Latest News

Rocket Lab signs five-launch deal with European Internet of Things satellite company Kineis

An Electron rocket gets ready to launch.

Rocket Lab

Rocket Lab signed a five-launch contract with European satellite data company Kineis, in a deal that adds to the space company’s backlog.

Kineis is building an Internet of Things connectivity constellation with 25 satellites, all of which will be launched to orbit by Rocket Lab’s Electron vehicle. The Kineis missions are scheduled to begin launching in the second quarter of 2023.

“It’s a very sophisticated customer, a very sophisticated spacecraft with really tough requirements … Electron’s demonstrated orbital accuracy and insertion enables this constellation to be launched like this,” Rocket Lab CEO Peter Beck told CNBC.

The Kineis deal is the latest multi-launch win for Rocket Lab, as the company earlier this year announced a contract with satellite imagery company BlackSky for five launches – and Beck sees a trend of bulk launch buying.

“We see this as continuing and there will be more news to follow,” Beck told CNBC.

The company rings the Nasdaq bell from its headquarters on Aug. 25, 2021.

Rocket Lab

Rocket Lab also reported second-quarter results after the market closed on Wednesday, the company’s inaugural quarterly report since going public late last month.

The company brought in $2.95 million in revenue in the second quarter, which ended on June 30, and expanded its backlog to $141.4 million – up from a backlog of $59.9 million at the end of the second quarter a year before.

Shares of Rocket Lab rose as much as 7% in after-hours trading, up from its close at $15.09. The stock has climbed nearly 45% since the company went public on Aug. 25.

Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start a free trial today.

What is your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News