Rocket Lab (RKLB) Q4 2022 earnings

Rocket Lab said Tuesday it has 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’s developing.

The space company also reported fourth-quarter revenue of $51.8 million, up 88% from a year prior, with an adjusted EBITDA loss of $14.5 million – which was 75% wider than the fourth quarter a year ago. It had $484.3 million in cash on hand at the quarter’s end.

Rocket Lab conducted two successful launches of its Electron vehicle during the quarter, generating $12 million in revenue. Its broader Space Systems division continues to bring in the bulk of its revenue, generating $38.8 million.

The company also announced completion of the first production building for its coming Neutron rocket, built at NASA’s Wallops flight facility in Virginia. Rocket Lab began production of the first Neutron tank structures, as well as construction of the launch pad for the rocket.

Alongside its results, Rocket Lab announced a contract for four Electron launches from satellite company Capella Space. Those missions are scheduled to begin in the second half of the year.

Shares of Rocket Lab are up 19% so far this year, as of Tuesday’s close at $4.50.

The company last month launched its first mission from the U.S. successfully. It aims to complete as many as 14 more Electron launches this year. For the first quarter of 2023, Rocket Lab expects to see launch revenue of about $18 million, and between $32 million to $35 million in Space Systems revenue.

Rocket Lab also announced that Bessemer Venture Partners’ David Cowan is leaving Rocket Lab’s board of directors in the first quarter, after nine years advising the company.