Rocket Lab posted record revenues in the third quarter as it scoops up more launch deals and builds its backlog.
The space stock slipped more than 1% on Tuesday, pulling back from earlier gains.
The company, which makes satellites and rockets and provides launch services to its customers, on Monday reported revenue of $155 million for the period. That surpassed the $152 million forecast from analysts polled by LSEG, and it was up 48% from about $105 million a year ago. Rocket Lab also posted a smaller-than-expected loss of 3 cents per share, versus the 10-cent per share loss anticipated.
Additionally, Rocket Lab issued strong guidance for the current quarter, saying it expects revenues between $170 million and $180 million. Analysts had forecast $172 million in revenues.
Rocket Lab said it’s experiencing a record backlog, with 49 rocket launches on contract. The company said it signed 17 of those deals during the third quarter and plans to close out the year with over 20 launches.
In an earnings release, CEO Peter Beck said the Long Beach, California, company is “just days away” from reaching a new annual launch record. Rocket Lab is also tackling mergers and acquisitions that target key defense initiatives such as President Donald Trump’s missile defense system plan known as the ‘Golden Dome,” Beck added.
Competition is intensifying in the space technology sector as the U.S. government and NASA lean on more independent contractors, including Elon Musk‘s SpaceX, to power missions to return to the moon. Growing excitement has also brought a wave of space companies to the public markets this year, including Texas-based Firefly Aerospace.
Last month, Rocket Lab’s stock jumped more than 31% after announcing a slew of new launch deals. Shares have more than doubled this year and surged nearly 270% over the last twelve months. The stock has pulled back about 13% in November amid a broader market selloff.
During the third quarter, the company closed its acquisition of satellite sensor maker Geost and opened a new launch site for its Neutron rocket.
Rocket Lab reported an adjusted EBITDA loss of $26.3 million, topping the $21 million to $23 million loss range previously forecast. Analysts anticipated a $22.2 million adjusted EBITDA loss, according to FactSet.
The company expects adjusted EBITDA losses to range between $23 million and $29 million in the fourth quarter, surpassing the $13 million loss forecast by FactSet.
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