0000950170-22-007882.txt : 20220506 0000950170-22-007882.hdr.sgml : 20220506 20220505163358 ACCESSION NUMBER: 0000950170-22-007882 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 89 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220505 DATE AS OF CHANGE: 20220505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Astra Space, Inc. CENTRAL INDEX KEY: 0001814329 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39426 FILM NUMBER: 22896968 BUSINESS ADDRESS: STREET 1: 1900 SKYHAWK STREET CITY: ALAMEDA STATE: CA ZIP: 94501 BUSINESS PHONE: (866) 278-7217 MAIL ADDRESS: STREET 1: 1900 SKYHAWK STREET CITY: ALAMEDA STATE: CA ZIP: 94501 FORMER COMPANY: FORMER CONFORMED NAME: Holicity Inc. DATE OF NAME CHANGE: 20200608 10-Q 1 astr-20220331.htm 10-Q 10-Q
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Table of Contents

 

 

 

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 March 31, 2022

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 Global Select 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 May 2, 2022, the registrant had 208,614,084 shares of Class A common stock, $0.0001 par value per share, outstanding and 55,539,188 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 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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

35

 

 

 

PART II.

OTHER INFORMATION

36

 

 

 

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3.

Defaults Upon Senior Securities

37

Item 4.

Mine Safety Disclosures

37

Item 5.

Other Information

37

Item 6.

Exhibits

38

Signatures

39

 

 


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)

 

 

 

As of

 

 

 

March 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

161,521

 

 

$

325,007

 

Marketable securities

 

 

93,669

 

 

 

 

Trade accounts receivable

 

 

432

 

 

 

1,816

 

Inventories

 

 

8,701

 

 

 

7,675

 

Prepaid and other current assets

 

 

11,233

 

 

 

12,238

 

Total current assets

 

 

275,556

 

 

 

346,736

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

 

79,415

 

 

 

66,316

 

Right-of-use asset

 

 

8,979

 

 

 

9,079

 

Goodwill

 

 

58,251

 

 

 

58,251

 

Intangible assets, net

 

 

17,106

 

 

 

17,921

 

Other non-current assets

 

 

625

 

 

 

721

 

Total assets

 

$

439,932

 

 

$

499,024

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,200

 

 

$

9,122

 

Operating lease obligation, current portion

 

 

1,790

 

 

 

1,704

 

Accrued expenses and other current liabilities

 

 

29,318

 

 

 

29,899

 

Total current liabilities

 

 

37,308

 

 

 

40,725

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease obligation, net of current portion

 

 

7,039

 

 

 

7,180

 

Other non-current liabilities

 

 

27,099

 

 

 

14,599

 

Total liabilities

 

 

71,446

 

 

 

62,504

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Founders convertible preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
    and outstanding as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 400,000,000 shares authorized; 208,610,490 and 207,451,107
   shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

22

 

 

 

22

 

Class B common stock, $0.0001 par value; 65,000,000 shares authorized; 55,539,188 and 55,539,189
   shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

6

 

 

 

6

 

Additional paid in capital

 

 

1,862,709

 

 

 

1,844,875

 

Accumulated other comprehensive loss

 

 

(155

)

 

 

 

Accumulated deficit

 

 

(1,494,096

)

 

 

(1,408,383

)

Total stockholders’ equity

 

 

368,486

 

 

 

436,520

 

Total liabilities and stockholders’ equity

 

$

439,932

 

 

$

499,024

 

 

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)

 

 

 

For The Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenues

 

$

3,911

 

 

$

 

Cost of revenues

 

 

11,014

 

 

 

 

Gross loss

 

 

(7,103

)

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

37,927

 

 

 

12,196

 

Sales and marketing

 

 

4,764

 

 

 

64

 

General and administrative

 

 

20,986

 

 

 

12,394

 

Loss on change in fair value of contingent consideration

 

 

15,500

 

 

 

 

Total operating expenses

 

 

79,177

 

 

 

24,654

 

Operating loss

 

 

(86,280

)

 

 

(24,654

)

Interest income (expense), net

 

 

174

 

 

 

(535

)

Other income (expense), net

 

 

393

 

 

 

 

Loss on extinguishment of convertible notes

 

 

 

 

 

(131,908

)

Loss on extinguishment of convertible notes attributable
   to related parties

 

 

 

 

 

(1,875

)

Loss before taxes

 

 

(85,713

)

 

 

(158,972

)

Income tax (benefit) provision

 

 

 

 

 

 

Net loss

 

$

(85,713

)

 

$

(158,972

)

Adjustment to redemption value on Convertible Preferred Stock

 

 

 

 

 

(1,011,726

)

Net loss attributable to common stockholders

 

$

(85,713

)

 

$

(1,170,698

)

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

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

 

 

208,112,630

 

 

 

16,206,813

 

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

 

$

(0.33

)

 

$

(18.57

)

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

 

 

55,539,188

 

 

 

46,845,555

 

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

 

$

(0.33

)

 

$

(18.57

)

 

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)

 

 

For The Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net loss

 

$

(85,713

)

 

$

(158,972

)

Other comprehensive loss:

 

 

 

 

 

 

Unrealized loss on available-for-sale marketable securities

 

 

(155

)

 

 

 

Total comprehensive loss

 

$

(85,868

)

 

$

(158,972

)

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
Three Months Ended March 31, 2022

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

207,451,107

 

 

$

22

 

 

 

55,539,189

 

 

$

6

 

 

$

1,844,875

 

 

$

 

 

$

(1,408,383

)

 

$

436,520

 

Stock-based compensation

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

17,041

 

 

 

 

 

 

 

 

 

17,041

 

Issuance of common stock under equity plans

 

 

1,159,383

 

 

 

 

 

 

 

 

 

 

 

 

793

 

 

 

 

 

 

 

 

 

793

 

Unrealized loss on available-for-sale
    marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(155

)

 

 

 

 

 

(155

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,713

)

 

 

(85,713

)

Balance as of March 31, 2022

 

 

208,610,490

 

 

$

22

 

 

 

55,539,188

 

 

$

6

 

 

$

1,862,709

 

 

$

(155

)

 

$

(1,494,096

)

 

$

368,486

 

 

 

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 TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT
Three Months Ended March 31, 2021

(In thousands, except share data)

(Unaudited)

 

 

Convertible Preferred Stock

 

 

 

Common Stock
(Pre-combination Astra)

 

 

Founders Preferred Stock

 

 

Additional
Paid in

 

 

Accumulated

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balance as of December 31, 2020

 

 

90,768,286

 

 

$

108,829

 

 

 

 

62,961,258

 

 

$

6

 

 

 

12,302,500

 

 

$

1

 

 

$

50,282

 

 

$

(190,697

)

 

$

(140,408

)

Cumulative effect adjustment due to
   adoption of ASU 2020-06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,719

)

 

 

691

 

 

 

(9,028

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,177

 

 

 

 

 

 

2,177

 

Exercise of options

 

 

 

 

 

 

 

 

 

498,807

 

 

 

 

 

 

 

 

 

 

 

 

228

 

 

 

 

 

 

228

 

Issuance of Series C Convertible
   Preferred Stock, net of issuance
   costs

 

 

28,498,141

 

 

 

221,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of Founders Convertible
   Preferred Stock to Series C
   Convertible Preferred Stock

 

 

5,073,576

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,073,576

)

 

 

 

 

 

8,156

 

 

 

 

 

 

8,156

 

Adjustment to redemption value on
   Convertible Preferred Stock

 

 

 

 

 

1,011,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,131

)

 

 

(960,595

)

 

 

(1,011,726

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(158,972

)

 

 

(158,972

)

Balance as of March 31, 2021

 

 

124,340,003

 

 

$

1,342,498

 

 

 

 

63,460,065

 

 

$

6

 

 

 

7,228,924

 

 

$

1

 

 

$

(7

)

 

$

(1,309,573

)

 

$

(1,309,573

)

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

5


Table of Contents

 

ASTRA SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(85,713

)

 

$

(158,972

)

Adjustments to reconcile net loss to cash flows used in operating activities

 

 

 

 

 

 

Stock-based compensation

 

 

17,041

 

 

 

10,333

 

Depreciation

 

 

1,960

 

 

 

888

 

Amortization of intangible assets

 

 

815

 

 

 

 

Inventory net realizable value write downs

 

 

5,500

 

 

 

 

Non-cash lease expense

 

 

352

 

 

 

170

 

Accretion (amortization) of marketable securities purchased at a premium (discount)

 

 

67

 

 

 

 

Loss on change in fair value of contingent consideration

 

 

15,500

 

 

 

 

Loss on extinguishment of convertible notes

 

 

 

 

 

131,908

 

Loss on extinguishment of convertible notes attributable to related parties

 

 

 

 

 

1,875

 

Amortization of convertible note discounts

 

 

 

 

 

315

 

Amortization of convertible note discounts attributable to related parties

 

 

 

 

 

55

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Trade accounts receivable

 

 

1,383

 

 

 

 

Inventories

 

 

(6,526

)

 

 

(370

)

Prepaid and other current assets

 

 

1,005

 

 

 

(4,213

)

Other non-current assets

 

 

97

 

 

 

 

Accounts payable

 

 

125

 

 

 

734

 

Lease liabilities

 

 

(306

)

 

 

73

 

Accrued expenses and other current liabilities

 

 

(72

)

 

 

3,330

 

Other non-current liabilities

 

 

498

 

 

 

197

 

Net cash used in operating activities

 

$

(48,274

)

 

$

(13,677

)

Cash flows from investing activities:

 

 

 

 

 

 

Acquisition of trademark

 

 

(850

)

 

 

(3,200

)

Purchases of marketable securities

 

 

(93,891

)

 

 

 

Purchases of property, plant and equipment

 

 

(20,942

)

 

 

(324

)

Net cash used in investing activities

 

$

(115,683

)

 

$

(3,524

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of Series C preferred stock

 

 

 

 

 

30,000

 

Issuance cost of Series C preferred stock

 

 

 

 

 

(90

)

Repayments on term loans

 

 

 

 

 

(300

)

Repayments on equipment advances

 

 

 

 

 

(700

)

Proceeds from stock issued under equity plans

 

 

79

 

 

 

228

 

Proceeds from Employee Stock Purchase Plan

 

 

392

 

 

 

 

Net cash provided by financing activities

 

$

471

 

 

$

29,138

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

$

(163,486

)

 

$

11,937

 

Cash and cash equivalents at beginning of period

 

 

325,007

 

 

 

10,611

 

Cash and cash equivalents at end of period

 

$

161,521

 

 

$

22,548

 

 

 

 

 

 

 

 

Non-cash activities:

 

 

 

 

 

 

Assets acquired included in accounts payable and accrued expenses and other
  current liabilities

 

$

3,252

 

 

$

492

 

Change in redemption value of Convertible Preferred Stock

 

 

 

 

 

1,011,726

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

$

 

 

$

80

 

 

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

6


Table of Contents

 

ASTRA SPACE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1 — Description of Business, Basis of Presentation and Significant Accounting Policies

Description of Business

Astra Space, Inc. designs, tests, manufactures and operates the next generation of launch services and space services and products that it expects to enable a new generation of global communications, earth observation, precision weather monitoring, navigation, and surveillance capabilities. Astra Space, Inc.'s mission is to Improve Life on Earth from SpaceTM through greater connectivity and more regular observation and to enable a wave of innovation in low Earth orbit by expanding our space platform offerings.

Holicity Inc. (“Holicity”) was originally incorporated in Delaware and was established as a special purpose acquisition company, which completed its initial public offering in August 2020. On June 30, 2021 (the “Closing Date”), Holicity consummated a business combination (the “Business Combination”) pursuant to the Business Combination Agreement dated as of February 2, 2021 (the “BCA”), by and among Holicity, Holicity Merger Sub Inc., a wholly owned subsidiary of Holicity (“Merger Sub”), and Astra Space Operations, Inc. (“pre-combination Astra”). Immediately upon the consummation of the Business Combination, Merger Sub merged with and into pre-combination Astra with pre-combination Astra surviving the merger as a wholly owned subsidiary of Holicity. Holicity changed its name to “Astra Space, Inc.” and pre-combination Astra changed its name to “Astra Space Operations, Inc.”

Unless the context otherwise requires, “we”, “us”, “our”, “Astra” and the “Company” refers to Astra Space, Inc., the combined company and its subsidiaries following the Business Combination and Astra Space Operations, Inc. prior to the Business