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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rocket Lab USA Inc | NASDAQ:RKLB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 1.52% | 4.01 | 3.84 | 4.05 | 4.08 | 3.96 | 4.00 | 5,417,242 | 05:00:06 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
98-1550340
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
3881 McGowen Street
Long Beach, California
|
90808
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, par value $0.0001 per share
|
RKLB
|
The Nasdaq Stock Market LLC
|
||
Redeemable warrants, each whole warrant exercisable for one share of common stock, $0.0001 par value
|
RKLBW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Small reporting company | ☒ | |||
Emerging growth Company | ☒ |
|
•
|
|
Our ability to effectively manage future growth and achieve operational efficiencies;
|
|
•
|
|
changes in the competitive and highly regulated industries in which we plan to operate, variations in operating performance across competitors, changes in laws and regulations affecting our business and changes in the combined capital structure;
|
|
•
|
|
changes in governmental policies, priorities, regulations, mandates or funding for programs in which we or our customers participate, which could negatively impact our business;
|
|
•
|
|
loss of, or default by, one or more of our key customers or inability of customers to fund contractual commitments, which could result in a decline in future revenues, cancellation of contracted launches or space systems orders or termination or default of existing agreements;
|
|
•
|
|
changes in applicable laws or regulations;
|
|
•
|
|
success in retaining or recruiting, or changes required in, officers, key employees or directors, and our ability to attract and retain key personnel, including Peter Beck, our President, Chief Executive Officer and Chairman;
|
|
•
|
|
any inability of us to operate our Electron Launch Vehicle (“Electron”) at its anticipated launch rate could adversely impact our business, financial condition and results of operations;
|
|
•
|
|
defects in or failure of our products to operate in the expected manner, including any launch failure, which could result in a loss of revenue, impact our business, prospects and profitability, increase our insurance rates and damage our reputation and ability to obtain future customers;
|
|
•
|
|
inability or failure to protect intellectual property;
|
|
•
|
|
disruptions in the supply of key raw materials or components used to produce our products or increases in prices of raw materials;
|
|
•
|
|
fluctuations in foreign exchange rates;
|
|
•
|
|
the ability to implement our business plans, forecasts and other expectations, and identify and realize additional opportunities;
|
|
•
|
|
the risk of downturns in the commercial launch services, satellite and spacecraft industry;
|
|
•
|
|
our ability to anticipate changes in the markets for rocket launch services, mission services, spacecraft and spacecraft components;
|
|
•
|
|
macroeconomic conditions resulting from the global
COVID-19
pandemic;
|
|
•
|
|
the inability to develop and maintain effective internal controls;
|
|
•
|
|
the diversion of management’s attention and consumption of resources as a result of acquisitions of other companies and success in integrating and otherwise achieving the benefits of recent and potential acquisitions;
|
|
•
|
|
failure to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows;
|
|
•
|
|
any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks;
|
|
•
|
|
the effect of the
COVID-19
pandemic on the foregoing, including potential delays in the timing of launches due to government lock-downs, including travel restrictions or other factors impacting travel; and
|
|
•
|
|
other factors detailed under the section of this Quarterly Report on Form
10-Q
entitled “Risk Factors.”
|
|
|
As of
|
|
|||||
|
|
September 30, 2021
(unaudited)
|
|
|
December 31,
2020 |
|
||
Assets
|
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$ | 792,660 | $ | 52,792 | ||||
Accounts receivable, net
|
13,336 | 2,730 | ||||||
Contract assets
|
73 | 2,045 | ||||||
Inventories
|
38,365 | 26,135 | ||||||
Prepaids and other current assets
|
10,582 | 9,412 | ||||||
|
|
|
|
|||||
Total current assets
|
855,016 | 93,114 | ||||||
Non-current
assets:
|
||||||||
Property, plant and equipment, net
|
54,859 | 49,832 | ||||||
Intangible assets, net
|
9,892 | 11,349 | ||||||
Goodwill
|
3,195 | 3,133 | ||||||
Right-of-use
|
25,379 | 26,902 | ||||||
Restricted cash
|
1,129 | 1,141 | ||||||
Deferred
income tax assets, net
|
5,907 | 2,398 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 955,377 | $ | 187,869 | ||||
|
|
|
|
|||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’
Equity (
Deficit
)
|
||||||||
Current liabilities:
|
||||||||
Trade payables
|
$ | 2,205 | $ | 3,368 | ||||
Accrued expenses
|
7,219 | 6,571 | ||||||
Employee benefits payable
|
5,652 | 4,582 | ||||||
Contract liabilities
|
51,163 | 26,132 | ||||||
Current installments of long-term borrowings
|
2,807 | — | ||||||
Other current liabilities
|
7,698 | 7,766 | ||||||
|
|
|
|
|||||
Total current liabilities
|
76,744 | 48,419 | ||||||
Non-current
liabilities:
|
||||||||
Long-term borrowings, excluding current installments
|
96,616 | — | ||||||
Non-current
lease liabilities
|
25,915 | 27,299 | ||||||
Public and private warrant liabilities
|
81,984 | — | ||||||
Other
non-current
liabilities
|
— | 3,899 | ||||||
|
|
|
|
|||||
Total liabilities
|
281,259 | 79,617 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 15)
|
||||||||
Redeemable convertible preferred stock
(1)
|
||||||||
Series A Preferred stock, $0.0001 par value; authorized, issued and outstanding shares: 0 and 62,496,074 at September 30, 2021 and December 31, 2020, respectively
|
|
—
|
|
|
5,500
|
|
||
Series B Preferred stock, $0.0001 par value; authorized shares: 0 and 108,599,827
and December 31, 2020 respectively; issued and outstanding shares: 0 and 108,293,846 at September 30, 2021 and December 31, 2020, respectively |
|
—
|
|
|
21,503
|
|
||
Series C Preferred stock, $0.0001 par value; authorized shares: 0 and 44,394,177 at September 30, 2021
and December 31, 2020 respectively; issued and outstanding shares: 0 and 44,275,586 at September 30, 2021 and December 31, 2020, respectively |
|
—
|
|
|
16,471
|
|
||
Series D Preferred stock, $0.0001 par value; authorized shares: 0 and 24,012,173 at September 30,
and December 31, 2020 respectively; issued and outstanding shares: 0 and 23,312,786 at September 30, 2021 and December 31, 2020, respectively |
|
—
|
|
|
73,364
|
|
||
Series E Preferred stock, $0.0001 par value; authorized, issued and outstanding shares: 0 and 39,575,426
a
t September 30, 2021
and
December 31, 2020, respectively
|
|
—
|
|
|
137,622
|
|
||
Series
E-1
Preferred stock, $0.0001 par value; authorized, issued and outstanding shares: 0 and 5,890,047 at September 30, 2021 and December 31, 2020, respectively
|
|
—
|
|
|
20,500
|
|
||
Stockholders’ equity (deficit):
|
||||||||
Common stock, $0.0001 par value; authorized shares: 2,500,000,000 and 416,744,314 at September 30, 2021 and December 31, 2020, respectively; issued and outstanding shares: 449,039,446 and 78,410,162 at September 30, 2021 and December 31, 2020, respectively
(1)
|
|
45
|
|
|
—
|
|
||
Additional
paid-in
capital
|
|
981,159
|
|
|
19,928
|
|
||
Accumulated deficit
|
|
(308,207
|
)
|
|
(187,691
|
)
|
||
Accumulated other comprehensive
income
|
|
1,121
|
|
|
1,055
|
|
||
|
|
|
|
|||||
Total stockholders’ equity (deficit)
|
|
674,118
|
|
|
(166,708
|
)
|
||
|
|
|
|
|||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
|
$
|
955,377
|
|
$
|
187,869
|
|
||
|
|
|
|
(1)
|
Shares outstanding for all periods reflect the adjustment for the Exchange Ratio as a result of the Business Combination. See Note 1,
Description of Business
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenues
|
$ | 5,287 | $ | 10,670 | $ | 34,759 | $ | 19,423 | ||||||||
Cost of revenues
|
17,738 | 12,555 | 43,337 | 27,186 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross loss
|
(12,451 | ) | (1,885 | ) | (8,578 | ) | (7,763 | ) | ||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
14,189 | 4,903 | 29,797 | 11,009 | ||||||||||||
Selling, general and administrative
|
25,655 | 6,057 | 39,347 | 17,378 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
39,844 | 10,960 | 69,144 | 28,387 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss
|
(52,295 | ) | (12,845 | ) | (77,722 | ) | (36,150 | ) | ||||||||
Other income (expense):
|
||||||||||||||||
Interest income (expense), net
|
(2,977 | ) | (29 | ) | (3,377 | ) | 213 | |||||||||
Gain (loss) on foreign exchange
|
16 | (129 | ) | (389 | ) | (564 | ) | |||||||||
Change in fair value of liability classified warrants
|
(33,947 | ) | (562 | ) | (39,424 | ) | (425 | ) | ||||||||
Other income (expense), net
|
(450 | ) | (40 | ) | (583 | ) | 617 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net
|
(37,358 | ) | (760 | ) | (43,773 | ) | (159 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes
|
(89,653 | ) | (13,605 | ) | (121,495 | ) | (36,309 | ) | ||||||||
Benefit
for income taxes
|
1,684 | 1,000 | 979 | 251 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
$ | (87,969 | ) | $ | (12,605 | ) | $ | (120,516 | ) | $ | (36,058 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Foreign currency translation income (loss)
|
(1,008 | ) | (263 | ) | 66 | (630 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive loss
|
$ | (88,977 | ) | $ | (12,868 | ) | $ | (120,450 | ) | $ | (36,688 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Net loss per share attributable to Rocket Lab USA, Inc.:
|
||||||||||||||||
Basic and diluted
|
$ | (0.39 | ) | $ | (0.17 | ) | $ | (0.93 | ) | $ | (0.48 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||
Basic and diluted
|
228,266,647 | 76,053,044 | 129,232,016 | 74,754,779 |
Accumulated
|
||||||||||||||||||||||||||||||||
Redeemable Convertible
Preferred Stock |
Common Stock
|
Additional
Paid-In
|
Accumulated
|
Other
Comprehensive
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Income (Loss)
|
Total
|
|||||||||||||||||||||||||
December 31, 2020
|
|
31,330,513
|
|
$
|
274,960
|
|
|
8,654,869
|
|
$
|
—
|
|
$
|
19,920
|
|
$
|
(187,691)
|
|
$
|
1,055
|
|
$
|
(166,716
|
)
|
||||||||
Retroactive application of Exchange Ratio
|
|
252,513,251
|
|
|
—
|
|
|
69,755,293
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
December 31, 2020 as adjusted
|
|
283,843,764
|
|
|
274,960
|
|
|
78,410,162
|
|
|
8
|
|
|
19,912
|
|
|
(187,691
|
)
|
|
1,055
|
|
|
(166,716
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,882
|
)
|
|
—
|
|
|
(15,882
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
545,527
|
|
|
—
|
|
|
542
|
|
|
—
|
|
|
—
|
|
|
542
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
741
|
|
|
741
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
March 31, 2021
|
|
283,843,764
|
|
$
|
274,960
|
|
|
78,955,689
|
|
|
8
|
|
|
21,556
|
|
|
(203,573
|
)
|
|
1,796
|
|
|
(180,213
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,665
|
)
|
|
—
|
|
|
(16,665
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
225,930
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
230
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,278
|
|
|
—
|
|
|
—
|
|
|
1,278
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
333
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
June 30, 2021
|
|
283,843,764
|
|
$
|
274,960
|
|
|
79,181,619
|
|
|
8
|
|
|
23,064
|
|
|
(220,238
|
)
|
|
2,129
|
|
|
(195,037
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87,969
|
)
|
|
—
|
|
|
(87,969
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
2,631,832
|
|
|
—
|
|
|
1,999
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,793
|
|
|
—
|
|
|
—
|
|
|
21,793
|
|
||||||||
Exercise of preferred stock warrants
|
|
817,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,514
|
|
|
—
|
|
|
—
|
|
|
6,514
|
|
||||||||
Exchange of preferred stock warrants for common stock warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,975
|
|
|
—
|
|
|
—
|
|
|
2,975
|
|
||||||||
Conversion of redeemable convertible preferred stock to common stock
|
|
(284,661,745
|
)
|
|
(274,960
|
)
|
|
284,661,745
|
|
|
29
|
|
|
274,932
|
|
|
—
|
|
|
—
|
|
|
274,961
|
|
||||||||
Reverse recapitalization, net of transaction costs
|
|
—
|
|
|
—
|
|
|
81,685,363
|
|
|
8
|
|
|
649,882
|
|
|
—
|
|
|
—
|
|
|
649,890
|
|
||||||||
Common stock issued upon exercise of warrants
|
|
—
|
|
|
—
|
|
|
878,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,008
|
)
|
|
(1,008
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
September 30, 2021
|
|
—
|
|
$
|
—
|
|
|
449,039,446
|
|
$
|
45
|
|
$
|
981,159
|
|
$
|
(308,207
|
)
|
$
|
1,121
|
|
$
|
674,118
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
||||||||||||||||||||||||||||||||
Redeemable Convertible
Preferred Stock |
Common Stock
|
Additional
Paid-In
|
Accumulated
|
Other
Comprehensive
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Income (Loss)
|
Total
|
|||||||||||||||||||||||||
December 31, 2019
|
|
30,680,373
|
|
$
|
254,460
|
|
|
8,076,275
|
|
$
|
—
|
|
$
|
14,236
|
|
$
|
(132,686
|
)
|
$
|
(79
|
)
|
$
|
(118,529
|
)
|
||||||||
Retroactive application of Exchange Ratio
|
|
247,273,344
|
|
|
—
|
|
|
65,092,022
|
|
|
7
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
December 31, 2019 as adjusted
|
|
277,953,717
|
|
|
254,460
|
|
|
73,168,297
|
|
|
7
|
|
|
14,229
|
|
|
(132,686
|
)
|
|
(79
|
)
|
|
(118,529
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,247
|
)
|
|
—
|
|
|
(14,247
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
71,354
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
838
|
|
|
—
|
|
|
—
|
|
|
838
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(551
|
)
|
|
(551
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
March 31, 2020
|
|
277,953,717
|
|
|
254,460
|
|
|
73,239,651
|
|
|
7
|
|
|
15,072
|
|
|
(146,933
|
)
|
|
(630
|
)
|
|
(132,484
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,206
|
)
|
|
—
|
|
|
(9,206
|
)
|
||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
23,827
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,086
|
|
|
—
|
|
|
—
|
|
|
1,086
|
|
||||||||
Issuance of Series
E-1
redeemable preferred stock for cash
|
|
5,890,047
|
|
|
20,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of stock for acquisition
|
|
—
|
|
|
—
|
|
|
2,470,814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
184
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
June 30, 2020
|
|
283,843,764
|
|
|
274,960
|
|
|
75,734,292
|
|
|
7
|
|
|
16,174
|
|
|
(156,139
|
)
|
|
(446
|
)
|
|
(140,404
|
)
|
||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
(12,605
|
) |
|
—
|
|
|
(12,605
|
) | ||||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
106,573
|
|
|
—
|
|
|
329
|
|
|
—
|
|
|
—
|
|
|
329
|
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,190
|
|
|
—
|
|
|
—
|
|
|
1,190
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(263
|
)
|
|
(263
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
September 30, 2020
|
|
283,843,764
|
|
$
|
274,960
|
|
|
75,840,865
|
|
$
|
7
|
|
$
|
17,693
|
|
$
|
(168,744)
|
$
|
(709
|
)
|
$
|
(151,753)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
The Company repurchased $40,000 of Legacy Rocket Lab Common Stock and options to purchase Legacy Rocket Lab Common Stock from certain members Rocket Lab management. Of the total repurchase amount of $
40,000
, $10,000 was used to purchase shares and options earned by employees through share-based compensation and resulted in incremental compensation expense of $9,642.
|
• |
The remaining outstanding shares of Legacy Rocket Lab common stock and redeemable convertible preferred stock were exchanged for
362,188,208
shares of common stock in the Post Combination Company, based on the exchange ratio of 9.059659.
|
• |
Holders of 968,617 shares of Vector Class A common stock properly exercised their right to have such shares redeemed for a full pro rata portion of the trust account holding the proceeds from Vector’s initial public offering, calculated as of two business days prior to the consummation of the Business Combination, which was approximately $10.00 per share, or $9,686 in the aggregate. The remaining 31,031,383 shares of Vector Class A common stock automatically converted to an equal number of shares of common stock in the Post Combination Company.
|
• |
The 8,000,000 shares of Vector Class B common stock automatically converted to an equal number of shares of common stock in the Post Combination Company.
|
• |
Vector warrants that were outstanding and unexercised converted into an equal number of warrants to purchase common stock of the Post Combination Company.
|
• |
Pursuant to subscription agreements entered into in connection with the Merger Agreement (collectively, the “Subscription Agreements”), certain investors agreed to subscribe for an aggregate of 46,700,000 newly-issued shares of common stock in the Post Combination Company at a purchase price of $10.00 per share for an aggregate purchase price of $467,000 (the “PIPE Investment”). The PIPE Investment was consummated substantially concurrently with the closing of the Business Combination.
|
Cash - Vector Trust and cash, net of redemptions
|
$ | 310,330 | ||
Cash - PIPE Investment
|
467,000 | |||
Less: transaction costs and advisory fees paid
|
(46,878 | ) | ||
|
|
|||
Net proceeds from Rocket Lab Business Combination
|
730,452 | |||
Less: Accrued transaction costs
|
(2,241 | ) | ||
Plus: Prepaid expenses assumed as part of Business Combination
|
186 | |||
Less: Warrants assumed as part of Business Combination
|
(48,149 | ) | ||
Less: Repurchase of Management Shares
|
(30,358 | ) | ||
|
|
|||
Reverse recapitalization, net of transaction costs
|
$ | 649,890 | ||
|
|
• |
Legacy Rocket Lab stockholders considered in the aggregate have a majority interest of voting power in the Post Combination Company.
|
• |
Members of Legacy Rocket Lab’s board of directors comprise five of the six members of the Post Combination Company’s board of directors as of the closing of the Business Combination.
|
• |
Legacy Rocket Lab’s senior management continue to compose the senior management of the Post Combination Company
|
• |
The relative size and valuation of Legacy Rocket Lab compared to Vector.
|
• |
Legacy Rocket Lab’s business comprises the ongoing operations of the Post Combination Company.
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
||||||||||
Revenues by recognition model
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Point-in-time
|
$ | 1,988 | $ | 10,670 | $ | 28,802 | $ | 18,331 | ||||||||
Over-time
|
3,299 | — | 5,957 | 1,092 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue by recognition model
|
$ | 5,287 | $ | 10,670 | $ | 34,759 | $ | 19,423 | ||||||||
|
|
|
|
|
|
|
|
|
|
September 30,
2021 |
|
|
December 31,
2020 |
|
||
|
|
|
|
|
|
|
||
Contract balances
|
|
|
||||||
Accounts receivable
|
$ | 13,336 | $ | 2,730 | ||||
Contract assets
|
73 | 2,045 | ||||||
Contract liabilities
|
(51,163 | ) | (26,132 | ) |
Contract liabilities, at December 31, 2020
|
$ | 26,132 | ||
Customer advances received
|
37,141 | |||
Recognition of unearned revenue
|
(12,110 | ) | ||
|
|
|||
Contract liabilities, at September 30, 2021
|
$ | 51,163 | ||
|
|
Description
|
Amount
|
|||
Cash and cash equivalents
|
$ | 132 | ||
Accounts receivable
|
1,024 | |||
Inventories
|
718 | |||
Prepaids and other current assets
|
16 | |||
Property and equipment
|
380 | |||
Intangible assets, net
|
10,250 | |||
Right-of-use
|
94 | |||
Trade payables
|
(143 | ) | ||
Other current liabilities
|
(2,494 | ) | ||
Lease liabilities
|
(94 | ) | ||
Non-current
deferred tax liabilities
|
(438 | ) | ||
|
|
|||
Identifiable net assets acquired
|
9,445 | |||
Goodwill
|
2,895 | |||
|
|
|||
Total purchase price
|
$ | 12,340 | ||
|
|
Type
|
Estimated
Life in
Years
|
Fair Value
|
||||||
Developed technology
|
7 | $ | 9,200 | |||||
In-process
technology
|
N/A | 100 | ||||||
Customer relationships
|
3 | 600 | ||||||
Backlog
|
0.7 | 50 | ||||||
Trademark and tradenames
|
3 | 100 | ||||||
Non-compete
agreement
|
4 | 200 | ||||||
|
|
|||||||
Total identifiable intangible assets acquired
|
$ | 10,250 | ||||||
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
||||||||||
Acquisition stock-based compensation
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares issued in conjunction with the acquisition
|
$
|
350
|
|
$
|
350
|
|
$
|
1,051
|
|
$
|
584
|
|
||||
Earnout share achievement
|
|
1,041
|
|
|
—
|
|
|
1,223
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Total stock compensation related to the acquisition
|
$
|
1,391
|
|
$
|
350
|
|
$
|
2,274
|
|
$
|
584
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
September 30, 2021
|
|
|||||||||||||
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
||||||||||||
Cash equivalents:
|
|
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Money market accounts
|
$
|
757,776
|
|
$
|
—
|
$
|
—
|
$
|
757,776
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
757,776
|
|
$
|
—
|
$
|
—
|
$
|
757,776
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Other
non-current
liabilities:
|
||||||||||||||||
Public and Private Warrants (Note 11)
|
$
|
81,984
|
|
$
|
—
|
$
|
—
|
|
$
|
81,984
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
81,984
|
$
|
—
|
$
|
—
|
$
|
81,984
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
December 31, 2020
|
|
|||||||||||||
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets:
|
|
|
|
|
||||||||||||
Cash equivalents:
|
|
|
|
|
||||||||||||
|
|
|
|
|||||||||||||
Money market accounts
|
$
|
49,869
|
|
$
|
—
|
$
|
—
|
$
|
49,869
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
49,869
|
|
$
|
—
|
$
|
—
|
$
|
49,869
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Other
non-current
liabilities:
|
||||||||||||||||
Warrants-preferred stock (Note 11)
|
$
|
—
|
$
|
—
|
$
|
3,899
|
|
$
|
3,899
|
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
3,899
|
|
$
|
3,899
|
|
||||||
|
|
|
|
|
|
|
|
Balance, at December 31, 2020
|
$ | 3,899 | ||
Cost of warrants vesting during the period
|
352 | |||
Change in fair value included in earnings
|
5,238 | |||
Exercise of warrants to purchase Legacy Rocket Lab Series C and D preferred stock
|
(6,514 | ) | ||
Exchange of warrants to purchase Legacy Rocket Lab Series B preferred stock to common stock warrants
|
(2,975 | ) | ||
|
|
|||
Balance, at September 30, 2021
|
$ | — | ||
|
|
|
|
September 30,
2021 |
|
|
December 31,
2020 |
|
||
Raw materials
|
$ | 18,001 | $ | 14,023 | ||||
Work in process
|
20,364 | 12,112 | ||||||
|
|
|
|
|||||
Total inventories
|
$ | 38,365 | $ | 26,135 | ||||
|
|
|
|
September 30,
2021
|
December 31,
2020
|
|||||||
Prepaid expenses
|
$ | 8,777 | $ | 2,628 | ||||
Government grant receivables
|
— | 5,870 | ||||||
Other current assets
|
1,805 | 914 | ||||||
|
|
|
|
|||||
Total prepaids and other current assets
|
$ | 10,582 | $ | 9,412 | ||||
|
|
|
|
|
|
September 30,
2021 |
|
|
December 31,
2020 |
|
||
Buildings and improvements
|
$ | 24,799 | $ | 20,330 | ||||
Machinery, equipment, vehicles and office furniture
|
24,608 | 23,755 | ||||||
Computer equipment, hardware and software
|
4,981 | 3,836 | ||||||
Launch site assets
|
8,793 | 7,582 | ||||||
Construction in process
|
12,488 | 10,177 | ||||||
|
|
|
|
|||||
Property, plant and equipment—gross
|
75,669 | 65,680 | ||||||
Less accumulated depreciation and amortization
|
(20,810 | ) | (15,848 | ) | ||||
|
|
|
|
|||||
Property, plant and equipment—net
|
$ | 54,859 | $ | 49,832 | ||||
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
||||||||||
Depreciation expense
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
Cost of revenues
|
$ | 1,091 | $ | 1,134 | $ | 3,068 | $ | 3,075 | ||||||||
Research and development
|
62 | 79 | 178 | 198 | ||||||||||||
Selling, general and administrative
|
792 | 554 | 2,254 | 1,492 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total depreciation expense
|
$ | 1,945 | $ | 1,767 | $ | 5,500 | $ | 4,765 | ||||||||
|
|
|
|
|
|
|
|
Balance at December 31, 2020
|
$ | 3,133 | ||
Foreign currency translation adjustment
|
62 | |||
|
|
|||
Balance at September 30, 2021
|
$ | 3,195 | ||
|
|
|
|
September 30, 2021
|
|
|||||||||
|
|
Gross
Carrying Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
|||
Finite-Lived Intangible Assets
|
|
|
|
|||||||||
Developed Technology
|
$ | 10,156 | $ | (2,067 | ) | $ | 8,089 | |||||
Capitalized software
|
3,775 | (2,819 | ) | 956 | ||||||||
Customer relationships
|
662 | (315 | ) | 347 | ||||||||
Non-compete
|
221 | (79 | ) | 142 | ||||||||
Capitalized intellectual property
|
264 | (74 | ) | 190 | ||||||||
Trademarks and tradenames
|
110 | (52 | ) | 58 | ||||||||
Indefinite-Lived Intangible Assets
|
||||||||||||
In-process
Technology
|
110 | — | 110 | |||||||||
|
|
|
|
|
|
|||||||
Total
|
$ | 15,298 | $ | (5,406 | ) | $ | 9,892 | |||||
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
||||||||||
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
Cost of revenues
|
$ | 116 | $ | 88 | $ | 352 | $ | 229 | ||||||||
Research and development
|
368 | 6 | 1,111 | 18 | ||||||||||||
Selling, general and administrative
|
134 | 874 | 447 | 1,387 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
amorti
expense
z
ation
|
$ | 618 | $ | 968 | $ | 1,910 | $ | 1,634 | ||||||||
|
|
|
|
|
|
|
|
2021 (for the remaining period)
|
$ | 615 | ||
2022
|
2,161 | |||
2023
|
1,788 | |||
2024
|
1,612 | |||
2025
|
1,504 | |||
Thereafter
|
2,212 | |||
|
|
|||
Total
|
$ | 9,892 | ||
|
|
• |
in whole and not in part;
|
• |
at a price of $
0.01
per warrant;
|
• |
upon a minimum of
30
days’ prior written notice of redemption to each warrant holder; and
|
• |
if, and only if, the closing price of the common shares equals or exceeds $
18.00
per share (as adjusted) for any 20 trading days within
a 30-trading
day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
|
|
•
|
|
in whole and not in part:
|
|
•
|
|
at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares set forth in the warrant agreement determined based on the redemption date and the fair market value of the common shares;
|
|
•
|
|
if, and only if, the closing price of the common shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the
30-trading
day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and
|
|
•
|
|
if the closing price of the common shares for any 20 trading days within a
30-trading
day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.
|
Preferred Stock
|
|
Dividend
Rate |
|
|
Issue
Price |
|
||
Series A
|
$ | 0.01 | $ | 0.09 | ||||
Series B
|
$ | 0.01 | $ | 0.20 | ||||
Series C
|
$ | 0.02 | $ | 0.37 | ||||
Series D
|
$ | 0.19 | $ | 3.15 | ||||
Series E
|
$ | 0.21 | $ | 3.48 | ||||
Series
E-1
|
$ | 0.21 | $ | 3.48 |
(13)
|
STOCK-BASED COMPENSATION
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
Stock-based compensation
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Cost of revenues
|
$ | 7,937 | $ | 359 | $ | 8,541 | $ | 1,075 | ||||||||
Research and development
|
5,967 | 413 | 6,934 | 834 | ||||||||||||
Selling, general and administrative
|
7,889 | 418 | 8,698 | 1,205 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total stock-based compensation expense
|
$
|
21,793 |
$
|
1,190 |
$
|
24,173 |
$
|
3,114 | ||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
September 30,
|
|
|
September 30,
|
|
||||||||||
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
Income tax
benefit
|
$ | 1,684 | $ | 1,000 | $ | 979 | $ | 251 | ||||||||
Effective tax rate
|
(1.9 |
)%
|
(7.4 |
)%
|
(0.8 |
)%
|
(0.7 |
)%
|
Three Months September 30,
|
Nine Months September 30
,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Numerator
|
||||||||||||||||
Net loss attributable to common stockholders-basic and diluted
|
$ | (87,969 | ) | $ | (12,605 | ) | $ | (120,516 | ) | $ | (36,058 | ) | ||||
Denominator
|
||||||||||||||||
Weighted average common shares outstanding-basic and diluted
|
228,266,647 | 76,053,044 | 129,232,016 | 74,754,779 | ||||||||||||
Net loss per share attributable to common stockholders-basic and diluted
|
$ | (0.39 | ) | $ | (0.17 | ) | $ | (0.93 | ) | $ | (0.48 | ) |
September 30,
|
||||||||
2021
|
2020
|
|||||||
Legacy Rocket Lab preferred stock
|
— | 283,843,764 | ||||||
Legacy Rocket Lab preferred stock warrants
|
— | 1,123,959 | ||||||
Legacy Rocket Lab common stock warrants
|
— | 463,710 | ||||||
Stock options and restricted stock units
|
29,248,916 | 28,963,503 | ||||||
Public and Private Warrants
|
16,266,666 | — |
|
|
|
|
|||||||||||||
|
|
Three Months Ended September 30,
|
|
|||||||||||||
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2020
|
|
||||
|
|
Launch
Services |
|
|
Space
Systems |
|
|
Launch
Services |
|
|
Space
Systems |
|
||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Revenues
|
$
|
1,123
|
|
$
|
4,164
|
|
$
|
9,765
|
|
$
|
905
|
|
||||
Cost of revenues
|
|
16,521
|
|
|
1,217
|
|
|
11,907
|
|
|
648
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit (loss)
|
$
|
(15,398
|
)
|
$
|
2,947
|
|
$
|
(2,142
|
)
|
$
|
257
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Nine Months Ended September 30,
|
|
|||||||||||||
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2020
|
|
||||
|
|
Launch
Services |
|
|
Space
Systems
|
|
|
Launch
Services |
|
|
Space
Systems
|
|
||||
|
|
|
|
|||||||||||||
|
|
|
|
|||||||||||||
Revenues
|
$
|
25,202
|
|
$
|
9,557
|
|
$
|
18,225
|
|
$
|
1,198
|
|
||||
Cost of revenues
|
|
40,216
|
|
|
3,121
|
|
|
26,414
|
|
|
772
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit (loss)
|
$
|
(15,014
|
)
|
$
|
6,436
|
|
$
|
(8,189
|
)
|
$
|
426
|
|
||||
|
|
|
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
• |
Launch Services is the design, manufacture, and launch of orbital rockets to deploy payloads to various Earth orbits and interplanetary destinations.
|
• |
Space Systems is the design and manufacture of spacecraft components and spacecraft, as well as
on-orbit
constellation management services and space data applications.
|
• |
increase our investment in marketing, advertising, sales and distribution infrastructure for our existing and future products and services;
|
• |
develop additional new products and enhancements to existing products;
|
• |
obtain, maintain and improve our operational, financial and management performance;
|
• |
hire additional personnel;
|
• |
obtain, maintain, expand and protect our intellectual property portfolio; and
|
• |
operate as a public company.
|
Three months ended
|
||||||||||||||||
September 30, 2021
|
September 30, 2020
|
|||||||||||||||
$
|
%
|
$
|
%
|
|||||||||||||
Revenues
|
$ | 5,287 | 100.0 | % | $ | 10,670 | 100.0 | % | ||||||||
Cost of revenues
|
17,738 | 335.5 | % | 12,555 | 117.7 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross loss
|
(12,451 | ) | (235.5 | )% | (1,885 | ) | (17.7 | )% | ||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
14,189 | 268.4 | % | 4,903 | 46.0 | % | ||||||||||
Selling, general and administrative
|
25,655 | 485.2 | % | 6,057 | 56.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
39,844 | 753.6 | % | 10,960 | 102.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss
|
(52,295 | ) | (989.1 | )% | (12,845 | ) | (120.5 | )% | ||||||||
Other income (expense):
|
||||||||||||||||
Interest income (expense), net
|
(2,977 | ) | (56.3 | )% | (29 | ) | (0.3 | )% | ||||||||
Gain (loss) on foreign exchange
|
16 | 0.3 | % | (129 | ) | (1.2 | )% | |||||||||
Change in fair value of liability classified warrants
|
(33,947 | ) | (642.1 | )% | (562 | ) | (5.3 | )% | ||||||||
Other income (expense), net
|
(450 | ) | (8.5 | )% | (40 | ) | (0.4 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net
|
(37,358 | ) | (706.6 | )% | (760 | ) | (7.2 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes
|
(89,653 | ) | (1,695.7 | )% | (13,605 | ) | (127.7 | )% | ||||||||
Benefit for income taxes
|
1,684 | 31.9 | % | 1,000 | 9.4 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
$ | (87,969 | ) | (1,663.8 | )% | $ | (12,605 | ) | (118.3 | )% | ||||||
|
|
|
|
|
|
|
|
Nine months ended
|
||||||||||||||||
September 30, 2021
|
September 30, 2020
|
|||||||||||||||
$
|
%
|
$
|
%
|
|||||||||||||
Revenues
|
$ | 34,759 | 100.0 | % | $ | 19,423 | 100.0 | % | ||||||||
Cost of revenues
|
43,337 | 124.7 | % | 27,186 | 140.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross loss
|
(8,578 | ) | (24.7 | )% | (7,763 | ) | (40.0 | )% | ||||||||
Operating expenses:
|
||||||||||||||||
Research and development, net
|
29,797 | 85.7 | % | 11,009 | 56.7 | % | ||||||||||
Selling, general and administrative
|
39,347 | 113.2 | % | 17,378 | 89.5 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
69,144 | 198.9 | % | 28,387 | 146.2 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss
|
(77,722 | ) | (223.6 | )% | (36,150 | ) | (186.2 | )% | ||||||||
Other income (expense):
|
||||||||||||||||
Interest income (expense), net
|
(3,377 | ) | (9.7 | )% | 213 | 1.1 | % | |||||||||
Gain (loss) on foreign exchange
|
(389 | ) | (1.1 | )% | (564 | ) | (2.9 | )% | ||||||||
Change in fair value of liability classified warrants
|
(39,424 | ) | (113.4 | )% | (425 | ) | (2.2 | )% | ||||||||
Other income (expense), net
|
(583 | ) | (1.7 | )% | 617 | 3.2 | % | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net
|
(43,773 | ) | (125.9 | )% | (159 | ) | (0.8 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes
|
(121,495 | ) | (349.5 | )% | (36,309 | ) | (187.0 | )% | ||||||||
Benefit for income taxes
|
979 | 2.8 | % | 251 | 1.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
$ | (120,516 | ) | (346.7 | )% | $ | (36,058 | ) | (185.7 | )% | ||||||
|
|
|
|
|
|
|
|
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Revenues
|
$
|
5,287
|
|
$
|
10,670
|
|
$
|
(5,383
|
)
|
|
(50
|
)%
|
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Cost of revenues
|
$ | 17,738 | $ | 12,555 | $ | 5,183 | 41 | % |
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Research and development, net
|
$ | 14,189 | $ | 4,903 | $ | 9,286 | 189 | % |
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Selling, general and administrative
|
$ | 25,655 | $ | 6,057 | $ | 19,598 | 324 | % |
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Interest income (expense), net
|
$
|
(2,977
|
)
|
$
|
(29
|
)
|
$
|
(2,948
|
)
|
|
10,166
|
%
|
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Gain (loss) on foreign exchange
|
$
|
16
|
|
$
|
(129
|
)
|
$
|
145
|
|
|
(112
|
)%
|
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Change in fair value of liability classified warrants
|
$
|
(33,947
|
)
|
$
|
(562
|
)
|
$
|
(33,385)
|
|
|
5,940%
|
|
|
|
|
|
|||||||||||||
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Other income (expense), net
|
$
|
(450
|
)
|
$
|
(40
|
)
|
$
|
(410
|
)
|
|
1,025
|
%
|
Three months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Benefit for income taxes
|
$
|
1,684
|
|
$
|
1,000
|
|
$
|
684
|
|
|
68
|
%
|
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Revenues
|
$ | 34,759 | $ | 19,423 | $ | 15,336 | 79 | % |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Cost of revenues
|
$ | 43,337 | $ | 27,186 | $ | 16,151 | 59 | % |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Research and development, net
|
$ | 29,797 | $ | 11,009 | $ | 18,788 | 171 | % |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Selling, general and administrative
|
$ | 39,347 | $ | 17,378 | $ | 21,969 | 126 | % |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Interest income (expense), net
|
$
|
(3,377
|
)
|
$
|
213
|
|
$
|
(3,590
|
)
|
|
(1,685
|
)%
|
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Loss on foreign exchange
|
$ | (389 | ) | $ | (564 | ) | $ | 175 | (31 | )% |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Change in fair value of liability classified warrants
|
$
|
(39,424
|
)
|
$
|
(425)
|
|
$
|
(38,999)
|
|
|
9,176%
|
|
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Other income (expense), net
|
$ | (583 | ) | $ | 617 | $ | (1,200 | ) | (194 | )% |
Nine months ended
|
||||||||||||||||
(in thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
$ Change
|
% Change
|
||||||||||||
Benefit for income taxes
|
$ | 979 | $ | 251 | $ | 728 | 290 | % |
(in thousands)
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
|
||||||
Net cash provided by (used in):
|
||||||||
Operating activities
|
$ | (49,877 | ) | $ | (21,415 | ) | ||
Investing activities
|
(11,447 | ) | (29,985 | ) | ||||
Financing activities
|
801,779 | 20,869 | ||||||
Effect of exchange rate changes
|
(599 | ) | (683 | ) | ||||
|
|
|
|
|||||
Net decrease in cash, cash equivalents, and restricted cash
|
$ | 739,856 | $ | (31,214 | ) | |||
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
• |
We did not maintain an effective control environment as we did not maintain a sufficient complement of accounting and financial reporting resources commensurate with our financial reporting requirements. This material weakness contributed to the following material weaknesses:
|
• |
We did not design or maintain appropriate controls over completeness and accuracy of schedules supporting journal entries. This included schedules related to accounting estimates used in calculating revenue and cost of sales for long term contracts in sufficient levels of detail to ensure the accuracy and completeness of inputs.
|
• |
We did not design or maintain the appropriate controls over the review the work of the third parties used to assist management in technical accounting positions such as the accounting for revenue in accordance with ASC 606,
Revenue from Contracts with Customers
|
• |
We did not maintain appropriate controls which were designed over the review of account reconciliations and the preparation of the statement of cash flows.
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Recent Sales of Unregistered Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Exhibit
Number
|
Description
|
|
10.1**+ | Membership Interest Purchase Agreement with ASI Aerospace LLC dated October 12, 2021 (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed on October 12, 2021). | |
31.1* | Certification of Principal Executive Officer pursuant to Exchange Act rules 13a-14 or 15d-14. | |
31.2* | Certification of Principal Financial Officer pursuant to Exchange Act rules 13a-14 or 15d-14. | |
32.1*† | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Exchange Act rules 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350. | |
101.INS* | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed herewith.
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** |
Previously filed.
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† |
The certification furnished in Exhibit 32.1 hereto is deemed to be furnished with this Quarterly Report on Form
10-Q
and will not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference.
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+ |
Certain schedules, exhibits and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation
S-K.
A copy of any omitted schedule or exhibit will be furnished supplementally to the staff of the Securities and Exchange Commission upon request.
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ROCKET LAB USA, INC. | ||||||
November 15, 2021 | By: |
/s/ Peter Beck
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Peter Beck | ||||||
President, Chief Executive Officer and Chairman
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(Principal Executive Officer)
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November 15, 2021 | By: |
/s/ Adam Spice
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Adam Spice | ||||||
Chief Financial Officer
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||||||
(Principal Financial and Accounting Officer)
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1 Year Rocket Lab USA Chart |
1 Month Rocket Lab USA Chart |
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