ALAMEDA, CA – Astra Space, Inc. (NASDAQ:ASTR), a pioneer in space launch services, has announced its third-quarter financial results for 2023. The company, known for achieving the fastest delivery of a commercial launch to low Earth orbit, reported a GAAP Net Loss of $29.7 million and an Adjusted Net Loss of $27.4 million for the quarter ending September 30, 2023.
The Adjusted EBITDA Loss stood at $24.7 million, with capital expenditures totaling $1.3 million. Astra ended the quarter with $13.9 million in cash and cash equivalents and an additional $5.0 million in restricted cash.
Despite not generating revenues from its launch services in the third quarter, Astra's Space Products division brought in $256k from sales, primarily due to its Astra Spacecraft Engine™, a leading electric propulsion system for satellites. This revenue was set against a total cost of revenues of $232k, resulting in a modest gross profit of $24k.
Operating expenses for the quarter included research and development costs of $21.677 million, sales and marketing expenses of $1.63 million, and general and administrative costs of $9.834 million, contributing to an operating loss of $28.607 million.
Astra's recent business developments include signing two contracts valued at $11.7 million with a major non-US defense prime and an international commercial space company for its Spacecraft Engine. Additionally, the company delivered 8 engines from its Sunnyvale facility, with the associated revenue expected to be recognized in Q4 2023.
InvestingPro Insights
InvestingPro's real-time metrics offer additional insights into Astra Space's financial performance. Astra's Market Cap stands at 30.14M USD, with a Price / Book ratio as of Q2 2023 of 1.11. Revenue for the same period was 3.48M USD, reflecting the company's ongoing efforts to generate income despite the complexities of the space industry.
Two InvestingPro Tips particularly relevant to Astra are the company's position as a prominent player in the pharmaceuticals industry and its practice of maintaining dividend payments for five consecutive years. These tips highlight Astra's industry standing and its commitment to providing returns to shareholders, respectively.
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