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Rocket Lab Neutron
(Rocket Lab)

Rocket Lab descends on earnings miss, outlook cut

The company’s cash burn hit a new record last quarter as it focused on its next-generation reusable rocket.

Matt Phillips

Retail favorite Rocket Lab USA dove in early trading after posting a larger-than-expected loss and offering disappointing guidance for Q2.

The company, which has positioned itself as the world’s second-largest commercial space company after Tesla CEO Elon Musk’s SpaceX, did report record revenue of $123 million in the first quarter, topping Wall Street’s forecast.

But the company — and its investors — are very focused on the development of Rocket Lab’s next-generation Neutron reusable rocket, which will enable it to ferry larger payloads into orbit.

In theory, that will let Rocket Lab develop a business selling satellite-based services (sort of the way SpaceX sells its Starlink internet service).

But the company also needs Neutron to come online as its larger payload will allow RocketLab to charge higher prices, helping to slow cash burn.

That cash burn picked up last quarter as Rocket Lab invested in building the rocket out. The company consumed $54 million in cash in Q1, the most on record, as it targets a maiden voyage for Neutron in the second half of this year.

“It’s all about getting the first launch of Neutron off,” CEO Peter Beck told investors on Rocket Lab’s post-earnings conference call. “That’s why that’s such an important thing. It’s got all hands to the pump internally to make sure that we hit our objective of getting that off in the second half.”

Go Deeper: CEO Peter Beck’s plan to compete with SpaceX

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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