An Electron rocket launches the Baby Come Back mission from New Zealand on July 17, 2023.
rocket laboratory
rocket laboratory is making steady progress in the development of its Neutron vehicle, as the company reported fourth-quarter results that saw its contract pipeline soar above $1 billion.
The space company reported a net loss of $50.5 million, or 10 cents per share, during the quarter. Year over year, Rocket Lab's fourth-quarter net loss increased about 36% as the company continues to spend heavily to create its Neutron rocket. Its full-year loss increased by a similar amount, to $182.6 million, or 38 cents per share.
Revenue grew 16% year over year in the fourth quarter to $60 million, up from $51.8 million. Its launch business accounted for just $8.5 million of that amount, as the company is coming off a several-month pause in Electron missions, and its space systems made up the bulk, at $51.5 million.
Rocket Lab's fourth-quarter revenue was just shy of the $62.9 million Wall Street expected, according to analysts surveyed by LSEG, formerly known as Refinitiv, while a net loss of 10 cents per share was in line. with the estimates.
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The company's order book more than doubled year over year, boosted significantly by a $515 million satellite contract from the Pentagon's Space Development Agency. Rocket Lab CEO Peter Beck noted in a press release that 2023 was “a record year for securing Electron launch deals,” with the company adding 25 contracts. The launches represent $248 million of Rocket Lab's order book, with the remainder representing its growing space systems business.
Rocket Lab shares fell 5% in after-hours trading from closing at $4.71.
Rocket Lab forecasts first-quarter revenue between $92 million and $98 million.
Neutron progress and expanded range of spacecraft
Rocket Lab provided multiple updates on the progress it is making in developing its next-generation Neutron rocket, which aims to compete with companies like SpaceX. Since revealing its plans for Neutron in 2021, Rocket Lab has been spending big to unveil the vehicle over the next year.
The company's fourth-quarter investor presentation detailed several of the Neutron milestones achieved so far, including the start of production of rocket parts for the first launch, software simulations of launches, and the completion of initial testing of the rockets. Archimedes engines that will propel the rocket.
Rocket Lab also detailed milestones ahead this year for Neutron, including testing of the Archimedes engine and structural testing of the Neutron rocket's nose cone.
Additionally, Rocket Lab announced the expansion of its line of spacecraft products. Building on the success of its Photon satellite bus, the company introduced three additional spacecraft, named Lightning, Pioneer and Explorer, for a variety of customer missions, from low-Earth orbit communications satellites to deep space scientific exploration of other planetary bodies. .
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