Fractional CFO for SpaceTech companies
Space programmes run on long cycles, milestone-based contracts and a high proportion of government revenue. Spacecraft and launch vehicle development costs need a defensible capitalisation policy, R&D tax treatment varies by jurisdiction, and revenue under ASC 606 or IFRS 15 is recognised against milestones or over the period of performance. Cost-accounting standards, audit trails and ITAR or EAR obligations sit on top for any DoD or allied defence work.
Day-to-day, finance keeps development-stage costs separate from operating cost of revenue, tracks remaining performance obligations against deliveries, and reflects the shift from programme revenue to recurring satellite-data, comms or imagery revenue. Cash forecasting is its own discipline: staged milestones, government progress payments and launch-window lumpiness mean one slipped milestone can move runway by a quarter.
Flow provides financial modelling, FP&A and fractional CFO advisory to space tech companies across launch and propulsion, satellite manufacturing and components, Earth observation and satellite data, satellite communications and constellations and ground-segment and mission-operations software.
KPIs to track for "SpaceTech" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
Launches completed
Satellites operational
Contracted backlog
Government vs commercial revenue mix
Design wins
$ / kg to orbit
Constellation coverage
Spectrum / licence position
Ground stations / antennas
Remaining performance obligations
Programme gross margin
Recurring data / comms revenue
Financial modelling for "SpaceTech" startups
As fractional CFOs, we build KPI-driven financial models that are insightful and easy to maintain.
Financial modelling is both art and science - models must be robust, but also understandable, and useful for both internal planning and VC fundraising purposes. Hire a fractional CFO who knows how to handle both sides of the equation.
Programme milestone revenue model
ASC 606 and IFRS 15 over-time and milestone recognition built from contract performance obligations with EAC, EVM and remaining performance obligations reconciled to the cost-to-complete view. Aligns the GAAP P&L with how programme managers actually run the contract.
Launch and spacecraft capitalisation
Development cost, prototype hardware and qualification spend split between expensed R&D and capitalised spacecraft or launch-vehicle assets under a defensible policy. Holds up against audit, R&D tax claims and acquirer diligence in three different rulebooks.
Government vs commercial revenue mix
Backlog, gross margin and cash terms split between DoD, allied government and commercial contracts with payment timing and ITAR or EAR exposure tracked separately. Surfaces concentration risk and the very different working capital profile of each customer type.
Recurring data and comms revenue ramp
The shift from one-off programme revenue to recurring imagery, comms or sensor-data revenue modelled per constellation phase with retention and ARPU built in. Tells the board when the business stops looking like a contractor and starts looking like infrastructure.
Milestone-driven cash forecast
Government progress payments, customer milestone billings, supplier prepayments and launch-window slippage modelled into a weekly cash forecast. Quantifies how much runway one slipped milestone or one delayed launch actually costs.
Cost per launch and $ / kg
Direct cost per launch or per spacecraft tracked against the learning curve with $ / kg to orbit reconciled to internal cost rather than headline price. Lets the board see real margin progression underneath the marketing number.
Founders and investors we've worked with
We've supported winning builders across SpaceTech and beyond.
Dataprana
We acted as fractional CFO to Dataprana, a Miami-based data center developer and operator focused on crypto mining and AI / GPU compute workloads, building its bottom-up model and supporting an institutional growth round.
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Radtonics
We acted as fractional CFO and fundraising advisor to Radtonics, a Stockholm-based private LTE & 5G networks and edge cloud compute provider, preparing investor materials for an institutional growth round.
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TBô
We acted as fractional CFO to TBô, a Zurich-based tech-enabled DTC male underwear brand, building a bottom-up financial / operating model with cohort-level KPIs and positioning the company for its next venture round.
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Onlogist
We acted as fractional CFO to Onlogist, a Hamburg-based online marketplace for last-mile vehicle transfer, providing confidential valuation guidance and operating model support.
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Marcura
We acted as fractional CFO to Dubai-based Marcura, owner of maritime payroll and B2B payments platform MarTrust, advising on the strategic e-Wallet vendor selection and supporting product/finance integration.
See moreRecent fractional CFO track record
See our fractional CFO and financial modelling experience across SpaceTech and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for SpaceTech startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
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We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
More services
We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for SpaceTech companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreM&A for SpaceTech companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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