Kleos Space files for bankruptcy
July 27, 2023
By Chris Forrester
Australia and Luxembourg-registered Kleos Space, which uses small satellites to detect and locate radio frequency signals to uncover illegal activity on land and sea, has filed for bankruptcy in Luxembourg. Trading in its shares in Australia had already been suspended on May 3.
It already has 16 satellites in orbit (although there are problems with two) and numerous contracts in place. The business was formed in 2017 but suffered launch delays and problems with satellites.
Kleos made a statement on July 26th that it had been unable to source fresh financing. It had cautioned the market in March 2023 that the business was at risk of “underperforming” financially. Its statement said that its main lender had declined to make new credit available.
Kleos reported an operating loss of €11.3 million on revenues (for 2022) of €272,000. Some 61 per cent of that revenue came from US government clients.