Rocket Lab Announces Full Year & Fourth Quarter 2024 Financial Results, Posts Record Revenue Representing 26% Sequential Growth, 78% Annual Growth and 121% Year-on-Year Quarterly Growth

Rhea-AI Summary

Rocket Lab (RKLB) reported record financial results for Q4 and full-year 2024. The company achieved record annual revenue of $436.2 million and Q4 revenue of $132.4 million, representing a 382% increase from Q4 2021.

Key operational highlights include 16 Electron launches in 2024, a 60% increase from 2023, with a booked manifest supporting over 20 launches for 2025. The company secured new contracts, including a significant multi-launch agreement with iQPS and selection by Kratos for a $1.45 billion federal hypersonic testing contract.

In Space Systems, Rocket Lab introduced Flatellite, a new constellation-class satellite platform, and achieved milestones in national defense programs. For Q1 2025, the company projects revenue between $117-123 million with Non-GAAP Gross Margins of 30-32%.

Positive

• Record annual revenue of $436.2M, up 78% YoY
• Q4 revenue of $132.4M, up 382% vs Q4 2021
• 60% increase in launch cadence with 16 successful launches
• Secured $1.45B federal contract for hypersonic testing
• Booked manifest supports 20+ launches for 2025

Negative

• Projected Q1 2025 Adjusted EBITDA loss of $33-35M
• Expected Q1 2025 operating expenses of $93-95M

Insights

Financial Analyst

Rocket Lab delivered exceptional financial results for Q4 and full-year 2024, with quarterly revenue of $132.4 million (121% YoY growth) and annual revenue of $436.2 million (78% YoY growth). The company's operational execution has significantly improved, achieving 16 Electron launches in 2024—a 60% increase from 2023—which directly translates to higher revenue recognition and improved fixed cost absorption.

The Q1 2025 guidance of $117-123 million revenue represents a slight sequential decline from Q4, likely reflecting mission timing rather than demand weakness, as evidenced by the strong backlog supporting over 20 launches planned for 2025. While still projecting Adjusted EBITDA losses of $33-35 million, the improving 30-32% non-GAAP gross margins signal progress toward eventual profitability.

Strategically, Rocket Lab is executing a vertical integration playbook that transforms its business model. The introduction of Flatellite represents more than just product expansion—it positions the company to potentially operate its own satellite constellation, which would create recurring service revenue streams beyond hardware and launch. This evolution from space access provider to end-to-end space services company significantly expands Rocket Lab's total addressable market.

The company's growing footprint in national security and defense contracts (including the SDA's Tranche 2 Transport Layer-Beta constellation and the VICTUS HAZE program) provides revenue stability and higher margins compared to commercial launches. The $1.45 billion MACH-TB 2.0 contract opportunity with Kratos further diversifies revenue into the hypersonic testing market.

The Neutron rocket development, targeting launch in H2 2025, remains critical for scaling the business, as it will enable Rocket Lab to compete in the medium-lift market segment and capture larger payload opportunities that Electron cannot service. The innovative ocean landing platform for Neutron reflects the company's commitment to reusability economics that should drive long-term margin improvement.

Space Industry Expert

Rocket Lab's 2024 results demonstrate the company's successful execution of a vertical integration strategy that's reshaping its competitive position in the space industry. With 16 Electron launches in 2024 (60% increase YoY), Rocket Lab has established itself as the second most active U.S. orbital launch provider, creating significant separation from other small launch competitors like Virgin Orbit (bankrupt), Firefly, and ABL Space Systems.

The company's operational maturity is evident in its ability to maintain consistent launch cadence while simultaneously developing the medium-lift Neutron vehicle. This multi-vehicle strategy addresses a key limitation of specialized small launch providers—the inability to capture larger payloads and constellation deployment opportunities that require greater lift capacity. The planned H2 2025 Neutron debut will position Rocket Lab to compete in market segments currently dominated by SpaceX and ULA.

The introduction of Flatellite represents a strategic pivot that leverages Rocket Lab's vertical integration advantages. Unlike traditional satellite manufacturers who must source launches externally, Rocket Lab can offer end-to-end solutions with controlled costs and schedules. This satellite platform targets the rapidly growing defense and intelligence community requirements for responsive, distributed space architectures—a market segment less price-sensitive than commercial applications, potentially supporting higher margins.

Rocket Lab's deepening relationship with defense customers is creating a protective moat around portions of its business. The $1.45 billion hypersonic testing opportunity and spacecraft programs for the Space Development Agency demonstrate the company's diversification beyond traditional launch services into specialized national security applications where competition is more and barriers to entry are higher.

The 'Return On Investment' ocean landing platform for Neutron reflects lessons learned from SpaceX's reusability journey. By designing for reusability from the outset rather than retrofitting it (as SpaceX did with Falcon 9), Rocket Lab may achieve favorable economics more quickly with Neutron. However, the capital requirements for developing both Neutron and potential constellation services will likely necessitate continued cash burn before reaching sustainable profitability.

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

Rocket Lab founder and CEO, Sir Peter Beck, said: “2024 was a record-setting year for Rocket Lab, with our highest annual revenue ever posted of $436.2 million and a record Q4 2024 revenue of $132.4 million – a 382% increase compared to Q4 2021, our first full quarter following our debut on the Nasdaq as a publicly-traded company. Top achievements across launch and space systems include a record number of 16 launches for Electron in 2024 (a 60% increase in launch cadence compared to 2023) and more than $450 million in newly-secured launch and space systems contracts. We rounded out the year with significant advancement across the Neutron program ahead of a planned debut launch in the second half of 2025. The Company’s strong performance across launch and space systems is foundational to Rocket Lab’s momentum toward delivering its own satellite service as a truly end-to-end space company. This has been bolstered in Q1 2025 with the introduction of our new constellation-class satellite platform designed for mass manufacture, named Flatellite. Applicable to national security, defense, and commercial services, the new satellite also signals a bold, strategic step toward potential paths for operating our own future constellation.”

Business Highlights for the Full Year & Fourth Quarter 2024, plus updates since December 31, 2024.

Launch:

• Achieved a record year of 16 Electron launches in 2024, up 60% on the year prior, with a booked manifest which supports more than 20 Electron and HASTE launches for 2025 across both single satellite and constellation deployment missions and hypersonic technology test missions.
• Signed a second multi-launch Electron contract in Q1 2025 with Institute for Q-shu Pioneers of Space, Inc. (iQPS), a Japan-based Earth imaging company. Along with an earlier multi-launch contract signed in 2024 with iQPS, the combined contracts represent one of the largest Electron launch agreements to date.
• Selected by Kratos to support a $1.45 billion five-year federal contract for hypersonic flight testing under the MACH-TB 2.0 Contract Award.
• Successfully completed the fourth of five dedicated launches for Kineis in Q1 2025, with Electron expected to launch the fifth and final mission in the coming weeks to complete full constellation deployment in less than a year for the French Internet-of-Things (IoT) constellation operator.
• Revealed details about Rocket Lab’s plans for a new ocean landing platform for Neutron missions returning to Earth. Named ‘Return On Investment,’ the landing platform is expected to open space access further by enabling even more mission opportunities that require maximum Neutron performance.
• Shared progress on Neutron’s development ahead of planned debut launch of the new reusable medium-lift rocket in the second half of 2025.

Space Systems:

• Introduced a new low-cost satellite tailored for mass manufacture to serve large satellite constellations. Named Flatellite, the satellite is a scalable and resilient platform that offers high-speed connectivity and remote sensing capabilities. It has been designed to meet the needs of the national security, defense, and commercial markets, and signals a potential next step in Rocket Lab developing, launching and operating its own constellation to deliver data and services from space.
• Celebrated mission success for the latest Rocket Lab Pioneer spacecraft which successfully operated in space, then deployed to Earth, Varda’s latest orbital processing and hypersonic reentry mission.
• Rocket Lab’s third Pioneer spacecraft produced for Varda has already been completed and delivered for launch in early March, the second that Rocket Lab has delivered for launch within a month.
• Completed significant program milestones across two Rocket Lab spacecraft programs advancing U.S. national defense: comprehensive multi-day design reviews for Rocket Lab’s 18 spacecraft program for the Space Development Agency’s (SDA) Tranche 2 Transport Layer-Beta (T2TL-Beta) constellation, and for the U.S. Space Force’s VICTUS HAZE program, a $32 million responsive space mission with Electron and Rocket Lab’s own spacecraft that will launch with only 24 hours’ notice.

First Quarter 2025 Guidance

For the first quarter of 2025, Rocket Lab expects:

• Revenue between $117 million and $123 million.
• GAAP Gross Margins between 25% and 27%.
• Non-GAAP Gross Margins between 30% and 32%.
• GAAP Operating Expenses between $93 million and $95 million.
• Non-GAAP Operating Expenses between $77 million and $79 million.
• Expected Interest Expense (Income), net $2.7 million.
• Adjusted EBITDA loss of $33 million and $35 million.
• Basic Weighted Average Common Shares Outstanding of 458 million, excluding approximately 51 million of Series A Convertible Participating Preferred Stock.

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 Q1 2025 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 $16 million to $18 million in Q1 2025.

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 fourth quarter, to provide our outlook for the first 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, a family of flight-proven spacecraft, 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 more than 200 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’s Photon spacecraft platform has 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 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of financial results for the first quarter of 2025, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development and anticipated timeline to launch, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.rocketlabusa.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

+ 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 USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2024 AND 2023 (unaudited; in thousands, except share and per share data)
		Three Months Ended December 31,								Years Ended December 31,
		2024				2023				2024				2023
Revenues:
Product revenues		$	84,003			$	47,868			$	289,851			$	156,560
Service revenues			48,385				12,123				146,363				88,032
Total revenues			132,388				59,991				436,214				244,592
Cost of revenues:
Cost of product revenues		60,620				31,104				213,835				115,342
Cost of service revenues			34,951				13,395				106,230				77,841
Total cost of revenues			95,571				44,499				320,065				193,183
Gross profit			36,817				15,492				116,149				51,409
Operating expenses:
Research and development, net			48,255				37,488				174,394				119,054
Selling, general and administrative			40,111				25,887				131,556				110,273
Total operating expenses			88,366				63,375				305,950				229,327
Operating loss			(51,549	)			(47,883	)			(189,801	)			(177,918	)
Other income (expense):
Interest expense, net			(1,778	)			(1,405	)			(3,954	)			(4,248	)
Gain (loss) on foreign exchange			378				(394	)			(87	)			(470	)
Other income, net			1,279				196				4,431				3,715
Total other income (expense), net			(121	)			(1,603	)			390				(1,003	)
Loss before income taxes			(51,670	)			(49,486	)			(189,411	)			(178,921	)
Provision for income taxes			(675	)			(1,011	)			(764	)			(3,650	)
Net loss		$	(52,345	)		$	(50,497	)		$	(190,175	)		$	(182,571	)
Net loss per share attributable to Rocket Lab USA, Inc.:
Basic and diluted		$	(0.10	)		$	(0.10	)		$	(0.38	)		$	(0.38	)
Weighted-average common shares outstanding:
Basic and diluted			501,748,897				486,959,454				495,929,861				481,768,060

ROCKET LAB USA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2023 (unaudited; in thousands, except share and per share data)
		December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	271,042			$	162,518
Marketable securities, current			147,948				82,255
Accounts receivable, net			36,440				35,176
Contract assets			63,108				12,951
Inventories			119,074				107,857
Prepaids and other current assets			55,009				66,949
Assets held for sale			—				9,016
Total current assets			692,621				476,722
Non-current assets:
Property, plant and equipment, net			194,838				145,409
Intangible assets, net			58,637				68,094
Goodwill			71,020				71,020
Right-of-use assets - operating leases			53,664				59,401
Right-of-use assets - finance leases			14,396				14,987
Marketable securities, non-current			60,686				79,247
Restricted cash			4,260				3,916
Deferred income tax assets, net			3,010				3,501
Other non-current assets			31,210				18,914
Total assets		$	1,184,342			$	941,211
Liabilities and Stockholders’ Equity
Current liabilities:
Trade payables		$	53,059			$	29,303
Accrued expenses			19,460				5,590
Employee benefits payable			20,847				16,342
Contract liabilities			216,160				139,338
Current installments of long-term borrowings			12,045				17,764
Other current liabilities			17,954				15,036
Total current liabilities			339,525				223,373
Non-current liabilities:
Convertible senior notes, net			345,392				—
Long-term borrowings, excluding current installments			44,049				87,587
Non-current operating lease liabilities			51,965				56,099
Non-current finance lease liabilities			14,970				15,238
Deferred tax liabilities			891				426
Other non-current liabilities			5,097				3,944
Total liabilities			801,889				386,667
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; no shares issued and outstanding at December 31, 2024 and December 31, 2023			—				—
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 504,453,785 and 488,923,055 at December 31, 2024 and December 31, 2023, respectively			50				49
Additional paid-in capital			1,198,909				1,176,484
Accumulated deficit			(813,701	)			(623,526	)
Accumulated other comprehensive (loss) income			(2,805	)			1,537
Total stockholders’ equity			382,453				554,544
Total liabilities and stockholders’ equity		$	1,184,342			$	941,211

ROCKET LAB USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (unaudited; in thousands)
		Years Ended December 31,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(190,175	)		$	(182,571	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			33,655				29,744
Stock-based compensation expense			56,816				53,461
Gain on disposal of assets			(2,828	)			(111	)
Loss on extinguishment of long-term debt			1,330				1,732
Amortization of debt issuance costs and discount			3,091				2,904
Noncash lease expense			5,951				5,787
Change in the fair value of contingent consideration			(218	)			1,343
Accretion of marketable securities purchased at a discount			(2,901	)			(4,571	)
Deferred income taxes			599				708
Changes in operating assets and liabilities:
Accounts receivable, net			(1,428	)			1,452
Contract assets			(50,161	)			(3,501	)
Inventories			(12,398	)			(15,562	)
Prepaids and other current assets			7,591				(14,586	)
Other non-current assets			(12,922	)			(11,470	)
Trade payables			24,800				15,585
Accrued expenses			9,086				(3,275	)
Employee benefits payable			5,304				5,484
Contract liabilities			76,865				30,992
Other current liabilities			3,249				(7,563	)
Non-current lease liabilities			(6,405	)			(5,076	)
Other non-current liabilities			2,209				227
Net cash used in operating activities			(48,890	)			(98,867	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software			(67,093	)			(54,707	)
Proceeds on disposal of assets, net			12,542				3,660
Cash paid for business combinations and asset acquisitions, net of acquired cash and restricted cash			—				(18,966	)
Purchases of marketable securities			(162,161	)			(207,266	)
Maturities of marketable securities			116,242				269,204
Sale of marketable securities			2,143				20,093
Net cash (used in) provided by investing activities			(98,327	)			12,018
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options			3,507				2,444
Proceeds from Employee Stock Purchase Plan			5,683				4,988
Proceeds from sale of employees restricted stock units to cover taxes			35,254				15,995
Minimum tax withholding paid on behalf of employees for restricted stock units			(35,336	)			(15,722	)
Payment of contingent consideration			—				(1,000	)
Finance lease principal payments			(329	)			(336	)
Purchase of capped calls related to issuance of convertible senior notes			(43,168	)			—
Proceeds from issuance of convertible senior notes			355,000				—
Proceeds from secured term loan			—				110,000
Repayments on secured term loans			(51,724	)			(107,573	)
Payment of debt issuance costs			(12,205	)			(1,427	)
Net cash provided by financing activities			256,682				7,369
Effect of exchange rate changes on cash and cash equivalents			(597	)			43
Net increase (decrease) in cash and cash equivalents and restricted cash			108,868				(79,437	)
Cash and cash equivalents, and restricted cash, beginning of period			166,434				245,871
Cash and cash equivalents, and restricted cash, end of period		$	275,302			$	166,434

ROCKET LAB USA, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 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 December 31,								Years Ended December 31,
		2024				2023				2024				2023
NET LOSS		$	(52,345	)		$	(50,497	)		$	(190,175	)		$	(182,571	)
Depreciation			5,854				4,571				20,367				16,034
Amortization			3,285				3,596				13,288				13,710
Stock-based compensation expense			16,872				10,063				56,816				53,461
Transaction costs			2,187				30				2,594				341
Interest expense, net			1,778				1,405				3,954				4,248
Change in fair value of contingent consideration			—				205				(218	)			1,343
Performance reserve escrow			—				31				—				5,457
Provision for income taxes			675				1,011				764				3,650
(Gain) loss on foreign exchange			(378	)			394				87				470
Accretion of marketable securities purchased at a discount			(650	)			(1,179	)			(2,922	)			(4,780	)
Gain on disposal of assets			(472	)			(351	)			(2,828	)			(111	)
Employee retention credit			—				—				—				(3,841	)
Loss on extinguishment of debt			—				1,732				1,330				1,732
ADJUSTED EBITDA		$	(23,194	)		$	(28,989	)		$	(96,943	)		$	(90,857	)

		Three Months Ended December 31,								Years Ended December 31,
		2024				2023				2024				2023
GAAP Gross profit		$	36,817			$	15,492			$	116,149			$	51,409
Stock-based compensation			6,452				2,196				16,657				12,521
Amortization of purchased intangibles and favorable lease			1,751				1,710				6,998				6,839
Performance reserve escrow			—				1				—				210
Employee retention credit			—				—				—				(2,130	)
Non-GAAP Gross profit		$	45,020			$	19,399			$	139,804			$	68,849
Non-GAAP Gross margin			34.0	%			32.3	%			32.0	%			28.1	%
GAAP Research and development, net		$	48,255			$	37,488			$	174,394			$	119,054
Stock-based compensation			(1,966	)			(3,828	)			(15,626	)			(21,721	)
Amortization of purchased intangibles and favorable lease			(226	)			(314	)			(912	)			(647	)
Employee retention credit			—				—				—				631
Non-GAAP Research and development, net		$	46,063			$	33,346			$	157,856			$	97,317
GAAP Selling, general and administrative		$	40,111			$	25,887			$	131,556			$	110,273
Stock-based compensation			(8,454	)			(4,039	)			(24,533	)			(19,219	)
Amortization of purchased intangibles and favorable lease			(1,046	)			(1,378	)			(4,320	)			(5,585	)
Transaction costs			(2,187	)			(30	)			(2,594	)			(341	)
Performance reserve escrow			—				(30	)			—				(5,247	)
Change in fair value of contingent consideration			—				(205	)			218				(1,343	)
Employee retention credit			—				—				—				1,080
Non-GAAP Selling, general and administrative		$	28,424			$	20,205			$	100,327			$	79,618
GAAP Operating expenses		$	88,366			$	63,375			$	305,950			$	229,327
Stock-based compensation			(10,420	)			(7,867	)			(40,159	)			(40,940	)
Amortization of purchased intangibles and favorable lease			(1,272	)			(1,692	)			(5,232	)			(6,232	)
Transaction costs			(2,187	)			(30	)			(2,594	)			(341	)
Performance reserve escrow			—				(30	)			—				(5,247	)
Change in fair value of contingent consideration			—				(205	)			218				(1,343	)
Employee retention credit			—				—				—				1,711
Non-GAAP Operating expenses		$	74,487			$	53,551			$	258,183			$	176,935
GAAP Operating loss		$	(51,549	)		$	(47,883	)		$	(189,801	)		$	(177,918	)
Total non-GAAP adjustments			22,082				13,731				71,422				69,832
Non-GAAP Operating loss		$	(29,467	)		$	(34,152	)		$	(118,379	)		$	(108,086	)
GAAP Total other income (expense), net		$	(121	)		$	(1,603	)		$	390			$	(1,003	)
(Gain) loss on foreign exchange			(378	)			394				87				470
Gain on disposal of assets			(472	)			(351	)			(2,828	)			(111	)
Loss on extinguishment of debt			—				1,732				1,330				1,732
Non-GAAP Total other income (expense), net		$	(971	)		$	172			$	(1,021	)		$	1,088

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227056608/en/

+ Rocket Lab Investor Relations Contact

Patrick Vorenkamp

investors@rocketlabusa.com

+ Rocket Lab Media Contact

Murielle Baker

media@rocketlabusa.com

Source: Rocket Lab USA, Inc.

FAQ

What was Rocket Lab's (RKLB) revenue growth in Q4 2024?

RKLB reported Q4 2024 revenue of $132.4 million, representing 26% sequential growth and 121% year-on-year quarterly growth.

How many Electron launches did RKLB complete in 2024?

Rocket Lab completed 16 Electron launches in 2024, a 60% increase compared to 2023.

When is RKLB's Neutron rocket scheduled to debut?

Rocket Lab plans to debut the Neutron reusable medium-lift rocket in the second half of 2025.

What is RKLB's revenue guidance for Q1 2025?

Rocket Lab expects Q1 2025 revenue between $117 million and $123 million.

What is Rocket Lab's new Flatellite platform?

Flatellite is a new low-cost satellite platform designed for mass manufacture to serve large constellations, offering high-speed connectivity and remote sensing capabilities.