Planet Reports Second Quarter Financial Results and Reaffirms Full Year Outlook

  • Delivers Record Second Quarter Revenue of $30.4 Million, Up 19% YoY
  • Reiterates $130 million Revenue Outlook for Fiscal Year 2022

SAN FRANCISCO (Planet Labs PR)–Planet Labs Inc. (Planet” or the “Company), a leading provider of daily data and insights about Earth, today announced financial results for its second fiscal quarter ended July 31, 2021, highlighting the continued momentum of its unique data subscription business. Earlier this year, Planet entered into a definitive merger agreement with dMY Technology Group, Inc. IV (NYSE: DMYQ) (“dMY IV”), a special purpose acquisition company, to become a publicly traded company later this year (the “Business Combination”).

Second Quarter FY2022 Highlights

  • Q2 Revenue increased 19% year-over-year to $30.4 million.
  • Percent of Recurring ACV was 93%, as compared to 92% in the year ago comparable quarter
  • End of Period (EoP) Customer Count increased 36% year-over-year to 732 customers
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Bank of America Rips Virgin Galactic for Failure to Disclose Out of Airspace Mishap on Richard Branson Flight

Richard Branson and other passengers float around in weightlessness. (Credit: Virgin Galactic)

Editor’s Note, Sept. 26: 2021: Story updated to reflect that Richard Branson began selling $300 million worth of Virgin Galactic shares on Aug. 10 the day before the FAA notified the company of a mishap during the July flight that carried the billionaire to space. The sale continued through Aug. 12.

by Douglas Messier
Managing Editor

Analysts at Bank of America who cover Virgin Galactic’s publicly-traded stock are not amused by the company’s failure to disclose that a SpaceShipTwo suborbital flight carrying founder Richard Branson flew outside of its assigned airspace on July 11, resulting in an investigation by the Federal Aviation Administration (FAA) and the grounding of the company’s only operational space plane.

“Point blank, in our view, it is unacceptable to have an event during a flight that, per FAA regulations, is considered a mishap and then claim that the mission was a full success,” analyst Ronald Epstein wrote in a note to investors. “The old adage, it’s easier to ask for forgiveness than permission, generally is a poor strategy in aviation.”

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Genesis Park Acquisition Corp. and Redwire Announce Shareholder Approval of the Business Combination

JACKSONVILLE, Fla. and HOUSTON, Sept. 1, 2021 (Genesis Park PR) — Genesis Park Acquisition Corp. (“GPAC”) (NYSE: GNPK), a U.S. publicly-traded special purpose acquisition company, and Redwire, LLC (“Redwire” or the “Company”), a leader in mission critical space solutions and high reliability components for the next generation space economy, announced that at GPAC’s extraordinary general meeting held today (the “Extraordinary General Meeting”), GPAC’s shareholders voted to approve the previously announced proposed business combination between GPAC and Redwire (the “Business Combination”), as well as all other proposals related to the Business Combination. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC’s outstanding shares as of the record date, voted to approve the Business Combination.

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SEC Announces Charges Against Momentus, Stable Road and Their CEOs for Misleading Claims in SPAC Merger

Mikhail Kokorich

WASHINGTON, D.C., July 13, 2021 (SEC PR) — The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’s founder and former CEO Mikhail Kokorich for misleading claims about Momentus’s technology and about national security risks associated with Kokorich. The SEC’s litigation is proceeding against Kokorich, against whom the SEC filed a complaint in the U.S. District Court for the District of Columbia. All other parties are settling with the SEC, with terms including total penalties of more than $8 million, tailored investor protection undertakings, and the SPAC sponsor’s forfeiture of founder’s shares it stands to receive if the merger, currently scheduled for August 2021, is approved.

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Virgin Galactic Files to Raise $1 Billion in Stock Sale

A view from inside the cockpit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Virgin Galactic filed paperwork with the Securities and Exchange Commission (SEC) to issue up to $1 billion in additional stock on Friday at the start of the long Memorial Day weekend. Friday is a traditional day to dump news you don’t want a lot of media coverage about; a long holiday weekend is especially useful for that purpose.

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Pomerantz Law Firm Files Class Action Against Virgin Galactic Holdings, Inc. and Certain Officers

NEW YORK (Pomerantz LLP PR) — Pomerantz LLP announces that a class action lawsuit has been filed against Virgin Galactic Holdings, Inc. (“Virgin Galactic” or the “Company”) (NYSE: SPCE) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-03070, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Virgin Galactic securities between October 26, 2019 and April 30, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

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Rocket Lab Progresses Flight Review, Recovers First Stage Following Successful Ocean Splashdown

Electron first stage aboard recovery ship. (Credit: Rocket Lab)

LONG BEACH, Calif. May 17, 2021 (Rocket Lab PR) — On May 15, 2021, Rocket Lab experienced an anomaly almost three minutes into the company’s 20th Electron launch. Following a successful lift-off from Launch Complex 1, Electron proceeded through a nominal first stage engine burn, stage separation, and stage 2 ignition. Shortly after the second stage ignition the engine shut down, resulting in the loss of the mission.

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Another Law Firm Investigates Virgin Galactic Over Possible Securities Laws Violations

Virgin Galactic’s stock has been hit hard by delays, competition from Blue Origin and its billionaire owners cashing out their shares. (Credit: CNBC web page)

NEW YORK, May 4, 2021 (Bronstein, Gewirtz & Grossman PR) — Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Virgin Galactic Holdings, Inc. (“Virgin Galactic” or “the Company”) (NYSE:SPCE). Investors who purchased Virgin Galactic securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/spce.

The investigation concerns whether Virgin Galactic and certain of its officers and/or directors have violated federal securities laws.

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Law Firm Investigating Virgin Galactic Holdings for Potential Securities Violations and Breach of Fiduciary Duty

NEW YORK, May 4, 2021 (Labaton Sucharow PR) — Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, is investigating potential securities violations and breach of fiduciary duty claims against Virgin Galactic Holdings Inc. (NYSE:SPCE).

On May 4, Virgin Galactic Holdings Inc. closed down over 9% on enormous volume after the space tourism company said it would restate certain past financial results in the wake of recent comments by the Securities and Exchange Commission on the accounting treatment of deals involving special-purpose acquisition companies.

The Company reported in a Current Report on Form 8-K that, following its review of the SEC Statement and consulting with its advisors, the Company will restate its consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The restatement is due solely to the accounting treatment for the warrants of Social Capital Hedosophia Holdings Corp. that were outstanding at the time of the Company’s business combination on October 25, 2019.

About the Firm

Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at  http://www.labaton.com.

Virgin Galactic Stock Plunges as Company Delays Space Tourism Flights to 2022

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Shares of Virgin Galactic plunged sharply on Thursday as the company announced that it was postponing the start of commercial suborbital space tourism flights until 2022 due to additional delays in completing SpaceShipTwo VSS Unity‘s test program.

Shares plunged in after hours trading to $36.69 after opening the day at $45.04. Most of the decline occurred in after hours trading following the release of Virgin Galactic quarterly and full year 2020 earning report.

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Momentus to Become Public Through Merger with Stable Road Acquisition Corp.

  • Merger to create the first publicly traded space infrastructure company at the forefront of the new space economy
  • Momentus partners and customers include SpaceX, Lockheed Martin, and NASA
  • Momentus to become publicly listed through a business combination with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”)
  • Combined company will have an estimated enterprise value of approximately $1.2 billion and will become listed on Nasdaq under the ticker symbol “MNTS” following expected transaction close in early 2021
  • Pro forma for the transaction, Momentus will have approximately $310 million in cash on the balance sheet, to be funded by Stable Road’s $172.5 million of cash held in trust (assuming no redemptions) and $175.0 million from a fully committed common stock PIPE at $10.00 per share, including investments from private equity growth investors, family offices and select top tier public institutional investors

SANTA CLARA, CA , October 7, 2020 (Momentus PR) — Momentus Inc. (“Momentus” or the “Company”), a commercial space company offering in-space transportation and infrastructure services, today announced it has signed a definitive merger agreement with Stable Road Acquisition Corp. (Nasdaq: SRAC, SRACU, SRACW) (“Stable Road”) that will result in the Company becoming publicly listed. Upon the closing of the transaction, the combined operating company will be named Momentus Inc. and its securities will be listed on Nasdaq and trade under the ticker symbol “MNTS.”

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George Whitesides to Fly on Early Virgin Galactic SpaceShipTwo Flight from Spaceport America

Richard Branson (l) and George Whitesides (r, back) walk with SpaceShipTwo pilots David Mackay and Mark Stucky after a successful glide flight. (Credit: Kenneth Brown)

by Douglas Messier
Managing Editor

A provision in George Whitesides’ contract has Virgin Galactic’s chief space officer — and possibly his wife, Loretta Hidalgo Whitesides — flying on one of SpaceShipTwo’s early suborbital flights from Spaceport America in New Mexico.

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Monday Musings: Brazil’s Choices, VG’s Finances & More

Launch trajectories from Alcantara (Credit: AEB)

by Douglas Messier
Managing Editor

A few thoughts as we begin week 403 of the Covid-19 lock down….

Location. Location. Location.

The three most important words in real estate. And Brazil’s Alcantara Launch Center has got it.

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Richard Branson’s Virgin Galactic Goes Public With Extravagant Promises to Keep

Richard Branson wears the SpaceShipTwo flight suit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

After 15 years of making extravagant but unkept promises to fly more than 600 “future astronauts” to space, Richard Branson must now please an entirely new group of people who are usually much shorter on patience: shareholders.

Following the completion last week of a merger with Social Capital Hedosophia (SCH), the British billionaire’s Virgin Galactic suborbital “space line” will begin trading under its own name on the New York Stock Exchange (NYSE) on Monday.

Going public now is an unusual move for a space tourism company that hasn’t flown a singlet tourist to space since Branson announced the SpaceShipTwo program in 2004. Some might see it has putting the cart before the horse.

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