Rocket Lab Just Delivered Record Results. So Why Is the Stock Sinking?

Rocket Lab reported record Q2 revenue of $234 million (up 62% YoY) and a record backlog of $2.36 billion, exceeding analyst expectations on the top line. However, the net loss of $49 million and loss per share of $0.08 missed Wall Street's expectations of $0.03 EPS, causing the stock to fall 8% in after-hours trading. Despite strong Q3 guidance and robust demand, the high valuation (65x sales) and bottom-line miss disappointed investors.