Rocket Lab experienced a revenue rise in Q1 and an increased net loss of $45.6M due to increased R&D expenditures on the Neutron rocket and Photon spacecraft.
The quarter's revenue of $54.9M increased 35% YoY and 6% from the preceding quarter.
- The California-based company had an adjusted EBITDA loss of $26.2M and $450M in cash at the end of the quarter, compared to a loss of $8M a year ago.
- Rocket Lab announced a deal with NASA to launch the Starling mission of "swarm" satellites on Electron in Q3.
- The aerospace manufacturer and launch service provider generated $19.6M in sales from its rocket business and $35.3M from its space systems segment.
- Rocket Lab's order backlog decreased to $494.2M, but its Electron and Beyond launch bookings for 2023 have increased.
- The company's stock has risen 4.5% YTD.