A rendering of Rocket Lab’s Photon spacecraft traveling to Mars. Photo: Rocket Lab

Rocket Lab more than doubled revenue in the first quarter of 2022 compared to the same time last year, driven by growth in its Space Systems segment. 

On Monday, Rocket Lab reported first quarter 2022 revenue of $40.7 million, up from $18 million in the same time last year. Space Systems contributed 84% revenue, representing year-on-year growth for Space Systems of 1,873%. The Space Systems business includes spacecraft design and manufacturing, satellite components, flight software, and more. 

During the quarter, Rocket Lab received its largest single largest contract to date and a win for its Space Systems segment — a $143 million contract with MDA to design and build 17 spacecraft buses for Globalstar. 

The cost of revenue was about $37 million, and operating expenses were $36.6 million. Rocket lab logged a net loss of $26.7 million during the quarter. 

“Our team delivered a strong first quarter of 2022, continuing to execute across launch services and space systems,” said Rocket Lab founder and CEO, Peter Beck. “Our rapid succession of space systems acquisitions, bookended with the acquisition of SolAero Technologies, Inc. in Q1 2022, has strengthened our position as a leading end-to-end space company delivering complete spacecraft design and manufacturing, satellite components, flight software, and launch services.” 

Rocket Lab provided second quarter guidance, projecting revenue between $51 and $54 million — $19 million for launch services, and between $32 to $35 million for Space Systems.