3 Space Stocks to Buy Now: May 2024

Core Viewpoint - Investors are increasingly interested in space stocks as a means to grow wealth, driven by high-profile entrepreneurs and the potential profitability of the space sector [1][2] Group 1: Industry Overview - The space industry includes companies involved in satellite launches and manufacturing supplies for agencies like NASA, positioning them for growth and market share [1] - The emergence of spaceflight as a profitable growth sector is attracting everyday investors [1] Group 2: Company Highlights - Intuitive Machines (LUNR): - Involved in lunar exploration with a significant NASA contract for the Lunar Terrain Vehicle [3] - Reported revenue of $73.1 million, a 301% increase year-over-year, exceeding estimates [3] - Cash balance reached $102.8 million at the end of Q1 2024 after raising $32.9 million through share sales [3][4] - Astra Space (ASTR): - Focuses on launch services and spacecraft engines, delivering eight engines and securing contracts worth $11.7 million [6] - Reported revenue of $11.7 million, with a net loss of $46.5 million, an improvement from the previous quarter [6] - Cash reserves increased to $102.8 million after raising $32.9 million through share sales [6] - Planet Labs (PL): - Specializes in satellite technology and Earth observation, achieving a revenue increase of 31% year-over-year to $52.7 million [7] - Expanded its global data subscription base to over 900 customers despite a net loss of $20.1 million [7] - Expected to reach breakeven in EPS around FY2026 to FY2027 according to analyst forecasts [8]