SpaceX managed to turn a profit for the first time in two years - the aerospace company was in the plus side by $55m on revenue of $1.5bn

Two years of losses for SpaceX have finally turned to profit. The aerospace company came out in the plus side for the first quarter of 2023.

Here's What We Know

In 2022, SpaceX was able to significantly increase revenue. The company generated $4.6 billion in revenue, which is double the amount it did in 2021. However, it failed to make a profit. The losses totalled $559 million.

The beginning of 2023 proved to be more successful for SpaceX. With a revenue of $1.5bn, the company's net profit was $55m.

The main source of income is contracts with the U.S. government and businesses. SpaceX launches private and government satellites into orbit and delivers crews and cargo to the International Space Station.

The company speeds up launches by using reusable first stages in its Falcon 9 rockets. On top of that, SpaceX has raised the cost of missions that involve Falcon Heavy. But the rocket has flown less than 10 times in its entire existence.

Source: WSJ