Astra Space, Inc.

Q2 2023 revenue was $0.7 million, driven by deliveries of Astra Spacecraft Engines. Gross profit was $0.3 million, for a gross margin of 45%. GAAP operating expenses were $16 million, down from $46.5 million last quarter; R&D was $24.4 million, S&M was $0.7 million, and G&A was $7.6 million. GAAP net loss was $14 million, adjusted net loss was $33.7 million, adjusted EBITDA loss was $33.1 million, CapEx was $3.2 million, and cash, cash equivalents and marketable securities ended at $26.3 million. For Q3 2023, Astra expects 8 to 12 spacecraft engine shipments, adjusted EBITDA loss of $25 million to $29 million, basic shares of 280 million to 290 million, CapEx of $1 million to $2 million, and cash of $15 million to $20 million.

Chris Kemp said Astra is narrowing its focus toward near-term spacecraft engine deliveries and a leaner launch effort, while actively pursuing financing options to extend runway. He emphasized that the workforce cuts, resource reallocation, and separate legal structure for the spacecraft engine business are meant to support customers and improve strategic flexibility. His tone was defensive but optimistic, stressing that the business has meaningful backlog, active contracts, and momentum in deliveries.

Axel Martinez highlighted that Q2 revenues were $0.7 million and gross margin was 45%, while adjusted EBITDA loss was $33.1 million and cash finished at $26.3 million. He said the cash shortfall versus prior guidance was mainly due to about $2.9 million of delayed government receivables and about $2.1 million of delayed employee retention tax credit proceeds. He also said Q2 operating expenses benefited from lower compensation and other savings, and he reiterated that Q3 CapEx should be only $1 million to $2 million and that the company continues to explore debt, equity, and strategic investment options with PJT Partners.

Analysts focused on cash runway, the realism of the engine-shipment ramp, and whether the launch delays into 2024 worsen the funding picture. Management replied that it has a large spacecraft-engine order book, visible customer milestones that bring in cash, and that most of the near-term delivery risk is manageable because many components are made in-house. On launch, management acknowledged the first test-launch delay into 2024 but said customers remain committed and that the company is still meeting milestones such as the Space Force SRR.