Microsoft inks deal with Helion for nuclear fusion power / Rivian: narrower Q1 loss / Under Armour shares down

Plus, Allkem, Livent join in $10.6B merger

Inside Business For May 10, 2023

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1 Helion Energy, a private U.S. nuclear fusion company, has signed a power purchase agreement with Microsoft, marking the first-ever deal of its kind. This agreement could produce renewable energy without creating long-lasting radioactive waste. More: The Helion project plans to produce 50MW or more of power when it is operational in 2028. On average, one MW can power up to 1,000 households in the U.S. Next year, Polaris, Helion's seventh-generation machine, will go online to show how power may be produced utilizing laser and magnet technology. Over $570M in private funding has been obtained for Helion, including a sizeable investment from OpenAI CEO Sam Altman. Brad Smith, vice chair and president at Microsoft, said, "Microsoft views Helion's work as compatible with its mission to bring clean energy to the grid quickly and aims to create a new approach to do so." The companies did not disclose the deal's value or which Microsoft buildings would get power from it. Zoom Out: Private investors invested over $4.44B into a nuclear fusion pursuit in 2021, a significant increase from the previous five years' $1.5B investment, according to McKinsey & Co.

2 Rivian Automotive reported a better-than-expected first-quarter loss, pushing its shares up 4% in after-hours trading. Revenue was $661M, exceeding the predicted $652.1M, and the loss per share was $1.25, beating the estimated $1.59. More: Rivian's net loss reduced to $1.35B, or $1.45 per share, from $1.59B, or $1.77 per share, a year ago. As of March 31, the corporation still had $11.8B in cash, while Q1 capital expenditures dropped from $418M to $283M. Despite lower production and deliveries in the first quarter due to factory downtime, Rivian is still on schedule to fulfill its full-year production goal of 50,000 vehicles and to invest $2B in capital expenditures. The company is working on developing its smaller R2 platform and increasing manufacturing output.

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3 Due to increased discounts and markdowns of older inventory, Under Armour announced lower-than-expected profit margins even though it exceeded earnings and revenue estimates in the fourth quarter. The company reported a net income of $170.5M, or 38 cents per share, compared to a net loss of $59.6M the previous year. Following the news, Under Armour's stock dropped more than 6% on Tuesday. More: Under Armour beat analysts' expectations for the fiscal fourth quarter with $1.4B in sales and $0.18 in adjusted earnings per share. North America accounted for the company's lower sales in the most recent quarter, with net sales only expanding by 2.5% as opposed to better growth in Europe and Asia-Pacific. The athletic apparel and footwear retailer expects lower margins due to higher promotions and a $0.03 - $0.05 per share loss in the next quarter.

4 In an all-stock transaction for $10.6B, Allkem Ltd. and Livent Corp. will combine to form the world's third-largest lithium producer for electric vehicle batteries. On the NYSE, Livent's shares increased by around 5.4% to $25.53, while Allkem's shares closed nearly 1% higher on the Sydney Stock Exchange. More: Allkem and Livent shareholders will receive shares in the merged company, with Allkem shareholders receiving one share and Livent shareholders receiving 2.406 for each existing share. Allkem will own 56% of the new company, with the deal expected to close by 2023. With facilities on four continents, the combined company will be able to supply the rising demand for lithium from the automobile industry, which includes Tesla, General Motors, and BMW. The merger of these lithium producers will accelerate the development of their lithium brine facilities in Argentina and their hard rock lithium mines in Quebec. The new business, which has not yet been given a name, will have its headquarters in the U.S. and be listed on the NYSE. Paul Graves, the current CEO of Livent, will lead the combined company.

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5 Nikola Corp. reported a significant quarterly loss and halted production at its Arizona factory, leading to a 12.8% drop in its Nasdaq shares to $0.86. The company intends to streamline its production process and concentrate on cost-cutting initiatives, such as producing battery electric trucks only when customers order them. More: Nikola reported a net loss of $169.09M for Q1 2023, up from $152.94M in the same period the previous year. Cash burn was $240M, up from $200M YoY. According to Nikola's finance director, the current cash burn rate is unsustainable, and the business is looking into ways to cut costs and raise more money. Beginning in July, the Coolidge production line will again be used to construct battery-electric and hydrogen fuel cell trucks, emphasizing the former. In addition to considering possibly restructuring its battery-making division, Romeo Power, the business intends to sell its 50% investment in a joint venture with Italian truck manufacturer Iveco Group. Zoom Out: In August 2022, Nikola acquired Romeo, its battery supplier, for $144M to strengthen its supply chain.

6 Rocket Lab experienced a revenue rise in Q1 and an increased net loss of $45.6M due to increased R&D expenditures on the Neutron rocket and Photon spacecraft. The quarter's revenue of $54.9M increased 35% YoY and 6% from the preceding quarter. More: The California-based company had an adjusted EBITDA loss of $26.2M and $450M in cash at the end of the quarter, compared to a loss of $8M a year ago. Rocket Lab announced a deal with NASA to launch the Starling mission of "swarm" satellites on Electron in Q3. The aerospace manufacturer and launch service provider generated $19.6M in sales from its rocket business and $35.3M from its space systems segment. Rocket Lab's order backlog decreased to $494.2M, but its Electron and Beyond launch bookings for 2023 have increased. The company's stock has risen 4.5% YTD.

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Knowledge Hub Term of the Day Shareholder voting rights: Shareholder voting rights are rules that give shareholders the power to participate in corporate decisions. Read More Question of the Week What's the most bizarre work-related dream you've ever had? Join the conversation Today's Knowledge Hub Is Brought To You By Get the latest Axios Pro report on what the current economic downturn means for your bottom line, and how to plan for the future. Download for free. Backed by Mark Cuban on Shark Tank, Collars & Co. makes polos and long-sleeve shirts that are lightweight, comfy, and have just the right amount of stretch. Use code INSIDE for 15% off.

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Shriram Jeevakumar Freelance Writer Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. This newsletter was edited by Aaron Crutchfield

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