Rocket Lab has been working with NASA since to review and investigate the cause of the anomaly was most likely from an electrical arc that occurred within the power supply system for the Rutherford engine's motor controllers. Totally Electron delivered 37 out of 41 missions, which is a 90% success rate. So one out of the next 21 missions to fail is putting its success rate of launching at 95% approximately since 2021. This set the company back to day zero of non-incidents at the launch pad with the last anomaly experienced in May 2021 when Electron was in its 20th mission. While in the 41st Electron mission in September, the flight launching incurred an anomaly when the second stage engine ignited, seconds after the reusable engine's lift-off, the first stage of the rocket separated from the payload-bearing second stage was completed. To recap since our last article about a year ago, Rocket Lab had successfully launched Electron on US soil and went to have a successful flight of the much anticipated reusable Rutherford engine, which it first tested fire in Q3 last year, in the 40th mission of the Electron rocket in August commissioned by Capella Space. Waterside Insight Previous Coverage Record (Seeking Alpha) Updates We estimated its launch business with more specific figures in our estimate, dug deep into its space system capacity, its business relationship with the US government and other larger customers, and made observations of its backlog based on a forward-looking big picture of its potential rivalry with Space X. In our investment thesis, we identified Rocket Lab's business as less risky than it seems with its product portfolio comprised of the space system segment with a stable revenue stream and the name-sake rocket launch segment. The stock has since soared to as high as almost $8 in 7 months and is now at $4.7. Just about a year ago, we started the coverage of Rocket Lab in "Rocket Lab: What Is The Price Tag For A Ride To The Moon?" with a buy rating when its stock price was at its rock bottom, $3.95. Murat4art/iStock via Getty Images Investment Thesis Preview
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