Electron missiles undergo preparation for launch.
Rocket lab On Tuesday, it said it had doubled its order backlog — from about $241 million in contracts at the end of 2021 to $503.6 million at the end of 2022 — and made progress on the Neutron rocket it is developing.
The space company also reported fourth-quarter revenue of $51.8 million, up 88% from a year earlier, with an adjusted EBITDA loss of $14.5 million — which was 75% greater than last year’s fourth quarter. It had $484.3 million in cash at the end of the quarter.
Rocket Lab had two successful launches of its Electron vehicle during the quarter, which generated $12 million in revenue. The broader Aerospace Systems division continues to generate the bulk of its revenue, generating $38.8 million.
The company also announced the completion of the first production building for its upcoming neutron rocket, which is being built at NASA’s Wallops Flight Facility in Virginia. Rocket Lab has begun production of the first Neutron tank hulls, as well as building a launch pad for the missile.
Along with its results, Rocket Lab announced a contract for four Electron launches from satellite company Capella Space. Those missions are scheduled to start in the second half of the year.
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Shares of Rocket Lab are up 19% so far this year, as of Tuesday’s close of $4.50.
Last month, the company successfully launched its first mission from the United States. It aims to complete up to 14 more electronic launches this year. In the first quarter of 2023, Rocket Lab expects about $18 million in launch revenue, and between $32 million and $35 million in space systems revenue.
Rocket Lab also announced that Bessemer Venture Partners’ David Cowan will leave the Rocket Lab board of directors in the first quarter, after nine years advising the company.
The company’s Electron rocket lifts off from LC-2 at NASA’s Wallops Flight Facility in Virginia on Jan. 3. 24, 2023.
Brady Keniston / Rocket Lab