Coinspeaker
SpaceX Revenue Soars as Company Records $55M Profit in Q1
Going by the quarterly report it posted, It appears that the good fortunes of Elon Musk-owned SpaceX may have finally returned. According to the Wall Street Journal (WSJ), the company saw its revenue surge to around $1.5 billion during the January-to-March period. The soaring revenue also meant that the company was able to eke out a profit of $55 million within those three months. Although small, the profit is a breath of fresh air for SpaceX which previously posted two consecutive annual losses.
Last year, SpaceX saw its revenue double to $4.6 billion. However, even that was not enough to stop it from recording a yearly loss of $559 million. Although, according to WSJ, 2022 was a much better year than the previous one when the space company saw a $968 million loss.
It is also worth mentioning that SpaceX has been facing rising costs recently. Wall Street confirms that the company spent about $5.2 billion in total expenses for 2022, marking a 36.5% increase from the $3.3 billion it spent the previous year.
For what it’s worth though, SpaceX’s Q1 results are merely a vague representation of the company’s finances. That means, only the annual results are final. But then, the Q1 result is certainly a good start, one which SpaceX will be hoping to keep the momentum going.
Elon Musk founded the space company over 20 years ago to make more affordable rockets. Since then, it has gone on to become one of the most successful private companies. As Coinspeaker earlier reported, the company hit a $150 billion valuation following a share sale by existing investors. This brings it to be at par with the likes of semiconductor manufacturer Intel and Walt Disney, the Journal reported.
