[Click eStock] "Innospace Awaits Only Launch"

On August 26, Eugene Investment & Securities analyzed that Innospace's stock price has dropped significantly compared to its IPO price, following two launch delays and the announcement of a paid-in capital increase after its listing.

Jung Euihoon, a researcher at Eugene Investment & Securities, stated, "In the second quarter of this year, the company recorded sales of 500 million KRW and an operating loss of 16.7 billion KRW," adding, "In reality, it has not achieved any meaningful sales."

He continued, "This is because the commercial launch service for Hanbit-Nano, which was scheduled for March this year, has been delayed, preventing the company from recognizing launch revenue." He added, "There are two main reasons for the launch delay: issues with launch vehicle development and launch authorization."

Furthermore, he explained, "In terms of launch vehicle development, there were problems such as delays and damage in the supply of electric pump components (electric motors) for oxidizer supply, as well as defects in the hybrid rocket motor." He emphasized, "Most of the issues related to launch vehicle development have been resolved by expanding the supply sources for electric motors and manufacturing rocket motors."

Jung noted, "Innospace's space launch vehicles are launched not in Korea, but at Alcantara in Brazil," and added, "The company must obtain launch authorization from both the Korean and Brazilian space agencies." He explained, "In Brazil, the system is license-based rather than per-launch approval, and the company obtained the launch license in May. Currently, with the final launch approaching, only the authorization from the Korean space agency remains."

He went on to say, "The final hurdle, the first-stage certification test, is scheduled for early next month," and explained, "Once the first-stage certification test is completed, final approval is expected to be granted at the National Space Committee meeting presided over by the President."

He predicted, "As this will be the first National Space Committee meeting held since President Lee Jaemyung took office, it is expected that national-level support measures for private space companies will be discussed," and added, "Until the launch, the stock price is likely to respond more sensitively to expectations than to concerns."

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