Kleos Space to File for Bankruptcy 

Photo: Kleos Space

Radio frequency (RF) data provider Kleos Space is preparing to file for bankruptcy, announcing July 26 that it is unable to meet its financial obligations. 

The company said in a July 26 statement that its mandated broker was unable to achieve commitments to progress a converting note facility, and there is “no prospect of viable alternative financial accommodation.” Kleos Space plans to petition the relevant court in Luxembourg for bankruptcy and plans to file within 30 days. In the meantime its securities will not be traded. 

Kleos Space collects radio frequency (RF) data through its satellite constellation, and the company has operations in Luxembourg, the United States and United Kingdom. The company has launched 16 satellites total in four clusters of four, with the most recent on SpaceX’s January rideshare mission. According to its 2022 annual report, six of its satellites are impaired and are or have been deorbited. 

According to the 2022 annual report released on April 28, Kleos Space reported income of 272,099 euros in 2022 and a total comprehensive loss in 2022 of 7.4 million euros. The report included concern that Kleos could continue normal business activities with its debts, but at the time, the company expected to raise additional capital to operate for at least another year. 

The company is on the National Reconnaissance Office’s contract for commercial RF data, and received a stage two contract extension in April.