Rocket Lab Posts Record $63M Revenue in Q3, Lands Subcontracts for SDA and Globalstar Programs
Rocket Lab logged record revenue of $63.1 million in the third quarter of 2022, representing 14% sequential quarter-on-quarter growth and more than 1,000% growth from the same time last year. In the third quarter of 2021, Rocket Lab posted just $5 million in revenue.
This was just above last quarter’s Q3 guidance of revenue between $60 and $63 million.
However, net loss was $34.6 million, compared to $88 million in the same time last year.
Both Launch Services and Space Systems segments reported growth. Launch Services reported $23 million revenue in Q3, compared to $1 million in Q3 last year.
Space Systems reported $40 million in Q3 revenue, compared to $4 million in Q3 last year.
Rocket Lab founder and CEO Peter Beck highlighted growth in the Space Systems segment. “Our space systems business growth is continuing, highlighted by our single largest satellite separation systems order in company history totalling $14 million. Since July 1, our space solar power business has also executed more than 50 contracts or modifications to existing contracts, and early in the fourth quarter we’ve booked more than $13 million in new business, with the majority of those bookings generated by space systems,” Beck said.
For the fourth quarter, Rocket Lab is projecting revenue between $51 million and $54 million, which would put full year revenue between $210 million and $213 million.
Separately, Rocket Lab announced a number of awards for its Space Systems Segment on Wednesday. The company was awarded two contracts worth a total of $14 million to provide satellite separation systems for companies building Space Development Agency’s (SDA) Tranche 1 Transport Layer (T1TL) satellites. Rocket Lab will supply more than 80 total Lightband separation systems to prime contractor Lockheed Martin and another undisclosed customer, both of whom are manufacturing satellites for the SDA’s Tranche 1 Transport Layer. Lockheed, York Space Space Systems and Northrop Grumman are the primes on the contract.
In addition, MDA selected Rocket Lab to develop the Satellite Operations Control Center (SOCC) for Globalstar’s new constellation. MDA is the prime contractor and previously awarded Rocket Lab a subcontract to Rocket Lab to build the bus systems. The constellation will support direct-to-cell connectivity for emergency messaging for Apple iPhones.