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OneWeb incurs $229 million loss due to postponed Soyuz launches

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OneWeb was charged $229 million this year in connection with the termination of a contract to launch Soyuz and dozens of satellites stuck in Kazakhstan following Russia’s invasion of Ukraine.
In an annual financial report released by the company last month, the company included a $229.2 million loss charge in fiscal 2022 related to the suspension of satellite launches. aboard a Soyuz rocket from the Baikonur Cosmodrome in Kazakhstan, including an aborted launch shortly before launch in March.
The fee is intended to “reflect the loss suffered by the Group as a result of the postponement of a launch scheduled for March 4, 2022, the postponement of subsequent scheduled launches, the satellite loss is not returned to the Group and the decline of a portion of the Group’s prepaid starter insurance.

OneWeb is set to launch 36 of its satellites onto a Soyuz from Baikonur in March as the Russian government imposes harsh conditions on the launch, including asking the British government to divest from the company. OneWeb’s board of directors refused to accept these terms and announced that they would be suspending any launch from Baikonur. The satellites were stored at Baikonur after the launch was aborted and are still there. According to the report, the charge reflecting the write-down of assets and equipment, such as satellites, was $272.3 million and a loss of prepayment of $1 million. This is offset by the cancellation of the $44.1 million fee, including payments for future launches that are no longer scheduled on Soyuz. “Negotiations are ongoing with affected vendors regarding the resilience of assets and undelivered services,” the report said. “As the outcome of these negotiations is uncertain, no assets are recognized.”

OneWeb has since announced contracts with Indian space agency ISRO and SpaceX to launch its latest first-generation satellites. A OneWeb executive said in June that those launches will begin in Q4 of this year and end in Q2 of 2023. OneWeb reported $9.6 million in revenue for the year from the acquisition of TrustComm, a managed satellite communications service provider now known as OneWeb Technologies. The company recorded a net loss of $389.8 million and a loss before interest, tax, depreciation and amortization (EBITDA) of $186.9 million.

OneWeb and Eutelsat announced their intention to merge on July 26, combining OneWeb’s constellation of low-Earth orbit satellites with Eutelsat’s fleet of geostationary orbiting satellites. “The LEO/GEO combination that provides connectivity is expected to deliver significant value,” OneWeb said in the report, citing other spend optimization opportunities. each other, such as improving purchasing power. The merger is expected to be completed by mid-2023.

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