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Hello

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 001-39426

 

ASTRA SPACE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-1270303

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1900 Skyhawk Street

Alameda, CA

94501

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (866) 278-7217

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

ASTR

 

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of November 10, 2023, the registrant had 18,790,771 shares of Class A common stock, $0.0001 par value per share, outstanding and 3,702,613 shares of Class B common stock, $0.0001 par value per share, outstanding.

 


Table of Contents

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Stockholders' Equity

4

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

45

 

 

 

PART II.

OTHER INFORMATION

48

 

 

 

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

Signatures

51

 

 

 

 


Table of Contents

 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (unaudited)

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

September 30,
 2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,870

 

 

$

33,644

 

Restricted cash

 

 

5,000

 

 

 

 

Marketable securities

 

 

 

 

 

69,173

 

Trade accounts receivable, net of allowance for doubtful accounts of $0.2 million and $0, respectively

 

 

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

 

Non-current assets:

 

 

 

 

 

 

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

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

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

 

Non-current liabilities:

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
     and outstanding as of September 30, 2023 and December 31, 2022

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 400,000,000 shares authorized; 14,849,265 and
    
14,246,498 shares issued and outstanding as of September 30, 2023 and December 31, 2022,
     respectively

 

 

22

 

 

 

22

 

Class B common stock, $0.0001 par value; 65,000,000 shares authorized; 3,702,613
   shares issued and outstanding as of both September 30, 2023 and December 31, 2022,
   respectively

 

 

6

 

 

 

6

 

Additional paid in capital

 

 

1,916,498

 

 

 

1,902,213

 

Accumulated other comprehensive loss

 

 

 

 

 

(110

)

Accumulated deficit

 

 

(1,908,464

)

 

 

(1,819,821

)

Total stockholders’ equity

 

 

8,062

 

 

 

82,310

 

Total liabilities and stockholders’ equity

 

$

99,764

 

 

$

174,699

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1


Table of Contents

 

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)

(Unaudited)

 

 

 

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

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(29,746

)

 

$

(199,114

)

 

$

(88,643

)

 

$

(367,130

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of Class A
   common stock outstanding – basic and diluted

 

 

14,595,957

 

 

 

14,052,541

 

 

 

14,433,973

 

 

 

13,954,491

 

Net loss per share of Class A common
   stock – basic and diluted

 

$

(1.63

)

 

$

(11.21

)

 

$

(4.89

)

 

$

(20.79

)

Weighted average number of shares of Class B
   common stock outstanding – basic and diluted

 

 

3,702,613

 

 

 

3,702,613

 

 

 

3,702,613

 

 

 

3,702,613

 

Net loss per share of Class B common
   stock – basic and diluted

 

$

(1.63

)

 

$

(11.21

)

 

$

(4.89

)

 

$

(20.79

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


Table of Contents

 

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)

(Unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(29,746

)

 

$

(199,114

)

 

$

(88,643

)

 

$

(367,130

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale marketable securities

 

 

17

 

 

 

31

 

 

 

110

 

 

 

(202

)

Total comprehensive loss

 

$

(29,729

)

 

$

(199,083

)

 

$

(88,533

)

 

$

(367,332

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


Table of Contents

 

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)

(Unaudited)

 

Nine Months Ended September 30,
 2023

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

Additional
Paid in

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2022

 

14,246,498

 

 

$

22

 

 

 

3,702,613

 

 

$

6

 

 

$

1,902,213

 

 

$

(110

)

 

$

(1,819,821

)

 

$

82,310

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

5,328

 

 

 

 

 

 

 

 

 

5,328

 

Issuance of common stock
 under equity plans

 

105,932

 

 

 

 

 

 

 

 

 

 

 

 

441

 

 

 

 

 

 

 

 

 

441

 

Unrealized gain on
  available-for-sale
  marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

69

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,893

)

 

 

(44,893

)

Balance as of March 31, 2023

 

14,352,430

 

 

$

22

 

 

 

3,702,613

 

 

$

6

 

 

$

1,907,982

 

 

$

(41

)

 

$

(1,864,714

)

 

$

43,255

 

Stock-based compensation benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,124

)

 

 

 

 

 

 

 

 

(2,124

)

Issuance of common stock
 under equity plans

 

79,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

12

 

Unrealized gain on
  available-for-sale
  marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

24

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,004

)

 

 

(14,004

)

Balance as of June 30, 2023

 

14,432,131

 

 

$

22

 

 

 

3,702,613

 

 

$

6

 

 

$

1,905,870

 

 

$

(17

)

 

$

(1,878,718

)

 

$

27,163

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

4,759

 

 

 

 

 

 

 

 

 

4,759

 

Issuance of common stock
 under equity plans

 

109,724

 

 

 

 

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

 

 

 

328

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

4,811

 

 

 

 

 

 

 

 

 

4,811

 

Reverse stock split rounding adjustment

 

65,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Class A shares, net of costs, under at the market offering ("ATM")

 

241,877

 

 

 

 

 

 

 

 

 

 

 

 

730

 

 

 

 

 

 

 

 

 

730

 

Unrealized gain on
  available-for-sale
  marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

17

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,746

)

 

 

(29,746

)

Balance as of September 30, 2023

 

14,849,265

 

 

$

22

 

 

 

3,702,613

 

 

$

6

 

 

$

1,916,498

 

 

$

 

 

$

(1,908,464

)

 

$

8,062

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

4


Table of Contents

 

 

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)

(Unaudited)

 

Nine Months Ended September 30,
2022

 

 

Class A Common Stock

 

 

Class B Common Stock

 

 

Additional
Paid in

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance as of December
  31, 2021

 

13,830,074

 

 

$

22

 

 

 

3,702,613

 

 

$

6

 

 

$

1,844,875

 

 

$

 

 

$

(1,408,383

)

 

$

436,520

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

17,041

 

 

 

 

 

 

 

 

 

17,041

 

Issuance of common stock
 under equity plans

 

77,292

 

 

 

 

 

 

 

 

 

 

 

 

793

 

 

 

 

 

 

 

 

 

793

 

Unrealized loss on
  available-for-sale
  marketable securities