Rocket Lab Reports Record Revenue as Shares Fall After Hours

Rocket Lab reported record third-quarter revenue of $268 million and a backlog of $3.57 billion on November 9, while its shares fell 4.5% in after-hours trading following the results. The company’s first launch of its Neutron rocket remains targeted for no earlier than 2027, according to the company’s schedule disclosure cited in the results account.

Revenue was up 73% from a year earlier, and the backlog rose 52% from the second quarter, the post-results account said. A separate pre-earnings report had cited an estimate that revenue would increase 65% year over year to about $257 million. The supplied accounts do not explain the difference between the two growth rates. The reported $268 million result exceeded the estimate in both accounts.

Rocket Lab’s net loss widened to $80 million from $18.3 million a year earlier. Financing and acquisition-related charges weighed on the result, the post-results account said. The adjusted EBITDA loss was $18 million, compared with analysts’ estimate of $21.1 million, while the company guided for a fourth-quarter EBITDA loss of $14 million to $20 million. Its fourth-quarter revenue guidance was $270 million to $290 million.