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KEY TAKEAWAYS
- Rocket Lab USA shares popped Friday, a day after the company posted record revenue and a narrowing of its second-quarter loss.
- The aerospace company reported a 71% year-over-year rise in revenue and a net loss of $41.6 million, both better than analysts’ estimates, and projected Q3 revenue between $100 million and $105 million.
- Rocket Lab also announced that it successfully hot fired its Archimedes rocket engine, which will be used in the company’s medium-lift rocket, Neutron.
Rocket Lab USA (RKLB) shares popped Friday, a day after the company posted record revenue and a narrowing of its second-quarter loss.
The aerospace company reported revenue of $106.3 million, up 71% year-over-year and ahead of estimates from analysts polled by Visible Alpha. Its second-quarter net loss also beat forecasts, narrowing to $41.6 million from $45.9 million last year.
“This 71% year-on-year revenue increase demonstrates the strong and growing demand for our launch services and space systems products, and importantly, our team’s ability to execute against it,” Chief Executive Officer (CEO) Peter Beck said.Â
Rocket Lab Projects Q3 Revenue of $100M-$105M
Rocket Lab is projecting third-quarter revenue between $100 million and $105 million. Analysts polled by Visible Alpha expect $102.8 million.
Meanwhile, Rocket Lab announced that it successfully hot fired its Archimedes engine, which will be used in the company’s medium-lift rocket, Neutron.
Shares of Rocket Lab surged 12% to $5.35 as of 12:50 p.m. ET but are still down around 3% this year.