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  Title	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
  ID	7355934
  External ID	7586925414
  Author	Unknown
  Published Date	Feb. 27, 2025, 3:29 p.m.
  Summary	Updated 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 shar
  Tags	press-release
  URL	https://www.wicz.com/story/52472759/rocket-lab-announces-full-year-fourth-quarter-2024-financial-results-posts-record-revenue-representing-26-sequential-growth-78-annual-growth-and-121
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  Content ID	4661180
  Key	8bddb13d-2ec9-4fd6-b7df-9d64e2607b87
  Content	Updated 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSFOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2024 AND 2023(unaudited; in thousands, except share and per share data) Three Months EndedDecember 31, Years Ended December 31, 2024 2023 2024 2023Revenues: 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 SUBSIDIARIESCONSOLIDATED BALANCE SHEETSAS OF DECEMBER 31, 2024 AND 2023(unaudited; in thousands, except share and per share data) December 31, 2024 2023Assets 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023(unaudited; in thousands) Years Ended December 31, 2024 2023CASH 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 SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESFOR 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 EndedDecember 31, Years Ended December 31, 2024 2023 2024 2023NET 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 EndedDecember 31, Years Ended December 31, 2024 2023 2024 2023GAAP 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 Copyright Business Wire 2025 Information contained on this page is provided by an independent third-party content provider. 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