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Investing.com -- Rocket Lab USA, Inc. (NASDAQ:RKLB) shares slipped 2% in after-hours trading Thursday after the space launch and systems company reported a wider-than-expected second-quarter loss. The results overshadowed record top-line results as the company delivered its strongest revenue quarter to date.
The Long Beach, Calif.-based company posted an adjusted net loss of $0.13 per share, wider than the $0.09 loss forecast by analysts. However, quarterly revenue surged to $144.5 million, topping consensus estimates of $134.3 million and marking a company record.
Rocket Lab completed five Electron launches during the period, boosting its total to 69 and setting a record of two launches within two days from the same site. Gross profit rose to $46.4 million from $27.2 million in the year-earlier period, while research and development spending jumped to $66.1 million, up from $39.9 million.
"Rocket Lab has delivered impressive gross margin expansion and another record revenue result this past quarter," said founder and CEO Sir Peter Beck in the company’s earnings statement. "We’re confident our strategic investments will drive new growth opportunities that will drive us toward long-term profitability, particularly as we guide toward another potential record quarter for Q3.”
The company reiterated its ambitions in both commercial and defense sectors, highlighting progress on its upcoming Neutron medium-lift rocket and the anticipated $275 million acquisition of satellite specialist Geost. Rocket Lab also entered spacecraft production for the U.S. Space Development Agency’s $515 million Tranche 2 Transport Layer program.
Third-quarter guidance was largely in line with expectations, as Rocket Lab forecast revenue between $145 million and $155 million and an adjusted EBITDA loss between $21 million and $23 million. It also projected GAAP gross margins between 35% and 37%.
While the record revenue offered encouragement, investors appeared to focus on continued operating losses and higher R&D expenses. Despite a strong pipeline and ambitious growth initiatives, Rocket Lab may have more to prove to investors awaiting a clear path to profitability.