Reporting Continued Progress in Hypersonic Testing and Space Access Platform Demand,
Reaching Both Mission Critical and Business Critical Objectives in the Quarter,
as MarketsandMarkets Reports the Rocket and Missile Market Size is Projected to Grow from USD 57.7 billion in 2023 to USD 77.4 billion by 2028
Management Expands Current Hypersonic Contracts With Key Development Partners, Schedules Key Next Wave of Certification Testing for Space Launch, as Company Completes its PCAOB Audit
CAPE CANAVERAL, Florida, April 24, 2024 – Starfighters Space Inc. (“Starfighters” or the “Company”), headquartered at Kennedy Space Center, operating the only commercial fleet of aircraft in the world with the capability to fly at sustained MACH 2 along with the capability to air-launch payloads at altitude, today delivered its Q1 2024 update and 2024 updated industry outlook to shareholders.
“With new contracts, fleet upgrades and spaceport expansion opportunities, we continue to lay a strong foundation on the ground so that we can execute in the sky,” said Founder and CEO Svetkoff. “We are now well off the drawing board and deep into the real-world execution on a range of critical initiatives.”
Management reported progress along several fronts, including:
- Company Transitioning to Phase II Contract on “HyCat” Initiative: Moving to demonstration phase of high cadence operations, with a goal of becoming a commercialized delivery partner so that any federal agency can access Starfighters resources with a simple PO.
- Major Testing Initiative for Atlas Program: Expanding our relationship with GE Aerospace to provide more flights and testing and longer-term launch commitments.
- Negotiating New Agreement with an Airforce Base to Compliment its Testing Capabilities: Starfighters Space to provide airborne testing platform capabilities for strategic, and potentially tactical initiatives.
- Management Schedules Drop Test for its StarLaunch I Platform: After completing the captive carry test, the Company is moving forward with its StarLaunch I Program, scheduling its drop test target for September 2024. This drop test is the last major physical test hurdle for the StarLaunch I program development, to be followed by review and authorization to launch, and will also contribute to Platform II initiatives as the Company has designed multiple core components to be the same for both platforms.
- Management Advances in Planning and Development of StarLaunch Platform II: As the demand for space access and hypersonic testing increases, the Company has continued to develop its StarLaunch II platform, which management believes will dramatically increase it overall capabilities on both fronts and meet growing market needs. The Company reported that it had identified the mission critical components of its Platform II solution and expects to acquire them in 2024. In Q1, 2024, management began to share some details with the program to key partners and potential customers. Based on the overwhelmingly positive response, the Company is moving forward with its plan to acquire key aircraft, moving forward with the goal of materially increasing its fleet size and payload capacity by Q4 2024.
- Addition of David Whitney as CFO: The Company has hired David Whitney as CFO. Whitney, an experienced Chief Financial Officer with a demonstrated history of raising capital, evaluating growth opportunities, strategic thinking, and deal structure, has spearheaded the Company’s recent finance efforts.
- Completion of PCAOB Audit: The Company has completed a PCAOB audit of its 2022 and 2023 financial statements, a major milestone. Management retained Adeptus Partners, LLC a seasoned CPA and business management firm, as its auditor. With over 100 professionals across the US, Adeptus’ audit and assurance personnel average over twenty years of experience in a range of areas that include government contracting. \
- Pipeline Increasing on the Heels of Federal Budget Approval: The Senate voted 74-24 early Saturday morning on March 23 to pass the $1.2 trillion government funding bill after heated last-minute negotiations caused senators to breach the midnight deadline to avert a shutdown. Management believes that this approval has contributed to an increase in interest from government entities for Starfighters Services.
“It has been rewarding to experience the increased interest in the Starfighters Platform from both government and commercial sectors,” said Director of Development Tim Franta. “We are seeing growth in our testing platform demand, and increasingly optimistic regarding our Platform II adoption.”
“We have focused on our two missions and continue to see both progress on our end as well as increase in demand, driven by real-world necessity,” Svetkoff concluded. “We are responsibly increasing our capabilities in line with that demand and are in step with our partners who see our Platform II evolution as a game changer.
INDUSTRY UPDATE
- Congress passes $825 billion defense spending bill
For the Pentagon, the bill’s passage signifies some return to normal order after having operated the first six months of the fiscal year under a continuing resolution, which keeps funding at the level of the previous year and prohibits the department from starting new programs. The FY24 defense bill adds about $27 billion compared to the FY23 enacted defense budget.
- Rocket and Missile Market $77.4 Billion by 2028. The growth can be attributed to continuous R&D activities.
https://www.marketsandmarkets.com/Market-Reports/rocket-missile-market-203298804.html?
- The $1.8T Space Economy
The space economy could grow to $1.8T by 2035, according to a report released today by the World Economic Forum in partnership with McKinsey & Company.
Three global trends are making that eye-watering number possible:
- Increasing connectivity worldwide, leading to higher demand for satellite internet;
- Growing mobility, propelling the need for GPS-enabled position, navigation and timing (PNT) services; and,
- A more informed populace with a rising demand for AI-powered insights.
Halfsies: The report splits the space economy into two groups:
- “Backbone” applications, such as satellites, launch vehicles, and GPS, which currently make up around 50% of the space economy; and,
- “Reach” markets, or the non-space industries or services relying on space tech, such as weather services, parcel tracking, and food delivery, which make up roughly the other half.
https://payloadspace.com/the-1-8t-space-economy/
- Global Satellite as a Service Market Size to Surpass US$ 22.22 Billion by 2030 | Exhibiting a CAGR of 34.3%
CoherentMI published a report, titled, Global Satellite as a Service Market Size is estimated to grow from US$ 2.82 Billion in 2023 and is forecast to reach a value of US$ 22.22 Billion by 2030 at a CAGR of 34.3% between 2023 and 2030.
“LEO is seeing growing demand due to the miniaturization of satellite components which has made smaller, lower-cost satellites viable. This has boosted the demand for situational awareness, disaster management and connectivity services that require frequent revisits over locations.
https://www.coherentmi.com/industry-reports/global-satellite-as-a-service-market