Aerospace company Rocket Lab (Nasdaq: RKLB) shares soared 28.4% on Wednesday (Thursday GMT) to close at $18.83 after its third-quarter results and fourth-quarter outlook beat estimates amid strong demand.
SpaceX’s rival posted higher-than-expected revenues for the quarter, jumping 55% to $104.8 million (A$161.6 million) compared to the same quarter a year earlier, above analysts’ expectations of $102.3 million.
The Californian-based company reported a third-quarter net loss of US$51.9 million ($80 million), or 10 cents a share, compared with a loss of $40.6 million, or eight cents a share for the same period last year. Total operating expenses rose 48% to $79.9 million.
The end-to-end space company said for the fourth quarter it forecasts revenue of $125 million to $135 million, ahead of the $121.9 million expected by analysts, according to FactSet.
Rocket Lab founder and chief executive, Sir Peter Beck said: “We continue to see strong demand growth with our backlog at $1.05 billion. Significant achievements for the quarter included successfully launching twelve Electron launches year-to-date, making 2024 a record year for launches with more still to come”.
Beck also said the company had been selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth as part of a world-first mission.
Rocket Lab said in Q3 it signed $55 million in new Electron launches - Electron is the world’s third most-frequently launched rocket and is Americas second most-frequently launched rocket annually. The company has more Electron launches scheduled in November and December.
The company estimates more than 10,000 satellites will need launch services by 2030, supporting a $10 billion market.
Rocket Lab offers launch services, satellite manufacture, spacecraft components and on-orbit management solutions to make access to space faster, easier and more affordable, with the company claiming it “opens access to space to improve life on Earth.”