rocket labThe company’s stock soared 34%, marking its best day ever after the space company beat first-quarter revenue estimates and announced its largest launch deal in history.
The Long Beach, Calif.-based company reported revenue of $136.7 million from its space systems business and $63.7 million from its launch division. This exceeded FactSet estimates of $132.1 million and $59 million, respectively. Rocket Lab’s backlog has more than doubled to $2.2 billion from a year ago.
Guidance also exceeded Wall Street expectations. The company expects second-quarter revenue to be between $225 million and $240 million. In comparison, LSEG is $207.5 million.
Rocket Lab stock has more than quadrupled in the past year, benefiting from a surge in demand for businesses related to the space economy ahead of SpaceX’s highly anticipated IPO later this year. Demand for space systems and satellites is also increasing as President Donald Trump pushes ahead with his ambitious Golden Dome missile defense project and NASA’s manned Artemis program accelerates.
