I'm not sure if its the same bug like T958.
So maybe you can merge these.

Before the last update I could place a missile computer to shoot straight upwards or backwards and the missiles (lock on of course) still hit their target.
Now there are 4 things happening when I do it again:

• The missiles disappear half way to the target
• The missiles fly through the target without hitting it
• The missiles miss the target and then disappear
• The missiles (rarely) hit the target (the cross fade glows) but dont deal any damage

But they will never do damage. (Or at least it isn't visible - no damage numbers and no visible damage to the target)

I tested this vs the vanilla pirate ships and a custom (bigger) ship without any missile defense. The AI controlled ships had the same problem. I tested different distances from 300m to 1800m.
Probably the missiles can't handle the new game physic?

If you need any log files I can reproduce the bug and upload these any time.