Space stocks set to climb, boosted by Virgin Galactic and Rocket Lab results
By James Rogers
Rocket Lab reported a 71% revenue jump when it reported second-quarter results Thursday
Space stocks are climbing in premarket trades Friday, boosted by Virgin Galactic Holdings Inc.'s and Rocket Lab USA Inc.'s results this week.
Virgin Galactic (SPCE) shares were up 1.5% premarket after ending Thursday's session up 14% to snap a five-day losing streak following the second-quarter results Wednesday. For the quarter, the space-tourism company's revenue doubled and its losses narrowed. Virgin Galactic said that its new Delta-class spacecraft are on track to enter commercial service in 2026.
Related: Virgin Galactic's sales double as more space tourists join the line
Unlike Delta's Unity spacecraft, which has four seats for paying passengers and can make a single spaceflight per month, the Delta spacecraft will have six passenger seats and will be capable of making up to eight spaceflights a month. Virgin Galactic completed its final Unity flight in June.
Rocket Lab (RKLB) shares are up 14.9% in premarket trades after the launch provider reported Thursday a 71% second-quarter revenue jump and a narrower loss. In a statement, Chief Executive Sir Peter Beck said the $106 million in revenue was the highest for any quarter in the company's history. Rocket Lab also announced that it has successfully hot-fired its new Archimedes engine for the first time, which it describes as "a critical technical milestone" toward the first launch of the company's new Neutron medium-lift rocket. The first Neutron launch is expected next year.
Related: Rocket Lab's stock rallies after space-launch company sees a jump in sales
The 141-foot-high Neutron rocket is designed for the deployment of "mega constellations" of satellites, deep-space missions and human spaceflight, according to Rocket Lab.
Shares of Intuitive Machines Inc. (LUNR) are up 0.8% premarket after ending Thursday's session up 6.1%. The space-exploration company made history earlier this year when its Odysseus lander became the first commercial lander to successfully land on the moon's surface. Intuitive Machines reports second-quarter results before market open on Aug. 13.
Related: These space stocks deserve attention, analysts say
Shares of space-based broadband company AST SpaceMobile Inc. (ASTS) are up 3.3% premarket after ending Thursday's session up 13.7%. On Monday AST SpaceMobile said that the U.S. Federal Communications Commission had granted an initial license for space-based operations in the United States. "The FCC grant paves the way for space-based cellular broadband services for everyday smartphones in the United States," the company said in a statement. AST SpaceMobile reports second-quarter results after market close on Aug. 14.
Shares of Momentus Inc. (MNTS), which provides satellite transportation and servicing, are up 0.02% in premarket trades Friday.
Claudia Assis contributed.
-James Rogers
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08-09-24 0732ET
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