Rocket Lab\u00a0delivered quarterly results on Wednesday that boasted record revenue, with the space company tacking on additional contract wins across its business.<\/p>\n\n\n\n
\u201cThe quarter ended strongly for Rocket Lab,\u201d CEO Peter Beck said on the company\u2019s conference call with investors.<\/p>\n\n\n\n
The company reported third-quarter revenue of $63.1 million, up 14% from the second quarter, with an adjusted EBITDA loss of $6.9 million \u2013 which was 62% lower than the third quarter a year ago. It had $333.3 million in cash on hand at the quarter\u2019s end.<\/p>\n\n\n\n
Rocket Lab stock is down 61% this year as of Wednesday\u2019s close of $4.74 a share.<\/p>\n\n\n\n
Sign up here to receive weekly editions of CNBC\u2019s Investing in Space newsletter.<\/em><\/p>\n\n\n\n The space venture conducted three successful Electron rocket missions from its New Zealand facility during the quarter, bringing in $23 million in revenue. Rocket Lab has completed a company record of nine launches so far this year.<\/p>\n\n\n\n It expects to complete the first Electron launch from the U.S., a long-awaited mission from NASA\u2019s Wallops facility in Virginia, in December after receiving a key certification from the space agency. That flight will launch satellites for HawkEye 360, the first of three launches contracted through Rocket Lab to deliver 15 satellites to orbit.<\/p>\n\n\n\n The company also expects to conduct a second Electron launch from Virginia within \u201cweeks\u201d of the first, for \u201can undisclosed satellite constellation operator.\u201d<\/p>\n\n\n\n Rocket Lab\u2019s broader Space Systems division brought in $40.1 million in revenue during the period. The spacecraft and components business won a number of contracts during the third quarter as well.<\/p>\n\n\n\n The company expanded on an existing contract with space company MDA, to support the Globalstar<\/a> constellation that is being heavily utilized by Apple<\/a> for iPhone satellite connectivity \u2013 with Rocket Lab building spacecraft, solar panels and radios. It will also operate a spacecraft control center as part of the agreement.<\/p>\n\n\n\n The company also won a pair of contracts worth $14 million to provide satellite separation systems for satellites being built by two companies for the Pentagon\u2019s Space Development Agency, as well as a U.S. Space Force contract to supply solar power for three missile-warning satellites.<\/p>\n\n\n\n Additionally, Rocket Lab signed a research agreement with the Pentagon\u2019s United States Transport Command to \u201cexplore cargo transport use\u201d with its rockets.<\/p>\n\n\n\n Rocket Lab has begun production of the hardware for its forthcoming, larger Neutron rocket. Given needed research and development spending, Rocket Lab CFO Adam Spice said that \u201cachieving and sustaining profitability can really only happen once we\u2019ve gotten the majority\u201d of work on Neutron completed. The rocket is expected to debut in 2024.<\/p>\n\n\n\n Beck emphasized on the call how\u00a0work to reuse its existing Electron rockets\u00a0will help make the next-generation vehicle successful.<\/p>\n\n\n\n \u201cI wouldn\u2019t be wanting to develop a reusable rocket without having all of this knowledge and experience of reentering launch vehicles,\u201d Beck said.<\/p>\n\n\n\n The company forecast lower revenue for the fourth quarter, guiding to a range of $51 million to $54 million, citing an unspecified customer launch that was delayed to 2023.<\/p>\n\n\n\n Spice noted that Rocket Lab expects to conduct about 14 Electron launches next year.<\/p>\n","protected":false},"excerpt":{"rendered":" Rocket Lab\u00a0delivered quarterly results on Wednesday that boasted record revenue, with the space company tacking on additional contract wins across its business. \u201cThe quarter ended strongly for Rocket Lab,\u201d CEO Peter Beck said on the company\u2019s conference call with investors. Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/posts\/459"}],"collection":[{"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/comments?post=459"}],"version-history":[{"count":2,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/posts\/459\/revisions"}],"predecessor-version":[{"id":462,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/posts\/459\/revisions\/462"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/media\/460"}],"wp:attachment":[{"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/media?parent=459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/categories?post=459"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.bizator.com\/blog\/wp-json\/wp\/v2\/tags?post=459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}