Rocket Lab Announces First Quarter 2024 Financial Results Reflecting Year-on-Year Revenue Growth of 69%, Sequential Quarterly Growth of 55%, and Continued Growth in Q2 2024

Rhea-AI Summary

Rocket Lab announced their first quarter 2024 financial results with a 69% year-on-year revenue growth and a 55% sequential quarterly growth. CEO Peter Beck highlighted the successful Electron missions and major spacecraft programs. The development of the Neutron rocket, including the completion of the first Archimedes engine build, is progressing well. Rocket Lab also provided guidance for the second quarter of 2024.

Positive

• Rocket Lab reported impressive year-on-year revenue growth of 69% and a sequential quarterly growth of 55%, showcasing strong financial performance.

• The company closed the first quarter of 2024 with over $1 billion in backlog, indicating a robust order book.

• Rocket Lab's successful execution on various spacecraft programs, including the Space Development Agency constellation build and missions for MDA, Globalstar, NASA, and Varda, demonstrates their expertise and market traction.

Negative

• The adjusted EBITDA loss of $23 million to $25 million for the second quarter of 2024 may raise concerns about the company's profitability in the short term.

• Rocket Lab's Neutron rocket's adjusted schedule for first flight to no earlier than mid-2025 could potentially impact investor confidence and market expectations.

Insights

Financial Analyst

Reviewing Rocket Lab's financial health, the report exhibits robust revenue growth, a positive indicator of the company's expanding operational scale and market presence. Revenue growth of 69% year-on-year and sequential quarterly growth of 55% signal a strong upward trajectory that could lead to an increase in investor confidence. Additionally, a substantial backlog exceeding 1 billion provides visibility into future revenue streams and potentially enhances financial stability. The backlog is critical, as it offers a window into the company's future operations and the demand for its services.

Gross margin figures are also telling. GAAP Gross Margins are forecasted to lie between 24% and 26%, while Non-GAAP Gross Margins are slightly higher, projected at 30% to 32%. Investors should note the discrepancy between GAAP and Non-GAAP figures, which often exclude one-time costs and other non-recurring expenses. Although Non-GAAP measures can provide a clearer picture of the ongoing business health, reliance solely on these figures can sometimes paint an overly optimistic financial picture.

The anticipated Adjusted EBITDA loss of 23 million to 25 million reflects ongoing investments in growth, which are common in the aerospace sector, where upfront capital expenditures can be significant. Investors typically weigh such losses against the potential for future growth and market expansion. The Basic Shares Outstanding of 494 million will dilute individual share value but is a standard occurrence for companies seeking capital for growth.

Space Industry Analyst

Rocket Lab's update on the Neutron rocket and the completion of the Archimedes engine build indicate significant progress in its development program. Successful testing and the adjustments to the first flight schedule to mid-2025 reflect a realistic and, potentially, strategically cautious approach in a sector where delays are not uncommon. For investors, the progression of technology milestones is a harbinger of future capability and competitiveness, particularly in the burgeoning space launch market.

Strategic contracts with the Department of Defense, such as the Victus Haze responsive space demonstration and a Pioneer-class satellite, underscore Rocket Lab's strong relationship with national security agencies. Diversification of revenue streams through contracts like the 515 million Space Development Agency program for constellation build and the new contracts with the Space Force, can be seen as a competitive moat that may mitigate business risks associated with commercial launch services.

Aerospace Engineer

The significant infrastructure milestones met at Launch Complex 3, exemplified by the completion of Neutron's launch mount and the substantial 278 ft water tower, illustrate the company's commitment to capital investment and future launch capabilities. From an engineering perspective, these installations are critical for enabling the larger, next-generation Neutron rocket launches. This infrastructure development will likely bolster Rocket Lab's ability to attract larger payload contracts, which could enhance both the top and bottom lines in the long term.

Moreover, the successful return of a spacecraft for Varda, involving in-space manufacturing, represents an innovative step forward for Rocket Lab's technological capabilities. This could open up new market opportunities within the space manufacturing domain, an area with significant growth potential.

Rocket Lab also provided a major update on the progress of its new rocket Neutron, including that it has completed its first Archimedes engine build and has begun its engine test campaign in Mississippi

LONG BEACH, Calif.--(BUSINESS WIRE)-- Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today shared the financial results for fiscal first quarter ended March 31, 2024.

Rocket Lab founder and CEO Peter Beck said: “Rocket Lab has had a strong start to the year, with our four Electron missions in Q1 marking an accelerated cadence of launches this year and maintaining our status as operators of the United States’ second most frequently launched rocket. Most recently we were awarded close to $50 million across two mission contracts post quarter for the United States Space Force’s Space Systems Command: the Victus Haze responsive space demonstration with Electron and a Rocket Lab Pioneer-class satellite that must launch within 24 hours’ notice, and the next mission in the Space Systems Command’s Space Test Program that will lift-off from our launch pad in Virginia. Both missions are a further demonstration of Rocket Lab as a trusted partner to the Department of Defense for assured access to space, coming off the back of our fifth overall national security launch for the National Reconnaissance Office which we flew before quarter-end in March.

“In our Space Systems business, execution on our $515m constellation build program for the Space Development Agency has begun in earnest with a successful program kick-off, completed preliminary design studies for the constellation’s 18 spacecraft, and the selection and onboarding of the program’s subcontractors who will contribute across various mission requirements. Other major spacecraft programs, including our 17 spacecraft constellation build for MDA and Globalstar, our twin spacecraft to Mars for the NASA ESCAPADE mission, and our mission support and reentry spacecraft for Varda, also cleared significant delivery, build, and test milestones that advance the programs and maintain schedule for launches or deliveries this year.

“For Neutron, we’ve also achieved major development milestones to date this year, including the first assembly of an Archimedes engine, now ready for a hot fire engine test campaign at our facilities at NASA Stennis in Mississippi. The Archimedes test site at Stennis is also now commissioned and ready to support the upcoming test campaign, the results of which will be the driver of Neutron’s expected date for first launch. Now with a complete engine, we’re through some of the unknowns in the development program and can update the schedule for first flight accordingly, which we have adjusted to no earlier than mid-2025.

“Other developments across the program include major installations at the Neutron launch pad in Wallops, Virginia, such as completed concrete pours for the site’s launch mount and finalization of the site’s 278 ft water tower, forever changing the Wallops Island skyline and marking an exciting new era in Neutron’s path to first launch.”

First Quarter 2024 Business Highlights:

• Closed Q1 2024 with $1+ billion in backlog.
• Successfully launched four Electron missions for commercial and national security customers across our launch sites in the United States and New Zealand.
• Successful program kick-off as the prime contractor for a $515m Space Development Agency contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer-Beta.
• Meaningful progress made on the production and testing of two Rocket Lab spacecraft for NASA’s ESCAPADE mission to Mars.
• Successfully returned a spacecraft to Earth for Varda in a world-first in-space manufacturing mission, enabling Varda’s payload of pharmaceutical crystals made in space to return to Earth.
• Progressed major infrastructure milestones at Launch Complex 3 for Neutron, including foundations for the launch mount, water tower and liquid oxygen tanks.

Business Highlights Since March 31, 2024:

• First launch of the quarter successfully completed for KAIST and NASA.
• Completed the assembly of an Archimedes engine for the first time ahead of upcoming engine test campaign at NASA Stennis in Mississippi.
• Completed major infrastructure installations at Launch Complex 3 for Neutron in Virginia, including the final concrete pour for Neutron’s launch mount and finalization of the site’s 278 ft water tower.
• Awarded a $32 million end-to-end launch-plus-spacecraft contract with the U.S. Space Force’s Space Systems Command for a 24-hour notice responsive space demonstration.
• Awarded a second U.S. Space Force launch contract valued at $14.49 million for the Space System Command’s Space Test Program (STP).

Second Quarter 2024 Guidance

For the second quarter of 2024, Rocket Lab expects:

• Revenue between $105 million and $110 million.
• Space Systems revenue between $77 million and $81 million.
• Launch Services revenue between $28 million and $29 million.
• GAAP Gross Margins between 24% and 26%.
• Non-GAAP Gross Margins between 30% and 32%.
• GAAP Operating Expenses between $74 million and $76 million.
• Non-GAAP Operating Expenses between $62 million and $64 million.
• Expected Interest Expense (Income), net $1 million.
• Adjusted EBITDA loss of $23 million to $25 million.
• Basic Shares Outstanding of 494 million.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q2 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $14 million to $15 million in Q2 2024.

Conference Call Information

Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our first quarter, to provide our outlook for the second quarter, and other updates.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events.

About Rocket Lab

Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier, and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, our family of spacecraft platforms, and the Company is developing the large Neutron launch vehicle for constellation deployment. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 180+ satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab spacecraft have been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch pad in Virginia. To learn more, visit www.rocketlabusa.com.

+ FORWARD-LOOKING STATEMENTS

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our expectations of financial results for the second quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers’ ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design, in engineering, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Notes to Editor: All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise stated.

+ USE OF NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

+ ADJUSTED EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

+ OTHER NON-GAAP FINANCIAL MEASURES

Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (unaudited; in thousands, except share and per share data)
		Three Months Ended March 31,
		2024				2023
Revenues		$	92,767			$	54,895
Cost of revenues			68,593				48,538
Gross profit			24,174				6,357
Operating expenses:
Research and development, net			38,504				23,905
Selling, general and administrative			28,749				28,469
Total operating expenses			67,253				52,374
Operating loss			(43,079	)			(46,017	)
Other income (expense):
Interest expense, net			(898	)			(685	)
Gain on foreign exchange			311				134
Other (expense) income, net			(589	)			1,477
Total other (expense) income, net			(1,176	)			926
Loss before income taxes			(44,255	)			(45,091	)
Provision for income taxes			(5	)			(526	)
Net loss		$	(44,260	)		$	(45,617	)
Net loss per share attributable to Rocket Lab USA, Inc.:
Basic and diluted		$	(0.09	)		$	(0.10	)
Weighted-average common shares outstanding:
Basic and diluted			489,994,709				476,199,710

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (unaudited; in thousands, except share and per share data)
		March 31, 2024 (unaudited)				December 31, 2023
Assets
Current assets:
Cash and cash equivalents		$	365,929			$	162,518
Marketable securities, current			126,593				82,255
Accounts receivable, net			31,167				35,176
Contract assets			14,895				12,951
Inventories			99,901				107,857
Prepaids and other current assets			78,606				66,949
Assets held for sale			8,532				9,016
Total current assets			725,623				476,722
Non-current assets:
Property, plant and equipment, net			148,087				145,409
Intangible assets, net			66,845				68,094
Goodwill			71,020				71,020
Right-of-use assets - operating leases			56,870				59,401
Right-of-use assets - finance leases			14,827				14,987
Marketable securities, non-current			68,566				79,247
Restricted cash			3,849				3,916
Deferred income tax assets, net			3,353				3,501
Other non-current assets			22,884				18,914
Total assets		$	1,181,924			$	941,211
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables		$	25,995			$	29,303
Accrued expenses			9,091				5,590
Employee benefits payable			13,934				16,342
Contract liabilities			150,535				139,338
Current installments of long-term borrowings			10,996				17,764
Other current liabilities			21,911				15,036
Total current liabilities			232,462				223,373
Non-current liabilities:
Convertible senior notes, net			343,829				—
Long-term borrowings, net, excluding current installments			52,717				87,587
Non-current operating lease liabilities			54,101				56,099
Non-current finance lease liabilities			15,177				15,238
Deferred tax liabilities			530				426
Other non-current liabilities			4,162				3,944
Total liabilities			702,978				386,667
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 492,670,716 and 488,923,055 at March 31, 2024 and December 31, 2023, respectively			49				49
Additional paid-in capital			1,148,484				1,176,484
Accumulated deficit			(667,786	)			(623,526	)
Accumulated other comprehensive income (loss)			(1,801	)			1,537
Total stockholders’ equity			478,946				554,544
Total liabilities and stockholders’ equity		$	1,181,924			$	941,211

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (unaudited; in thousands)
		For the Three Months Ended March 31,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(44,260	)		$	(45,617	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			8,313				7,033
Stock-based compensation expense			13,093				14,036
Loss on disposal of assets			3				5
Loss on extinguishment of long-term debt			1,330				—
Amortization of debt issuance costs and discount			639				709
Noncash lease expense			1,491				988
Change in the fair value of contingent consideration			(271	)			300
Accretion of marketable securities purchased at a discount			(842	)			(1,147	)
Deferred income taxes			78				420
Changes in operating assets and liabilities:
Accounts receivable, net			3,939				(14,116	)
Contract assets			(1,944	)			(3,109	)
Inventories			7,509				(6,712	)
Prepaids and other current assets			(5,303	)			(10,035	)
Other non-current assets			(4,266	)			103
Trade payables			(1,673	)			11,305
Accrued expenses			3,200				403
Employee benefits payables			(622	)			1,294
Contract liabilities			11,205				17,292
Other current liabilities			6,729				2,305
Non-current lease liabilities			(1,425	)			(891	)
Other non-current liabilities			489				49
Net cash used in operating activities			(2,588	)			(25,385	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software			(19,177	)			(12,674	)
Purchases of marketable securities			(79,359	)			(76,394	)
Maturities of marketable securities			46,280				78,099
Net cash used in investing activities			(52,256	)			(10,969	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options and public warrants			943				771
Proceeds from Employee Stock Purchase Plan			507				1,202
Proceeds from sale of employees restricted stock units to cover taxes			5,119				3,078
Minimum tax withholding paid on behalf of employees for restricted stock units			(5,163	)			(1,915	)
Payment of contingent consideration			—				(1,000	)
Purchase of capped calls related to issuance of convertible senior notes			(43,168	)			—
Proceeds from issuance of convertible senior notes			355,000				—
Repayments on Trinity Loan Agreement			(43,215	)			—
Payment of debt issuance costs			(11,226	)			—
Finance lease principal payments			(90	)			(78	)
Net cash provided by financing activities			258,707				2,058
Effect of exchange rate changes on cash and cash equivalents			(519	)			127
Net increase (decrease) in cash and cash equivalents and restricted cash			203,344				(34,169	)
Cash and cash equivalents, and restricted cash, beginning of period			166,434				245,871
Cash and cash equivalents, and restricted cash, end of period		$	369,778			$	211,702

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (unaudited; in thousands)
The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.
		Three Months Ended March 31,
		2024				2023
NET LOSS		$	(44,260	)		$	(45,617	)
Depreciation			4,924				3,713
Amortization			3,389				3,320
Stock-based compensation expense			13,093				14,036
Transaction costs			372				165
Interest expense, net			898				685
Change in fair value of contingent consideration			(271	)			300
Performance reserve escrow			—				1,838
Provision for income taxes			5				526
Gain on foreign exchange			(311	)			(134	)
Accretion of marketable securities purchased at a discount			(842	)			(1,165	)
Loss on disposal of assets			3				5
Employee retention credit			—				(3,841	)
Loss on extinguishment of debt			1,330				—
ADJUSTED EBITDA		$	(21,670	)		$	(26,169	)

		Three Months Ended March 31,
		2024				2023
GAAP Gross profit		$	24,174			$	6,357
Stock-based compensation			3,503				3,813
Amortization of purchased intangibles and favorable lease			1,743				1,710
Performance reserve escrow			—				57
Employee retention credit			—				(2,130	)
Non-GAAP Gross profit		$	29,420			$	9,807
Non-GAAP Gross margin			31.7	%			17.9	%
GAAP Research and development, net		$	38,504			$	23,905
Stock-based compensation			(3,985	)			(5,022	)
Amortization of purchased intangibles and favorable lease			(229	)			(9	)
Employee retention credit			—				631
Non-GAAP Research and development, net		$	34,290			$	19,505
GAAP Selling, general and administrative		$	28,749			$	28,469
Stock-based compensation			(5,605	)			(5,201	)
Amortization of purchased intangibles and favorable lease			(932	)			(1,434	)
Transaction costs			(372	)			(165	)
Performance reserve escrow			—				(1,781	)
Change in fair value of contingent consideration			271				(300	)
Employee retention credit			—				1,080
Non-GAAP Selling, general and administrative		$	22,111			$	20,668
GAAP Operating expenses		$	67,253			$	52,374
Stock-based compensation			(9,590	)			(10,223	)
Amortization of purchased intangibles and favorable lease			(1,161	)			(1,443	)
Transaction costs			(372	)			(165	)
Performance reserve escrow			—				(1,781	)
Change in fair value of contingent consideration			271				(300	)
Employee retention credit			—				1,711
Non-GAAP Operating expenses		$	56,401			$	40,173
GAAP Operating loss		$	(43,079	)		$	(46,017	)
Total non-GAAP adjustments			16,098				15,651
Non-GAAP Operating loss		$	(26,981	)		$	(30,366	)
GAAP Total other income (expense), net		$	(1,176	)		$	926
Gain on foreign exchange			(311	)			(134	)
Loss on disposal of assets			3				5
Loss on extinguishment of debt			1,330				—
Non-GAAP Total other income (expense), net		$	(154	)		$	797

 

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+ Rocket Lab Investor Relations Contact

Adam Spice

investors@rocketlabusa.com

+ Rocket Lab Media Contact

Murielle Baker

media@rocketlabusa.com

Source: Rocket Lab USA, Inc.

FAQ

What were Rocket Lab's first quarter 2024 financial results?

Rocket Lab reported a 69% year-on-year revenue growth and a 55% sequential quarterly growth for the first quarter of 2024.

What major update did Rocket Lab provide on their new rocket Neutron?

Rocket Lab completed the first Archimedes engine build for the Neutron rocket and initiated an engine test campaign in Mississippi.

What were some business highlights for Rocket Lab in the first quarter of 2024?

Rocket Lab closed the quarter with over $1 billion in backlog, successfully launched four Electron missions, and made progress on various spacecraft programs.

What guidance did Rocket Lab provide for the second quarter of 2024?

For the second quarter of 2024, Rocket Lab expects revenue between $105 million and $110 million, with adjusted EBITDA loss of $23 million to $25 million.