Rocket Lab announced the successful testing and integration of its second Pioneer spacecraft for Varda Space Industries, recognized as the world’s first company dedicated to in-space pharmaceutical processing and hypersonic Earth re-entry logistics.
Varda Space Industries, a private entity, focuses on designing, constructing, and operating spacecraft that facilitate pharmaceutical processing in microgravity. The company aims to tackle small molecule crystallization—an intricate process that proves challenging under Earth’s gravity—by bringing the resultant crystals back to Earth for further use.
Rocket Lab previously launched its first Pioneer spacecraft for Varda last year, successfully crystallizing the HIV medication Ritonavir during its orbital mission. The two companies successfully recovered the re-entry capsule in the Utah desert in February.
“This close collaboration allows us to push the boundaries of innovation, enabling Varda to create high-value products in microgravity and bring them back to Earth,” stated Rocket Lab Founder and CEO Peter Beck. “We’re excited to work alongside Varda as they revolutionize manufacturing processes and open new markets through space,” he added.
Just days prior, Rocket Lab successfully executed its 53rd Electron mission, deploying five satellites into Low Earth Orbit for the French Internet-of-Things (IoT) company Kinéis. The mission, dubbed “Kinéis Killed the RadIOT Star,” launched from Rocket Lab’s Launch Complex 1 in Mahia, New Zealand.
This mission follows Kinéis’ first launch with Rocket Lab, “No Time Toulouse,” and represents the second of five dedicated Electron launches planned for the French company.
In financial news, Rocket Lab exceeded Wall Street’s expectations for its second-quarter earnings and revenue last month. The company reported a loss of 8 cents per share, an improvement from a loss of 10 cents per share in the same period the previous year. Revenue reached a record $106 million, marking a 71% increase year-over-year.
Analysts had projected a loss of 10 cents per share and revenue of $105 million. During an earnings call in August, Beck noted, “By owning launch and spacecraft, we’re at a distinct advantage when it comes to establishing our own space capabilities or constellations. We can build and launch our own spacecraft at cost and we don’t have to wait in line for limited launch capacity.”
He added, “We completely avoid the pain point that most constellation operators face, being at the mercy of suppliers on cost and schedule, often causing deeply disruptive delays and bringing capability online at scale.”
Rocket Lab is set to announce its quarterly results in November, with analysts predicting an adjusted loss of 8 cents per share on projected revenue of $102.4 million.
On September 27, Rocket Lab shares rose nearly 13% to close at $9.78 per share, reflecting a year-to-date increase of 77% and an impressive 130.1% rise compared to the previous year. This surge was bolstered by KeyBanc analyst Mike Leshock, who on the same day raised his price target for Rocket Lab from $8 to $11 while maintaining an overweight rating on the stock, as reported by The Fly. The firm conducted a non-deal roadshow with Rocket Lab, which enhanced their confidence in the company’s growth potential.
Related topics:
