Rocket Lab USA Inc., also known as RKLB, recently disclosed its financial performance for the first quarter, which demonstrated a slight outperformance in terms of losses per share compared to analyst forecasts. The company's losses of 9 cents per share surpassed expectations of 10 cents, reflecting a 10% increase from the same quarter last year. However, Rocket Lab's quarterly sales of $92.767 million fell short of analyst projections by 2.35%, despite a notable 68.99% surge compared to sales from the previous year.
In addition to financial results, Rocket Lab emphasized significant accomplishments during the quarter, including closing with a backlog exceeding $1 billion, conducting successful Electron missions for various clients, and securing a prime contractor role for a substantial Space Development Agency contract. The company also announced progress on its Archimedes engine, a 3D printed, reusable rocket engine for the Neutron medium-lift launch vehicle, initiating a comprehensive testing phase leading to a hot-fire test. CEO Peter Beck expressed satisfaction with the company's accelerated launch pace and notable contract wins post-quarter, totaling close to $50 million from the U.S. Space Force.
Looking ahead, Rocket Lab anticipates the second quarter to yield revenue ranging between $105 million and $110 million, slightly varying from the estimated figure of $106.22 million. Despite the mixed financial results, Rocket Lab's shares experienced a modest after-hours uptick of 0.23%, trading at $4.07 when the financial report was published.