(Bloomberg) -- Rocket Lab USA Inc. pushed back the first launch of its larger Neutron rocket by several months to mid-2025 at the earliest, as the small satellite-launch company works through engine development.

The reusable Neutron booster is designed to compete against SpaceX’s workhorse Falcon 9. Long Beach, California-based Rocket Lab had previously been targeting a 2024 launch.  

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The company announced the delay as it reported a mixed bag of financial results for the first quarter. Revenue of $92.8 million was lower than the $95 million that analysts expected on average in estimates compiled by Bloomberg. It reported an adjusted loss before interest, taxes, depreciation and amortization of $21.7 million, narrower than Wall Street’s expectations. 

Rocket Lab also said it ended the first quarter with a backlog worth more than $1 billion.

Shares of Rocket Lab fell 1.5% in postmarket trading in New York. The stock was down about 27% for the year through Monday’s close. 

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