The stock of Astra Space jumped more than 35% on Monday after the space transportation company conducted its first commercial orbital launch for the United States Space Force.
Its test payload-carrying launch vehicle 0007 took off from the Pacific Spaceport facility on Kodiak Island, Alaska, on Friday. It took less than 10 minutes to achieve its precise orbit.
The privately held company was established in 2016 with the goal of launching a new generation of low-cost space services using vast constellations of tiny satellites in low Earth orbit.
According to a business statement dated November 11 that quoted its CFO Kelyn Brannon, the company is nearing completion on LV0008 and has started production on LV0009.
From July to September, the company lost $34.5 million in adjusted net income and $32.9 million in adjusted earnings before taxes, interest, depreciation, and amortization. In the current quarter, it anticipates this to widen to $40 million to $44 million.