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LONG BEACH, Calif. - Rocket Lab USA, Inc. (NASDAQ:RKLB), a $7.95 billion market cap space technology company showing impressive revenue growth of 78% over the last twelve months, has introduced a new line of solar arrays named STARRAY, designed to cater to the varying power needs of satellites. The announcement was made during the 40th Space Symposium held in Colorado Springs, Colorado. According to InvestingPro data, analysts anticipate continued sales growth for the current year, despite the company's current unprofitable status.
The STARRAY product line boasts the ability to be customized for power requirements ranging from 100 watts to over 2,000 watts. This is achieved by incorporating up to four panels per wing and using Rocket Lab's high-efficiency, radiation-hardened quadruple junction solar cells. The company claims that these pre-engineered solutions offer flexibility and optimal performance with minimal need for non-recurring engineering investments. With a strong current ratio of 2.04, InvestingPro analysis shows the company maintains healthy liquidity to support its operational expansion.
Rocket Lab highlights its unique position as the world's sole provider of vertically integrated solar array manufacturing capabilities. This includes the production of solar cells, cell assemblies, panel substrates, completed panels, and fully integrated arrays.
Brad Clevenger, Vice President of Space Systems at Rocket Lab, emphasized the company's aim to provide the industry with mission-specific customization options. These options come with short lead times and reduced costs, leveraging the reliability and speed of Rocket Lab's manufacturing processes.
The company's space-grade solar solutions have a 20-year flight heritage and have been integral to various civil, national security, and commercial space programs, including the James Webb Space Telescope, NASA's Artemis lunar missions, and the Ingenuity Mars Helicopter, among others. Notably, Rocket Lab's solar products are currently powering more than 1,100 satellites in orbit, including the OneWeb broadband internet LEO satellite constellation.
Founded in 2006 and headquartered in Long Beach, California, Rocket Lab has established a track record of mission success with its Electron small orbital launch vehicle, spacecraft platforms, and the development of the larger Neutron launch vehicle for constellation deployment. The company operates three launch pads across two sites, one in New Zealand and another in Virginia. While currently trading above its InvestingPro Fair Value estimate, investors should note the stock's high volatility nature, with a beta of 2.09. For deeper insights into Rocket Lab's financial health and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, covering over 1,400 top US stocks.
This press release contains forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These forward-looking statements should be considered as of the date of the press release, and Rocket Lab does not undertake to update them. The information presented here is based on a press release statement from Rocket Lab USA, Inc.
In other recent news, Rocket Lab USA has been making significant strides in the aerospace sector. The company successfully launched eight satellites for OroraTech, enhancing global wildfire monitoring capabilities with advanced thermal sensors. This mission, named 'Finding Hot Wildfires Near You,' underscores Rocket Lab's efficiency, achieving launch within four months of contract signing. In addition, Rocket Lab has been awarded a substantial contract as part of the National Security Space Launch (NSSL) program, with a ceiling of $5.6 billion, positioning the company as a key player in national security missions. This contract includes a $5 million task order for a capabilities assessment, marking Rocket Lab as one of five launch providers selected by the Department of Defense. Analysts from Cantor Fitzgerald, Stifel, and Citi have all maintained positive ratings on Rocket Lab, with price targets of $24, $27, and $33 respectively. The analysts highlight the company's progress with its Neutron Rocket and its inclusion in the NSSL program as promising developments. Rocket Lab's ongoing work with the Space Development Agency also contributes to its stable revenue outlook, with a notable $515 million award.
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