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Tuesday saw the release of Rocket Lab second-quarter earnings, which mostly surpassed Wall Street estimates. The business also announced the 10 new launch contracts in 2023 and 2024.
With three successful Electron [rocket] launches, the deployment to orbit of more than 17 spacecraft containing Rocket Lab satellite components, and the signing of numerous new launch contracts with both new and old clients, the second quarter saw strong performance across Rocket Lab’s launch and space systems businesses.
According to analysts surveyed by Refinitiv, the firm posted a net loss of $45.9 million, or 10 cents per share, versus a loss of 9 cents per share predicted. This was a larger loss than the 8 cent loss per share in the same period last year.
In the second quarter, revenue increased by 12% year over year to $62 million, exceeding the $61.8 million that analysts surveyed by Refinitiv had predicted. The second quarter of Rocket Lab generated $22.5 million in revenue from its launch business and $39.6 million from its space systems division.
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Milestones Reached for Rocket Lab’s Neutron Rocket
From the previous quarter, its contract backlog climbed by $40.1 million to $534.3 million. After-hours trading saw a small increase in Rocket Lab shares from its previous closing of $6.66 per share.
With a year-to-date gain of 77%, the stock is the best-performing pure-play space stock in 2023. Rocket Lab anticipates sales to increase to between $73 million and $77 million for the third quarter.
The business claimed to have achieved important milestones in the creation of its upcoming Neutron rocket. These advancements included completing the construction of a cryogenic tank test stand and a second stage tank for the rocket, both of which are essential for validating the rocket’s design prior to a first launch.
Rocket Lab anticipates starting the building process for Neutron’s launch facility in Virginia in the third quarter. The development of Rocket Lab’s Archimedes range of rocket engines is a crucial step in the company’s journey toward the first Neutron launch.
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Source: www.cnbc.com
