Rocket Lab USA Inc. (NASDAQ:RKLB) reported its first-quarter financial results after the bell Monday. Here's a look at the highlights.
The Details: Rocket Lab reported quarterly losses of 9 cents per share which beat the analyst consensus estimate of losses of 10 cents by 10% and represents a 10% increase over losses of 10 cents per share from the same period last year.
The company reported quarterly sales of $92.767 million which missed the analyst consensus estimate of $94.995 million by 2.35% and is a 68.99% increase over sales of $54.895 million year-over-year.
Rocket Lab highlighted that it closed the first quarter with more than $1 billion in backlog, launched four Electron missions for commercial and national security customers, and the successful program kick-off as the prime contractor for a $515 million Space Development Agency contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer-Beta.
The company also announced it completed the first full assembly of its Archimedes engine, the new 3D printed, reusable, rocket engine for the company’s Neutron medium-lift launch vehicle. Rocket Lab has now begun an intensive test campaign that will feature a number of engine system activations leading up to a first Archimedes hot-fire.
“Rocket Lab has had a strong start to the year, with our four Electron missions in Q1 marking an accelerated cadence of launches this year and maintaining our status as operators of the United States’ second most frequently launched rocket,” said Peter Beck, Rocket Lab CEO.
“Most recently we were awarded close to $50 million across two mission contracts post quarter for the U.S. Space Force’s Space Systems Command: the Victus Haze responsive space demonstration with Electron and a Rocket Lab Pioneer-class satellite that must launch within 24 hours’ notice, and the next mission in the Space Systems Command’s Space Test Program that will lift-off from our launch pad in Virginia,”
Outlook: Rocket Lab sees second-quarter revenue of between $105 million and $110 million, versus the $106.22 million estimate.
RKLB Price Action: Rocket Lab shares are down 1.6% after-hours at $4 at the time of publication Monday.
