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Electron missiles undergo preparation for launch.
Rocket lab
Rocket Lab Slight increase in revenue First Quarterbut losses grew as well, as the spacecraft and launch company added a contract to NASA and continued to invest in a future Neutron vehicle.
The company posted a net loss of $45.6 million, or 10 cents per share, greater than the net loss of $26.7 million, or 6 cents per share, it reported in the previous year. On an adjusted EBITDA basis, the company lost $26.2 million, compared to a loss of $8 million in the same period last year.
Rocket Lab said the increase in research and development spending for its neutron rocket and photon spacecraft led to increased expenses.
Revenue in the first quarter grew to $54.9 million — up about 6% from the previous quarter and about 35% from the same quarter last year. The company’s rocket business brought in $19.6 million, thanks to three launches during the quarter, while its Space Systems division saw revenue of $35.3 million, down from $39.8 million in the prior quarter.
“While we are beginning to see a contraction in the number of small rockets available, we are also seeing an increase in launch bookings for Electron launches in 2023 and beyond from new and returning customers across the government and commercial sectors. The larger neutron continues at an accelerated rate.
Rocket Lab’s order backlog decreased slightly to $494.2 million, as the company had “strong revenue in the quarter, along with some larger potential deals taking longer to close.”
It had $450 million in cash at the end of the quarter, down from $484.3 million in the previous quarter.
Rocket Lab shares were little changed in after-hours trading, closing at $3.94 a share. The company’s stock is up 4.5% so far this year.
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Rocket Lab has made a pair of announcements along with its quarterly results, including a deal with NASA to launch the Starling satellite mission “Swarm” on Electron in the third quarter. The company indicated that it would “deliver the satellites into space within three months of signing the contract.”
It also announced the delivery of the first Photon spacecraft developed for space manufacturing company Varda, which is expected to be launched “no later than June 8.”
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