Rocket Lab rises 3% on record third-quarter revenue, launch backlog

Rocket Lab’s stock rose as much as 3% on Tuesday after the space company posted record revenues in the third-quarter as it scoops up more launch deals and builds its backlog.

The company, which makes satellites and rockets and provides launch services to its customers, on Monday reported revenue of $155 million for the period. That surpassed the $152 million forecast from analysts polled by LSEG, and it was up 48% from about $105 million a year ago. Rocket Lab also posted a smaller-than-expected loss of 3 cents per share, versus the 10-cent per share loss anticipated.

Additionally, Rocket Lab issued strong guidance for the current quarter, saying it expects revenues between $170 million and $180 million. Analysts had forecast $172 million in revenues.

Rocket Lab said it’s experiencing a record backlog, with 49 rocket launches on contract. The company said it signed 17 of those deals during the third quarter and plans to close out the year with over 20 launches.

In an earnings release, CEO Peter Beck said the Long Beach, California, company is “just days away” from reaching a new annual launch record. Rocket Lab is also tackling mergers and acquisitions that target key defense initiatives such as President Donald Trump’s missile defense system plan known as the ’Golden Dome,” Beck added.