SPCX
SPCX
Space Exploration Technologies Corp.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $4.69B ▲ | $4.25B ▲ | $-4.28B ▼ | -91.1% ▼ | $-1.27 ▼ | $2.38B ▲ |
| Q1-2025 | $4.07B | $2.08B | $-528M | -12.98% | $-0.18 | $1.68B |
What's going well?
Revenue growth is strong at 15%, and EBITDA improved significantly, suggesting the core business can generate cash. The company is investing heavily in R&D, which could pay off if new products succeed.
What's concerning?
Operating expenses are out of control, losses are massive, and shareholders are being diluted. Margins are shrinking, and large non-operating losses make the bottom line even worse.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $23.68B ▼ | $102.09B ▲ | $60.51B ▲ | $41.58B ▲ |
| Q4-2025 | $24.75B ▲ | $92.08B ▲ | $50.75B ▲ | $41.33B ▲ |
| Q4-2024 | $12.19B | $57.06B | $31.26B | $25.8B |
What's financially strong about this company?
SPCX has a large base of physical assets, positive equity, and a decent cash cushion. Customers are paying upfront, and the company is investing in its operations.
What are the financial risks or weaknesses?
Debt is rising quickly while cash is falling, and working capital is getting tighter. Retained earnings are deeply negative, showing a history of losses, and accrued expenses have jumped.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-4.28B ▼ | $1.05B ▲ | $-16.72B ▼ | $7.13B ▲ | $-8.52B ▼ | $-9.06B ▼ |
| Q1-2025 | $-528M | $727M | $-4.17B | $354M | $-3.02B | $-3.41B |
What's strong about this company's cash flow?
SPCX is still able to generate positive cash from its core operations ($1.05 billion), and has a sizable cash cushion ($16.6 billion). The company can raise large sums from investors and lenders when needed.
What are the cash flow concerns?
Free cash flow burn has more than doubled year-over-year, and the company is now highly dependent on outside funding. Heavy dilution and debt increases are unsustainable if the business doesn't turn profitable soon.
About Space Exploration Technologies Corp.
https://www.spacex.comSpace Exploration Technologies Corp., doing business as SpaceX, engages in the design, manufacture, and launch of rockets and spacecraft. It provides satellite communication services.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $4.69B ▲ | $4.25B ▲ | $-4.28B ▼ | -91.1% ▼ | $-1.27 ▼ | $2.38B ▲ |
| Q1-2025 | $4.07B | $2.08B | $-528M | -12.98% | $-0.18 | $1.68B |
What's going well?
Revenue growth is strong at 15%, and EBITDA improved significantly, suggesting the core business can generate cash. The company is investing heavily in R&D, which could pay off if new products succeed.
What's concerning?
Operating expenses are out of control, losses are massive, and shareholders are being diluted. Margins are shrinking, and large non-operating losses make the bottom line even worse.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $23.68B ▼ | $102.09B ▲ | $60.51B ▲ | $41.58B ▲ |
| Q4-2025 | $24.75B ▲ | $92.08B ▲ | $50.75B ▲ | $41.33B ▲ |
| Q4-2024 | $12.19B | $57.06B | $31.26B | $25.8B |
What's financially strong about this company?
SPCX has a large base of physical assets, positive equity, and a decent cash cushion. Customers are paying upfront, and the company is investing in its operations.
What are the financial risks or weaknesses?
Debt is rising quickly while cash is falling, and working capital is getting tighter. Retained earnings are deeply negative, showing a history of losses, and accrued expenses have jumped.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-4.28B ▼ | $1.05B ▲ | $-16.72B ▼ | $7.13B ▲ | $-8.52B ▼ | $-9.06B ▼ |
| Q1-2025 | $-528M | $727M | $-4.17B | $354M | $-3.02B | $-3.41B |
What's strong about this company's cash flow?
SPCX is still able to generate positive cash from its core operations ($1.05 billion), and has a sizable cash cushion ($16.6 billion). The company can raise large sums from investors and lenders when needed.
What are the cash flow concerns?
Free cash flow burn has more than doubled year-over-year, and the company is now highly dependent on outside funding. Heavy dilution and debt increases are unsustainable if the business doesn't turn profitable soon.
CEO
Elon Musk
Compensation Summary
(Year )
Upcoming Earnings
ETFs Holding This Stock
Summary
Showing Top 3 of 17
Ratings Snapshot
Rating : D+