2023-08-14 16:24:15 ET
Astra Space ( NASDAQ: ASTR ) reported revenue of $707K from space products in Q2 and no revenue from launch services. Lower research and development, sales and marketing, and G&A expenses during the quarter helped to narrow the operating loss for the quarter to 15.7M. The California-based company said that during the quarter it 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.
Astra ( ASTR ) announced on August 4 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. The permanent and temporary reassignments were made to support specific customer programs and to increase Astra Spacecraft Engine production and test capacity through the end of the year. 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.
Looking ahead, Astra Space ( ASTR ) expects deliveries of 8 to 12 Astra Spacecraft Engines. An adjusted EBITDA loss of between $25.0M and $29.0M is anticipated. Capital expenditures are expected be between $1.0M and $2.0M. Astra Space ( ASTR ) expects additional savings of approximately $4M per quarter starting in Q4 based on the strategic reallocation of resources announced earlier this month. Further reductions in quarterly cash burn throughout the remainder of the year are anticipated due to the streamlining efforts.
Shares of Astra Space ( ASTR ) moved up 1.20% in postmarket trading.
More on Astra Space:
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Astra Space aims to reduce cash burn, evaluate strategic opportunities