On 22 October 2018, Sky and Space Global Ltd (ASX: SAS) announced that the company has completed the Critical Design Review (CDR) of the Pearls satellites, and the nano-satellites have progressed to assembly and integration. Following which the company also reinstated to official quotation and share price of the company witnessed an intraday increase of 8.772 percent as on 22 October 2018.
The CDR was undertaken by leading global aerospace construction partner GomSpace which is a Nasdaq listed contractor specialized in the construction and testing of bespoke nano-satellites, based in Europe. The CDR process assesses all technical components including; schedule, overall design, altitude control performance and system budgets to make sure that each part is of the highest quality and meets the required standard to initiate the construction phase.
The review has concluded that the design which was presented by GomSpace to SAS, fulfills all the requirements, and the Pearls can start the process of assembly and integration which will be completed by GomSpace. The assembly and integration are planned to start immediately, and the first launch of the Pearls is on track for 2019, with successive launches to proceed in the following quarters until the entire constellation of around 200 Pearls is in orbit by the year 2020.
Once construction and integration are finished, the Nano-satellites will then pass through several other final hardware, software and technical assessments and testing. And a final acceptance test will be conducted before the launch. As per the company CEO Mr. Meir Moalem, the company reached a significant milestone as all hardware and software requirements presented by leading aerospace construction partners were approved by SAS. The positive results from the Critical Design Review validate company’s technology, support and its strategy and reaffirm the company’s goal of providing communication technology to remote geographical locations.
Recently on 16 October 2018, the company signed a binding Memorandum of Understanding (MoU) agreement with Applied Satellite Technology (AST), under which SAS and AST will work together to explore how the SAS nanosatellite connectivity can be incorporated into AST’s network and how it can be utilized to improve AST’s service offering. During March 2018, the company raised $10 million in an oversubscribed placement and completed a fully underwritten Share Purchase Plan (SPP) of $5 million at $0.12 per share.
In FY 2018, the company earned a total revenue of $649 million. The loss after income of the company decreased from $14.86 million in FY 2017 to $8.32 million in FY 2018. The basic and diluted loss per share of the company decreased from $1.10 in FY 2017 to $0.49 in FY 2018. The total current assets of the company were $10.12 million in FY 2018. The net cash outflow from operating activities of the company increased from $3.26 million in FY 2017 to $ 4.71 million in FY 2018. SAS’s shares traded at $0.062 as on 22 October 2018 (AEST 1:08 PM).
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