rocket laboratory posted record revenue in the third quarter as it secures more launch deals and builds its order book.
Space stocks fell more than 1% on Tuesday, pulling back from earlier gains.
The company, which makes satellites and rockets and offers launch services to its customers, on Monday reported revenue of $155 million for the period. That beat the $152 million forecast from analysts surveyed by LSEG, and was up 48% from $105 million a year ago. Rocket Lab also posted a smaller-than-expected loss of 3 cents per share, versus a forecast loss of 10 cents per share.
Additionally, Rocket Lab issued strong guidance for the current quarter, saying it expects revenue between $170 million and $180 million. Analysts had forecast revenue of $172 million.
Rocket Lab said it is experiencing a record delay, with 49 rocket launches under contract. The company said it signed 17 such deals during the third quarter and plans to close the year with more than 20 launches.
In an earnings release, CEO Peter Beck said the Long Beach, California, company is “just days away” from hitting a new annual launch record. Rocket Lab is also pursuing mergers and acquisitions that target key defense initiatives, such as President Donald Trump's 'Golden Dome' missile defense system plan, Beck added.
Competition is intensifying in the space technology sector as the US government and NASA turn to more independent contractors, including Elon Musk's SpaceX, to power return missions to the Moon. The growing enthusiasm has also brought a wave of space companies to the public markets this year, including the Texas-based one. aerospace firefly.
Last month, Rocket Lab shares rose more than 31% after announcing a series of new launch deals. The stock has more than doubled this year and is up almost 270% in the last twelve months. The stock retreated about 13% in November amid a broader market sell-off.
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, exceeding the previously forecast loss range of $21 million to $23 million. Analysts anticipated an adjusted EBITDA loss of $22.2 million, according to FactSet.
The company expects adjusted EBITDA losses to range between $23 million and $29 million in the fourth quarter, exceeding the $13 million loss forecast by FactSet.
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