycle finally launched system, we expect to conduct test launches of our new Los system in 2023, but are not yet certain whether we'll be able to conduct paid commercial losses. In 2023 do you think this new launch system.

We also expect continued adoption of our space products business and to continue focusing.

Sources on executing on this part of our strategy. Therefore, you will see a significant reduction in capital expenditures expenditures and slowing growth in head count as we move through the second half of 2022 and 2023 <unk>.

Capital expenditures will be required for our space, perhaps into facilitate additional production equipment for launch system to point out production and launch our upgrades for the new launch system to point out in 2022, after which we expect it to flatten out in 2023.

On the outdoor space craft engine, you should expect quarterly variability in shipments until we ramp production by mid 2023.

Please note that the Asp's for our space craft engine are much lower than last services, but we will have a higher volume with positive gross margin.

We'll also expand our space product offerings led by Astro spaced prepped engine.

Lastly, we will continue to focus on ensuring these investments deliver value to our shareholders and set us on the path for long term success.

This will allow you to understand the progress we are making towards developing lots system to point out on our increased capacity for building and delivering our space products.

Confirm we intend to achieve these milestones within the financial guidance previously provided.

Before I turn the call back over to Chris I want to add thanks to our entire Astro King and growing roster of customers, who trust us to deliver for them Chris.

In addition to sharing the operating metrics you just mentioned I am looking forward to sharing the milestones along the path to our next slide.

Summary, our progress over the next year will be measured by progress towards launches as you pointed out orders and shipments of our space products, including Astral spacecraft engine and the disciplined execution of our operating plan.

With that please open the call for questions.

Thank you the floor is now open for your questions to ask a question at this time. Please press star one on your telephone keypad again Thats Star one at any point you would like to withdraw yourself from the queue. Please press star one again.

Your first question comes from the line of Edison you at Deutsche Bank.

Hey, guys. Thanks for peg.

Thanks for taking the question I have a couple so just to start off it seems as if the transition to a rocket four is going to take.

Meaningfully longer than what the previous.

Outlook may have been.

First of all is that the case and if so what is kind of driving that longer transition time to rocket four.

Yes, I'll take I'll take the first part of that I think theres two things.

As we.

Learned more about operating.

Rocket three three was launched system one one as we built out this incredible team we build as we continue to build out our new factory.

The market continue to evolve as well and the feedback we were getting from.

Some of the larger constellation operators was the satellites, we're getting larger and so we saw really two things happening one.

An incredible team that we'd assembled.

Making a lot of great progress and frankly, a lot of changes to the new rocket and the new launch system and all the software that powers it and investing in all these new.

New test equipment and labs.

We were investing a lot of that in the new rocket and.

Continuing to operate launches to $1 one at one point out with the.

The existing rocket.

Operating rocket that through 50 kilograms to two women.

We felt we had an opportunity to do two things really focus all of our resources and energy on.

A rocket that frankly had the benefit of.

All the people we brought in this year.

And.

Secondly, we had an opportunity to further increase the capacity of the vehicle with an upgrade to the upper stage engine and so the combination of those factors.

And also our desire to really build the highest quality most reliable product that met the needs of the majority of the market.

Chad with Benjamin and I ask Benjamin what's the one thing we could do to allow you to focus our resources to make that happen not only as fast as possible, but with all of the focus.

In energy that it requires and.

When we started talking to our customers and it was pretty clear that after two out of the four flights that we had flown were not successful.

The opportunity to fly on a vehicle that has received all of this attention and energy from our team over the past year was also favorable to them and in the end.

We kind of did what our customers.

<unk>.

We did that.

Very soon after this last flight frankly, so we.

We could we could kind of get everyone focused on the next system as soon as possible.

Thanks, and I guess, taking that into context, I know you said, you're not flying anything.

Rest of this year, what sort of rough targets.

Can you share with us because.

Sure.

You got to certain mother.

As of the date, but is there some like rough.

Target to test that is for the first half fly and that that goes successfully and the first commercial launch if there's something you can share with us.

I think what I'll share is as you look at 2023.

What we're what we're looking at in terms of revenue forecasts.

We will largely be spacecraft engines.

In 2023, I want to give Benjamin the time and the team the time to really get this right.

We built a plan that we believe.

Give them more time.

And also fits the needs of the customers that we can put our manifest as we talked to all of our customers.

There's a lot of uncertainty because we want to give the time to the team to do all that testing before we do another commercial launch.

So I think what we've decided is let's just.

Focus on giving the team the time to accomplish these milestones and then we're going to share all these milestones with all of you as we accomplish them. So with each of these major milestones youre going to see Astro.

Give everybody an update here's what we've accomplished here's what's next we've accomplished that one here's what's next then there'll be some test flights.

And I think that as we as we continue to do this we will continue to get closer to.

In answer to your question.

Understood.

Last one for me.

You said, you're still going to stick I think with the sub $5 million pricing.

Given that there is so much demand given that there could be a bit of a crunch.

Post ratio, who create everything why not charge more.

Seems as if there is actually pretty decent pricing power you have inflation Spacex raise price earlier this year why not.

Try to actually charge more.

It makes the economics, a little bit easier.

It's a great question I think at a higher price point, it's a different product.

So we're really we're not building this service for one off launches for a couple of small sites here and there and I think there is a market.

We're competing with are not some of our peers with small launch vehicles.

<unk> and.

And so I think we offer a position we offer a product that has price as a as a primary characteristic and scale as a primary characteristics. So we've invested in building as factories not to do a small number of launches that are high priced but to do a higher number of launches at a lower price and so that's why we really lead with price.

Because we believe that some of these mega constellation operators need choices.

And we want to give them another choice there isn't a large launch vehicle that's economically viable for these for these operators.

Great. Thanks, a lot.

Your next question comes from the line of Andre Madrid of Bank of America.

Hey, guys. Thanks for taking my question.

So.

Glad to see you guys are focusing a little bit more on the engine side of things.

Because I know youre not the only player out there doing that rocket lab has their own with hydro.

Hi, procure.

How do you guys see yourself differentiating from that.

Just some of the key points as to where you see your product is different.

Better than what they are doing over there with hybrid theory.

Well I mean, I can tell you what our customers tell us and what they tell us is that.

Our product performs better so we have a higher ISP.

I can tell you that we've we've operated our product successfully in space. It's now ignited hundreds of times.

And I can tell you that it's very cost competitive.

And I think that as we work with our customers, we're trying to strike that balance of offering a product that is.

Higher performance lower cost and.

We're going to obviously continue to invest heavily in making sure that we can scale the production to meet the demand that we're seeing out there and that's why you've seen us release.

In today's earnings announcement.

The detail around the new facility, we are building out 60000 square feet of facility dedicated to scaling the production of those spacecraft engines.

Alright.

That's helpful.

Yes, it's all in line and I'll go back to the rest of the queue. Thanks.

Thank you.

Yes.

Again to ask a question. Please press star one you have a follow up question from the line of Anthony you at Deutsche Bank.

Hey, actually just.

One more follow up for me and it was actually about the engine.

Is there any way you can break down the composition.

Those orders as it.

Are those.

What type of spacecraft or what type of.

Use cases, and then we can kind of break that down a little bit more.

Sure.

I mean, what I'll say is that the way the product is is sold.

It's very modular so it's it's a true product in a sense that theres a theres a thruster there's electronics there is a.

There is a <unk> system in tank and we can actually configure it and a lot of different ways. So we're selling them to a lot of different customers that have different sized satellites.

With different mission parameters, and we do that by taking that product and configuring a differently. You can have one engine to one dresser, two dressers III thrusters, and we've actually seen our customers deploy it in a lot of different configurations. So it's very flexible.

And it really doesn't target just one segment.

The satellite market.

Being adopted by a lot of different types of satellites.

And would you be going after a pretty Ah you're going after pretty big constellations. There since it is I think you mentioned pulp.

Paul Dresser.

Would that be something that you could sell to.

A fairly large constellations.

Yes.

Once they don't have their own already developed.

Look at the if you are trying to forecast the size of the market I would just look at the folks that are.

Building their own and then everyone else is how we consider the tail.

Got it got it. Your next question is a follow up from the line of Andrea <unk> of Bank of America.

Okay.

Just wondering just to give a little.

Context.

To everybody listening.

Explain a little bit more wisely pointing to have an engine on the system itself as opposed to relying on our space, but all sorts of maybe like Obama just bigger right.

What's stopping.

One customer from growing.

A more tailored approach than just using the services.

But I think the big dip.

All satellites that are for example, communication satellites or operational satellites required propulsion, if they're if they're large and if they're meant to station keep or if they're meant to be positioned in a particular orbit unless they are like small cube sets.

And I think where these transfer vehicles they actually they actually use these propulsion systems to do the work of doing the final orbit positioning for the satellites that don't have propulsion before they're deployed but these are typically small satellites that.

Our cube sets that just arent large enough and have the amount of power.

Onboard two.

To really keep the satellite loss of their kind of vary.

They're very small satellite I'm also if you want to be able to de orbit satellite or the systems are very useful. So I think as we as we see more pressure on operators to.

Really remove the satellites from orbit once their life is over.

All satellites are going to start to need some form of propulsion system or other.

System to assist with the orbiting.

Understood and is there a large difference in price point would you say.

Well I think again, comparing a propulsion system that almost every satellite has to one of these these delivery.

Systems is.

Youre, comparing apples and oranges.

These these systems that are offered.

The companies that do final positioning our positioning typically very small satellites cube sets in particular places in there.

These satellites are being sold to excuse me the propulsion the Astro spacecraft engine is being sold to.

The kind of call. It a several hundred kilogram 2000 kilogram class of Mega Mega Communications satellite type applications or applications that involve the satellite leaving lowered orbit and.

Going going to hire orbitz or or other places.

Okay. Thank you, yes, that's the color I wanted to I feel like sometimes its distinction isn't always as clear. So I. Appreciate you have given the breakdown.

Yes.

Youre welcome again, I think we announced we sold 103 of these so far and really we're expecting the.

Production to start to ramp up in 2023 and with that revenues from that product line.

This concludes the question and answer session of today's call I will now turn the floor back over to Chris Campbell, Chairman and CEO of <unk>.

I. Thank everyone for your time today and I just want to.

I'll, let you all know that we appreciate your support and we look forward to providing you updates both quarterly and also frequently as we make progress towards.

Delivering the new launch system to point out and continuing to announce new contracts for <unk> based products and services. Thanks Paul.

Thank you. This does conclude today's call. Thank you for your participation on today's event you may now disconnect.

Q2 2022 Astra Space Inc Earnings Call

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