The results of the second quarter from well-known space launch business Rocket Lab roughly met Wall Street estimates. The business also said that it has acquired contracts for 10 further launches between 2023 and 2024.
Peter Beck, the founder and CEO of Rocket Lab, highlighted significant results in the company’s launch and space systems businesses during the second quarter. Three successful Electron rocket launches, the placement in orbit of more than 17 spacecraft including Rocket Lab satellite components, and the signing of several new launch contracts with both new and returning customers all occurred during this time.
A net loss of $45.9 million, or 10 cents per share, was announced by the corporation. This outcome increased from the loss of 8 cents per share during the same time the previous year, even if it was somewhat broader than the anticipated loss of 9 cents per share.
Comparing the second quarter to the prior year, revenue increased by 12% to $62 million. This amount roughly matched the $61.8 million prediction of experts.
Revenue from Rocket Lab’s launch business was $22.5 million, while its space systems division brought in $39.6 million. The business’s backlog of contracts rose as well, rising by $40.1 million to $534.3 million.
With forecasts ranging between $73 million and $77 million for the next third quarter, Rocket Lab expects revenue to increase even further.
Important advancements were made in the development of the next Neutron rocket from Rocket Lab. Two significant accomplishments were the completion of the rocket’s second stage tank and the building of a testing platform to evaluate the functioning of the cryogenic tank. Additionally, work on the Virginia launch site for the Neutron is expected to start in the third quarter.
Customer requests to enhance the rocket’s capabilities, such as downrange landings to increase its efficacy, led to changes in the Neutron’s design.
The creation of the Archimedes series of rocket engines, which incorporates secret manufacturing techniques that save prices, is a crucial component of Neutron’s advancement. Beck was upbeat about these engines and mentioned a thorough test that will be conducted by the end of the year.
Following the first quarter, Rocket Lab received orders for 10 Electron rocket launches. For a unique “HASTE” mission that is anticipated to take place largely in 2024, these orders comprise contracts with the private satellite firms BlackSky and Synspective, a government client, and a secret customer.
Instead of deploying satellites, the HASTE project uses a modified Electron rocket for hypersonic test flights. The details of these launches are still secret, but Beck said there is a substantial pipeline of comparable missions.
Beck emphasized Rocket Lab’s standing and the quality of its work, notably in hypersonics, as well as the accessibility of its resources.