rocket labThe company’s stock rose as much as 3% on Tuesday after the company won more launch contracts, built up its backlog and posted record revenue in the third quarter.
The company, which makes satellites and rockets and provides launch services to customers, on Monday reported revenue of $155 million in the period. That beat the $152 million expected by analysts polled by LSEG and was up 48% from about $105 million a year earlier. Rocket Lab also posted a smaller-than-expected loss of 3 cents per share, compared to an expected loss of 10 cents per share.
Additionally, Rocket Lab issued strong guidance for the current quarter, saying it expects revenue to be between $170 million and $180 million. Analysts had expected sales of $172 million.
Rocket Lab said it has a record backlog with 49 rocket launches under contract. The company said it closed 17 of these contracts during the third quarter and expects to close out the year with more than 20 launches.
CEO Peter Beck said in an earnings call that the Long Beach, Calif., company is just days away from setting a new annual launch record. “Rocket Lab is also engaged in mergers and acquisitions targeting major defense initiatives, including President Donald Trump’s missile defense system program known as ‘Golden Dome,'” Beck added.
Competition in space technology is heating up as the U.S. government and NASA rely on independent contractors, including Elon Musk’s SpaceX, to power missions back to the moon. The growing excitement has seen a wave of space companies enter the public markets this year, including one based in Texas. firefly aerospace.
Last month, Rocket Lab stock rose more than 31% after announcing a number of new launch deals. The stock has more than doubled this year and is up nearly 270% in the past 12 months. Shares fell about 13% in November as the broader market declined.
During the third quarter, the company completed its acquisition of satellite sensor maker Geost and opened a new launch site for its Neutron rocket.
Rocket Lab reported an adjusted EBITDA loss of $26.3 million, higher than the previously expected loss range of $21 million to $23 million. Analysts had expected an adjusted EBITDA loss of $22.2 million, according to FactSet.
The company expects its fourth-quarter adjusted EBITDA loss to be in the range of $23 million to $29 million, higher than the $13 million loss that FactSet expected.
WATCH: Rocket Lab CEO talks about Space Force contract
