An Electron rocket launches the Baby Come Back mission from Latest Zealand on July 17, 2023.
Rocket Lab
Rocket Lab is making regular progress on the event of its Neutron vehicle, as the corporate reported fourth-quarter results that saw its contract backlog soar above $1 billion.
The space company reported a net lack of $50.5 million, or 10 cents per share, for the quarter. Yr over 12 months, Rocket Lab’s fourth-quarter net loss widened by about 36% as the corporate continues to spend heavily to create its Neutron rocket. Its full-year loss widened by an identical amount, to $182.6 million, or 38 cents per share.
Revenue grew 16% 12 months over 12 months within the fourth quarter to $60 million, up from $51.8 million. Its launch business made up just $8.5 million of that, as the corporate is coming off a multimonth hiatus in Electron missions, and its space systems made up the majority, at $51.5 million.
Rocket Lab’s fourth-quarter revenue was just shy of the $62.9 million Wall Street expected, in line with analysts surveyed by LSEG, formerly referred to as Refinitiv, while the online lack of 10 cents per share was in keeping with estimates.
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The corporate’s backlog of orders greater than doubled 12 months over 12 months, bolstered 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 12 months for securing Electron” launch deals, with the corporate adding 25 contracts. Launches make up $248 million of Rocket Lab’s backlog, with the rest representing its growing space systems business.
Shares of Rocket Lab slipped 5% in after-hours trading from its close at $4.71.
Rocket Lab forecast first-quarter revenue between $92 million and $98 million.
Neutron progress and expanded spacecraft lineup
Rocket Lab gave multiple updates on the progress it’s making in developing its next-generation Neutron rocket, which goals to compete with the likes of SpaceX. Since unveiling its plans for Neutron in 2021, Rocket Lab has been spending heavily to debut the vehicle in the subsequent 12 months or so.
The corporate’s fourth-quarter investor presentation detailed several of the Neutron milestones achieved up to now, including the start of production of rocket parts for the primary launch, software simulations of launches and the completion of early testing of the Archimedes engines that may power the rocket.
Rocket Lab also detailed milestones coming up this 12 months for Neutron, including Archimedes engine testing and structural testing of the Neutron rocket’s nose cone.
Moreover, Rocket Lab announced the expansion of its line of spacecraft products. Constructing upon the success of its Photon satellite bus, the corporate unveiled three additional spacecraft, called Lightning, Pioneer and Explorer, for quite a lot of customer missions, from low Earth orbit communications satellites to scientific deep space exploration of other planetary bodies.
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