Rocket Lab loss grows, revenue jumps
AUCKLAND: Rocket Lab has reported a net loss for its March quarter that widened from $US15.9 million ($NZ25.1 million) a year earlier to $US26.7 million.
However, revenue jumped to $US40.7 million from the yearago quarter’s $US18.1 million.
Founder and chief executive Peter Beck emphasised the firm’s forward bookings had increased by $US310 million from the end of last year to $US510 million.
The firm gave revenue guidance of $US51 million to $US54 million, with an adjusted operating earnings loss of $US3.5 million to $US5.5 million.
Chief finance officer Adam Spice said margins were lower than forecast due to higherthananticipated launch costs, and accounting factors tied to Rocket Lab’s $US80 million acquisition of New Mexico satellite solar panel maker SolAero — one of four North American companies acquired during a spending spree over the past 24 months.
Rocket Lab reverselisted on the Nasdaq, through a specialpurpose acquisition company deal, at $US10 a share last August. The share price soared to $US21.35, but the company has recently been caught in the ‘‘Tech Wreck 2.0’’ downdraft, the share price falling to a low of $US4.94.
Ahead of yesterday’s report, shares were trading at $US5.86 (for a market cap of $US2.5 billion). In afterhours trading, the stock climbed 2.03% to $US5.52.
‘‘The macro market conditions aren’t kind [but] the company continues to meet its guidance and grow strongly,’’ Mr Beck said on May 4.
‘‘So we just have to ride out the macro market conditions.’’
The firm has a busy period ahead.
Nasa’s Capstone satellite has just arrived in Mahia, from where
Rocket Lab is due to send it to lunar orbit using a Rocket Lab Photon spacecraft later this month or early next month.
The New ZealandAmerican company recently expanded its launch capability by completing Launch Complex 2 in Virginia and adding a second launchpad to Launch Complex 1 at Mahia.
Mr Beck said Rocket Lab already had the money to expedite Neutron development if necessary. The new rocket was being developed by funds from the company’s Nasdaq listing, a $US35 million grant from the US military (with another $US70 million in the offing) and a $US69 million subsidy from the US state of Virginia, which would host the Neutron’s manufacturing facility and mission control complex.
The Virginia complex would create 250 highend jobs, Mr Beck said. Following a series of acquisitions, a majority of Rocket Lab’s 1500 staff are now based in the US.
Mr Beck said last month his company had planned to launch one reusable Neutron rocket in 2024. It was now assessing whether to increase that to three, given the Ukraine crisis had sidelined Russia’s Soyuz. — The