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  "documentTitle": "Astra Space, Inc. (ASTR)",
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  "presentationDate": "2021-12-01 00:00:00",
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      "text": "Astra's rocket launch projections are nonsense.",
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      "text": "Expect many more failures as Astra ramps up its launch efforts. Astra is playing a risky game. It needs to ramp production and prove reliability of a cheaply built rocket while maintaining access to public markets to fund cash burn.",
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      "text": "Six months into public life and Astra has already missed expectations. 2021 EBITDA will come in -35% below original SPAC forecasts, and even with the benefit of delayed capex, Astra is burning cash at a rate of $50-$60m per quarter.",
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      "text": "Astra is falling behind its competitors. Multiple industry executives we interviewed... agree that Astra's rocket dimensions and payload capacity are well below the \"sweet spot\" of customer needs.",
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      "text": "Astra's strategic direction lacks differentiation and raises concerns. Recent M&A and a broadband constellation announcement smack of trying to run SpaceX's playbook - but without any of SpaceX's resources.",
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      "text": "The Space SPAC boom has bust. Of the 8 new space SPAC mergers that have closed in the last 6 months, 7 are trading below the SPAC IPO price, with an average decline (excluding Astra) of -38%.",
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