Rocket Lab USA Inc. beat Wall Street estimates on earnings and revenue in the second quarter.
The Long Beach aerospace company reported on Thursday a net loss of -$41.6 million (-8 cents a share) for the quarter ending June 30, compared with a net loss of -$45.9 (-10 cents) in the same period of the previous year. Revenue increased by 71% from the second quarter of last year to $106 million.
Analysts on average expected earnings of -10 cents on revenue of $105 million, according to LSEG.
Peter Beck, chief executive of Rocket Lab, said the revenue was the highest in the company’s history.
“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,” Beck said in a statement.
Meanwhile, the company reached a milestone in the development of its new medium lift rocket Neutron, with the successful completion of the first hot fire of the Archimedes engine, Beck added.
“Over the same period, we made significant progress in Neutron production and launch infrastructure with the scaling of engine production facilities and installation of the automated fiber placement machine that will produce Neutron’s largest carbon fiber structures,” Beck said.
Shares in Rocket Lab (RKLB) closed up 19 cents, or just more than 4%, to $4.77 on the Nasdaq, on a day when that market closed up at nearly 2.9%.
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