Rocket Lab (NASDAQ:RKLB) shares stumbled Wednesday on word the company is making steady progress on the development of its Neutron vehicle, as the company reported fourth-quarter results that saw its contract backlog soar above $1 billion.
The space company reported a net loss of $50.5 million, or 10 cents per share, for the quarter. Year over year, Rocket Lab’s fourth-quarter net loss widened by about 36% as the company continues to spend heavily to create its Neutron rocket. Its full-year loss widened by a similar amount, to $182.6 million, or 38 cents per share.
Revenue grew 16% year over year in the fourth quarter to $60 million, up from $51.8 million. Its launch business made up just $8.5 million of that, as the company is coming off a multi-month hiatus in Electron missions, and its space systems made up the bulk, at $51.5 million.
Rocket Lab’s fourth-quarter revenue was just shy of the $62.9 million Wall Street expected, according to analysts surveyed by LSEG, formerly known as Refinitiv, while the net loss of 10 cents per share was in line with estimates.
The company’s backlog of orders more than doubled year over year, bolstered significantly by a $515-million satellite contract from the Pentagon’s Space Development Agency.
RKLB shares began Wednesday off 36 cents, or 7.7%, to $4.35.
