Rocket Lab reports record quarter amid Iridium takeover bid
Sir Peter Beck's Rocket Lab posted record revenue and order backlog, but remained loss-making in the second quarter.
Rocket Lab disclosed record revenue of US$234 million for the second quarter, marking a 62 percent increase compared to the same period last year. However, the US-listed space company still incurred a net loss of US$49 million, down from a loss of US$66 million in the previous year. Rocket Lab's order backlog has reached a record high of just under US$2.4 billion.
Founder and CEO Sir Peter Beck expressed satisfaction, stating that Q2 was a fantastic quarter with record results and sustained momentum. The company has recently secured military contracts and is actively pursuing the acquisition of satellite communications operator Iridium to diversify its business beyond launches and rocket manufacturing into communication services.
Shares of Rocket Lab experienced a slight decline of about 3 percent to around US$78 in after-hours trading. For the current quarter, Rocket Lab anticipates revenue to rise further between US$250 million and US$265 million, potentially setting another record. Both the launch and space systems divisions are expected to experience growth.
Rocket Lab's medium-lift Neutron rocket production is on schedule, with the first-stage tank aligned to launch by the end of the year. The company is also pursuing a major strategic shift through the proposed acquisition of Iridium, which would enable it to build, launch, and operate its own satellite constellations and expand into various space-based services.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
