EX-99.2 3 ea143289ex99-2_holicityinc.htm INVESTOR RELATIONS PRESENTATION

Exhibit 99.2

 

CHRIS KEMP FOUNDER, CHAIRMAN & CEO J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE

 

DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation (this “Presentation”) contains certain “forward - looking statements” within the meaning of the federal securities laws with respect to Astra Space, Inc. (“Astra” or the “Company”), including statements regarding Astra’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the Company, its products, services and technologies, as well as regarding the Company’s growth and financial performance in the future. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward - looking statements, but the absence of these words does not mean that a statement is not forward - looking. These forward - looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on Astra. There can be no assurance that the future developments affecting Astra will be those that we have anticipated. These forward - looking statements involve a number of risks, uncertainties (some of which are beyond Astra’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward - looking statements. Except as required by law, Astra is not undertaking any obligation to update or revise any forward - looking statements whether as a result of new information, future events or otherwise. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and Astra’s use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may appear with the ® or Ρ symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or registered trademarks of Astra. This Presentation contains statistical data, estimates and forecasts that have been provided by Astra and/or are based on independent industry publications or other publicly available information, as well as other information based on Astra’s internal sources. This information involves many assumptions and limitations and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE that has been provided by Astra and/or contained in these industry publications and other publicly available information. Accordingly, none of Astra nor its respective affiliates and advisors makes any representations as to the accuracy or completeness of these data. Certain amounts related to the transaction described herein have been expressed in U.S. dollars for convenience and, when expressed in U.S. dollars in the future, such amounts may be different from those set forth herein. Non - GAAP Financial Measures. This Presentation includes non - GAAP financial measures. Astra believes that these non - GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Astra’s financial condition and results of operations. Astra’s management uses certain of these non - GAAP measures to compare Astra’s performance to that of prior periods for trend analyses and for budgeting and planning purposes.

 

Source: Wall Street Research, Space Capital. (1) Per Morgan Stanley Research. (2) Based on projected FY’21 DoD and NASA budgets from Jefferies, What’s Up in Space: New Launchers, Same Incumbents (Aug. 2020). (3) Companies currently operating space assets or with plans to launch them in the next 3 years. SPACE IS THE NEXT ECONOMIC FRONTIER Astra is the third privately - funded U . S . company in history to reach space and demonstrate orbital capability $1.0+ Trillion Total Space Economy in 2040 (1) $216 Billion Satellite Manufacturing Spending through 2030 (2) $40.7 Billion Government Investment in Space (3) 400+ Private U.S. Companies (4) (4) Companies currently operating space assets or with plans to launch them in the near term. JUNE 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 3

 

GEO (Geosynchronous Orbit)

“MA I N F R AM E ” S P A C E NEW SPACE ECONOMY Small satellites + low - cost launch LEO (Low Earth Orbit) “HYPERSCALE” SPACE GEO is 44x farther away than LEO Planet Dove Satellite 22,23 6 m il e s f r om E a r t h ( 1 ) 500 miles from Earth (1) NASA Landsat Satellite (1) Approximately J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 4

 

Distance 500 miles (1) Satellite price $400,000 (1) Launch price $3,000,000 (1) Volume 1,000s/year (1) 98% closer 98% cheaper 97% cheaper 100x increase NEW SPACE ECONOMY Small satellites + low - cost launch (1) Approximately J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 5 LEO ‘HYPERSCALE’ SPACE GEO “MAINFRAME’ SPACE 22,236 miles (1) Distance $200,000,000 (1) Satellite price $100,000,000 (1) Launch price 10s/year (1) Volume 22,23 6 m il e s f r om E a r t h ( 1 ) 500 miles from Earth (1)

 

GLOBAL BROADBAND CONNECTIVITY Reliable, low latency connectivity that could leapfrog wireless IOT / M2M Monitoring billions of objects EARTH OBSERVATION Monitoring activity on earth NATIONAL SECURITY Early warning systems NEXT - GENERATION WEATHER, GPS, AND OTHER SERVICES Leapfrogging wireless NUMEROUS MULTI - BILLION DOLLAR MARKETS J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 6

 

BROADBAND EARTH O BS E R V A T ION MARITIME POI N T - T O - POINT IOT/M2M C O N N E C T I V I TY G O VE RN ME NT SUPPLY CONSTRAINED MARKET Leading to a rapidly growing pipeline (1) Also known as contracted revenue Source: Company estimates $150 M B A C K L OG (1) $1.2B PIPELINE Amongst a great diversity in number of customers and verticals J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 7

 

J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE OCT ’16 APR ’17 D EC ’17 JUL ’18 NOV ’18 J U N ’19 MAR ’20 S EP ’20 D EC ’20 Founded Opened Begin F irs t t es t Second test Opening of DARPA 1st Demonstrated Company Orion Test Testing launch launch Astra Challenge orbital orbital Facility Rocket 1.0 rocket factory launch attempt capability 8 RAPID ITERATION DEEPENS COMPETITIVE MOAT 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2020 Rocket BOM + Labor $2M each for 3 rockets 2023 Rocket BOM + Labor $1M each for 30+ rockets 2025 Rocket BOM + Labor $500k each for 300+ rockets KEYS TO SUCCESS: • Technology de - risked by success of launches • Rapidly enhance and re - launch rockets • Automation to optimize costs and streamline improvements REDUCE VARIABLE C O G S 50% 10x VOLUME INCREASE REDUCE VARIABLE C O G S 50% 10x VOLUME I N CR E AS E

 

9 A “MODEL T” FOR THE SPACE INDUSTRY Alameda Naval Air Station HQ — 285k sq. ft., 20 - acre campus Efficiency - driven manufacturing processes + automation in a world - class development and production facility, using readily available materials. Future E x p a n s i o n Space Current d e v e l op me n t + production J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 9

 

SOFTWARE - DRIVEN MANUFACTURING EFFICIENCY CHANGE VENDOR? TEST MORE? MAKE OR BUY? CHANGE MATERIAL? INCREASE PE R F OR M A N C E? REDUCE ASSE M BL Y TIME? PRICE OF SUBSTITUTE? TEST LESS? AstraOS Product Lifecycle Management Program E x e cu t ion Space Op e r at io ns Fi n a nce Ma nu f a c t u ri ng Execution S upp ly C h a in J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 10

 

Source: Wall Street Research, Space Capital. (1) Based on Euroconsult and Astra Management estimates. (2) Based on Euroconsult estimates derived based on 7,015 satellites with known mass. (3) Factors in Euroconsult and Management estimates for satellite launches. THE NEW SPACE AGE INFLECTION POINT 38,000+ satellites to be built + launched between 2020 - 2029 (1) 0 5 , 000 10 , 000 15 , 000 20 , 000 25 , 000 30 , 000 35 , 000 40 , 000 45 , 000 Total Satellites Launched ~90% of satellites to be launched over the next decade weigh 300kg or less (2) $100+ Billion launch market revenue over the next decade (3) T o da y 4,062 40,746 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 20 2 7 20 2 8 20 2 9 Astra forecast as % of market 0.2%. 1.6% 5.6% J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 11

 

LAUNCH SERVICES RAPID From payload delivery to launch within days PORTABLE AND GLOBAL Launch from anywhere in the world in 24 hours AFFORDABLE Most affordable launch system for small payloads J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 12

 

SPACE SERVICES INTEGRATED Factory integration of satellites with rocket eliminates unused mass + volume RAPID From concept to constellation in months, not years MAINFRAME TO MOBILE Eliminates investment in bespoke satellite bus development J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 13

 

SPACEPORT SERVICES RAPID From payload delivery to launch within days GLOBAL 10+ launch sites identified around the world AFFORDABLE Commercial FAA spaceports only require a concrete pad J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 14

 

TIMELINE TO HYPERSCALE SPACE OPERATIONS 2021 2022 2023 2024 2025 S e r v i ces Production Build Out Satellite Factory S p a c e p ort Se r v i c es Complete Factory Expansion for Weekly Production Upgrade Factory for Daily Rocket Production S p a c e Se r v i c es M o n th ly L a un c h Weekly Launch D aily L a un c h Bi - Weekly Launch Commercial Launch Service Begins Build Out New Spaceports J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 15

 

Source: Company website, press, and Wall Street Research. (1) Heavy launch rocket (Neutron) planned for 2024 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 16 VIRGIN ORBIT S MA L L L AUN CH (<500 KG) < 50 LAUNCHES / YEAR $$ SPACEX HE A V Y L AUN CH (>1500 KG) < 30 LAUNCHES / YEAR $$$$ CAD EN CE DEDICATED L AU N C H P R I CE ASTRA S MA L L L AUN CH (<500 KG) 300+ LAUNCHES / YEAR $ NUMBER OF LAUNCHES IN PAST 12 MONTHS ROCKET LAB SMALL + HEAVY LAUNCH (1) ( < 500 KG + > 1500 KG (1) ) $$ < 50 LAUNCHES / YEAR ULA HE A V Y L AUN CH (>1500 KG) $$$$ < 30 LAUNCHES / YEAR ASTRA IS UNIQUELY POSITIONED TO SERVE THE SATELLITE MARKET 1 34 1 7 5

 

Source: Management estimates. (1) Before stock - based compensation. FINANCIAL SUMMARY WITH KEY DRIVERS Launch Revenue grows as launch cadence ramps to daily in 2025 Revenue ramps as Astra’s Modular Spacecraft Platform grows Gross margins increase as factory utilization ramps and efficiencies from mass production are realized; Further increases in launch cadence and space platform offerings expected to drive material revenue growth after 2025 ($ in Millions) 2021E 2022E 2023E 2024E 2025E # of Launches 3 15 55 165 300 Total Launch Revenue $4 $47 $206 $619 $1,125 # of Satellites Launched -- 10 60 250 660 Space Services Revenue -- $6 $31 $123 $314 # of Spaceports Deployed -- 1 1 2 3 Spaceport Services Revenue -- $15 $18 $38 $62 Total Revenue $4 $67 $256 $780 $1,501 % Revenue Growth 1,697% 280% 205% 92% Gross Profit (1) ($6) $14 $119 $477 $1,045 % Gross Margin (1) NM 20% 46% 61% 70% Adj. EBITDA (1) ($81) ($130) ($53) $238 $694 % Adj. EBITDA Margin NM NM NM 31% 46% ( - ) Δ Working C a p i tal $3 $1 ($1) ($2) $5 ( - ) CapEx ($96) ($25) ($61) ($60) ($24) Unlevered Free Cash Flow ($175) ($154) ($116) $177 $676 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 17

 

18 PROPRIETARY & CONFIDENTIAL – DO NOT REDISTRIBUTE Announced February 2021 Multi - Launch Contract Announced May 2021 Multi - Launch Contract

 

J U N E 2021 PROPRIETARY & CONFIDENTIAL — DO NOT REDISTRIBUTE 19 Joined February 2021 Benjamin Lyon Chief Engineer Joined January 2021 Carla Supanich VP of People Joined March 2021 Will Drewery VP of Supply Chain Joined March 2021 Pablo Gonzalez SVP of Factory Joined June 2021 S t r at os D a vlos SVP Software

 

“SCALE IS WHAT MAKES INNOVATION MATTER, I’M EXCITED THAT APOLLO FUSION WILL BE A KEY ENABLER OF ASTRA’S SPACE PLATFORM.” — REID HOFFMAN, PARTNER AT GREYLOCK AND LEAD INVESTOR IN APOLLO FUSION PROPRIETARY & CONFIDENTIAL – DO NOT REDISTRIBUTE 20

 

MERGER OF ASTRA + HOLICITY EXPECTED TO CLOSE JUNE 30 TH PROPRIETARY & CONFIDENTIAL – DO NOT REDISTRIBUTE 21 ASTR TO BEGIN TRADING ON NASDAQ ON JULY 1 ST

 

T R E DIS T R I B UT E 22 Q & A J U N E 2021 PROPRIETARY & CONFIDENTIAL – DO NO