Rocket Lab signs a five-launch deal with IOT satellite company Kinéis

September 14, 2021: -On Wednesday, Rocket Lab said that it signed a five-launch contract with European satellite data company Kinéis, which adds to the space company’s backlog.

Kinéis built an Internet of Things connectivity constellation with 25 satellites, all of that will be launched to orbit by Rocket Lab’s Electron vehicle. The Kinéis missions are scheduled to start launching in the year 2023.

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

The Kinéis deal is the recent multi-launch win for Rocket Lab. The company 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 said.

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

The company had an adjusted EBITDA loss of $18.1 million this year, with the second-quarter ending on June 30. Simultaneously, Rocket Lab brought in $29.5 million in revenue and expanded its backlog to $141.4 million, up from $59.9 million in the year-earlier period.

Rocket Lab’s launch business brought in $24.1 million in the first half of 2021, while its space systems unit had $5.4 million in revenue.

Shares of Rocket Lab increase up to 7% in after-hours trading. The stock has climbed almost 45% since the company went public on August 25.

The company forecast third-quarter revenue of $4 million to $5 million, with fourth-quarter revenue of $17 million to $20 million. Rocket Lab noted that Covid-related shutdowns in New Zealand, where it has significant operations and launches its rockets, will cost the company $10 million and $15 million.