{
  "docId": "019dd923-622c-750b-8b98-1d34557b15be",
  "docSlug": "c33d8dc1e237",
  "documentTitle": "Astra Space, Inc. (ASTR)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 22,
  "pageCount": 26,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "research-note",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "This is a page from a Kerrisdale Capital research report on Astra Space, focusing on the logistical and financial challenges of their business model.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-1d34557b15be/22",
  "deckHref": "/decks/019dd923-622c-750b-8b98-1d34557b15be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-1d34557b15be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-1d34557b15be#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management habitually describes Astra as having the flexibility to launch from “anywhere in the world,” which is simply not true.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b684-69531f86993d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.118,
        "y": 0.615
      },
      "kind": "paragraph",
      "text": "Due to the fact vertical launch vehicles drop one or more stages downrange, creating a hazard to life and property in the drop zones, vertical launches must take place near bodies of water or in remote locations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74763bbe-acad-4be4-81fa-818b9fa44b14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.118,
        "y": 0.695
      },
      "kind": "paragraph",
      "text": "Unsurprisingly, establishing a new vertical launch site has historically encountered significant resistance from environmentalists and locals. SpaceX's Boca Chica launch site took 8 years from initial plans to first experimental launch.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a40be2d2-1973-4949-9517-8f5e05a61721",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.77,
        "x": 0.118,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "In the US, Astra can only launch from an FAA-licensed commercial spaceport approved for vertical launch. There are only 5 such sites... 97% of launches over the last 40 years have been from only 2 launch sites: Cape Canaveral and Vandenberg.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3266484-bb4b-42ec-bf22-e1985ed578a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.118,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "Perhaps in recognition of the challenge in finding sufficient domestic spaceport access, the company has described working hard to secure launch sites internationally. These efforts generally lag that of the US and have encountered their own challenges.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebfc368e-2ec8-458a-8ae8-038b7f12dd25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.118,
        "y": 0.425
      },
      "kind": "paragraph",
      "text": "Management habitually describes Astra as having the flexibility to launch from 'anywhere in the world,' which is simply not true. Just because a rocket can be transported in a shipping container – doesn't mean one can lift off from any Walmart parking lot.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4c0bb6a-190f-43e3-b12a-9e2332f14add",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“So with this satellite thing and then the electric engine thing and the launch business, when do you worry about spreading yourself too thin, right?” — Sell-side analyst to Kemp",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b684-6d170043181d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.118,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "6 Quality Analytics white paper, “Leveraging the Emerging Space Economy to Meet Critical Government Needs,” July 2021.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a000cc41-3a82-47ad-a50f-0ed2e3ceb3fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.69,
        "x": 0.118,
        "y": 0.38
      },
      "kind": "title",
      "text": "Spaceport Availability is Key Logistical Hurdle",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c37c6d3a-9ff1-43df-8562-60c8441f4aab",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 22,
      "from": 6,
      "beatId": "b063f521-400f-4dac-aa0f-1b5525050f7e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques Astra Space Inc.'s business model, market position, and financial projections, portraying them as flawed and unrealistic.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}