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
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Rocket Lab USA (NASDAQ:RKLB)
Historical Stock Chart
From Feb 2025 to Mar 2025
Rocket Lab USA (NASDAQ:RKLB)
Historical Stock Chart
From Mar 2024 to Mar 2025
