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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	7355936
  External ID	7586912310
  Author	Unknown
  Published Date	Feb. 27, 2025, 3:23 p.m.
  Summary	LONG BEACH, Calif.--(BUSINESS WIRE)--Feb 27, 2025-- Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab”, “the Company”, “we,” “us,” or “our”), a global leader in launch services and space systems, toda
  Tags	press-release
  URL	https://apnews.com/press-release/business-wire/space-launches-earnings-space-exploration-patrick-vorenkamp-california-7a1ce32aef2644d5b735675dce67bc70
  Sentiment	Negative: 0.00993    Neutral: 0.06492    Positive: 0.92515
  Relevance	0.02193

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  Content ID	4661182
  Key	e073cfa0-d6d8-4a82-9d2e-9497c4a65b35
  Content	LONG BEACH, Calif.--(BUSINESS WIRE)--Feb 27, 2025-- 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. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands, except share and per share data) Three Months Ended December 31, Years Ended December 31, Revenues: Product revenues Service revenues Total revenues Cost of revenues: Cost of product revenues Cost of service revenues Total cost of revenues Gross profit Operating expenses: Research and development, net Selling, general and administrative Total operating expenses Operating loss Other income (expense): Interest expense, net Gain (loss) on foreign exchange Other income, net Total other income (expense), net Loss before income taxes Provision for income taxes Net loss Net loss per share attributable to Rocket Lab USA, Inc.: Basic and diluted Weighted-average common shares outstanding: Basic and diluted CONSOLIDATED BALANCE SHEETS (unaudited; in thousands, except share and per share data) December 31, Assets Current assets: Cash and cash equivalents Marketable securities, current Accounts receivable, net Contract assets Inventories Prepaids and other current assets Assets held for sale — Total current assets Non-current assets: Property, plant and equipment, net Intangible assets, net Goodwill Right-of-use assets - operating leases Right-of-use assets - finance leases Marketable securities, non-current Restricted cash Deferred income tax assets, net Other non-current assets Total assets Liabilities and Stockholders' Equity Current liabilities: Trade payables Accrued expenses Employee benefits payable Contract liabilities Current installments of long-term borrowings Other current liabilities Total current liabilities Non-current liabilities: Convertible senior notes, net — Long-term borrowings, excluding current installments Non-current operating lease liabilities Non-current finance lease liabilities Deferred tax liabilities Other non-current liabilities Total liabilities 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 Additional paid-in capital Accumulated deficit Accumulated other comprehensive (loss) income Total stockholders' equity Total liabilities and stockholders' equity CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in thousands) Years Ended December 31, Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Stock-based compensation expense Gain on disposal of assets Loss on extinguishment of long-term debt Amortization of debt issuance costs and discount Noncash lease expense Change in the fair value of contingent consideration Accretion of marketable securities purchased at a discount Deferred income taxes Changes in operating assets and liabilities: Accounts receivable, net Contract assets Inventories Prepaids and other current assets Other non-current assets Trade payables Accrued expenses Employee benefits payable Contract liabilities Other current liabilities Non-current lease liabilities Other non-current liabilities Net cash used in operating activities Purchases of property, equipment and software Proceeds on disposal of assets, net Cash paid for business combinations and asset acquisitions, net of acquired cash and restricted cash — Purchases of marketable securities Maturities of marketable securities Sale of marketable securities Net cash (used in) provided by investing activities Proceeds from the exercise of stock options Proceeds from Employee Stock Purchase Plan Proceeds from sale of employees restricted stock units to cover taxes Minimum tax withholding paid on behalf of employees for restricted stock units Payment of contingent consideration — Finance lease principal payments Purchase of capped calls related to issuance of convertible senior notes — Proceeds from issuance of convertible senior notes — Proceeds from secured term loan — Repayments on secured term loans Payment of debt issuance costs Net cash provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents and restricted cash Cash and cash equivalents, and restricted cash, beginning of period Cash and cash equivalents, and restricted cash, end of period RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (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, Depreciation Amortization Stock-based compensation expense Transaction costs Interest expense, net Change in fair value of contingent consideration — Performance reserve escrow — — Provision for income taxes (Gain) loss on foreign exchange Accretion of marketable securities purchased at a discount Gain on disposal of assets Employee retention credit — — — Loss on extinguishment of debt — Three Months Ended December 31, Years Ended December 31, GAAP Gross profit Stock-based compensation Amortization of purchased intangibles and favorable lease Performance reserve escrow — — Employee retention credit — — — Non-GAAP Gross profit Non-GAAP Gross margin GAAP Research and development, net Stock-based compensation Amortization of purchased intangibles and favorable lease Employee retention credit — — — Non-GAAP Research and development, net GAAP Selling, general and administrative Stock-based compensation Amortization of purchased intangibles and favorable lease Transaction costs Performance reserve escrow — — Change in fair value of contingent consideration — Employee retention credit — — — Non-GAAP Selling, general and administrative GAAP Operating expenses Stock-based compensation Amortization of purchased intangibles and favorable lease Transaction costs Performance reserve escrow — — Change in fair value of contingent consideration — Employee retention credit — — — Non-GAAP Operating expenses GAAP Operating loss Total non-GAAP adjustments Non-GAAP Operating loss GAAP Total other income (expense), net (Gain) loss on foreign exchange Gain on disposal of assets Loss on extinguishment of debt — Non-GAAP Total other income (expense), net View source version on businesswire.com: https://www.businesswire.com/news/home/20250227056608/en/ CONTACT: + Rocket Lab Investor Relations Contact Patrick Vorenkamp investors@rocketlabusa.com + Rocket Lab Media Contact Murielle Baker media@rocketlabusa.com INDUSTRY KEYWORD: AIR TECHNOLOGY SATELLITE TRANSPORT AEROSPACE MANUFACTURING SOURCE: Rocket Lab USA, Inc. Copyright Business Wire 2025. http://www.businesswire.com/news/home/20250227056608/en Administrations change, our mission endures.
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