Rocket Lab Stock Soars Pre-Market After Upbeat Q3 2024 Earnings: Retail Expects All-Time High Levels

Shares of aerospace manufacturer and launch service provider Rocket Lab ($RKLB) soared over 24% in Wednesday’s pre-market session after the firm reported strong third-quarter earnings.

Revenue rose 55% year-over-year (YoY) to $104.81 million, higher than a Wall Street estimate of $102 million. The firm reported a net loss of $0.10, better than an estimated loss of $0.11. However, net loss widened to $51.93 million during the quarter compared to $40.57 million in the same period a year ago.

Founder and CEO, Peter Beck, said the firm expects to close the year strongly with more Electron launches scheduled in November and December, alongside continued progress across Neutron and space systems, that is behind its guidance for a record $125-$135 million revenue quarter in Q4.

During the quarter, Rocket Lab signed several new Electron launch contracts with a total value of $55 million. The firm describes Electron as the world’s third most-frequently launched rocket annually by vehicle type and the United States’ second most-frequently launched rocket annually.

The quarter also saw the firm sign a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation operator. Meanwhile, it also completed production and delivery of two spacecraft for NASA’s ESCAPADE mission to Mars.

For the fourth quarter of 2024, the company expects to record revenue between $125 million and $135 million and an adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss between $27 million and $29 million.

Most users on Stocktwits who follow the ticker are expressing positive takes on the stock. For instance, one user believes it could hit the $22 mark soon.

Another believes, Rocket Lab shares are on their way to hit all-time highs.

Meanwhile, Wells Fargo has reportedly raised the firm's price target on Rocket Lab to $13.50 from $5.25 and keeps an ‘Equal Weight’ rating on the shares.

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