Rocket Lab (NASDAQ:RKLB) stock is shooting higher on Thursday after the space launch services company released its most recent earnings report.
Let’s dive into those results below!
- That earnings report has the company going over its results for the first six months of 2021.
- It’s worth pointing out that this is the company’s first earnings report since going public via a special purpose acquisition company (SPAC) merger with Vector Acquisition late last month.
- When it comes to financials, Rocket Lab notes that revenue came in at $29.5 million.
- That’s a whopping 237% growth year-over-year.
- Its gross margin also switched from a negative 67% to a positive 13% during the period.
- According to the company’s press release, it completed a total of three launches in the first half of the year, as well as a fourth one in July.
- The company also signed a deal with Kinéis for five Electron launches to establish their constellation of 25 satellites.
- Other newsworthy items worth noting include an agreement with Varda Space Industries to manufacture and operate three Photon spacecraft.
- This will allow for in-space manufacturing.
- Another deal for a Mars mission has the company creating two more Photon spacecraft for the University of California, Berkeley Space Sciences Laboratory.
- These will be used in a NASA science mission.
All the news today has RKLB stock seeing heavy trading. As of this writing, more than 25 million shares of the stock have changed hands. That’s quite the increase from its daily average trading volume of about 1.6 million shares.
RKLB stock was up 28.5% as of Thursday afternoon and is up 88.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.