This was my initial impression too. Pine64 brings low-price hardware into the hands of hackers. A space-based communications system will require very serious investment. I have no idea how they intend to pay for this...
I should also clarify, Pine is a partner of the FemtoStar Project, but both are independent from each other and it's certainly not as if Pine is going it alone (in fact, the space segment is the job of the FemtoStar Project itself, not Pine). We currently have development funding from NLnet and focusing on developing the hardware this year while seeking funding for launch.
- The FemtoStar Project