Rocket Lab (NASDAQ:RKLB) stock declined 9.36% during the pre-market trading session on Tuesday, as the company pushed back the timeline for its first Neutron rocket flight.
At the same time, the company's per-share loss of 8 cents was slightly wider than the expected 7 cents.
Rocket Lab is now targeting a launch pad arrival in the fourth quarter instead of a launch, with first-stage tank production on track to support delivery.
On Monday, CFO Adam Spice said the company "hopefully" expects the first launch within the same timeframe, though no specific date was announced.
Notably, Neutron, a rival to Space Exploration Technologies Corp's (NASDAQ:SPCX) Falcon 9, is crucial to Rocket Lab’s plans to compete for commercial satellite, civil-space and U.S. national-security contracts, as well as support its own satellite ambitions.
