Rocket Lab Shares Surge 14 Percent as Backlog Hits Record $2.2 Billion

Rocket Lab shares jumped 14 percent Monday, extending gains from a 30 percent surge the previous session and pushing the stock to a record high. The two-day rally follows the release of first-quarter earnings that beat expectations and showed accelerating revenue growth.

The company reported revenue of $200.3 million for the quarter, a 63.5 percent increase from a year earlier. It posted a loss of $0.07 per share, better than the $0.08 analysts expected. Guidance for the current quarter projects revenue of $232.5 million at the midpoint, 12 percent above Wall Street forecasts.

During the quarter the company signed 31 Electron and HASTE rocket missions, the highest number ever booked in a single period. It also secured five dedicated launches for its larger Neutron rocket. Total backlog reached $2.2 billion, up 20 percent from the prior quarter and 108 percent from a year ago.

The company was selected alongside a defense contractor to support the Defense Department’s Space Based Interceptor program as part of the Golden Dome missile defense initiative. It also announced plans to acquire a robotics firm whose technology has flown on NASA Mars rover missions.

Monday’s trading reflected continued investor enthusiasm for commercial space companies. With a major competitor widely expected to pursue an initial public offering as soon as this summer, some investors have turned to Rocket Lab as the most direct publicly traded pure-play in the sector.

The national average price for regular gasoline dropped to $4.504 per gallon on Tuesday, the second consecutive daily decline after weeks of increases that pushed fuel costs to yearly highs. Last week the average climbed 30 cents over seven days to $4.483.