Tag: Space

Release – Graham Corporation Announces Strategic Investment by Customer to Enhance Production Capabilities in Batavia

Posted on by slightbourne@noblecapitalmarkets.com

Research News and Market Data on Graham Corporation

May 01, 2025 8:30am EDT

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced a strategic investment to support the implementation of new Radiographic Testing (“RT”) equipment at Graham’s Batavia, New York facility.

The investment of $2.2 million, from one of GHM’s customers, will enhance the Company’s capabilities in evaluating critical welds in support of the Columbia and Virginia class submarine programs. As part of the investment, Graham will also contribute $1.4 million for a total project cost of $3.6 million.

Daniel J. Thoren, CEO commented, “This strategic investment in RT equipment represents our commitment to delivering the highest quality components for critical naval defense programs. The upgraded RT capabilities at our Batavia facility is expected to significantly enhance our production efficiency while ensuring superior quality control for the vital welds that support the Columbia and Virginia class submarine programs. We’re grateful for our customer’s commitment to drive enhanced manufacturing infrastructure and are excited to continue our partnership.”

The strategic investment creates opportunities to support future, multi-year orders with potential enhanced revenue expected to begin in calendar year 2026.

This agreement builds upon previously announced investments by partners, including $13.5 million to expand defense production capabilities in Batavia in August 2023 and $2.1 million by the BlueForge Alliance in July 2024 to expand Graham’s welder training program in support of the U.S. Navy’s Submarine Industrial Base initiatives.

About Graham Corporation

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “continue,” “expects,” “future,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, expected expansion and growth opportunities, and expected benefits from the implementation of new RT equipment, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

For more information, contact:
Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Tom Cook
Investor Relations
Phone: (203) 682-8250
tom.cook@icrinc.com

Source: Graham Corporation

Released May 1, 2025

Planet Secures $230 Million Satellite Contract, Signaling Space Industry’s Continued Growth

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Planet secures $230 million contract for Pelican satellite constellation
– Company plans to deploy up to 32 advanced satellites with AI capabilities
– Stock has more than doubled in past 12 months, indicating growing market confidence

The satellite imagery and data analysis company Planet has made a significant stride in the commercial space sector, announcing a landmark $230 million contract for its next-generation Pelican satellite constellation. This deal represents not just a financial milestone for the company, but also signals the growing potential of space-based technologies and services in the global market.

Planet’s CEO Will Marshall described the contract as the company’s biggest deal ever, involving the construction of dedicated satellites for an undisclosed customer in the Asia-Pacific region. The multi-year agreement spans satellite construction and a five-year operational period, highlighting the increasing commercial demand for specialized satellite services.

The Pelican satellite project represents a strategic evolution for Planet, which currently operates over 200 satellites in orbit. The new constellation aims to deploy up to 32 high-powered satellites, featuring advanced artificial intelligence capabilities through Nvidia’s Jetson edge platform. This technological leap underscores the rapid innovation happening in the commercial space industry, where data processing and imagery capabilities are becoming increasingly sophisticated.

Investors have taken notice of Planet’s potential, with the company’s stock more than doubling over the past 12 months. Despite the challenges faced by space companies following the SPAC boom of 2021, Planet has demonstrated resilience and strategic positioning in a competitive market. The recent contract, coupled with a multiyear agreement with the European Space Agency, suggests growing confidence in the company’s technological capabilities and market potential.

The broader space industry continues to attract significant investment and attention, with private companies pushing the boundaries of satellite technology, earth observation, and data analytics. Planet’s approach of offering dedicated satellite services represents a novel business model that could reshape how organizations access and utilize space-based technologies.

The company’s strategy extends beyond simply launching satellites, focusing on creating adaptable spacecraft that can be tailored to specific customer needs. This approach has already been tested with the Tanager satellite product line, demonstrating Planet’s ability to deliver customized solutions for various sectors, including environmental monitoring and research.

Technological advancements are driving the space industry’s growth, with artificial intelligence, miniaturization, and improved data processing capabilities making satellite services more accessible and valuable. The Pelican satellites, featuring advanced AI integration, exemplify this trend of increasingly intelligent and responsive space technologies.

For investors and industry observers, Planet’s latest contract represents more than a single business deal. It symbolizes the expanding commercial potential of space technologies, the increasing value of earth observation data, and the continued innovation in a sector that promises to transform multiple industries from agriculture and environmental monitoring to defense and telecommunications.

Take a moment to take a look at Kratos Defense & Security Solutions, a company that is changing the way for the United States National Security related customers, allies and commercial enterprises.

Virgin Galactic Stock Up 30% on Cost Cutting Initiative

Posted on by slightbourne@noblecapitalmarkets.com

Shares of Virgin Galactic Holdings Inc. (SPCE) surged over 30% on Thursday after the company unveiled plans to reduce costs and temporarily pause spaceflight operations. The stock jumped from $1.56 to over $2 as investors reacted positively to Virgin Galactic’s aim to conserve cash while developing its next generation of spaceships.

Virgin Galactic announced it will wind down flights of its existing VSS Unity spacecraft in mid-2024. The company will then focus resources on finalizing assembly of its new Delta class spaceship line.

The Delta class ships represent the future of Virgin Galactic’s space tourism business. Pausing VSS Unity flights will allow engineers to concentrate on getting the Delta fleet ready to fly tourists on suborbital trips to the edge of space.

Cutting Costs to Fund New Spaceships

To finance the spaceship transition, Virgin Galactic is cutting costs substantially. This week the company laid off around 18% of its workforce, about 185 employees. The reductions will generate $25 million in annual cost savings.

The job cuts come as Virgin looks to trim expenses and streamline operations during the fleet transition. Management aims to direct as much capital as possible toward completing work on the Delta class vessels.

Virgin Galactic also announced it will reduce the flight rate of its current VSS Unity ship. Since June, VSS Unity has been flying commercial tourist missions roughly once per month. Going forward it will shift to quarterly flights before fully standing down in 2024.

Fewer VSS Unity flights will conserve rocket fuel and other operating costs. These savings can be redirected to accelerate progress on the new generation Delta ships.

VSS Unity Flights Winding Down

VSS Unity began commercial service in July 2021 and has completed five revenue-generating passenger flights so far. It will continue making quarterly trips to the fringes of space until its retirement in mid-2024.

So far this year VSS Unity flew its first fully private astronaut mission in June. This was followed by its first Italian researcher flight in September. Both missions generated crucial revenue for Virgin Galactic.

But VSS Unity is only capable of flying four passengers to space on each trip. The Delta class spacecraft will increase that capacity to six passengers. This 50% bump is critical to ramping up Virgin’s space tourism business.

The company is aiming to begin Delta test flights from its New Mexico spaceport in 2025. With a smoother flight profile and more spacious cabin, the Delta promises a superior overall experience compared to VSS Unity.

Stock Surges on Cash Conservation Plan

Virgin Galactic’s shares have suffered in 2022, falling over 50% year-to-date before Thursday’s 30% pop. The market responded favorably to management’s decisive actions to reinforce its financial position.

The workforce reductions and spaceflight pause will slow Virgin’s cash burn rate while buying time to ready the Delta fleet. With its existing cash balance, the company has ample runway to execute the transition.

Pausing VSS Unity flights will allow Virgin to upgrade ground infrastructure at its spaceport to support Delta operations. By winding down one program and preparing for the next, Virgin Galactic hopes to hit the ground running once the Delta ships are flight ready.

If executed successfully, the cost cutting and spaceflight hiatus could put Virgin in position to ramp up flights profitably after the Delta class ships come online. With improved ships unlocking expanded market opportunities, Virgin Galactic aims to soar both literally and financially over the long term.