Rocket Lab Announces Third Quarter 2024 Financial Results, Posts 55% Year-on-Year Growth and Guides to Record Revenue in Q4
Rocket Lab (RKLB) reported strong Q3 2024 results with revenue growing 55% year-on-year to $105 million and a backlog of $1.05 billion. The company achieved a record 12 Electron launches year-to-date and signed $55 million in new launch contracts with a 67% price increase since debut. Notable developments include signing multiple Neutron launches with a commercial constellation customer and completing spacecraft for NASA's ESCAPADE Mars mission. For Q4 2024, Rocket Lab guides to record revenue of $125-$135 million, with expected GAAP Gross Margins of 26-28% and Adjusted EBITDA loss between $27-29 million.
Rocket Lab (RKLB) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento del fatturato del 55% su base annua, raggiungendo i 105 milioni di dollari e un portafoglio ordini di 1,05 miliardi di dollari. L'azienda ha ottenuto un record di 12 lanci di Electron dall'inizio dell'anno e ha firmato contratti per nuovi lanci del valore di 55 milioni di dollari, con un incremento dei prezzi del 67% rispetto al debutto. Tra gli sviluppi importanti c'è la firma di più lanci di Neutron con un cliente di costellazione commerciale e la completazione di veicoli spaziali per la missione ESCAPADE di NASA su Marte. Per il quarto trimestre del 2024, Rocket Lab prevede un fatturato record di 125-135 milioni di dollari, con margini lordi GAAP attesi del 26-28% e una perdita di EBITDA rettificata tra i 27 e i 29 milioni di dollari.
Rocket Lab (RKLB) reportó resultados sólidos para el tercer trimestre de 2024, con un crecimiento en los ingresos del 55% interanual, alcanzando los 105 millones de dólares y un backlog de 1.05 mil millones de dólares. La compañía logró un récord de 12 lanzamientos de Electron hasta la fecha y firmó contratos de lanzamiento por un valor de 55 millones de dólares, con un aumento del 67% en los precios desde su debut. Entre los desarrollos destacados está la firma de múltiples lanzamientos de Neutron con un cliente de constelación comercial y la finalización de naves espaciales para la misión ESCAPADE de NASA a Marte. Para el cuarto trimestre de 2024, Rocket Lab prevé ingresos récord de 125 a 135 millones de dólares, con márgenes brutos GAAP esperados del 26 al 28% y una pérdida de EBITDA ajustada entre 27 y 29 millones de dólares.
로켓랩 (RKLB)은 2024년 3분기 강력한 실적을 보고하며, 연간 55% 성장하여 1억 500만 달러의 수익을 기록했습니다 그리고 10억 5천만 달러의 미처리 주문이 있습니다. 이 회사는 지금까지 12회의 일렉트론 발사를 기록하였으며, 5천5백만 달러 상당의 신규 발사 계약을 체결하였고, 데뷔 이후 가격이 67% 인상되었습니다. 주목할 만한 발전으로는 상업 위성 고객과 여러 개의 뉴트론 발사 계약을 체결하고 NASA의 화성 미션 '에스카파드'를 위한 우주선을 완료한 것이 포함됩니다. 2024년 4분기에는 1억 2천5백만~1억 3천5백만 달러의 기록적인 매출을 가이던스하고 있으며, 기대되는 GAAP 총 마진은 26-28%이며, 조정된 EBITDA 손실은 2천7백만~2천9백만 달러 범위입니다.
Rocket Lab (RKLB) a annoncé de solides résultats pour le troisième trimestre 2024, avec une croissance des revenus de 55% par rapport à l'année précédente, atteignant 105 millions de dollars et un carnet de commandes de 1,05 milliard de dollars. La société a réalisé un record de 12 lancements d'Electron depuis le début de l'année et a signé des contrats pour de nouveaux lancements d'une valeur de 55 millions de dollars, avec une augmentation des prix de 67% depuis ses débuts. Parmi les développements notables, on peut citer la signature de plusieurs lancements de Neutron avec un client de constellation commerciale et l'achèvement de vaisseaux spatiaux pour la mission ESCAPADE de la NASA sur Mars. Pour le quatrième trimestre 2024, Rocket Lab prévoit des revenus records de 125 à 135 millions de dollars, avec des marges brutes GAAP attendues de 26 à 28% et une perte d'EBITDA ajusté comprise entre 27 et 29 millions de dollars.
Rocket Lab (RKLB) hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Anstieg der Einnahmen um 55% im Jahresvergleich auf 105 Millionen Dollar und einem Auftragsbestand von 1,05 Milliarden Dollar. Das Unternehmen erzielte ein Rekordhoch von 12 Electron-Startmissionen im laufenden Jahr und unterzeichnete neue Startverträge im Wert von 55 Millionen Dollar, mit einer Preiserhöhung von 67% seit dem Debüt. Zu den bemerkenswerten Entwicklungen gehört auch die Unterzeichnung mehrerer Neutron-Starts mit einem kommerziellen Konstellationskunden sowie die Fertigstellung von Raumfahrzeugen für die Mars-Mission ESCAPADE der NASA. Für das vierte Quartal 2024 prognostiziert Rocket Lab Rekordumsätze von 125 bis 135 Millionen Dollar, mit erwarteten GAAP-Bruttomargen von 26-28% und einem bereinigten EBITDA-Verlust von 27-29 Millionen Dollar.
- Revenue grew 55% year-over-year to $105 million
- Strong backlog of $1.05 billion
- Achieved record 12 Electron launches in 2024
- Secured $55 million in new launch contracts with 67% price increase
- Guides to record Q4 revenue of $125-$135 million
- Projects Adjusted EBITDA loss of $27-29 million for Q4 2024
Insights
The Q3 results demonstrate robust growth with
The diversification across launch services and space systems, coupled with strategic contracts like the
The achievement of 12 Electron launches year-to-date, making it the third most frequently launched rocket globally and second in the US, demonstrates significant operational capability. The new multi-launch Neutron contract with a constellation customer and progress in Archimedes engine testing mark important steps toward expanding into the medium-lift market.
The space systems division shows promising diversification through high-profile NASA contracts, including Mars sample return studies and ESCAPADE mission spacecraft. This vertical integration strategy, combining launch services with spacecraft manufacturing, positions RKLB uniquely in the commercial space sector, particularly for constellation deployment and interplanetary missions.
Rocket Lab founder and CEO, Sir Peter Beck, said: “In the third quarter 2024 we once again executed against our end-to-end space strategy with successes and key achievements reached across small and medium launch, as well as space systems. Revenue grew
Business Highlights for the Third Quarter 2024, plus updates since September 30, 2024.
Electron:
- Achieved a new annual launch record of 12 Electron launches to date, with more scheduled across November and December 2024. Electron is the world’s third most-frequently launched rocket annually by vehicle type and remains the United States’ second most-frequently launched rocket annually.
-
Signed several new Electron launch contracts in Q3 2024 with a total value of
$55m $8.4m 67% pricing increase since the rocket’s debut launch. - Successful Electron launches for three separate commercial satellite constellation operators in Q3, including two missions launched within just eight days. In addition to these, Electron’s most recent mission, launched in the fourth quarter on November 5th, 2024, included an expedited turnaround of just 10 weeks between contract signing and launch.
Neutron:
- Signed a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation operator that signifies the beginning of a productive collaboration that could see Neutron deploy the entire constellation.
-
Announced a federal defense contract that supports Neutron and the development of its Archimedes engine with the
U.S. Air Force’s Research Laboratory. -
Doubled engine testing cadence for Archimedes over the quarter at Rocket Lab’s engine test site in
Mississippi , alongside strong production execution at the Company’s Engine Development Complex inCalifornia which included multiple engines manufactured, assembled, and shipped for engine testing. -
Significant progress made across Neutron’s structures and infrastructure, including the completion of construction on the rocket’s Assembly, Integration, and Test (A.I.T.) facility in
Virginia . -
Well-positioned to on-ramp to the
U.S. Space Force’s National Security Space Launch (NSSL) Lane 1 program, which began accepting proposals in November 2024 to on-ramp new launch providers to an indefinite delivery indefinite quantity (IDIQ) contract valued at$5.6 billion
Space Systems:
- Completed production and delivery of two spacecraft on time and on budget for NASA’s ESCAPADE mission to Mars.
- Selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth, a first-of-its-kind mission.
- Completed two new spacecraft for Varda Space Industries to conduct the 2nd and 3rd missions to return in-space manufacturing capsules to Earth.
-
Executed on schedule against the Company’s
$515 million
Fourth Quarter 2024 Guidance
For the fourth quarter of 2024, Rocket Lab expects:
-
Revenue between
$125 million $135 million -
GAAP Gross Margins between
26% and28% . -
Non-GAAP Gross Margins between
32% and34% . -
GAAP Operating Expenses between
$84 million $86 million -
Non-GAAP Operating Expenses between
$75 million $77 million -
Expected Interest Expense (Income), net
$1.5 million -
Adjusted EBITDA loss of
$27 million $29 million - Basic Shares Outstanding of 501 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 Q4 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
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 third quarter, to provide our outlook for the fourth 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
+ 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 fourth quarter of 2024, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, 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, 2023, 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
+ 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 |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
||||||||||||||||
(unaudited; in thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
$ |
104,808 |
|
|
$ |
67,661 |
|
|
$ |
303,826 |
|
|
$ |
184,601 |
|
Cost of revenues |
|
|
76,812 |
|
|
|
52,694 |
|
|
|
224,494 |
|
|
|
148,684 |
|
Gross profit |
|
|
27,996 |
|
|
|
14,967 |
|
|
|
79,332 |
|
|
|
35,917 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development, net |
|
|
47,723 |
|
|
|
26,626 |
|
|
|
126,139 |
|
|
|
81,566 |
|
Selling, general and administrative |
|
|
32,172 |
|
|
|
27,200 |
|
|
|
91,445 |
|
|
|
84,386 |
|
Total operating expenses |
|
|
79,895 |
|
|
|
53,826 |
|
|
|
217,584 |
|
|
|
165,952 |
|
Operating loss |
|
|
(51,899 |
) |
|
|
(38,859 |
) |
|
|
(138,252 |
) |
|
|
(130,035 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
|
(454 |
) |
|
|
(1,413 |
) |
|
|
(2,176 |
) |
|
|
(2,843 |
) |
Loss on foreign exchange |
|
|
(490 |
) |
|
|
(120 |
) |
|
|
(465 |
) |
|
|
(76 |
) |
Other income, net |
|
|
1,848 |
|
|
|
1,176 |
|
|
|
3,152 |
|
|
|
3,519 |
|
Total other income (expense), net |
|
|
904 |
|
|
|
(357 |
) |
|
|
511 |
|
|
|
600 |
|
Loss before income taxes |
|
|
(50,995 |
) |
|
|
(39,216 |
) |
|
|
(137,741 |
) |
|
|
(129,435 |
) |
Provision for income taxes |
|
|
(944 |
) |
|
|
(1,352 |
) |
|
|
(89 |
) |
|
|
(2,639 |
) |
Net loss |
|
$ |
(51,939 |
) |
|
$ |
(40,568 |
) |
|
$ |
(137,830 |
) |
|
$ |
(132,074 |
) |
Net loss per share attributable to Rocket Lab USA, Inc.: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.28 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
497,701,715 |
|
|
|
484,034,071 |
|
|
|
493,976,025 |
|
|
|
480,018,578 |
|
ROCKET LAB |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 |
||||||||
(unaudited; in thousands, except share and per share data) |
||||||||
|
|
September 30,
|
|
December 31, |
||||
|
|
(unaudited) |
|
2023 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
292,470 |
|
|
$ |
162,518 |
|
Marketable securities, current |
|
|
149,919 |
|
|
|
82,255 |
|
Accounts receivable, net |
|
|
22,148 |
|
|
|
35,176 |
|
Contract assets |
|
|
49,461 |
|
|
|
12,951 |
|
Inventories |
|
|
114,435 |
|
|
|
107,857 |
|
Prepaids and other current assets |
|
|
67,066 |
|
|
|
66,949 |
|
Assets held for sale |
|
|
— |
|
|
|
9,016 |
|
Total current assets |
|
|
695,499 |
|
|
|
476,722 |
|
Non-current assets: |
|
|
|
|
||||
Property, plant and equipment, net |
|
|
170,983 |
|
|
|
145,409 |
|
Intangible assets, net |
|
|
61,582 |
|
|
|
68,094 |
|
Goodwill |
|
|
71,020 |
|
|
|
71,020 |
|
Right-of-use assets - operating leases |
|
|
53,985 |
|
|
|
59,401 |
|
Right-of-use assets - finance leases |
|
|
14,518 |
|
|
|
14,987 |
|
Marketable securities, non-current |
|
|
61,292 |
|
|
|
79,247 |
|
Restricted cash |
|
|
4,322 |
|
|
|
3,916 |
|
Deferred income tax assets, net |
|
|
1,419 |
|
|
|
3,501 |
|
Other non-current assets |
|
|
18,409 |
|
|
|
18,914 |
|
Total assets |
|
$ |
1,153,029 |
|
|
$ |
941,211 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Trade payables |
|
$ |
42,434 |
|
|
$ |
29,303 |
|
Accrued expenses |
|
|
8,063 |
|
|
|
5,590 |
|
Employee benefits payable |
|
|
19,335 |
|
|
|
16,342 |
|
Contract liabilities |
|
|
167,129 |
|
|
|
139,338 |
|
Current installments of long-term borrowings |
|
|
11,758 |
|
|
|
17,764 |
|
Other current liabilities |
|
|
20,480 |
|
|
|
15,036 |
|
Total current liabilities |
|
|
269,199 |
|
|
|
223,373 |
|
Non-current liabilities: |
|
|
|
|
||||
Convertible senior notes, net |
|
|
344,865 |
|
|
|
— |
|
Long-term borrowings, net, excluding current installments |
|
|
46,915 |
|
|
|
87,587 |
|
Non-current operating lease liabilities |
|
|
51,906 |
|
|
|
56,099 |
|
Non-current finance lease liabilities |
|
|
15,042 |
|
|
|
15,238 |
|
Deferred tax liabilities |
|
|
726 |
|
|
|
426 |
|
Other non-current liabilities |
|
|
4,541 |
|
|
|
3,944 |
|
Total liabilities |
|
|
733,194 |
|
|
|
386,667 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, |
|
|
50 |
|
|
|
49 |
|
Additional paid-in capital |
|
|
1,178,828 |
|
|
|
1,176,484 |
|
Accumulated deficit |
|
|
(761,356 |
) |
|
|
(623,526 |
) |
Accumulated other comprehensive income |
|
|
2,313 |
|
|
|
1,537 |
|
Total stockholders’ equity |
|
|
419,835 |
|
|
|
554,544 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,153,029 |
|
|
$ |
941,211 |
|
ROCKET LAB |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
||||||||
(unaudited; in thousands) |
||||||||
|
|
For the Nine Months Ended
|
||||||
|
|
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net loss |
|
$ |
(137,830 |
) |
|
$ |
(132,074 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
24,516 |
|
|
|
21,577 |
|
Stock-based compensation expense |
|
|
39,944 |
|
|
|
43,398 |
|
(Gain) loss on disposal of assets |
|
|
(2,356 |
) |
|
|
240 |
|
Loss on extinguishment of long-term debt |
|
|
1,330 |
|
|
|
— |
|
Amortization of debt issuance costs and discount |
|
|
2,272 |
|
|
|
2,166 |
|
Noncash lease expense |
|
|
4,437 |
|
|
|
4,062 |
|
Change in the fair value of contingent consideration |
|
|
(218 |
) |
|
|
1,138 |
|
Accretion of marketable securities purchased at a discount |
|
|
(2,272 |
) |
|
|
(3,399 |
) |
Deferred income taxes |
|
|
2,310 |
|
|
|
644 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
12,928 |
|
|
|
13,798 |
|
Contract assets |
|
|
(36,510 |
) |
|
|
(3,592 |
) |
Inventories |
|
|
(7,118 |
) |
|
|
(10,933 |
) |
Prepaids and other current assets |
|
|
1,951 |
|
|
|
(15,819 |
) |
Other non-current assets |
|
|
544 |
|
|
|
(10,712 |
) |
Trade payables |
|
|
13,853 |
|
|
|
12,026 |
|
Accrued expenses |
|
|
2,980 |
|
|
|
(2,187 |
) |
Employee benefits payables |
|
|
3,525 |
|
|
|
5,285 |
|
Contract liabilities |
|
|
27,791 |
|
|
|
25,450 |
|
Other current liabilities |
|
|
4,088 |
|
|
|
(4,632 |
) |
Non-current lease liabilities |
|
|
(4,321 |
) |
|
|
(3,316 |
) |
Other non-current liabilities |
|
|
1,653 |
|
|
|
230 |
|
Net cash used in operating activities |
|
|
(46,503 |
) |
|
|
(56,650 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Purchases of property, equipment and software |
|
|
(45,539 |
) |
|
|
(44,293 |
) |
Proceeds on disposal of assets, net |
|
|
11,756 |
|
|
|
— |
|
Cash paid for asset acquisition |
|
|
— |
|
|
|
(16,934 |
) |
Purchases of marketable securities |
|
|
(149,548 |
) |
|
|
(207,266 |
) |
Maturities of marketable securities |
|
|
102,930 |
|
|
|
219,340 |
|
Net cash used in investing activities |
|
|
(80,401 |
) |
|
|
(49,153 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from the exercise of stock options |
|
|
2,074 |
|
|
|
2,293 |
|
Proceeds from Employee Stock Purchase Plan |
|
|
4,098 |
|
|
|
3,780 |
|
Proceeds from sale of employees restricted stock units to cover taxes |
|
|
14,991 |
|
|
|
12,390 |
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
|
|
(15,169 |
) |
|
|
(12,352 |
) |
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 |
|
|
(48,853 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(12,205 |
) |
|
|
— |
|
Finance lease principal payments |
|
|
(269 |
) |
|
|
(248 |
) |
Net cash provided by financing activities |
|
|
256,499 |
|
|
|
4,863 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
763 |
|
|
|
(439 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
130,358 |
|
|
|
(101,379 |
) |
Cash and cash equivalents, and restricted cash, beginning of period |
|
|
166,434 |
|
|
|
245,871 |
|
Cash and cash equivalents, and restricted cash, end of period |
|
$ |
296,792 |
|
|
$ |
144,492 |
|
ROCKET LAB |
||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
NET LOSS |
|
$ |
(51,939 |
) |
|
$ |
(40,568 |
) |
|
$ |
(137,830 |
) |
|
$ |
(132,074 |
) |
Depreciation |
|
|
4,793 |
|
|
|
4,237 |
|
|
|
14,513 |
|
|
|
11,463 |
|
Amortization |
|
|
3,302 |
|
|
|
3,555 |
|
|
|
10,003 |
|
|
|
10,114 |
|
Stock-based compensation expense |
|
|
12,896 |
|
|
|
14,098 |
|
|
|
39,944 |
|
|
|
43,398 |
|
Transaction costs |
|
|
23 |
|
|
|
142 |
|
|
|
407 |
|
|
|
311 |
|
Interest expense, net |
|
|
454 |
|
|
|
1,413 |
|
|
|
2,176 |
|
|
|
2,843 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
(462 |
) |
|
|
(218 |
) |
|
|
1,138 |
|
Performance reserve escrow |
|
|
— |
|
|
|
1,800 |
|
|
|
— |
|
|
|
5,426 |
|
Provision for income taxes |
|
|
944 |
|
|
|
1,352 |
|
|
|
89 |
|
|
|
2,639 |
|
Loss on foreign exchange |
|
|
490 |
|
|
|
120 |
|
|
|
465 |
|
|
|
76 |
|
Accretion of marketable securities purchased at a discount |
|
|
(666 |
) |
|
|
(1,447 |
) |
|
|
(2,272 |
) |
|
|
(3,601 |
) |
(Gain) loss on disposal of assets |
|
|
(1,164 |
) |
|
|
213 |
|
|
|
(2,356 |
) |
|
|
240 |
|
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,841 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
1,330 |
|
|
|
— |
|
ADJUSTED EBITDA |
|
$ |
(30,867 |
) |
|
$ |
(15,547 |
) |
|
$ |
(73,749 |
) |
|
$ |
(61,868 |
) |
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
GAAP Gross profit |
|
$ |
27,996 |
|
|
$ |
14,967 |
|
|
$ |
79,332 |
|
|
$ |
35,917 |
|
Stock-based compensation |
|
|
3,029 |
|
|
|
3,182 |
|
|
|
10,205 |
|
|
|
10,325 |
|
Amortization of purchased intangibles and favorable lease |
|
|
1,763 |
|
|
|
1,710 |
|
|
|
5,247 |
|
|
|
5,129 |
|
Performance reserve escrow |
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
|
209 |
|
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,130 |
) |
Non-GAAP Gross profit |
|
$ |
32,788 |
|
|
$ |
19,935 |
|
|
$ |
94,784 |
|
|
$ |
49,450 |
|
Non-GAAP Gross margin |
|
|
31.3 |
% |
|
|
29.5 |
% |
|
|
31.2 |
% |
|
|
26.8 |
% |
|
|
|
|
|
|
|
|
|
||||||||
GAAP Research and development, net |
|
$ |
47,723 |
|
|
$ |
26,626 |
|
|
$ |
126,139 |
|
|
$ |
81,566 |
|
Stock-based compensation |
|
|
(4,626 |
) |
|
|
(6,219 |
) |
|
|
(13,660 |
) |
|
|
(17,893 |
) |
Amortization of purchased intangibles and favorable lease |
|
|
(302 |
) |
|
|
(315 |
) |
|
|
(686 |
) |
|
|
(333 |
) |
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
631 |
|
Non-GAAP Research and development, net |
|
$ |
42,795 |
|
|
$ |
20,092 |
|
|
$ |
111,793 |
|
|
$ |
63,971 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Selling, general and administrative |
|
$ |
32,172 |
|
|
$ |
27,200 |
|
|
$ |
91,445 |
|
|
$ |
84,386 |
|
Stock-based compensation |
|
|
(5,241 |
) |
|
|
(4,697 |
) |
|
|
(16,079 |
) |
|
|
(15,180 |
) |
Amortization of purchased intangibles and favorable lease |
|
|
(960 |
) |
|
|
(1,378 |
) |
|
|
(3,274 |
) |
|
|
(4,207 |
) |
Transaction costs |
|
|
(23 |
) |
|
|
(142 |
) |
|
|
(407 |
) |
|
|
(311 |
) |
Performance reserve escrow |
|
|
— |
|
|
|
(1,724 |
) |
|
|
— |
|
|
|
(5,217 |
) |
Change in fair value of contingent consideration |
|
|
— |
|
|
|
462 |
|
|
|
218 |
|
|
|
(1,138 |
) |
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,080 |
|
Non-GAAP Selling, general and administrative |
|
$ |
25,948 |
|
|
$ |
19,721 |
|
|
$ |
71,903 |
|
|
$ |
59,413 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Operating expenses |
|
$ |
79,895 |
|
|
$ |
53,826 |
|
|
$ |
217,584 |
|
|
$ |
165,952 |
|
Stock-based compensation |
|
|
(9,867 |
) |
|
|
(10,916 |
) |
|
|
(29,739 |
) |
|
|
(33,073 |
) |
Amortization of purchased intangibles and favorable lease |
|
|
(1,262 |
) |
|
|
(1,693 |
) |
|
|
(3,960 |
) |
|
|
(4,540 |
) |
Transaction costs |
|
|
(23 |
) |
|
|
(142 |
) |
|
|
(407 |
) |
|
|
(311 |
) |
Performance reserve escrow |
|
|
— |
|
|
|
(1,724 |
) |
|
|
— |
|
|
|
(5,217 |
) |
Change in fair value of contingent consideration |
|
|
— |
|
|
|
462 |
|
|
|
218 |
|
|
|
(1,138 |
) |
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,711 |
|
Non-GAAP Operating expenses |
|
$ |
68,743 |
|
|
$ |
39,813 |
|
|
$ |
183,696 |
|
|
$ |
123,384 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Operating loss |
|
$ |
(51,899 |
) |
|
$ |
(38,859 |
) |
|
$ |
(138,252 |
) |
|
$ |
(130,035 |
) |
Total non-GAAP adjustments |
|
|
15,944 |
|
|
|
18,981 |
|
|
|
49,340 |
|
|
|
56,101 |
|
Non-GAAP Operating loss |
|
$ |
(35,955 |
) |
|
$ |
(19,878 |
) |
|
$ |
(88,912 |
) |
|
$ |
(73,934 |
) |
|
|
|
|
|
|
|
|
|
||||||||
GAAP Total other income (expense), net |
|
$ |
904 |
|
|
$ |
(357 |
) |
|
$ |
511 |
|
|
$ |
600 |
|
Loss on foreign exchange |
|
|
490 |
|
|
|
120 |
|
|
|
465 |
|
|
|
76 |
|
(Gain) loss on disposal of assets |
|
|
(1,164 |
) |
|
|
213 |
|
|
|
(2,356 |
) |
|
|
240 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
1,330 |
|
|
|
— |
|
Non-GAAP Total other income (expense), net |
|
$ |
230 |
|
|
$ |
(24 |
) |
|
$ |
(50 |
) |
|
$ |
916 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112640424/en/
+ Rocket Lab Investor Relations Contact
Adam Spice
investors@rocketlabusa.com
+ Rocket Lab Media Contact
Murielle Baker
media@rocketlabusa.com
Source: Rocket Lab USA, Inc.
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