Space Exploration Technologies Corp (NASDAQ:SPCX) reported financial results for the third quarter after the market close on Tuesday. Here’s a rundown of the report.
- SpaceX shares are consolidating. What’s next for SPCX stock?
SpaceX Q3 Earnings Highlights
SpaceX reported revenue of $14.58 billion for the third quarter, beating analyst estimates of $12.74 billion, according to Benzinga Pro. The Elon Musk-led company posted third-quarter earnings of 35 cents per share, beating estimates of 12 cents per share.
Total revenue was up 161% on a year-over-year basis, fueled by the company’s Super Intelligence (SI) segment and
accelerated growth in Connectivity. Here’s a breakdown of revenue by segment:
- Space: $1.8 billion, up 6% year-over-year
- Connectivity: $5.2 billion, up 69% year-over-year
- SI (AI): $7.6 billion, up 830% year-over-year
Space segment revenue growth was driven by the completion of 12 customer launches during the quarter, including SpaceX’s first revenue-generating Starship mission. The company highlighted a total of 113 launches year-to-date. Starlink subscribers also grew to 13.6 million at quarter’s end.
“The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage,” said Bret Johnsen, CFO of SpaceX.
Total costs and expenses were $367 million for the Space segment, $974 million for the Connectivity segment and $4.6 billion for the SI segment.
SpaceX ended the period with $53.39 billion in total cash, cash equivalents and restricted cash.
SpaceX management will further discuss the quarter on an earnings call at 4:30 p.m. ET. A link to the call has been provided below.
SPCX Shares Rise After Earnings
SPCX Price Action: SpaceX shares were up 1.47% in after-hours, trading at $149.96 at the time of publication on Tuesday, according to Benzinga Pro.
Image: courtesy of SpaceX.
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